ofp
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Activity: 70
Merit: 10
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July 16, 2014, 02:04:41 AM |
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Alphi, the quantity of coins in not changing (what changes is the conversion rate to btc or usd)...
So, the coins are always "owned" by someone and therefore staking in someone's wallet.
Staked doesn't necessarily mean hoarded. Huge difference!
ok you lost me.. if I stake coins I don't get paid more coins for staking them? and those coins are not created from new blocks? front page says 26,751,452.35 total coins created in PoW phase. the block explorer says 26,791,093.04 coins exist as of today. so it sure looks to me like coins are being created through staking. anyways I was speaking generally about PoS... where staking rewards are usually the case. Yes, new coins are created when staking (some 2.5% per year). These new coins created as a reward for staking are actually a built-in inflation. |
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Alphi
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July 16, 2014, 02:04:47 AM |
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The coins age makes something bad like this possible. With more time it gets more adopted and gaining this control becomes less of a concern. Also who is not to say that most of these alts dont have 50% or 60% of their coins on one exchange. The problem is we dont yet have a decentralized exchange and they have given vericoin a cause that if they are willing to accept and succeed at creating one, would solve most of these issues.
vericoin community got slammed hard because of mintpal.. this community should push for a mintpal audit. |
KARMA: KSc9oGgGga1TS4PqZNFxNS9LSDjdSgpC1B VERT: VgKaooA5ZuLLUXTUANJigH9wCPuzBUBv9H
DOGE: DRN7pXid34o6wQgUuK8BoSjWJ5g8jiEs4e
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Alphi
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July 16, 2014, 02:08:19 AM |
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Yes, new coins are created when staking (some 2.5% per year). These new coins created as a reward for staking are actually a built-in inflation.
you can call it inflation, interest whatever you want.. its still a small incentive for people to collect and hold i.e. hoard coins. thankfully not as big as other PoS coins. and obviously not big enough because mintpal still had more than 30% of the entire supply. |
KARMA: KSc9oGgGga1TS4PqZNFxNS9LSDjdSgpC1B VERT: VgKaooA5ZuLLUXTUANJigH9wCPuzBUBv9H
DOGE: DRN7pXid34o6wQgUuK8BoSjWJ5g8jiEs4e
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stormia
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July 16, 2014, 02:09:53 AM |
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Yes, new coins are created when staking (some 2.5% per year). These new coins created as a reward for staking are actually a built-in inflation.
you can call it inflation, interest whatever you want.. its still a small incentive for people to hoard coins. thankfully not as big as other PoS coins. and obviously not big enough because mintpal still had more than 30% of the entire supply. It is incentive to secure the network |
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Alphi
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July 16, 2014, 02:14:01 AM |
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Yes, new coins are created when staking (some 2.5% per year). These new coins created as a reward for staking are actually a built-in inflation.
you can call it inflation, interest whatever you want.. its still a small incentive for people to hoard coins. thankfully not as big as other PoS coins. and obviously not big enough because mintpal still had more than 30% of the entire supply. It is incentive to secure the network wow its people really like arguing semantics today... you get paid to hold the coins in one place instead of spending them.. this leads to centralization. it doesn't matter what you call it... the effect is the same... people are encouraged to put the coins in one place so they can get even more coins... if the coins are in one place they can be stolen more easily... how much more explaining do you need? a coin that pays out 2.5% PA is obviously not going to encouraging hoarding as much as one that pays out 10% per year (like some other PoS coins) . and obviously some people thought they could get more money trading the coins on mint pal hence why so many coins where held on there. but any kind of reward for holding will encourage some amount of centralization. |
KARMA: KSc9oGgGga1TS4PqZNFxNS9LSDjdSgpC1B VERT: VgKaooA5ZuLLUXTUANJigH9wCPuzBUBv9H
DOGE: DRN7pXid34o6wQgUuK8BoSjWJ5g8jiEs4e
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BitcoinPorn
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July 16, 2014, 02:19:14 AM |
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vericoin community got slammed hard because of mintpal.. this community should push for a mintpal audit.
