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Author Topic: [ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released  (Read 1349972 times)
barabbas
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August 13, 2014, 03:42:00 AM
 #12921

I was just reading Matthew Bonari's very interesting article on vericoinnews, (http://vericoinnews.info/latest-news/stakeholder-confidence-milestones-and-blockchain-analytics/), and was wondering if it would be possible to elaborate on why the accumulation is a good thing.

I am not sure what your question is referring to. Accumulation is one thing and big percentage numbers of coins staking or otherwise locked up in wallets, is another entirely. Since no accumulation is taking place in VRC -the top 100 wallets added 20,000 coins the past week, according to some research done and post here-, I believe you are referring to the fact that up to 80% of the total amount of Vericoins is currently in wallets outside of the esxchanges and mostly staking.

This is VERI good and...VERI bad. The good is because is reinforces the strength of the blockchain and, de facto, makes it almost impossible a 51% attack. Also on the VERI good side, it shows  the confidence and commitment of the main stakeholders, which are staking their coins instead of trading them for a bit of profit like traders/speculators do. Additionally, reducing the number of coins available for trading, theoretically, will make the coin scarce and new buyers will have to pay more... this is being proven completely wrong by the market since VRC has been, and so far remains, in a downward spiral with great selling pressure taking the price to the lowest levels since launch... at which levels currently remain. So much for scarcity!

And this is VERI bad because, by definition and purpose, crypto currencies are made and design to be SPENT, not saved or kept. In fact, that only 20% of the entire float is available for trading, severely limits the actual usability of the coin in the real world. Since the valuation of the coin is so minimal, and, subsequently, the market cap total is so modest, this "accumulation" is imperative to protect the vulnerability of the coin to 51% attacks... as we show recently when only 8 million coins would have destroy the coin instantly. Naturally, if VRC ever reaches a valuation 5, 10, 100 times higher than current levels, it would be much more costly for an individual or a group to perpetrate a 51% attack and therefore the importance of the % of coins staking or otherwise away from the exchanges, will diminish exponentially.

Let me give you another scenario possible: With 20 million of it's 27 total million coins, in individual wallets, if anyone were to buy ALL the 7 mill available coins (an "investment" of $340,000 at current price), the actual trading of the coin will cease, it's price go to zero almost immediately and the stakers would have exactly that, ZERO value in their wallets. The coin would effectively be dead.

So this amount of staking is not healthy, obviously, or pricewise efficient. Much less is needed to maintain the blockchain and prevent the possibility of a 51% attack... any group could easily "buy" enough for very little money right now, effectively destroying the coin.  A bit of a situation, indeed, if prices remain or, worse yet, if they go any lower.

Of course if they go lower, no one will have any interest in VRC, much less in liquidating it.
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August 13, 2014, 03:47:17 AM
 #12922

I was just reading Matthew Bonari's very interesting article on vericoinnews, (http://vericoinnews.info/latest-news/stakeholder-confidence-milestones-and-blockchain-analytics/), and was wondering if it would be possible to elaborate on why the accumulation is a good thing.

I am not sure what your question is referring to. Accumulation is one thing and big percentage numbers of coins staking or otherwise locked up in wallets, is another entirely. Since

What I meant to ask is if someone who actually knows what they're talking about could answer.  That ain't you.
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August 13, 2014, 03:51:01 AM
 #12923

I was just reading Matthew Bonari's very interesting article on vericoinnews, (http://vericoinnews.info/latest-news/stakeholder-confidence-milestones-and-blockchain-analytics/), and was wondering if it would be possible to elaborate on why the accumulation is a good thing.

I am not sure what your question is referring to. Accumulation is one thing and big percentage numbers of coins staking or otherwise locked up in wallets, is another entirely. Since

What I meant to ask is if someone who actually knows what they're talking about could answer.  That ain't you.

What are you trying to clarify? Why it's a good thing top coin holders are accumulating?
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August 13, 2014, 03:59:30 AM
 #12924

I was just reading Matthew Bonari's very interesting article on vericoinnews, (http://vericoinnews.info/latest-news/stakeholder-confidence-milestones-and-blockchain-analytics/), and was wondering if it would be possible to elaborate on why the accumulation is a good thing.
What are you trying to clarify? Why it's a good thing top coin holders are accumulating?

