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

[pnosker]

Not to change the conversation but did anyone else get a huge-ass payout from the mining pool - really huge

We had some pool issues over the past couple of weeks revolving around the DDoS attacks on the pool and the supernodes. I just manually paid out the discrepancy today. Congrats on the bulk VRC!

I am not a mathematician, obviously, but my common sense tells me bundles about the potential repercussions of such a huge number of fictitious coins staking at any given moment, but I'll patiently wait for that update in the wallet that allows everyone to actually know the real number of coins that VRC has for the 26.8 mill given by Patrick is obviously an approximation I don't know based on what... 30 (or more) million coins staking can produce a significant number of additional coins by the day.

26.8M coins exist (26,811,507 right now to be exact). http://chainz.cryptoid.info/vrc has a realtime count of coins in the blockchain. There is no discrepency with the total coins in existence-- just that you didn't understand that network stake weight is not exactly the same as total coin count.

Well it isn't just that I "didn't understand...". It is more like we all are finding out that you really don't know what the wallet can do and that Doug, the wallet man, has a "loose" concept, to say the least, of what "too much bigger (a number)" actually is. And since I hope I have demonstrated the staggering nature of the difference in numbers, it is IMPLIED that it has an equally staggering influence in the number of coins being "mined" through staking.

This is very significant since it all seems -and I certainly hope to be 100% wrong in my assumption- to be so ahead of the "limit" of approximately 2.25% yearly maximum total interest that it's not funny at all. There will be time, very soon indeed, to address the repercussions of those hugely bigger numbers staking, so I won't anticipate anything hoping, indeed, to be somewhat as out of touch with the final interest as Dough is regarding the "too big a number" statement.

When we released the coin we originally stated an expected 1.5-2.5% interest per year. Even with a network stake weight of 30M, the interest still falls below 2.5% yearly interest. I'm not sure where you're getting your twice as big number from, but that's not possible. The most the interest rate could get to if everyone had a lot of coin age and staked at once is still below 3% interest, close to 2.5%.

[syclone]

Jesus barabbas, you are setting back the timeline for all the VRC Devs... relax.

[Autodidact]

I enjoy reading these conversations, thanks for clearing everything up guys!

[socal]

Loot read my post 1-2 pages back lol I posted a pic of the huge payout I got

[aragoon]

Bot the heck is going on? Can anyone exterminate these bots please? Swings are getting rediculus. 

[socal]

Bot the heck is going on? Can anyone exterminate these bots please? Swings are getting rediculus. 

yup, how "bullshit" are my manipulation claims now? (aragoon I know you never said they were I was referring to someone else)

[redsn0w]

Why does the price drop every single day ? is there any good news to pump the price up ? I bought my stash at 20k and it seems I have lost 40 % of my capital 

[socal]

Why does the price drop every single day ? is there any good news to pump the price up ? I bought my stash at 20k and it seems I have lost 40 % of my capital  

Please check out here, there is also some other things the Devs are working on but have not been announced because they are very preliminary and subject to change and not to mention the ever present lack of volume, and artificial price suppression, I am sure that once some of our bigger features come out volume will return full force (or at least full force for the state the alt coin market is in right now) and the price manipulators will be bought out and they will no longer be able to stop our uptrends.

Notice how for the past few weeks EVERYTIME we have started an uptrend the price gets dumped back to the starting point of the uptrend? Classic sign of manipulation

[XbladeX]

....
Yes this has been happening the past two weeks or so either whales accumulating or a well funded attack trying to kill VRC by artificially suppressing the price either way all we have to do is buy out the manipulators and NOT DUMP and there will be a clear shot back up.
....

Hmm - nice theory but in reality there is 2nd.

SO - Do you think that all markets can be manipulated all at once?
LTC NXT DOGE PPC DRK... all is going down (only some big IPO not ).

Now what could happened... Current big IPOs + many big scams ( AC WC USB EDGE XLB +51% attacks ) lets value it.
Etherum - $14.5m
Bitshares - $6m
Scams - $2m

So you have over real $20m taken  from market in last 6 months.
Those are money directly taken out from alt scene...

Do you think when coin is rated at $10m market cap it needs $8m dump to get price -80%.
No because order books are thick you sell 100 BTC of coin = 60 000$and you will dump price to -50%.

Now think how devastating was that +$20 000 000 m IPOs for TOP 20 marketcap coins
most of those money comes from other alts.
New big IPO are coming...
SysCoin - how many BTC it will cut off -  I don't know seriously
(if that will be again IPO for few m$ then expect to price fall more on ALL alts )

[setup]

I wonna say thanks to the devs for spending their time in answering the questions. This and the huge payouts from the mining pool and from staking in the last 24 hours gave me back the good feeling and confidence I was beginning to lose.

