[ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released

[cryptodevil]

so your saying this coin is only for smart people?

That's not what I said at all. I think you can quite easily ascertain what I was saying, namely, gambling on a mathematical formulae that is guaranteed to ensure the 'House' takes a percentage over time, means that a gambler is probably going to lose in the short term, highly likely to lose in the medium term and guaranteed to lose in the long term.

[ozboy2014]

so your saying this coin is only for smart people?

That's not what I said at all. I think you can quite easily ascertain what I was saying, namely, gambling on a mathematical formulae that is guaranteed to ensure the 'House' takes a percentage over time, means that a gambler is probably going to lose in the short term, highly likely to lose in the medium term and guaranteed to lose in the long term.

That's what gambling is.. every online games and casinos, the house always have an advantage and yet people still play the pokies and visit casinos..

[ozboy2014]

so your saying this coin is only for smart people?

That's not what I said at all. I think you can quite easily ascertain what I was saying, namely, gambling on a mathematical formulae that is guaranteed to ensure the 'House' takes a percentage over time, means that a gambler is probably going to lose in the short term, highly likely to lose in the medium term and guaranteed to lose in the long term.

That's what gambling is.. every online games and casinos, the house always have an advantage and yet people still play the pokies and visit casinos..

@leckey: cryptodevil is not happy.. may be you should reduce your house edge to -1.5% 

[Bitcycle]

Deutsche Bank is getting a report tomorrow stating that VeriCoin is environmentally much friendlier than BTC and LTC and offers very fast, low fee transactions. If they like the report from one of their researchers they will consider a "high risk alternative investment" in it. I wish I had more details but I guess we will see what happens over the next couple of weeks! :-D

Thanks to our ANON testers we have ironed out a couple of bugs. Really looking forward to the full release of VeriSend.

If only half of this is true it is already big news. If there would be post on a news site that confirm this the price will skyrocket in just a few hours, I guarantee it.

Please come with proof to back this story up.

This is so unlikely that it would be better if he hadn't mentioned it at all.

[sdersdf2]

Deutsche Bank is getting a report tomorrow stating that VeriCoin is environmentally much friendlier than BTC and LTC and offers very fast, low fee transactions. If they like the report from one of their researchers they will consider a "high risk alternative investment" in it. I wish I had more details but I guess we will see what happens over the next couple of weeks! :-D

Thanks to our ANON testers we have ironed out a couple of bugs. Really looking forward to the full release of VeriSend.

If only half of this is true it is already big news. If there would be post on a news site that confirm this the price will skyrocket in just a few hours, I guarantee it.

Please come with proof to back this story up.

This is so unlikely that it would be better if he hadn't mentioned it at all.

Agree - this is the sort of "casual" name drop that reduces credibility, not enhances it, unless there's something more concrete than this "passing" remark.

[CryptoConnection]

VRC up 10% today at 12k.  Looking good!    I'm letting mine stake.  Keep up the great work guys.

[FappyMakeMeHappy]

I have "Spendable" Vericoin shown in my wallet, but am unsure of how to make my coins begin to "stake". They have been in my wallet for about 24 hours. Do I need to do something in order to allow the coins for staking? I show 14 active connections to the Vericoin network and when I hover my mouse over the logo in the bottom right corner of wallet I am told:

Staking.
Network interest rate is: 2.13923%
Network stake is: *******
Expected time to earn interest is: 8 hours

Are my coins currently considered "staked"? I show zero in "Stake:" in the top left corner of the wallet. and show all my coins in the "Spendable:...."

Also in order for coins to be staked must they be left on the open wallet on a computer harddrive or will they stake when left in cold storage as well (from what I understand they do not)? I'm new to the whole staking technology and am just trying to get a grasp & fully understand. I have read the entire forum here as well as other places, but was unable to answer my questions so I figured I'd resort to asking.

Also once coins are "staked" how long does it take for them to become "spendable" again. I'm failing to grasp what "staking" actually does for the coin. Is it setting our coins aside to be used by the system in some way?

I would really appreciate someone to explain a little in detail "staking" to a newb. I appreciate any and all answers or help I may receive ahead of time!

Staking gets you a percentage of interest that is variable depending of what you hold. You need to have the coins in your running wallet for half a day or so before they begin to generate interest.
The wallet must be up and running. The more coins you hold, more is to stake, therefore bigger the interest.
Payouts occur once in a while, few times a day - keep in mind what you stake dictates interest payouts - and you can check the estimate hovering over the right bottom blue VRC logo in the wallet.

