[AC] AsiaCoin | Pure PoS | 100% Interest

[Maestro1]

i saw that you want to change the pos rate; i think it's bad because people are buying on specs; fixing the blockchain is ok but changing conditions after all that shit; i think it's a bad idea.

let's +1 if you agree that will be easier to count 

good luck dev team

cheers

We don't want to change anything, some people suggested a change in PoS rate, so we put it up for debate and asked people to share their opinions

[cbutters]

i saw that you want to change the pos rate; i think it's bad because people are buying on specs; fixing the blockchain is ok but changing conditions after all that shit; i think it's a bad idea.

let's +1 if you agree that will be easier to count 

good luck dev team

cheers

+1
changing the specs isn't what this coin is about.

[fonzerrellie]

i saw that you want to change the pos rate; i think it's bad because people are buying on specs; fixing the blockchain is ok but changing conditions after all that shit; i think it's a bad idea.

let's +1 if you agree that will be easier to count 

good luck dev team

cheers

+1 keep it the same 100%

+1

[micryon]

We might need to change it though, otherwise our money supply will be over the original specs...

Can someone run the calculations?  What do we need to set as the rate if we want to hit 300m in 1 year?, and then 360m in 10 years?

Consider we could also do 100% for the first 6 months and 80% for the 2nd half.. or something of that nature

I do want to put in that code tonight.. even just as a placeholder..



The other thing to consider is .. does the original spec even make sense.  If there's no rewards after 10 years.. why would you stake.. just for transaction costs?  Maybe that's a good thing though.. if we're wanting a static currency in 10 years...

Anyways, discuss..

[micryon]

I have a question about the Revival.
If the original anthor have transfered to pre-mined ACs to different wallet or exchange platform, can we still avoid them?

yes.. he's already transferred it like 8 times. we'll block it from a certain block (currently that block height is 18015 where was the last time it moved)

[shanshan5858]

Why is canceled to  Mintpal？

[CryptoSteam]

We might need to change it though, otherwise our money supply will be over the original specs...

Can someone run the calculations?  What do we need to set as the rate if we want to hit 300m in 1 year?, and then 360m in 10 years?

Consider we could also do 100% for the first 6 months and 80% for the 2nd half.. or something of that nature

I do want to put in that code tonight.. even just as a placeholder..



The other thing to consider is .. does the original spec even make sense.  If there's no rewards after 10 years.. why would you stake.. just for transaction costs?  Maybe that's a good thing though.. if we're wanting a static currency in 10 years...

Anyways, discuss..

This is just my opinion but I would get the numbers as close as possible to get it staking to the 300 million coins in the first year, then I think it would be best to keep it at 2% every year forever to keep the blockchain secure. (Another thought, I like 1% better so we can have less coins than WC)

[micryon]

keep it at 2% every year forever to keep the blockchain secure.

Forever is the problem.. max coins is a hardcoded value you can't just keep adding 2% every year.. and even without the hardcode protections, it will overflow int64 - 12bits (from static decimals).

There will be a limit..

For exmaple even though Blackcoin says it's 1% inflation "forever", but in their code, the real max coin is 2 billion hardcoded.. it's 75m in circulation right now.. so at 1% it'll take awhile to get there.... like around 400 years.

Anyways max money will have to be adjusted to some amount to account for it...

[fonzerrellie]

website looks great btw

[CryptoSteam]

keep it at 2% every year forever to keep the blockchain secure.

Forever is the problem.. max coins is a hardcoded value you can't just keep adding 2% every year.. and even without the hardcode protections, it will overflow int64 - 12bits (from static decimals).

There will be a limit..

For exmaple even though Blackcoin says it's 1% inflation "forever", but in their code, the real max coin is 2 billion hardcoded.. it's 75m in circulation right now.. so at 1% it'll take awhile to get there.... like around 400 years.

Anyways max money will have to be adjusted to some amount to account for it...

Understood. Thank you for the clarification. I trust you to do the best job for it. Set the limit if you have to.

Community, what do you think. Let us know!

[CycleSurfer360]

keep it at 2% every year forever to keep the blockchain secure.

Forever is the problem.. max coins is a hardcoded value you can't just keep adding 2% every year.. and even without the hardcode protections, it will overflow int64 - 12bits (from static decimals).

There will be a limit..

For exmaple even though Blackcoin says it's 1% inflation "forever", but in their code, the real max coin is 2 billion hardcoded.. it's 75m in circulation right now.. so at 1% it'll take awhile to get there.... like around 400 years.

Anyways max money will have to be adjusted to some amount to account for it...

Peercoin destroys the transaction fees (fixed at 0.01 ppc) to offset the 1% minting stake -- the fees do not go to the PoS minters.  Sunny King, the creator, has a fixed/hardcoded maximum limit (at 4 billion???) but he says that he expects it never to be reached.  And if does, it could be changed.  I'm sure the original developer never cared to think this through for AC and just replaced the hardcoded value with his own.

So this should be thought through with respect to Peercoin's design for AC.

Here's a good Wikipedia article on it:
http://en.wikipedia.org/wiki/Peercoin

[micryon]

I'm sure the original developer never cared to think this through for AC and just replaced the hardcoded value with his own.