[troicho]

I wonna say thanks to the devs for spending their time in answering the questions. This and the huge payouts from the mining pool and from staking in the last 24 hours gave me back the good feeling and confidence I was beginning to lose.

+1
Big thanks to the dev team for clarifying all the things.

[souljah1h]

Just sit and hold tight. We will get there

The longest quest is the journey to fortune
And while it's okay to do well and succeed in life
We often forget to live
This is an expedition, crusade if you will
To go for that moment when time freezes
And where everything changes
But nothing seems to matter anymore
So let right now be a point in time
Where you recognize that not all wealth is silver and gold
And that most of the time the prize isn't the endgame
But the road towards it

[altcoinUK]

I am not a mathematician, obviously, but my common sense tells me bundles about the potential repercussions of such a huge number of fictitious coins staking at any given moment, but I'll patiently wait for that update in the wallet that allows everyone to actually know the real number of coins that VRC has for the 26.8 mill given by Patrick is obviously an approximation I don't know based on what... 30 (or more) million coins staking can produce a significant number of additional coins by the day.

26.8M coins exist (26,811,507 right now to be exact). http://chainz.cryptoid.info/vrc has a realtime count of coins in the blockchain. There is no discrepency with the total coins in existence-- just that you didn't understand that network stake weight is not exactly the same as total coin count.

Well it isn't just that I "didn't understand...". It is more like we all are finding out that you really don't know what the wallet can do and that Doug, the wallet man, has a "loose" concept, to say the least, of what "too much bigger (a number)" actually is. And since I hope I have demonstrated the staggering nature of the difference in numbers, it is IMPLIED that it has an equally staggering influence in the number of coins being "mined" through staking.

This is very significant since it all seems -and I certainly hope to be 100% wrong in my assumption- to be so ahead of the "limit" of approximately 2.25% yearly maximum total interest that it's not funny at all. There will be time, very soon indeed, to address the repercussions of those hugely bigger numbers staking, so I won't anticipate anything hoping, indeed, to be somewhat as out of touch with the final interest as Dough is regarding the "too big a number" statement.

I think Barrabas you have raised a very valid point (usually you do) by questioning the difference between the network weight and number of actual staking coins. It's quite encouraging that the devs made effort to address the issue by answering here and have listened you, and then EffectsToCasuse said a new function will be in a new release to provide users with the number of actual staking coins.

To go forward I would suggest don't be so harsh with the devs please. I have been also very critical with the devs, but these young guys obviously aren't scammers. I guess under pressure people make unwise moves like moving 200k to bittrex, but the fact that Pnosker disclosed this info himself indicate that it wasn't a malicious action. Pnosker is trying his best to address all rumours about him and he made clear that he didn't buy any BMW M3 from the vericoin money, he is still committed to the project, he is not dumping his coins, he didn't move the 200K to bittrex to dump it. Plus these guys offer a very transparent process for investors by putting their name in the public domain.
In my opinion there is a very positive change in the last 1-2 days, namely that the devs started to talk to the community in this thread and instead of just communicating with their cheerleading brigade they started to interact with the investors, bag holders, potential new investors of this thread as well. I guess we shouldn't alienate the devs from this process, let's keep the momentum going, let them deliver something that hopefully change the down trend.

[InvestorPerson]

Just sit and hold tight. We will get there

and by sitting and holding tight the value will go up how? i love those slogans, just repeat them from time to time and everything will be ok 

[altcoinUK]

Just sit and hold tight. We will get there

and by sitting and holding tight the value will go up how? i love those slogans, just repeat them from time to time and everything will be ok 

Exactly, that's what I was trying to argue yesterday, but the cheerlading brigade argument is that if you hold the coin then the value will increase, so it seems that's the main strategy for growth.

[altcoinUK]

It seems from the discussions and brain storming during the week in this thread that many of us strongly believe the blockchain 2 development could save this coin and start increasing the price in this difficult altcoin market. It's quite clear that the blockchain 2 development is very important for many bag holders, investors and probably potential investors as well. EffectToCause dev indicated in this thread yesterday that a white paper is coming from the devs on the subject. Would be it possible to know when the white paper will be published please? I am not asking definite due date, but are we talking about days, weeks or months regarding the time frame of blockchain 2 white paper release?

[Shinraven]

It seems from the discussions and brain storming during the week in this thread that many of us strongly believe the blockchain 2 development could save this coin and start increasing the price in this difficult altcoin market. It's quite clear that the blockchain 2 development is very important for many bag holders, investors and probably potential investors as well. EffectToCause dev indicated in this thread yesterday that a white paper is coming from the devs on the subject. Would be it possible to know when the white paper will be published please? I am not asking definite due date, but are we talking about days, weeks or months regarding the time frame of blockchain 2 white paper release?

