[AC] AsiaCoin | Pure PoS | 100% Interest

[maxsinner]

So what is to prevent the original developer from selling more coins from the premine as we speak? Are you rolling back the block-chain to some point in the past or what, I don't get it?

The new wallet already voided his coins and there are no exchanges now that accept deposits. If he moves his coins around before we release the wallet, all those transactions will be invalid for the people using the new wallet, including the exchanges.

So what is the exact point of time from which transactions on the old block-chain are voided and will not transfer?

[amit2007gunjan]

A few updates everyone,

• We are releasing the new wallet to the exchanges, to ensure that they all will upgrade to the new wallet ahead of the public release. This is crucial as the exchange must must be on the new wallet to avoid security issues and also to give them time to properly review the source code.
• We are advising exchanges not to enable deposits and trades for a week. This is to have time for people and the community to upgrade to the new wallet, as well as giving it time for a larger-scale testing and validation
• The PoS stake rate will follow what is explained in this post, with a minor difference, that we will reduce the PoS staking rate to 1% at the forth year.
• The minimum staking age will remain as it was: 2 weeks. This is to ensure that the high staking rate is only available to the people who committ to the project and are happy to keep their coins for long term

Our ETA for public release is still for tonight or early hours of tomorrow morning, as previously mentioned, provided that exchanges confirm to us that they have moved to the new wallet.

Please let me know if you have any questions.

+11!1

+1. Kudos to new devs for great job.I think first mission is about to accomplish, but we will have to focus from now onward on long term growth prospect of Asiacoin.

[trdiablo]

A few updates everyone,

• We are releasing the new wallet to the exchanges, to ensure that they all will upgrade to the new wallet ahead of the public release. This is crucial as the exchange must must be on the new wallet to avoid security issues and also to give them time to properly review the source code.
• We are advising exchanges not to enable deposits and trades for a week. This is to have time for people and the community to upgrade to the new wallet, as well as giving it time for a larger-scale testing and validation
• The PoS stake rate will follow what is explained in this post, with a minor difference, that we will reduce the PoS staking rate to 1% at the forth year.
• The minimum staking age will remain as it was: 2 weeks. This is to ensure that the high staking rate is only available to the people who committ to the project and are happy to keep their coins for long term

Our ETA for public release is still for tonight or early hours of tomorrow morning, as previously mentioned, provided that exchanges confirm to us that they have moved to the new wallet.

Please let me know if you have any questions.

Awesome job!! +1

Also, everyone, do not feed the trolls. They probably bought AC at 2000 Satoshi and then sold everything at 300 Satoshi in blind panic. Else they would not be so angry with AC.

[Maestro1]

So what is to prevent the original developer from selling more coins from the premine as we speak? Are you rolling back the block-chain to some point in the past or what, I don't get it?

The new wallet already voided his coins and there are no exchanges now that accept deposits. If he moves his coins around before we release the wallet, all those transactions will be invalid for the people using the new wallet, including the exchanges.

So what is the exact point of time from which transactions on the old block-chain are voided and will not transfer?

Only transactions from the wallets of the original developer (which holds the premined coins) are voided in the new wallet. All other transactions will remain valid regardless. However, people must upgrade to the new wallet when we release it to make sure that they are on the right network/blockchain if the original developer decided to mess around.

[crunchynut]

WARNING: DON'T GET PREYED AT BY ASIACOIN BAGHOLDERS

All this "strong community" is looking forward to is to get its scam coin back on the exchanges and dump the coins before it eventually dies.

They'll tell you anything that helps them to get rid of the asiacoin bag they are holding!

Don't fall for their desperate lies! It's the very same scam coin it was 4 days ago.

Use your brain and invest into something that wasn't a scam from the start.

You can stick to your close minded opinion that a community cannot band together to fix a scammed coin. Yes, the original AC dev scammed all of us but can't we band together to make things right and even better? I am sure there will be panic selling when the new wallet comes. It is almost impossible for us to avoid that. While there are people who are going to dump their AC, there are people who are going to buy.

it's a different story to put the train wreck back on the rails and hope it will last for another mile or two and some tourists will buy a ticket because they haven't heard of the crash and think this is how trains are supposed to look like in this part of the world. your blatant greed is despicable and this whole affair is a disgrace for the altcoin scene.

[eVilzOmbie]

Hi people

on the first page i see the Cryptsy and Mintpal add AC but is not ...

how long we need to wait ? and One more question !

when AC will add to Mintpal and Cryptsy in what the price will start?

[avw1982]

Hi people

on the first page i see the Cryptsy and Mintpal add AC but is not ...

how long we need to wait ? and One more question !

when AC will add to Mintpal and Cryptsy in what the price will start?

Damn, please read.