You won't be able to access your coins at stake. They are hold in the wallet as unspendable, because obviously you can't generate interest with them and sell them at the same time. Think of it as a savings account. If you touch it you'll lose its yearly interest. Difference here is that you can't touch it, until interest clears. It clears out pretty quick though.

Hope this is helpful.

Thank you, after restarting my wallet application and allowing it to sit overnight something must have reset because I am now happily staking. Thanks again for the quick response. I'm still curious exactly what the coins are being used for while "staking" or is it just purely an incentive to hold onto coins and keep the network up and running?

[Byggareb0b]

Big candle at Bittrex, might be the last time to get some cheap coins. I am still amazed this coin is not higher with these features incoming.

[souljah1h]

People wanna see it and use it before buying..

I've seen it, used it. I'm buying a lot more oh and thanks to pnosker for the email updates nice to have direct contact with the maintainer of this coin

[saberu]

Big candle at Bittrex, might be the last time to get some cheap coins. I am still amazed this coin is not higher with these features incoming.

Yeah real cheap coins! Thanks bob, filled my short nicely with this comment 

[Byggareb0b]

Big candle at Bittrex, might be the last time to get some cheap coins. I am still amazed this coin is not higher with these features incoming.

Yeah real cheap coins! Thanks bob, filled my short nicely with this comment 

No problem ! i really believe this coin will only go up from here

[Shinraven]

Big candle at Bittrex, might be the last time to get some cheap coins. I am still amazed this coin is not higher with these features incoming.

Yeah real cheap coins! Thanks bob, filled my short nicely with this comment 

No problem ! i really believe this coin will only go up from here

This coin is going to move

[bit-coin.pt]

Vericoin has been like a sleeping volcano in the last week... i think that when it blows it will be like Mount Pinatubo! (( The 1991 eruption of Mount Pinatubo, the largest eruption since 1912, is dwarfed by the eruptions in this list - http://en.wikipedia.org/.../List_of_largest_volcanic... ))

[neutraLTC]

the general consensus is that this coins going to go up... very soon. when the general sentiment is positive... it usually means that it will in fact go up.

[Reavon]

Holding my 20k veri like a Dragon his gold .
A message to all the whales.... we are holding our vericoin hard, stake report tells it. If you want to have cheap veri in big amounts this isnt gonna work without huge price jumps because only some weakhands will sell.. just saying

[DutchTrades]

Holding my 20k veri like a Dragon his gold .
A message to all the whales.... we are holding our vericoin hard, stake report tells it. If you want to have cheap veri in big amounts this isnt gonna work without huge price jumps because only some weakhands will sell.. just saying

This. Still holding, and i only sell a small amount when the price has trippeld+
Just to much positive news for this amazing coin.

[saberu]

Holding my 20k veri like a Dragon his gold .
A message to all the whales.... we are holding our vericoin hard, stake report tells it. If you want to have cheap veri in big amounts this isnt gonna work without huge price jumps because only some weakhands will sell.. just saying

Thats not quite true, there is no liquidity in the market right now. The market now is just almost 100% day traders playing cat and mouse with eachother because Bitcoin recently had a sharp drop in price which has affected sentiment across all alt coins except XC which rose 50% to 150k and it pains me to say this because I swapped all my XC to VRC but I think XC will probably be back to 500k when Bitcoin goes bullish again.

Only reason I am sticking with VRC is that I hold almost 100k VRC and I only had 15K XC. Since both have pretty similar technologies regardless if XC is `better` anon or not its definitely not seven times better. I could make more profit from VRC hitting 200k than XC hitting 500k  

I will be dumping at 80k, 200k and 500k not because I do not support the coin but to protect myself in case of a pump and dump. I lost out on a $35k profit when XC dumped from 400k+ to 100k so not going to make the same mistake this time. May dump some around 25-30k too.

[pnosker]

Our VeriSend tests are going smoothly. We will have another update soon with adjustable VeriSend mixing times including an instant send option (less secure). We will also be limiting VeriSend tx to 5000 VRC at first as that's all our fund-raising would allow us to do and continue to remain anonymous (we raised 85k VRC for the ring nodes).

In addition, we have designed VeriBit to require VeriSend in order to function so all VRC to BIT transactions will be anonymous.

