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

[germsite]

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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[germsite]

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.

[onsightit]

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!

[ezimedia]

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..

[onsightit]

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.

[lootz]

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
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]

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

[zsp]

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.

[pnosker]

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.  
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.

[cryptodevil]

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.

[PUMPBANDIT]

This guys https://twitter.com/Daikoku10Crypto was pumping and then offloaded 1 million VRC in 20 minutes.

But the tweet dates don't match.  

[cryptodevil]

Pat, this is feedback of users including myself that are telling you Veri is not staking properly and its personally been like this for a month.
That is what were trying to say, its pretty obvious.

You are in the minority it would seem. Most wallet users have no issues with it. Perhaps if you posted the details of what wallet version you are running, on what system, it might help some way towards resolving your problems.

[PUMPBANDIT]

Wallet - v1.2.4.0-g32a928e

[cryptodevil]

When you hover over the blue icon in the bottom right, what information does it give?

[milkyway]

whats with the dump..

[PUMPBANDIT]

Its blue and says its staking.
Network interest is - 2.2%
network stake - 10759347
Expected time - 2 days

Running win764

[blizeH]

I've just bought in, get ready for the big crash now.

[rygamble]

In other news the fundamentals of this coin put it above all others that I know of. Going to be performing analysis of the serious competitors if there are any in the coming days. Highly undervalued at the moment.

Not trying to be THAT guy, but CloakCoin just updated, TOR built-in, somewhat-centralized anonymous sending for now, trading through wallet, more features to come, and a developer that's active and constantly pushing out new stuff.

[toknormal]

whats with the dump..

Disappointment with US GDP.

Expectations were at +2.6% and it's come in at -2.9.

All blamed on Vericoin. Expect 15k sats incoming  

[pnosker]

This guys https://twitter.com/Daikoku10Crypto was pumping and then offloaded 1 million VRC in 20 minutes.

But the tweet dates don't match.  

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

Pat, this is feedback of users including myself that are telling you Veri is not staking properly and its personally been like this for a month.
That is what were trying to say, its pretty obvious.

PM me.