I think your previous reply is what he was looking for. You did a nice job explaining it.

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August 13, 2014, 04:03:08 AM
 #12925

I was just reading Matthew Bonari's very interesting article on vericoinnews, (http://vericoinnews.info/latest-news/stakeholder-confidence-milestones-and-blockchain-analytics/), and was wondering if it would be possible to elaborate on why the accumulation is a good thing.

I am not sure what your question is referring to. Accumulation is one thing and big percentage numbers of coins staking or otherwise locked up in wallets, is another entirely. Since

What I meant to ask is if someone who actually knows what they're talking about could answer.  That ain't you.

What are you trying to clarify? Why it's a good thing top coin holders are accumulating?

Your explanation was fine, thanks.
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August 13, 2014, 04:05:51 AM
 #12926

I was just reading Matthew Bonari's very interesting article on vericoinnews, (http://vericoinnews.info/latest-news/stakeholder-confidence-milestones-and-blockchain-analytics/), and was wondering if it would be possible to elaborate on why the accumulation is a good thing.

I am not sure what your question is referring to. Accumulation is one thing and big percentage numbers of coins staking or otherwise locked up in wallets, is another entirely. Since

What I meant to ask is if someone who actually knows what they're talking about could answer.  That ain't you.

What are you trying to clarify? Why it's a good thing top coin holders are accumulating?

Your explanation was fine, thanks.

That was a misspost, obviously. Your subsequent one is pure, raw idiocy and therefore do not consider my answer at all directed to you but more towards anyone that has some doubts about what this "staking fever" can mean. Any kind of response whatsoever from you will be immediately dismissed, so fuck you, ok?
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August 13, 2014, 04:12:18 AM
 #12927

I was just reading Matthew Bonari's very interesting article on vericoinnews, (http://vericoinnews.info/latest-news/stakeholder-confidence-milestones-and-blockchain-analytics/), and was wondering if it would be possible to elaborate on why the accumulation is a good thing.

I am not sure what your question is referring to. Accumulation is one thing and big percentage numbers of coins staking or otherwise locked up in wallets, is another entirely. Since

What I meant to ask is if someone who actually knows what they're talking about could answer.  That ain't you.

What are you trying to clarify? Why it's a good thing top coin holders are accumulating?

Your explanation was fine, thanks.

That was a misspost, obviously. Your subsequent one is pure, raw idiocy and therefore do not consider my answer at all directed to you but more towards anyone that has some doubts about what this "staking fever" can mean. Any kind of response whatsoever from you will be immediately dismissed, so fuck you, ok?

I'm not trying to troll you, I'm just very curious to to ask... How old are you really? Where in the world do you live? And what do you do for a living? I completely understand this is the internet and you can easily lie in answering those questions. Could you just PM me the truthful answers to those questions and I won't share them if you don't want me to.
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August 13, 2014, 04:25:54 AM
 #12928

I was just reading Matthew Bonari's very interesting article on vericoinnews, (http://vericoinnews.info/latest-news/stakeholder-confidence-milestones-and-blockchain-analytics/), and was wondering if it would be possible to elaborate on why the accumulation is a good thing.

I am not sure what your question is referring to. Accumulation is one thing and big percentage numbers of coins staking or otherwise locked up in wallets, is another entirely. Since

What I meant to ask is if someone who actually knows what they're talking about could answer.  That ain't you.

What are you trying to clarify? Why it's a good thing top coin holders are accumulating?

Your explanation was fine, thanks.

That was a misspost, obviously. Your subsequent one is pure, raw idiocy and therefore do not consider my answer at all directed to you but more towards anyone that has some doubts about what this "staking fever" can mean. Any kind of response whatsoever from you will be immediately dismissed, so fuck you, ok?

I'm not trying to troll you, I'm just very curious to to ask... How old are you really? Where in the world do you live? And what do you do for a living? I completely understand this is the internet and you can easily lie in answering those questions. Could you just PM me the truthful answers to those questions and I won't share them if you don't want me to.

