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Author Topic: [ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released  (Read 1346489 times)
pnosker
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June 25, 2014, 01:39:35 PM
 #4301

As for VeriBit, there is a large buffer of BTC we have donated by a large investor (not in Black Hand) to block any market disrupting uses of it. For now we will limit maximum sends of 1 BTC until we can ensure we will not manipulate the price greatly. We are leveraging the optimal buying algorithm to recover the BTC after a VeriBit transaction and it's been seamless so far. There are no "fees" per se, but the conversion rate is constructed using price levels and often leaves us with ~1% extra BTC after. That BTC goes to boost the buffer to reduce potential damage from sends in the future. Nobody is getting rich of VeriBit. It's designed to help the community, not make much profit.

That's useful, and very pertinent information that needs to be layed out clearly for people, so that they can decide whether they are happy to pay the ~1% premium. It's an interesting development, I look forward to seeing how it's received.

It's not a 1% premium when the market goes down. The system just calculates the lowest price required to ensure it can buy back the BTC. We trained it so it will be minimal. Really, it's just a price. The % depends on how much BTC you want. The more BTC, the higher the rate-- it's just how the market works.

If you're often left with ~1% extra BTC, then that's a premium on top of what I would have paid to go through an exchange. I don't have a problem with that if the info is laid out for people. Many users will be happy to pay something for the convenience. But that's a  side issue.

I don't understand the '% depends on how much BTC you want' part. Why is this ? When trading on an exchange, I am not presented with a different rate according to the value I am trading. Am I missing something ?



We'll list that there's some fees to cover the exchange. Imagine the following scenario:

There's buy orders for 0.1 BTC at 30k sat. and 1.5 BTC at 29.5k sat. If you want to send a 0.05 BTC transaction, it will use the value as 30k sat + 2 VRC as the fee. If you want to send 1.0 BTC it will use a weighted average of the 0.1 BTC and 1.5 BTC orders. Make sense? It does this because it needs to recapture enough BTC to keep the buffer alive. The fee is 2 VRC right now plus actual exchange rate.

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qawzsx
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June 25, 2014, 01:40:14 PM
 #4302

As for VeriBit, there is a large buffer of BTC we have donated by a large investor (not in Black Hand) to block any market disrupting uses of it. For now we will limit maximum sends of 1 BTC until we can ensure we will not manipulate the price greatly. We are leveraging the optimal buying algorithm to recover the BTC after a VeriBit transaction and it's been seamless so far. There are no "fees" per se, but the conversion rate is constructed using price levels and often leaves us with ~1% extra BTC after. That BTC goes to boost the buffer to reduce potential damage from sends in the future. Nobody is getting rich of VeriBit. It's designed to help the community, not make much profit.

That's useful, and very pertinent information that needs to be layed out clearly for people, so that they can decide whether they are happy to pay the ~1% premium. It's an interesting development, I look forward to seeing how it's received.

It's not a 1% premium when the market goes down. The system just calculates the lowest price required to ensure it can buy back the BTC. We trained it so it will be minimal. Really, it's just a price. The % depends on how much BTC you want. The more BTC, the higher the rate-- it's just how the market works.

If you're often left with ~1% extra BTC, then that's a premium on top of what I would have paid to go through an exchange. I don't have a problem with that if the info is laid out for people. Many users will be happy to pay something for the convenience. But that's a  side issue.

I don't understand the '% depends on how much BTC you want' part. Why is this ? When trading on an exchange, I am not presented with a different rate according to the value I am trading. Am I missing something ?



Exactly what I was trying to say...
Useless service. I'm better with exchanging vericoin in a legit exchange with 100% price transparency.
I don't see this service useful at all, as long as the service is doing nothing special, except for the fact that the VRC are exchanged on an exchange by a script
sesko
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June 25, 2014, 01:41:04 PM
 #4303

What is Veribit?

VeriBit is a feature that allows people to use/spend VeriCoins anywhere that Bitcoins are accepted. Here is a desktop video of me using the current implementation to buy a Papa Johns Pizza gift certificate:

http://youtu.be/PLuBgdQJ6NQ


I don't see how is that special at all...
I can always exchange VeriCoin on a legit exchange and pay with BTC from there...and do it faster...


Do you gain interest on said btc? How about fees? Speed of transaction for delivery to other exchanges? Did you account for all that?

Lol, we are talking about <0,1% fees.
I'm all good with that fees for 100% price transparency.

Thanks


You have another layer of verisend, so veribit with verisend means: buying everywhere with VRC where BTC is accepted directly, using anonymous transaction.

So ask yourself if anonymous is such a great hype right now, actually what coin with anonymous built in, can actually offer using it, for real, using it everywhere where btc is accepted.
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June 25, 2014, 01:42:29 PM
 #4304

VeriBit is not meant to replace the use of an exchange for traders, it is meant to add utility to the coin, which it does, in spades.

Warning! Multiple ICO scams being launched through bot-posting forum threads, bought/hacked accounts and fake team profiles
qawzsx
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June 25, 2014, 01:42:52 PM
 #4305

What is Veribit?

