[ANN][XC] >> Mandatory Update to new Wallet - The first POS X11 anonymous wallet

[MacHead2006]

So noone knows where hashpowets comes from ?
I don`t see that it comes from other coins. LTC and Doge hashrate seems not to go somewhere.

I can only hope its a bug and we have only 10% hashrate = suprnova + trademybit and some other small pools.

[1714672043]

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[1714672043]

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[atcsecure]

Updated windows wallet is compiling, github has been updated and I've contact the 3 exchanges to update their wallets

[saberu]

Well I guess we all know now that there is an either a massive X11 FPGA Farm, new Asic, a ton of GPU power out there... and if it is either 1 or 2, then this is a major issue in my mind and i think it further justifies the need to switch over to POS much, much, much sooner than expected - ie tomorrow night


Also on the mixer, the minimum I mentioned might be too low with the current code, so use at least 0.1

+1 for switching tommorow. How much reward from pos?

[dadon]

Well I guess we all know now that there is an either a massive X11 FPGA Farm, new Asic, a ton of GPU power out there... and if it is either 1 or 2, then this is a major issue in my mind and i think it further justifies the need to switch over to POS much, much, much sooner than expected - ie tomorrow night


Also on the mixer, the minimum I mentioned might be too low with the current code, so use at least 0.1

+1 for switching tommorow. How much reward from pos?

3.33%

[Ezravdb]

So in how many hours the POW ends and the POS starts?

80 hours approx

[atcsecure]

Well I guess we all know now that there is an either a massive X11 FPGA Farm, new Asic, a ton of GPU power out there... and if it is either 1 or 2, then this is a major issue in my mind and i think it further justifies the need to switch over to POS much, much, much sooner than expected - ie tomorrow night


Also on the mixer, the minimum I mentioned might be too low with the current code, so use at least 0.1

1. POS idea is great!
2. Okay, any ETA for a Mac wallet with Anon?

Thanks for your hard work, you're doing a great job - appreciate it!

Actually there the mac wallet will be update, I do owe the bounty and its my bad for not sending it yet..bounty will be paid to dev today and he will release updated mac wallet

[Thrash]

I have been traveling and finally caught up with all the post this morning. Wow, lot's going on. Then the latest news from the dev.

So if my calculations are correct and the last POW block is 22500 I would project we will end up with 6.2 million coins or less at the end of POW. We currently have an average of 275 cois per block due to the POS blocks influence, so 22,500 * 275 = 6,187,500. Even if all remaining bocks end up being POW the cap would be 6.4 million.

Won't this require a hard fork so everyone is on the same code?

Does not look like there will be many more coins for sale at these prices which are insanely low.  

[maxsinner]

Updated windows wallet is compiling, github has been updated and I've contact the 3 exchanges to update their wallets

Any plans to change the name and the branding perhaps? I don't see X11 being a very strong brand going forward.

[saberu]

What will prevent a 51 attack after switchover?

[ifightformerkel]

we will see 0.01 soon now we are at 0.001

[Teka]

we will see 0.01 soon now we are at 0.001

Quite possible but I'm counting for 0.005BTC .

[AlexGR]

i see what ur saying and agree, but you need to rember XC dev was a CEO of a major company and this coin is capped 10million pow and 33 million total with pos DRK will reach 28mil before we reach 33mil you can be sure of that

We'll see how it turns out. It needs better distribution / scarcer supply / low inflation to become top notch in this department.

I also made an error in my last post regarding the 33m cap vs infinity (I've added an EDIT comment in the end) - you are right.

Alex, you're obviously a fan of low inflation, so how comes you've been supporting Darkcoin all this time?

Darkcoin released more coin quicker than MRO and XC.

Yes that's very good for inflation - even if by accident. Fast initial distribution + low distribution later on = lower debasement of the existing monetary base than a steady curve. That's also a strong point for pow+pos systems if the staking itself does not multiply the monetary base significantly.

Compare that to LTC for example that will issue like another 10.5mn coins by this time next year and it's a disaster. Who the f*** will buy 10.5mn X 10 USD = 105mn in litecoins? It is not sustainable.

