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Author Topic: [ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released  (Read 1346477 times)
PUMPBANDIT
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June 25, 2014, 01:59:53 PM
 #4321

Is that meant to be insulting? Your a frikken idiot dude!
Not for above comment, ok I will try it.

Like I said 3 weeks ago this should have been addressed with a how to!
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NOT FUD! FACTS!


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June 25, 2014, 02:00:00 PM
 #4322

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?

BadAss, I think you're just an ignorant twat.
Answering like that to anybody who raise a concern its just stupid...so you're plain stupid and ignorant
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June 25, 2014, 02:01:26 PM
 #4323

This thread is starting to go downhill with the amount of morons that have turned up.
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June 25, 2014, 02:02:50 PM
 #4324

They came over en-masse from the Silkcoin thread I believe.

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June 25, 2014, 02:03:05 PM
 #4325

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 ?

It can't be an actual rate for the transaction because 0.1 BTC doesn't cover the entire 1 BTC. It has to use both rates to get the "true" rate.

Support the VeriFund Endowment.
VRC: VFEndownxxnHea9mv59kZx8c7TysGbndYx
pnosker
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June 25, 2014, 02:04:25 PM
 #4326

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...




I gave 1% as an example. In reality it's less, but with 0.2% fees in each direction from the exchange plus BTC withdraw fee, I don't think it's too crazy. As I said before, don't use it if you don't like it. Some people don't want to have to wait for exchanges.

Support the VeriFund Endowment.
VRC: VFEndownxxnHea9mv59kZx8c7TysGbndYx
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June 25, 2014, 02:04:51 PM
 #4327

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

wow...thank you for that! Well i guess we should thank the dev's, but thank you for taking the time to post that video.

Here's my first attempt / blooper reel:

    http://youtu.be/zRQ1kfL7CVk

Cheesy

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PUMPBANDIT
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June 25, 2014, 02:05:29 PM
 #4328

They came over en-masse from the Silkcoin thread I believe.

Yeah seems like it, they just ruin everything with their abuse.

Ok I have encrypted the wallet, then unlocked it.
Here's hoping. Will report back in a few days.
Thanks for the help cryptodevil  Cheesy
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June 25, 2014, 02:22:21 PM
 #4329

Nice stats...lets hope its not a pump

Ofc its a pump. Every single coin that goes up this rapidly is being pumped, which also means it is going to get dumped. It doesn't matter if the coin is great like Veri or Monero - it is still going to get dumped after a few days / a week. Of course the price will rise some time after the dump, but it will first get dumped and forgotten for a while, until there's new news about the coin or somebody decides to pump it again. Unfortunately that's the way things work in the altcoin market.

+1

So what's this rise again? Is it a pump again?
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June 25, 2014, 02:23:22 PM
 #4330

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.

If you are not having to go through an exchange, then ~1% is not a terrible deal. Most exchanges charge 0.2% for each trade transaction. Then again to withdraw it to your wallet.

VRC: VMTMcvFjZHAshmVNLY5KYVHCTqcfEnH6Bd  SLR: 8W7D6D7rortYp51BK9MSrfripSoZWyVPVr  BTC: 1LbgAsTDtyWEGjiSaguJhJbaHBPgcMnHfP  BCC: 1Ta39PK67VXTD2xnmPNo5J9KJyBVHdYmy
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June 25, 2014, 02:26:29 PM
 #4331

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 ?

It can't be an actual rate for the transaction because 0.1 BTC doesn't cover the entire 1 BTC. It has to use both rates to get the "true" rate.

Sure, and by using the weighted average for the larger transaction, that transaction is processed with a better rate. Why not simply use weighted averages for all transactions, so as to create a more even playing field ( at that time ) ? It would surely be a bit more efficient programmatically, too, no ?

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June 25, 2014, 02:31:31 PM
 #4332

If you are not having to go through an exchange, then ~1% is not a terrible deal. Most exchanges charge 0.2% for each trade transaction. Then again to withdraw it to your wallet.

Sure, and as I said earlier, I don't have a problem if this information is published for the user to make a decision about. People are happy to pay for convenience. I couldn't find any info about fees, and so asked the question. It's interesting being able to receive answers direct from a developer, and I appreciate the feedback.

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June 25, 2014, 02:34:00 PM
 #4333

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...




I gave 1% as an example. In reality it's less, but with 0.2% fees in each direction from the exchange plus BTC withdraw fee, I don't think it's too crazy. As I said before, don't use it if you don't like it. Some people don't want to have to wait for exchanges.

Can you clarify the 2 VRC transaction fee I thought I read earlier?  That seems odd.  What if VRC goes to 0.025 BTC?  A cup of coffee could get veri expensive!

VRC: VMTMcvFjZHAshmVNLY5KYVHCTqcfEnH6Bd  SLR: 8W7D6D7rortYp51BK9MSrfripSoZWyVPVr  BTC: 1LbgAsTDtyWEGjiSaguJhJbaHBPgcMnHfP  BCC: 1Ta39PK67VXTD2xnmPNo5J9KJyBVHdYmy
ezimedia
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June 25, 2014, 02:35:24 PM
 #4334

so I got coins in my wallet how do they stake had a lot of them stake and got some interest... but now they say all spendable ... is there something I have to do to make my coins stake again..