VeriBit is a feature that allows people to use/spend VeriCoins anywhere that Bitcoins are accepted. Here is a desktop video of me using the current implementation to buy a Papa Johns Pizza gift certificate:

http://youtu.be/PLuBgdQJ6NQ


I don't see how is that special at all...
I can always exchange VeriCoin on a legit exchange and pay with BTC from there...and do it faster...


Do you gain interest on said btc? How about fees? Speed of transaction for delivery to other exchanges? Did you account for all that?

Lol, we are talking about <0,1% fees.
I'm all good with that fees for 100% price transparency.

Thanks


You have another layer of verisend, so veribit with verisend means: buying everywhere with VRC where BTC is accepted directly, using anonymous transaction.

Paying directly from the exchange is already 100% anonymous since nobody can link that payment to any of my personal information, so this gets out of question from the start.
sesko
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June 25, 2014, 01:47:27 PM
 #4306

What is Veribit?

VeriBit is a feature that allows people to use/spend VeriCoins anywhere that Bitcoins are accepted. Here is a desktop video of me using the current implementation to buy a Papa Johns Pizza gift certificate:

http://youtu.be/PLuBgdQJ6NQ


I don't see how is that special at all...
I can always exchange VeriCoin on a legit exchange and pay with BTC from there...and do it faster...


Do you gain interest on said btc? How about fees? Speed of transaction for delivery to other exchanges? Did you account for all that?

Lol, we are talking about <0,1% fees.
I'm all good with that fees for 100% price transparency.

Thanks


You have another layer of verisend, so veribit with verisend means: buying everywhere with VRC where BTC is accepted directly, using anonymous transaction.

Paying directly from the exchange is already 100% anonymous since nobody can link that payment to any of my personal information, so this gets out of question from the start.


What are you doing than in altcurrency section? you are in the wrong section of forums here than.

And of course, exchange have logs (zero anonymous, they have your IP's, email, personal data, all of your transaction.... doing from your wallet there's no logs. And all transaction can be traced to exchange via blockchain, and exchange have logs, binding transaction directly to your account in exchange.
Ip
IP can be traced to you ISP provider, ISP provider have your address and all the data the need to know who you are. But is enough, to trace your transaction from exchange to antoher exchange to BTC account, where you transfer BTC for FIAT and viceversa. There they got your  account number and for sure your address.
cryptodevil
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June 25, 2014, 01:47:42 PM
 #4307

Paying directly from the exchange is already 100% anonymous

Except for all the information that links you to your exchange account. Even if it's just an email account, that account links on to somewhere else where it has been used to register an account for you on another unrelated service and so on, whereby, over time you gave your name or a delivery address for some goods to a supplier and, bingo, that Exchange address now clearly belongs to you and any payments sent from it are, indeed, linked to you.

Yes, yes, you might have used TOR and a disposable Email address when you registered for your exchange account and all the other guff that nobody with nothing worth hiding bothers with. If so, then why bother complaining that this service does nothing for you when it clearly does a ton for everybody else.

Warning! Multiple ICO scams being launched through bot-posting forum threads, bought/hacked accounts and fake team profiles
BadAss.Sx
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June 25, 2014, 01:48:19 PM
 #4308

Paying directly from the exchange is already 100% anonymous since nobody can link that payment to any of my personal information, so this gets out of question from the start.


Why being in this topic after all?

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germsite
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June 25, 2014, 01:48:35 PM
 #4309

As for VeriBit, there is a large buffer of BTC we have donated by a large investor (not in Black Hand) to block any market disrupting uses of it. For now we will limit maximum sends of 1 BTC until we can ensure we will not manipulate the price greatly. We are leveraging the optimal buying algorithm to recover the BTC after a VeriBit transaction and it's been seamless so far. There are no "fees" per se, but the conversion rate is constructed using price levels and often leaves us with ~1% extra BTC after. That BTC goes to boost the buffer to reduce potential damage from sends in the future. Nobody is getting rich of VeriBit. It's designed to help the community, not make much profit.

That's useful, and very pertinent information that needs to be layed out clearly for people, so that they can decide whether they are happy to pay the ~1% premium. It's an interesting development, I look forward to seeing how it's received.

It's not a 1% premium when the market goes down. The system just calculates the lowest price required to ensure it can buy back the BTC. We trained it so it will be minimal. Really, it's just a price. The % depends on how much BTC you want. The more BTC, the higher the rate-- it's just how the market works.

If you're often left with ~1% extra BTC, then that's a premium on top of what I would have paid to go through an exchange. I don't have a problem with that if the info is laid out for people. Many users will be happy to pay something for the convenience. But that's a  side issue.

I don't understand the '% depends on how much BTC you want' part. Why is this ? When trading on an exchange, I am not presented with a different rate according to the value I am trading. Am I missing something ?