We are still trying to determine the lowest fee we can charge to dissuade needless use of VeriSend and also the fee to cover exchange fees for VeriBit.

[Kevondo]

I have "Spendable" Vericoin shown in my wallet, but am unsure of how to make my coins begin to "stake". They have been in my wallet for about 24 hours. Do I need to do something in order to allow the coins for staking? I show 14 active connections to the Vericoin network and when I hover my mouse over the logo in the bottom right corner of wallet I am told:

Staking.
Network interest rate is: 2.13923%
Network stake is: *******
Expected time to earn interest is: 8 hours

Are my coins currently considered "staked"? I show zero in "Stake:" in the top left corner of the wallet. and show all my coins in the "Spendable:...."

Also in order for coins to be staked must they be left on the open wallet on a computer harddrive or will they stake when left in cold storage as well (from what I understand they do not)? I'm new to the whole staking technology and am just trying to get a grasp & fully understand. I have read the entire forum here as well as other places, but was unable to answer my questions so I figured I'd resort to asking.

Also once coins are "staked" how long does it take for them to become "spendable" again. I'm failing to grasp what "staking" actually does for the coin. Is it setting our coins aside to be used by the system in some way?

I would really appreciate someone to explain a little in detail "staking" to a newb. I appreciate any and all answers or help I may receive ahead of time!

I posted the following sometime  ago perhaps it will help U understand staking and how VeriCoin works

A lot has happened since and it's all good. I truly believe VRC is headed for the outer reaches of the universe

Still in its infancy, the crypto world we R traversing is a cyber-conundrum. The vast majority of people can't get their head around How BTC works. Those immersed in it R pressing on into the unknown creating code that's nebulous to all but those with IT and coding chops.

Here's how I THINK! Vericoin is proceeding.

POW is over. There is no publicly, active, mining going. Nor will there be. 26 Million Vericoin have been created.

HOWEVER. POS or Staking creates/mines coins to pay the interest on coins being staked. So the Block chain is being added too by this action

Coins must be in Wallets to Stake. If U keep your wallet open it's good for the stability of the network and the coins "age/mature" and are awarded interest every 8 hours they remain in the wallet continuously. While staking, these coins cannot be spent/transferred. You can set a reserve in your wallet so you can ALWAYS have the number of coins that U may want to trade or spend available.

The accounting of Spendable, Available, and unconfirmed is tracked by the wallet.


If u open your wallet once a year U will receive the staking interest for all coins that have been in there for more than 8 hours. Then they will begin aging/maturing again. In the once a year scenario I believe (not sure) all the staked coins would then mature in 8 hours and pay interest

For always Open Wallets: As Coins start aging when they arrive in your wallet, every 8 hours they remain there "Staking"  they generate interest. All interest is compounded. It's virtually impossible to get all your vericoin to stake simultaneously.

The VeriCoin Multipool

All hash (scrypt or X11 only) pointed @ the MultiPool is managed by an algorithm which selects the most profitable coins to mine @ that time. The coins being mined are anonymous to everyone but the pool master. The spoils from mining will then be sold on the open market for BTC on the exchange offering the best price. The total resulting BTC will then be used to BUY Vericoin (again @ the best price) on the open market and then distributed to the share holders in the MultiPool.

Payouts will be made @ an interval to be decided but more than once a day.

All this will happen automatically once the algo for the Multipool is complete.

Can U C the intricacies of coding that this algo requires? This is why it takes time  and why we R lucky to have

The Best Development Team in Crypto

working tirelessly in the best interest of the Crypto Community to make this daunting piece of software known as Vericoin a true Masterpiece

 
Dev's or anyone in the know please make me aware of any inaccuracies

[leckey]

And for anyone interested, you can use the vericoindice irc bot to gamble directly from freenode. You must be identified with nickserv. You also must be registered on vericoindice.com

Commands:
/msg vericoindice help - shows a list of commands
/msg vericoindice apikey [api_key_here] - associates your website api key with your nickserv account. You MUST set this before you can roll. API key can be obtained from https://vericoindice.com
/msg vericoindice apikey getbalance - displays your available balance
/msg vericoindice roll [chance] [amount] - rolls the dice. You can chose any odds you want as a percentage (although you can't go above 98.499%)

For example:

/msg vericoindice roll 10 0.1 - this will bet 0.1 VRC at 10% chance