At this point I rather the Vericoin community and all other coins communities wash it's hands of association with Mintpal. This is not an issue just with Vericoin, all coins should take notice on who they are dealing with. If Mintpal wants to continue business and be able to be trustworthy, all information they provide should be voluntary and on them. |
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criptix
Legendary
Offline
Activity: 2422
Merit: 1145
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July 16, 2014, 02:23:27 AM |
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Yes, new coins are created when staking (some 2.5% per year). These new coins created as a reward for staking are actually a built-in inflation.
you can call it inflation, interest whatever you want.. its still a small incentive for people to hoard coins. thankfully not as big as other PoS coins. and obviously not big enough because mintpal still had more than 30% of the entire supply. It is incentive to secure the network wow its people really like arguing semantics today... you get paid to hold the coins in one place instead of spending them.. this leads to centralization. it doesn't matter what you call it... the effect is the same... people are encouraged to put the coins in one place so they can get even more coins... if the coins are in one place they can be stolen more easily... how much more explaining do you need? i dont agree, you are right now talking about being a curreny (spending them) or a store of value (hodling). i think both fits for crypto. as long as the amount of coins that exist is divided so that no entity have more then 50% of the amount of coins that is always staked it is all good. /edit in the way its the same why bitcoiners dont want a entity to have more then 50% hashing power of the bitcoin network. /edit2 hangout started btw! |
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EtherCoin
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July 16, 2014, 02:28:04 AM |
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vericoin community got slammed hard because of mintpal.. this community should push for a mintpal audit.
At this point I rather the Vericoin community and all other coins communities wash it's hands of association with Mintpal. This is not an issue just with Vericoin, all coins should take notice on who they are dealing with. If Mintpal wants to continue business and be able to be trustworthy, all information they provide should be voluntary and on them. Considering MintPal's way to handling this, the lack of communication and the delay on restoring VRC market combined with the obvious slowdown in general volume, are making their life-threatening condition even worst. They didnt even say shit about refunding to the victims (back when they got attacked and froze all accounts, VRC was at 42k, now at 32k, who will compensate that losses?) As much as I liked them, I also planning on migrating. So the question is, where are all the VRC holders gonna play trading at? (Dont say IN THE WALLET lol). Whats the general consensum? Eth. |
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cryptoholic11
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July 16, 2014, 02:32:57 AM |
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Bittrex is the new #1 exchange imo. Cryptsy is also a viable option, but theres a reason why the community calls it Craptsy.
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ebliever
Legendary
Offline
Activity: 1694
Merit: 1022
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July 16, 2014, 02:47:46 AM |
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Allcrypt is another good exchange that had VRC listed, though I don't know if its been re-enabled yet.
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Luke 12:15-21
Ephesians 2:8-9
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CryptoLTD
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July 16, 2014, 02:55:08 AM |
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vericoin community got slammed hard because of mintpal.. this community should push for a mintpal audit.
At this point I rather the Vericoin community and all other coins communities wash it's hands of association with Mintpal. This is not an issue just with Vericoin, all coins should take notice on who they are dealing with. If Mintpal wants to continue business and be able to be trustworthy, all information they provide should be voluntary and on them. Agreed. This is why I only use the only exchange that is mandated by law to be audited by a 3rd party & that is www.cryptsy.com They are the only FINCen licensed us exchange ( that I am aware of ) |
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Alphi
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July 16, 2014, 02:57:23 AM |
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Yes, new coins are created when staking (some 2.5% per year). These new coins created as a reward for staking are actually a built-in inflation.