We'll list that there's some fees to cover the exchange. Imagine the following scenario:

There's buy orders for 0.1 BTC at 30k sat. and 1.5 BTC at 29.5k sat. If you want to send a 0.05 BTC transaction, it will use the value as 30k sat + 2 VRC as the fee. If you want to send 1.0 BTC it will use a weighted average of the 0.1 BTC and 1.5 BTC orders. Make sense? It does this because it needs to recapture enough BTC to keep the buffer alive. The fee is 2 VRC right now plus actual exchange rate.

Why do you choose to use an actual rate for one transaction, and a weighted average for another ? Why does the larger transaction benefit from the reduced fee ?

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PUMPBANDIT
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June 25, 2014, 01:49:58 PM
 #4310

RE: Staking

Working on a new way to get it to stake.
Fingers crossed this time.


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June 25, 2014, 01:52:03 PM
 #4311

You Do Not Have To Encrypt/Unencrypt anything to Get Any Wallet To Stake Whatsoever!!!
Every PoS wallet I've used requires you to unlock it for staking. What makes you believe otherwise?

Warning! Multiple ICO scams being launched through bot-posting forum threads, bought/hacked accounts and fake team profiles
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June 25, 2014, 01:52:12 PM
 #4312

I've been here a VERI long time and I am telling you for myself it DOES NOT stake properly.

Quote
Date Registered:    June 05, 2014, 04:37:59 PM

 Roll Eyes

Fudders are back again?

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qawzsx
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June 25, 2014, 01:52:29 PM
 #4313

Paying directly from the exchange is already 100% anonymous

Except for all the information that links you to your exchange account. Even if it's just an email account, that account links on to somewhere else where it has been used to register an account for you on another unrelated service and so on, whereby, over time you gave your name or a delivery address for some goods to a supplier and, bingo, that Exchange address now clearly belongs to you and any payments sent from it are, indeed, linked to you.

Yes, yes, you might have used TOR and a disposable Email address when you registered for your exchange account and all the other guff that nobody with nothing worth hiding bothers with. If so, then why bother complaining that this service does nothing for you when it clearly does a ton for everybody else.


All I'm saying is that I don't see how VeriBit is useful at all to drive that much fee in the dev's pocket... I mean... 1%... for real now
If you want to pay for something that accepts BTC, just exchange some VRC for BTC and pay with BTC...is that simple...

Its not about anonymity here, I was just answering to somebody's else point of view...


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June 25, 2014, 01:54:13 PM
 #4314

Paying directly from the exchange is already 100% anonymous since nobody can link that payment to any of my personal information, so this gets out of question from the start.


Why being in this topic after all?

Is this how you treat new ppl who have some concerns?
You just ask them "wtf are you here anyway if you don't like something?"...

Very mature...
sesko
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June 25, 2014, 01:54:50 PM
 #4315

I've been here a VERI long time and I am telling you for myself it DOES NOT stake properly.

Quote
Date Registered:    June 05, 2014, 04:37:59 PM

 Roll Eyes

Fudders are back again?

Yeah really long time hehe, lol, come on fudster you can do better than these, this is to easy even newbies can see past that futile fuding.
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June 25, 2014, 01:56:08 PM
 #4316

I don't see how VeriBit is useful at all to drive that much fee in the dev's pocket... I mean... 1%... for real now

I believe it is 0.1% not 1%


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June 25, 2014, 01:56:16 PM
 #4317

Quote
Every PoS wallet I've used requires you to unlock it for staking. What makes you believe otherwise?

Don't mix my words.
Yes it needs to be unlocked, but if it wasn't locked to start with your point?

Re: Me a fudder, you are a tool!
My posts on Veri go back 4 weeks ya diphead.


All these "NEW" people attacking people with concerns and saying they are Fudders are making Veri start to stink, pull your heads in and address concerns!
qawzsx
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June 25, 2014, 01:57:03 PM
 #4318

I don't see how VeriBit is useful at all to drive that much fee in the dev's pocket... I mean... 1%... for real now

I believe it is 0.1% not 1%



No, its 1%, read again Wink
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June 25, 2014, 01:58:44 PM
 #4319

Quote
Every PoS wallet I've used requires you to unlock it for staking. What makes you believe otherwise?

Don't mix my words.
Yes it needs to be unlocked, but if it wasn't locked to start with your point?

Re: Me a fudder, you are a tool!
My posts on Veri go back 4 weeks ya diphead.

You need a towel for your tears?

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cryptodevil
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June 25, 2014, 01:59:30 PM
 #4320

Quote from: cryptodevil
Every PoS wallet I've used requires you to unlock it for staking. What makes you believe otherwise?

Don't mix my words.

Which ones, these?
You Do Not Have To Encrypt/Unencrypt anything to Get Any Wallet To Stake Whatsoever!!!

Why don't you actually try encrypting the wallet then unlocking it and seeing if it stakes, that's pretty much how it works perfectly for everyone else in this thread.

Warning! Multiple ICO scams being launched through bot-posting forum threads, bought/hacked accounts and fake team profiles
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