Vericoins Here = VXCBhfbtwJDxnnQQRpUcpKKMwcsVGsT1AJ
LetsTalkBitcoin: http://ecoinincome.com.au/LetsTalkBitCoin.php
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June 25, 2014, 02:44:15 PM
 #4335

This thread is starting to go downhill with the amount of morons that have turned up.

I have had the same issues here. Legitimate questions and concerns about staking that are only answered by morons claiming fud.  I hope the next wallet has some better tools/help around staking.  Like you, that is the main reason I got into VRC, and if I cannot make heads or tails of what the wallet is doing with staking, then I am left with fear, uncertainty and doubt - not caused by me, but by the wallet itself.  A simple staking guide off the help menu explaining: 1. how to turn on staking. 2. the process the wallet goes through while staking, including what happens when you add more coins to your wallet, what the icon messages mean, etc. 3. how to turn off taking.

I suspect the folks that have staking "all figured out" have not really run into complex scenarios with their wallet, yet.

VRC: VMTMcvFjZHAshmVNLY5KYVHCTqcfEnH6Bd  SLR: 8W7D6D7rortYp51BK9MSrfripSoZWyVPVr  BTC: 1LbgAsTDtyWEGjiSaguJhJbaHBPgcMnHfP  BCC: 1Ta39PK67VXTD2xnmPNo5J9KJyBVHdYmy
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June 25, 2014, 02:44:31 PM
 #4336

so I got coins in my wallet how do they stake had a lot of them stake and got some interest... but now they say all spendable ... is there something I have to do to make my coins stake again..

Just leave it in there and it will move to stake in about a day or so and try not to touch it so much Tongue
Bottom corner will tell you how long you got. If it says 700 day dont worry that goes down quick like my sister. Eventually it will say one day in about 8 hours then it will make you stake with some sauce.
Reavon
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June 25, 2014, 02:48:54 PM
 #4337

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...





I gave 1% as an example. In reality it's less, but with 0.2% fees in each direction from the exchange plus BTC withdraw fee, I don't think it's too crazy. As I said before, don't use it if you don't like it. Some people don't want to have to wait for exchanges.

Can you clarify the 2 VRC transaction fee I thought I read earlier?  That seems odd.  What if VRC goes to 0.025 BTC?  A cup of coffee could get veri expensive!


i think of adjustment
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June 25, 2014, 02:59:34 PM
 #4338

I was right, massive dump/correction/pull back whatever you want to call it, it happened.

No you weren't, Mystic Meg, you 'predicted' a 'significant pull-back' was going to occur within 12 hours, yesterday morning. When that didn't happen you excused your error by claiming TA is usually right and that other factors affect the market price. Now there was a surge today, with the accompanying blow-off as expected, you want to claim you were right?

Great steaming piles of Intellectual Dishonesty.



The price crashed 40%+ within 60mins, someone needs a reality check. Yes it will recover. It took a little longer to crash because of the twitter hyping.

This guys https://twitter.com/Daikoku10Crypto was pumping and then offloaded 1 million VRC in 20 minutes.
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June 25, 2014, 03:00:31 PM
 #4339

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...




I gave 1% as an example. In reality it's less, but with 0.2% fees in each direction from the exchange plus BTC withdraw fee, I don't think it's too crazy. As I said before, don't use it if you don't like it. Some people don't want to have to wait for exchanges.

Can you clarify the 2 VRC transaction fee I thought I read earlier?  That seems odd.  What if VRC goes to 0.025 BTC?  A cup of coffee could get veri expensive!


We are going to change the 2 VRC as appropriate. We are aiming for it to be insignificant but enough to cover tx fees.

Just want to say while were on the staking issue that I did get paid a stake twice in the last month, and that was without ever encrypting the wallet, then unlocking it, so go figure.  Shocked
But the amounts were 0.05 and 0.08 for 450 Veri's.

Theirs issues, and they need addressing asap please. Fingers crossed on the new wallet.


Apart from that and logo font change (yuck, wtf happened their?) everything about Veri has been flawless.




I'm not sure what you're trying to say, but there are no issues with the wallet.

Staking is enabled by default. You will stake up to 100% of your coins. If you don't want to stake you can turn it off in the wallet options via Options and setting a reserve balance.

Encrypting the wallet blocks staking until it is unlocked.

Staking is a 8.3 hour window where the coins cannot be spent.

Support the VeriFund Endowment.
VRC: VFEndownxxnHea9mv59kZx8c7TysGbndYx
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June 25, 2014, 03:01:47 PM
 #4340

The price crashed 40%+ within 60mins, someone needs a reality check. Yes it will recover. It took a little longer to crash because of the twitter hyping.
Sure, because when your predictions are right, it's TA, when they're wrong it's 'other market forces'.

Intellectual honesty, try it on for size now and then.

The market moves because it moves, not because it forms pretty shapes in graphs.

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