criptix
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Activity: 2464
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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I HATE TABLES I HATE TABLES I HA(╯°□°）╯︵ ┻━┻ TABLES I HATE TABLES I HATE TABLES
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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
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Activity: 1708
Merit: 1035
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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: 2464
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
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Activity: 1008
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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cryptoholic11
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July 16, 2014, 03:36:17 AM |
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wait what does Charlie Lee have to do with the situation? I missed tht part...link anyone?
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BTCwriter
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July 16, 2014, 03:43:40 AM |
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Charlie doing what?
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drkman
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July 16, 2014, 03:51:31 AM |
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Please don't attack Charlie Lee (coblee). He owns VeriCoin and is family. His criticism is justified.
Well Patrick Charlie Lee can be your god but he is VERY wrong this time around. And by being wrong in "his opinion" he is perpetuating not just the biggest flaw in cryptos but defending that the ostracism from the real world will continue. He lives, by his choosing and his opinions, in the bubble of the underworld or nerds who code, watch massive porn amounts, masturbate frequently and are high or doped most of the time. Yes I know a lot in the crypto community adhere to this short of lifestyle and it won't be me criticizing it -or any other lifestyle chosen by adults-, but the fact of the matter is that in that bubble no people from the outside has either a place nor a minimal interest in joining. It's the people that in the name of some form of self-laws and self-government (all of it BULLSHIT, by the way), not only justify thievery and fraud but promote it and even brag about it. It used to be stealing intellectual property and now it has escalated to stealing plain old fashioned money. And that has to stop, by a minimal progression through some semblance of ethics or, most likely, by real law. And regulation. Meanwhile he dares to call you selfish because you refused to immolate yourself and your partners, forever, while allowing a thief to profit maybe in the millions of dollars at the expense of investors. That's some peculiar sense of "humor" right there. Why not asking directly for you and your partners to commit suicide because you have made a decision that, HOPEFULLY, will forever change crypto and convert it into something with a real practical use for an economy many times bigger than the nerdy coders now crippling it. Where is Litecoin, by the way, going? All the way to Palookaville, I'd say. Where's VRC? We don't know. But if Mr Boricuaman and his Black Hand don't put it out of business -and it is up to you to not allow that to happen, to a certain extent at least-, it is breaking off, or could be breaking off the pack towards a sensible, close to the real people mainstream assimilation. So sorry but Mr. Charlie Lee is, to me, one asshole more perpetuating crime in crypto and hindering his progress. Yes, you acted selfishly in the way that it was preserving the coin you created that some asshole had marked for death because of the amazing negligence of MintPal. But you decision also saved the hard earned money of over 600 investors/traders. A whole community that believes in you and your partners and avoided another terrible blow to the perception of digital currencies by the mainstream. You didn't have much choice beyond self-immolation but what that selfish decision has and will accomplish, is nothin g short of remarkable. Let's just say that from now on, just like it did when you gay put your real names out there, there's a before and after in crypto. Hopefully this will separate the assholes and criminal from the progressive ones that will take crypto currencies forward to reach the goals that the technology allows and NOT the political agendas of pathetic rejects and assorted criminals. I agree with everything you said for the first time ever... Well said. Same here. 100% agree too. 1st time ever.  |
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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, 03:55:26 AM |
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We need you support! Goal: 500 supporters by Jul 19th Go to this link and support this campaign by clicking on support with and choose you way to support. You can pick all the 3 if you want! (Twitter / Facebook / Tumblr) Using ThunderClap platform is great and the idea being is the following: - If the goal of 500 supporter is reach the campaign will go live. - During The North America Bitcoin Conference in chicago, exactly at 12PM all 500 supporters will release the tweet that's on hold. - The objective is to reach all the ones that are on TNABC remembering that the developers of #vericoin are there! Help this happen! Use this link to retweet this campaign: https://twitter.com/BrunoPro79/status/487356359688867840Or share the direct link: www.thndr.it/1xY8U0QTo find what's ThunderClap see the 1st video here: https://www.thunderclap.itHad to lower the goal to 250 supporters... and we're still at 45% from the 250 mark So, if you support VeriCoin and this idea take a little time to promote it on your social networks!  Don't forget to enter the site and click on "Facebook" "twitter" "thumblr" So heres my shoutout to help me promoting this action, make your own tweets or posts on facebook using the link -> http://thndr.it/1xY8U0Q |
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