Don't worry it's just barabbass...our resident autistic super troll. We think he was abused in the lab where he was created, that's why he has a tendency to lash out at others. We're still trying to train him not to shit where he eats but we're still working on it...
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August 13, 2014, 05:17:01 AM
 #12929

Don't worry it's just barabbass...our resident autistic super troll. We think he was abused in the lab where he was created, that's why he has a tendency to lash out at others. We're still trying to train him not to shit where he eats but we're still working on it...

I completely get the troll in barabbas - I troll enough myself on the internet to respect what he is doing but man... at some point I really just want to know more about him. He trolls SO HARD on this forum - I want to learn more about him as a person. I do hope he answers me.
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August 13, 2014, 05:26:29 AM
 #12930

Don't worry it's just barabbass...our resident autistic super troll. We think he was abused in the lab where he was created, that's why he has a tendency to lash out at others. We're still trying to train him not to shit where he eats but we're still working on it...

I completely get the troll in barabbas - I troll enough myself on the internet to respect what he is doing but man... at some point I really just want to know more about him. He trolls SO HARD on this forum - I want to learn more about him as a person. I do hope he answers me.

me too.. curious about barabbass.. he does really seem like an intelligent person with a beard..
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August 13, 2014, 05:30:31 AM
 #12931

Don't worry it's just barabbass...our resident autistic super troll. We think he was abused in the lab where he was created, that's why he has a tendency to lash out at others. We're still trying to train him not to shit where he eats but we're still working on it...

I completely get the troll in barabbas - I troll enough myself on the internet to respect what he is doing but man... at some point I really just want to know more about him. He trolls SO HARD on this forum - I want to learn more about him as a person. I do hope he answers me.

me too.. curious about barabbass.. he does really seem like an intelligent person with a beard..

Like I said... if he would be honest with his answers I would love to know: age, geographic, and profession. He could either be a 13 year old from CA, USA who is going to Summer school. Or a 55 year old banker from Switzerland who got his MBA in economics... The jury is still out.
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August 13, 2014, 05:41:14 AM
 #12932

Other crypto currency coins that are currently valued higher than Vericoin (in no particular order)...
- Primecoin
- Quart
- Bytecoin
- Stellar
- Feathercoin
- Monacoin
- Zetacoin
- Neutrino
- Namecoin
- Mastercoin

I mean seriously for a second. All any coin is - is a software. To transmit money. People seriously find Quart! Fucking Quart!! A more valuable software program, without any active develpoment team mind you, a more sophisticated and valuable software program than Vericoin? It just blows my mind. 
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August 13, 2014, 05:45:09 AM
 #12933

Other crypto currency coins that are currently valued higher than Vericoin (in no particular order)...
- Primecoin
- Quart
- Bytecoin
- Stellar
- Feathercoin
- Monacoin
- Zetacoin
- Neutrino
- Namecoin
- Mastercoin

I mean seriously for a second. All any coin is - is a software. To transmit money. People seriously find Quart! Fucking Quart!! A more valuable software program, without any active develpoment team mind you, a more sophisticated and valuable software program than Vericoin? It just blows my mind.  

Lots of coins are better than one that was rolled back like the federal reserve controlled it.  Tongue

Security of the block chain is very important. Given how easily VRC was vulnerable to an exchange hack which made the devs want to act as the Federal Reserve is enough reason for me to never want to touch VRC with a 1000 foot pole.

Price has spoken to confirm my suspicions over the last 4 weeks.

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           ²▀▀▓▓▓▓▓▓▓▓▓▓▓▓▀▀`          
                   ²²²                 
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. ★☆ WWW.LEALANA.COM        My PGP fingerprint is A764D833.        SMOOTHIE'S HEALTH AND FITNESS JOURNAL          History of Monero development Visualization ★☆ .
LEALANA  PHYSICAL MONERO COINS 999 FINE SILVER.
 
