[AC] AsiaCoin | Pure PoS | 100% Interest

[Maestro1]

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.

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[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.

[3xk0pt3r]

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?

Im not a coder, but as far as i know, there is a hardcode to block wallet, where the orriginal dev have these premined coins. That's the main reason for stop deposits and withdraws on exchanges and the rason why we'rewaiting for new updated wallet. Those premined coins will be, simply told, ignored.

[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.