[3xk0pt3r]

Hi people

on the first page i see the Cryptsy and Mintpal add AC but is not ...

how long we need to wait ? and One more question !

when AC will add to Mintpal and Cryptsy in what the price will start?

1. When exchages made tests of wallet

2. Depends on sellers

[amit2007gunjan]

The amount of troll in this thread shows that revived Ac will be a great success. The only people now panic are the trolls, so please don't feed these trolls.

[maxsinner]

So what is to prevent the original developer from selling more coins from the premine as we speak? Are you rolling back the block-chain to some point in the past or what, I don't get it?

The new wallet already voided his coins and there are no exchanges now that accept deposits. If he moves his coins around before we release the wallet, all those transactions will be invalid for the people using the new wallet, including the exchanges.

So what is the exact point of time from which transactions on the old block-chain are voided and will not transfer?

Only transactions from the wallets of the original developer (which holds the premined coins) are voided in the new wallet. All other transactions will remain valid regardless. However, people must upgrade to the new wallet when we release it to make sure that they are on the right network/blockchain if the original developer decided to mess around.

What about the name AsiaCoin? Are you going to keep it just because it's fancy or are there now actual plans about Asia and this coin?

[zmhaha]

I call for a adaptive PoS rate scheme.
If it is not so hard to implement,this definitely will give another major advantage.
I think this feature is very important to AC because AC has such high PoS rate initially, which means it could be that there is total of 100AC(just an example) in existence one year from now, or 200AC, based one how many coins got staked during the year.
(below is just a rough idea & thoughts, will need further elaborations.)

Downside of current PoS scheme(fixed rate given a time interval):
No accurate future supply can be estimated as a whole because there is no way to tell in advance who's gonna stake the coin, and for how many coins, and for how long, etc... For a high PoS rate, obviously this could be a big effect on the coin because the total supply may even get doubled if all coins are staking, or 0 increase if no one is staking.
Also because of this, if there is in fact something wrong the current PoS algorithm, it is harder to find out because we don't know what really should be the correct supply.

Adaptive PoS scheme (PoS difficulty):
Implement a PoS rate adjustment algorithm to fix a supply curve (a prescribed curve). And force the network to adjust the interest rate based on that supply curve. Kinda like PoW mining difficulty adjustment.

If more coins is being staked, so at a particular rate, more coin will be generated.
      Note   i): so the actual supply is above the original fixed curve at that particular moment.
                ii): This kinda like, in terms of PoW, the coin has a lot of hashing power(coins being staked) given the difficulty(interest rate).
                iii): this could be resulted from various reasons, like high confidence in the coin, high PoS rate, etc..
                iv): this may not be good because it will reduce the transactions

Then the network adjusts the interest rate to a lower % to follow that prescribed supply curve.
       Note: i): So this is like, in terms of PoW, increasing the difficulty(lowering the PoS rate) in order to follow the XX mins/block rule.
                ii): This way, an accurate actual supply can be estimated overtime.
                iii): Once the PoS rate is lowered, it will stop some people from staking and start using the coins, thus more transactions.

Then the network adjusts again to either higher or lower PoS rate based on whether the current supply increases at a rate above the that of prescribed curve or not.

[eVilzOmbie]

Hi people

on the first page i see the Cryptsy and Mintpal add AC but is not ...

how long we need to wait ? and One more question !

when AC will add to Mintpal and Cryptsy in what the price will start?

Damn, please read.

What? im newbie 

Hi people

on the first page i see the Cryptsy and Mintpal add AC but is not ...

how long we need to wait ? and One more question !

when AC will add to Mintpal and Cryptsy in what the price will start?

1. When exchages made tests of wallet

2. Depends on sellers

Thanks man 

[avw1982]

Hi people

on the first page i see the Cryptsy and Mintpal add AC but is not ...

how long we need to wait ? and One more question !

when AC will add to Mintpal and Cryptsy in what the price will start?

Damn, please read.

What? im newbie 

Hi people

on the first page i see the Cryptsy and Mintpal add AC but is not ...

how long we need to wait ? and One more question !

when AC will add to Mintpal and Cryptsy in what the price will start?

1. When exchages made tests of wallet

2. Depends on sellers

Thanks man 

Newbies can read, don't they. 

[Maestro1]

What about the name AsiaCoin? Are you going to keep it just because it's fancy or are there now actual plans about Asia and this coin?

We will keep the name as we are not releasing a new coin, but fixing an existing one. But we have a new website, new social media accounts and a new logo.

What's Asian about Asia Coin is the culture around it, the website, logo, etc. This coin is not made to promote anything related to Asia or to bring any value to Asia. This is not a so-to-speak *bring freedom and democracy* country coin.

[Kula Musa]

What about the name AsiaCoin? Are you going to keep it just because it's fancy or are there now actual plans about Asia and this coin?

We will keep the name as we are not releasing a new coin, but fixing an existing one. But we have a new website, new social media accounts and a new logo.