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August 13, 2014, 05:45:56 AM
 #12934

oh and still falling: LAST 0.00007846 BTC   Roll Eyes

███████████████████████████████████████

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╢██████    ▐▓█▄          ▄█▓▌    ███████
 ██████    ▐▓▓▓▓▌,     ▄█▓▓▓▌    ██████─
           ▐▓▓▓▓▓▓█,,▄▓▓▓▓▓▓▌          
           ▐▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▌          
    ▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓─  
     ²▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓╩    
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                   ²²²                 
███████████████████████████████████████

. ★☆ WWW.LEALANA.COM        My PGP fingerprint is A764D833.        SMOOTHIE'S HEALTH AND FITNESS JOURNAL          History of Monero development Visualization ★☆ .
LEALANA  PHYSICAL MONERO COINS 999 FINE SILVER.
 
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August 13, 2014, 05:46:50 AM
 #12935

Other crypto currency coins that are currently valued higher than Vericoin (in no particular order)...
- Primecoin
- Quart
- Bytecoin
- Stellar
- Feathercoin
- Monacoin
- Zetacoin
- Neutrino
- Namecoin
- Mastercoin

I mean seriously for a second. All any coin is - is a software. To transmit money. People seriously find Quart! Fucking Quart!! A more valuable software program, without any active develpoment team mind you, a more sophisticated and valuable software program than Vericoin? It just blows my mind.  

Lots of coins are better than one that was rolled back like the federal reserve controlled it.  Tongue

That was such an insignificant event that was blown so far out of proportion. I have yet to hear from 1 person or company that was effected by it.

Edit: oh, other than the hacker who tried to steal millions of dollars worth or vericoin, who still to this day has decided to remain anonymous.
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August 13, 2014, 05:48:26 AM
 #12936

oh and still falling: LAST 0.00007846 BTC   Roll Eyes

I still am waiting for it to go lower =p that's the best part Wink
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August 13, 2014, 05:54:11 AM
 #12937

Other crypto currency coins that are currently valued higher than Vericoin (in no particular order)...
- Primecoin
- Quart
- Bytecoin
- Stellar
- Feathercoin
- Monacoin
- Zetacoin
- Neutrino
- Namecoin
- Mastercoin

I mean seriously for a second. All any coin is - is a software. To transmit money. People seriously find Quart! Fucking Quart!! A more valuable software program, without any active develpoment team mind you, a more sophisticated and valuable software program than Vericoin? It just blows my mind.  

Lots of coins are better than one that was rolled back like the federal reserve controlled it.  Tongue

That was such an insignificant event that was blown so far out of proportion. I have yet to hear from 1 person or company that was effected by it.

Edit: oh, other than the hacker who tried to steal millions of dollars worth or vericoin, who still to this day has decided to remain anonymous.

You forget the devs set the rules in place when they launched VRC. To go back on it because a business fucked up is an epic fail.

Not to mention what happens the next time there is a very large VRC hack or scam? ROLL BACK LIKE WAL-MART? lol Cheesy

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                   ²²²                 
███████████████████████████████████████

. ★☆ WWW.LEALANA.COM        My PGP fingerprint is A764D833.        SMOOTHIE'S HEALTH AND FITNESS JOURNAL          History of Monero development Visualization ★☆ .
LEALANA  PHYSICAL MONERO COINS 999 FINE SILVER.
 
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August 13, 2014, 06:01:45 AM
 #12938

You forget the devs set the rules in place when they launched VRC. To go back on it because a business fucked up is an epic fail.

Not to mention what happens the next time there is a very large VRC hack or scam? ROLL BACK LIKE WAL-MART? lol Cheesy

Again, it really meant nothing. 1st off - it effected no body (because it's so early in development no one is really using it for e-commerce). 2nd - the community could have stepped up and denied the rollback if they wanted to (it still took a majority of wallets to upgrade to make the change happen). Because of point #1 - the community could have cared less to do point #2.

In the future - if VRC has a more important role (say Veribank is a huge success) and a major hack happens. The entire community would still have to stand behind another rollback to make it actually successful. It's not just up to the devs.
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August 13, 2014, 06:29:17 AM
 #12939

why the price drops a lot, because of roll back? Cry
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August 13, 2014, 06:44:06 AM
 #12940

at this point its really anyones guess maybe hardcore accumulation in anticipation of weekend releases or dumping because of lack of confidence either way its having the same effect, which is price staying low
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