MRO has a fast initial distribution and a lower distribution later on, yet you say that's bad too.

It's not that fast (~a couple of years) and the problem is that when the price has elevated before the initial distribution, it is impossible to find the BTCs necessary to preserve the price. Then the bitching begins about the price being stagnant and then the coin is declared dead in favor of someone other which spikes.

If, say, you add another 2mn coins in a year (compared to 1mn right now), you'll need 2 times your current marketcap to absorb your monetary supply. Buyers of MRO have their supply debased like 10 times in a couple of years and they can only hope to *at least* have 10x buying interest just to preserve price. In order to see 10x gains, they'll need to find buyers who will be at 100x - and throw this type of money in a very fast rate.

DRK was distributing coins left and right at 0.02$ because the instaminers did not really value them and hence the quick distribution was not problematic in terms of BTC-required-per-day-to-buy-daily-production. You could buy like 100.000 drk for 2.5 btc. When distribution slowed down significantly with the escalating hashrate (moore's law formula where hashing reduces rewards) debasement rate was reduced. Calculate the number of MROs per day vs DRKs per day (2880 coins per day) and how many BTCs each require to (at least) preserve coin price at the same level. You'd think that DRK would be problematic due to its spike (BTC and LTC are problematic in this regard when they spike) but it isn't.

X11coin will have a massive advantage over MRO in this regard once the PoW phase is over as it won't require any serious money for daily production. BTCs flowing in will mostly go for price increase. This will in turn create bitching for MRO and "oh why doesn't the price move" etc etc. It's hard finding a balance that is fair, distributes the coins, doesn't debase the coin too much daily and which works towards the success of the coin.

It usually will fail somewhere. DRK has the instamine accussation for the quick first distribution, PoS/PoW hybrids are essentially instamined as they throw most of their monetary base in a short period of time (millions of coins per day) so late miners who want to mine can't mine it -but they do curb inflation once the pow phase is over solving that issue-, steady-curve coins are fairer but they can't go anywhere in terms of price if they have an initial price spike which is un-maintainable (and that's not what most people want to see when they buy coins) as the monetary supply expands etc etc. POW coins with faster curve at the start can be a solution if they are very accelerated and RARE + don't experience a price spike at their infancy which makes the daily production un-buyable (too much BTCs required => fading price). They can still be considered "unfair" towards late miners who mine for less coins (overlooking that early miners mine many coins at lower price vs late miners who mine few coins at high prices).

It's kind of a mess trying to balance these out to find the optimum economic parameters without creating criticism of some kind, either from holders, outsiders, miners, investors etc.

[dadon]

Updated windows wallet is compiling, github has been updated and I've contact the 3 exchanges to update their wallets

Any plans to change the name and the branding perhaps? I don't see X11 being a very strong brand going forward.

someone suggested XCHAIN and XC is perfect so...

[cryptohunter]

stealth


not stealth coin just 'stealth'

sounds much better

[atcsecure]

It's kind of a mess trying to balance these out to find the optimum economic parameters without creating criticism of some kind, either from holders, outsiders, miners, investors etc.

yes and combine that with maintaining network security and it becomes a very complex formula

[Alisho]

what about Wire or Wirecoin

[atcsecure]

also the branding is a huge issue in my mind as once that ship has sailed (and it is about to) ... you can't go back and change it.... and I think XC has reached some level of branding so its a tricky decision tree to digest

[yixuez]

we will see 0.01 soon now we are at 0.001

Quite possible but I'm counting for 0.005BTC .

my opinion is 0.007btc

[drawingthesun]

also the branding is a huge issue in my mind as once that ship has sailed (and it is about to) ... you can't go back and change it

Does the proof of stake in XC work yet?

[maxsinner]

what about Wire or Wirecoin

I don't really like it, since the term "wire" is heavily associated with banks. xchain I think is pretty cool, but I believe it's best to consult with branding specialists and linguists as we surely don't want people in some countries to not be able to pronounce the name correctly.