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Author Topic: [ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released  (Read 1354676 times)
ofp
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July 16, 2014, 02:04:41 AM
 #9901


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
 #9902

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.

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July 16, 2014, 02:08:19 AM
 #9903



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.

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stormia
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July 16, 2014, 02:09:53 AM
 #9904



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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July 16, 2014, 02:14:01 AM
 #9905



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.



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July 16, 2014, 02:19:14 AM
 #9906

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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July 16, 2014, 02:23:27 AM
 #9907



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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July 16, 2014, 02:26:21 AM
 #9908

Dev hang out is live

http://youtu.be/1PkqNcVD0YI

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July 16, 2014, 02:28:04 AM
 #9909

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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July 16, 2014, 02:32:57 AM
 #9910

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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July 16, 2014, 02:40:18 AM
 #9911

So the question is, where are all the VRC holders gonna play trading at? (Dont say IN THE WALLET lol).

Keep them in your wallet first and foremost, then when you do want to exchange, go to..

https://www.cryptsy.com/markets/view/209

https://bter.com/trade/VRC_BTC

https://poloniex.com/exchange/btc_vrc

https://bittrex.com/Market/Index?MarketName=BTC-VRC

https://www.icurrex.com/market/18 (0% fees for VRC)

https://c-cex.com/?p=vrc-btc

https://www.bitonyx.com/market/trade/VRC-BTC

https://www.europex.eu/#!coin/btc/vrc

https://coinnext.com/trade/VRC/BTC


(From the above I only have experience with Bittrex and Cryptsy, and while I have personally never had issues with Cryptsy, I have read many many accounts of issues with them and missing coins)

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July 16, 2014, 02:47:46 AM
 #9912

Allcrypt is another good exchange that had VRC listed, though I don't know if its been re-enabled yet.

Luke 12:15-21

Ephesians 2:8-9
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July 16, 2014, 02:55:08 AM
 #9913

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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July 16, 2014, 02:57:23 AM
 #9914



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.


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July 16, 2014, 03:03:23 AM
 #9915

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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July 16, 2014, 03:04:00 AM
 #9916

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July 16, 2014, 03:04:15 AM
 #9917


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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.LATTICE - A New Paradigm of Decentralized Finance.

 

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July 16, 2014, 03:10:52 AM
 #9918


P Did Hee @PDidHee
i had a feeling it was @SatoshiLite all along... #VRC #LTC #BTC #Mintpal #Bittrex pic.twitter.com/S4et9WUgne



(@SatoshiLite = colbee = Charlie Lee = Litecoin creator)

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July 16, 2014, 03:22:47 AM
Last edit: July 16, 2014, 03:43:27 AM by BTCwriter
 #9919

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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July 16, 2014, 03:35:05 AM
 #9920

Dev hang out is live

http://youtu.be/1PkqNcVD0YI




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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