What's Asian about Asia Coin is the culture around it, the website, logo, etc. This coin is not made to promote anything related to Asia or to bring any value to Asia. This is not a so-to-speak *bring freedom and democracy* country coin.

So no AC2, correct?  I totally agree that will not changing the logos, just keep what they are now as.

[caryatidgh]

continue to cheat?

[crunchynut]

The amount of troll in this thread shows that revived Ac will be a great success. The only people now panic are the trolls, so please don't feed these trolls.

some days ago you were one of the loudest, accusing everybody presenting proof of the asiacoin scam of "spreading fud" and only "planning to buy cheap coins."

does not look like you've learned anything. you should be ashamed.

[Dyna]

Dear Community (Important):

We need to finalize our decision on PoS staking rate of the coin. We put this up for debate many pages ago and a lot of you shared your ideas. I will try to summarize:

• The majority of you invested in the coin mainly of its high stake rate in the first year and named it as its main feature: therefore we will honour it.
• However, a lot of you raised concerns about the future and sustainability of the coin with a very high interest rate, which is a valid point. The original developer did not think about the future of the coin, and we don't think his decisions were in the interest of long term survival of the coin
• Sudden change in the staking rate is NOT good for the coin as it creates a sudden change of its most significant specitication.

What I proposed a few pages ago:

I personally think a swift change PoS rate from 70-100% to 2-5% is not a good idea, it's a very big change for a coin and its specification. I very much prefer a more slow gradual decrease on shorter intervals (e.g. instead of jumping from 100% in year 1 to 2% in year 2, we can do a slow decrease every 1-2 months until we get to 2% within 2-3 years).

I don't think the original developer thought about the long-term PoS issues of the coin, this is evident from the code he wrote but this is something that we need to decide.

And you guys mostly seemed to agree.

Details will be like this:

Coins now: 171,000,000

• Year 1, Month 1-2 : 100% - 199,500,000 AC
• Year 1, Month 3-4 : 80%  -  226,100,000 AC
• Year 1, Month 5-6 : 60%  -  248,710,000 AC
• Year 1, Month 7-8 : 40%  -  265,290,666.6 AC
• Year 1, Month 8-10: 30%  - 278,555,200 AC
• Year 1, Month 10-12: 20% - 287,840,373.3 AC. This is end of Year 1
• Year 2, Month 1-2 : 15% -   295,036,382 AC
• Year 2, Month 3-4 : 10%  - 299,953,655 AC
• Year 2, Month 5-6 : 8%  -  303,953,037 AC
• Year 2, Month 7-8 : 6%  -  306,992,568 AC
• Year 2, Month 8-10: 4%  -  309,039,185 AC
• Year 2, Month 10-12: 3% - 310,584,381 AC. This is the end of Year 2
• Year 3: 2% - 316,796,068
• Year 4: 2%
• ...
• Year 10: 2% - 363,899,103 AC
• Year 100: 2% - 2,162,700,201 AC

Note: These numbers are the maximum, if 100% of the coins stake all the time. This will not be the case obviously. So the actual total coin numbers will be significantly less but there is no way to know as we don't know what percentage will stake. This new staking system will be unique to our coin too, adding innovation to our investments!

I ask to postpone other discussions now to when we agreed to PoS staking rate, as this is what we need to decide on urgently. We can't do a poll as the thread is not self-moderated. That was essential for building trust.

Please let us know if you agree with this, and of course (even more importantly), if you disagree.

It's a good idea! But it is too elaborate, confusing (to the vast majority of people), and even more complicated to implement for you!
I would go for something more simple and effective

I agree. Keep it as simple as you can to get the best impact. For the first two years, adjust every six months. After that keep it constant.
The first period of six months should be the most attractive to attract the largest number of investors. Interest rate of 60% to 100% is a great selling point. Make it very simple and easy to understand. Avoid potential confussion as much as possible.

This community has been doing an outstanding job. Our industry needs a lot more people like you. There is nothing wrong for the community to join force to save their investment and that of others who innocently invested their hard earned dollars in Asiacoin. You are an inspiration to all of us. I will do what I can to support your efforts. For full disclosure I own bitcoin and various altcoins including Asiacoin.  I am also the cofounder of DNotes and Cryptomoms.

[Kazulya]

When a new wallet will be available to all?

[cassius69]

The amount of troll in this thread shows that revived Ac will be a great success. The only people now panic are the trolls, so please don't feed these trolls.

some days ago you were one of the loudest, accusing everybody presenting proof of the asiacoin scam of "spreading fud" and only "planning to buy cheap coins."

does not look like you've learned anything. you should be ashamed.

he wants to get his three rupees out before the shit hits the fan.

can you imagine a coin with all sellers and no buyers? i can. its this piece of shit scamcoin.