you can call it inflation, interest whatever you want.. its still a small incentive for people to hoard coins. thankfully not as big as other PoS coins. and obviously not big enough because mintpal still had more than 30% of the entire supply. It is incentive to secure the network wow its people really like arguing semantics today... you get paid to hold the coins in one place instead of spending them.. this leads to centralization. it doesn't matter what you call it... the effect is the same... people are encouraged to put the coins in one place so they can get even more coins... if the coins are in one place they can be stolen more easily... how much more explaining do you need? i dont agree, you are right now talking about being a curreny (spending them) or a store of value (hodling). i think both fits for crypto. as long as the amount of coins that exist is divided so that no entity have more then 50% of the amount of coins that is always staked it is all good. /edit in the way its the same why bitcoiners dont want a entity to have more then 50% hashing power of the bitcoin network. /edit2 hangout started btw! hope your listening to it.. they explained pretty much a lot of what I have been saying this past couple of days. (even the big difference between 51% PoW and 51% PoS attacks) the only thing I don't agree with is that people had a choice to accept the rollback or not...... yes sure they could NOT update their wallets.. but if they did that then they would not be able to send coins to any of the exchanges or use any of the vericoin services so it really wasn't much of a choice. everything else they said I pretty much agree with. |
KARMA: KSc9oGgGga1TS4PqZNFxNS9LSDjdSgpC1B VERT: VgKaooA5ZuLLUXTUANJigH9wCPuzBUBv9H
DOGE: DRN7pXid34o6wQgUuK8BoSjWJ5g8jiEs4e
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EtherCoin
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July 16, 2014, 03:03:23 AM |
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hope your listening to it.. they explained pretty much a lot of what I have been saying this past couple of days. (even the big difference between 51% PoW and 51% PoS attacks)
the only thing I don't agree with is that people had a choice to accept the rollback or not......
yes sure they could NOT update their wallets.. but if they did that then they would not be able to send coins to any of the exchanges or use any of the vericoin services so it really wasn't much of a choice.
everything else they said I pretty much agree with.
Agreed 100%, even with the the only thing I don't agree with is that people had a choice to accept the rollback or not......
yes sure they could NOT update their wallets.. but if they did that then they would not be able to send coins to any of the exchanges or use any of the vericoin services so it really wasn't much of a choice.
bit. Eth. |
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amesterdamer
Sr. Member
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Activity: 334
Merit: 251
Designer and CryptoCurrency Enthusiast.
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July 16, 2014, 03:04:00 AM |
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criptix
Legendary
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Activity: 2422
Merit: 1145
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July 16, 2014, 03:04:15 AM |
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hope your listening to it.. they explained pretty much a lot of what I have been saying this past couple of days. (even the big difference between 51% PoW and 51% PoS attacks)
the only thing I don't agree with is that people had a choice to accept the rollback or not......
yes sure they could NOT update their wallets.. but if they did that then they would not be able to send coins to any of the exchanges or use any of the vericoin services so it really wasn't much of a choice.
everything else they said I pretty much agree with.
that what they explained was exactly what i told you l0l and btw everyone can decide to not update their wallets, there were alot of community takeovers with new devs already if there was really a will to do it. but there is no reason to do so. /edit also for you guys who want to know more about Proof of Work and Proof of Stake: https://en.bitcoin.it/wiki/Proof_of_Stake |
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BTCwriter
Legendary
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Activity: 994
Merit: 1000
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July 16, 2014, 03:22:47 AM
Last edit: July 16, 2014, 03:43:27 AM by BTCwriter |
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The coins age makes something bad like this possible. With more time it gets more adopted and gaining this control becomes less of a concern. Also who is not to say that most of these alts dont have 50% or 60% of their coins on one exchange. The problem is we dont yet have a decentralized exchange and they have given vericoin a cause that if they are willing to accept and succeed at creating one, would solve most of these issues.
vericoin community got slammed hard because of mintpal.. this community should push for a mintpal audit. or you can get away from Vericoin community and join Stealthcoin community as Stealthcoin is not list at Mintpal. |
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BitcoinPorn
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July 16, 2014, 03:35:05 AM |
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I highly suggest anyone who has questions about how or why everything went down, watch the video hangout and hear from the developers directly, they explained, they took questions, and I have to say seeing and hearing them talk directly about this situation, about Mintpal, about Charlie Lee (Litecoin creator), and of course about exchanges and Proof of Stake and Proof of Work in general, it was well done. |
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