Yes.. that's evident from the code that he didn't plan for this case... So in essence once we fix this , it will be better than the original coin

Peercoin destroys the transaction fees (fixed at 0.01 ppc) to offset the 1% minting stake -- the fees do not go to the PoS minters.  Sunny King, the creator, has a fixed/hardcoded maximum limit (at 4 billion???)

Sunny King is the father of all of this.. so yeah his word should be definitely taken as gospel.. But what i don't get is.. why destroy the TxFee.. why not just pass it along like NXT and just not have rewards?

[johntseng]

We might need to change it though, otherwise our money supply will be over the original specs...

Can someone run the calculations?  What do we need to set as the rate if we want to hit 300m in 1 year?, and then 360m in 10 years?

Consider we could also do 100% for the first 6 months and 80% for the 2nd half.. or something of that nature

I do want to put in that code tonight.. even just as a placeholder..



The other thing to consider is .. does the original spec even make sense.  If there's no rewards after 10 years.. why would you stake.. just for transaction costs?  Maybe that's a good thing though.. if we're wanting a static currency in 10 years...

Anyways, discuss..

Assume the current coin is 171,000,000 (as I don't have the extract number now)
The 1st year rate should be 75.438596491%, then new amount will be 300,000,000.00000000 coins after 1 year.
If the 2nd year and future are 2%, there will be  358,527,770.58669300 after 10 years, quite near the 360m max.
In the 11th year, it will be  365,698,325.99842700 , which exceed the original cap.

ps1. just to remind you, the interest rate is after compound, when you are coding, you have to adjust to 2 weeks rate and compound it to the year rate.

ps2. as no 100% of the coin will stay at wallet for staking, the actual number will be far lesser than the theoretical amount.

[CycleSurfer360]

I'm sure the original developer never cared to think this through for AC and just replaced the hardcoded value with his own.

Yes.. that's evident from the code that he didn't plan for this case... So in essence once we fix this , it will be better than the original coin

Peercoin destroys the transaction fees (fixed at 0.01 ppc) to offset the 1% minting stake -- the fees do not go to the PoS minters.  Sunny King, the creator, has a fixed/hardcoded maximum limit (at 4 billion???)

Sunny King is the father of all of this.. so yeah his word should be definitely taken as gospel.. But what i don't get is.. why destroy the TxFee.. why not just pass it along like NXT and just not have rewards?

Destroying the trxn fee is suppose to offset the 1% yearly minting rate to prevent inflation.  The stake holders are rewarded by the 1% minting rate while they are securing the network so they don't need the trxn fees.  The trxn fee does not secure the network as designed for PoW coins like bitcoin.  So if minting stops at 360 million for AC, what is there left to secure the network?  The trxn fees can't because AC is now pure PoS.

I believe NXT is a different PoS design.  AC is closer to Peercoin's design than NXT so I don't think NXT's design can be used unless there is a substantial design change.  Maybe the coders can confirm this.

[bittcoinn]

I would like to wager a bet that we will see AC price 4000sat this year. how to do it ?

[CryptoSteam]

I would like to wager a bet that we will see AC price 4000sat this year. how to do it ?

I have full confidence that it will be higher than that when all is fixed.

[Maxikosw]

i saw that you want to change the pos rate; i think it's bad because people are buying on specs; fixing the blockchain is ok but changing conditions after all that shit; i think it's a bad idea.

let's +1 if you agree that will be easier to count 

good luck dev team

cheers

+1
changing the specs isn't what this coin is about.

Yes its not abouth changing the specs its abouth making specs what they should have been and remove premine.
And we have "First year stake interest is 100%" and no premine !!!

[johntseng]

I'm sure the original developer never cared to think this through for AC and just replaced the hardcoded value with his own.

Yes.. that's evident from the code that he didn't plan for this case... So in essence once we fix this , it will be better than the original coin

Peercoin destroys the transaction fees (fixed at 0.01 ppc) to offset the 1% minting stake -- the fees do not go to the PoS minters.  Sunny King, the creator, has a fixed/hardcoded maximum limit (at 4 billion???)

Sunny King is the father of all of this.. so yeah his word should be definitely taken as gospel.. But what i don't get is.. why destroy the TxFee.. why not just pass it along like NXT and just not have rewards?

I think to destroy it is a good idea, as if just pass it along, it will be exceed the 360m cap for sure.
By the method of destroy the TxFee, we can make it always under 360m.
Does it possible to adjust the TxFee to a variable rate.
for example:
If amount > 340m & < 350m , TxFee = 0.02 else
If amount > 350m & < 355m , TxFee = 0.2 else
If amount > 355m & < 358m , Tx Fee = 2 else
If amount > 358m , Tx Fee = 20

or make the rate to a meaningful formula,
so it will not exceed the cap

as a result, we can keep the first year rate to 100%,
it will be 342m theoretically minus the TxFee, (however, it will be like ~300m as not all coins will be stay in wallet for stake)
and start from the 2nd year, the TxFee can offset the interest.
This can minimize the change of the spec.

[ATXsilver]

I have a little bit of this nonsense coin on Cryptsy. Can someone explain if I will ever be able to sell this coin again or if if my coins are just stuck in imaginary limbo forever?

How long are we looking at this 're-launch' taking? Will the market just magically re-open for me on cryptsy and allow trading again?

Anyone care to explain in simple terms when I should expect my AsiaCoins to be worth anything again and not 0?

Dazed & Confused in Texas

ATX

[ellen.yan]

no pos,no mutilpool？