For the past few days, the communication between the community has been positive, I know people have questions and they should since they invested. I really love how the devs have been coming here to clear the air and layout upcoming plans. 

[Xosihc]

2. Interest is compounded continuously with consideration of the 8 hour "cooldown" period after a successful stake. Essentially, it's compounded at every ~8 hours or so, on average.

Hey, thanks for the quick reply! So from my understanding if one was to stake 24/7 the compounding period would be every 8 hours. So the difference between staking once a year vs. 24/7 would be as follows?

Staking once a year: (FV) = 100,000*(1+0.0225) = 102,250 VRC
Staking 24/7 (FV) = 100,000*(1+(0.0225/(365*3)))^(365*3))= 102,275.5

So you basically get an extra 0.02% of interest  

Yes this on average would be correct. Also however if you have your wallet open 24/7 you would also earn the transaction fees for every stake block you get. So the transaction fees earned will be more numerous if open 24/7 as the coinage will be more continuous.

Ohhh that's right, I forgot to calculate transaction fees. Well thank you very much for taking the time to break this down (as well as for PNosker for his time). I appreciate the response and am happier for now knowing more about how it works. 

[altcoinUK]

It seems from the discussions and brain storming during the week in this thread that many of us strongly believe the blockchain 2 development could save this coin and start increasing the price in this difficult altcoin market. It's quite clear that the blockchain 2 development is very important for many bag holders, investors and probably potential investors as well. EffectToCause dev indicated in this thread yesterday that a white paper is coming from the devs on the subject. Would be it possible to know when the white paper will be published please? I am not asking definite due date, but are we talking about days, weeks or months regarding the time frame of blockchain 2 white paper release?

For the past few days, the communication between the community has been positive, I know people have questions and they should since they invested. I really love how the devs have been coming here to clear the air and layout upcoming plans. 

Yes, I fully agree. The coin is basically the devs and it is very important how the devs handle the communication with the community. If there is an impression that the coin is developed by an elitist, arrogant dev team that attitude is that this our coin, we do what we want and we don't have to say anything for bag holders then that probably isn't the best selling point for the coin. If the coin developed by a team that don't mind to spend 5-10 minutes a day to communicate with the community here (which seems is the case in the last 1-2 days) then that sends a nice message to potential investors.

I had a lot and still have viacoin and I don't mind at all the 240 BTC volume there and I could realize very reasonable BTC profit with viacoin in the last 24 hours, but as a vericoin bag holder it breaks my heart that at least a good portion of that viacoin money could come here if the community-devs communication would be a bit better, the cheerleading brigade would stop spreading the usual nonsense and the devs would put more focus on developing blockchain 2 features.

[pnosker]

I am not a mathematician, obviously, but my common sense tells me bundles about the potential repercussions of such a huge number of fictitious coins staking at any given moment, but I'll patiently wait for that update in the wallet that allows everyone to actually know the real number of coins that VRC has for the 26.8 mill given by Patrick is obviously an approximation I don't know based on what... 30 (or more) million coins staking can produce a significant number of additional coins by the day.

26.8M coins exist (26,811,507 right now to be exact). http://chainz.cryptoid.info/vrc has a realtime count of coins in the blockchain. There is no discrepency with the total coins in existence-- just that you didn't understand that network stake weight is not exactly the same as total coin count.

Well it isn't just that I "didn't understand...". It is more like we all are finding out that you really don't know what the wallet can do and that Doug, the wallet man, has a "loose" concept, to say the least, of what "too much bigger (a number)" actually is. And since I hope I have demonstrated the staggering nature of the difference in numbers, it is IMPLIED that it has an equally staggering influence in the number of coins being "mined" through staking.

This is very significant since it all seems -and I certainly hope to be 100% wrong in my assumption- to be so ahead of the "limit" of approximately 2.25% yearly maximum total interest that it's not funny at all. There will be time, very soon indeed, to address the repercussions of those hugely bigger numbers staking, so I won't anticipate anything hoping, indeed, to be somewhat as out of touch with the final interest as Dough is regarding the "too big a number" statement.

I think Barrabas you have raised a very valid point (usually you do) by questioning the difference between the network weight and number of actual staking coins. It's quite encouraging that the devs made effort to address the issue by answering here and have listened you, and then EffectsToCasuse said a new function will be in a new release to provide users with the number of actual staking coins.

To go forward I would suggest don't be so harsh with the devs please. I have been also very critical with the devs, but these young guys obviously aren't scammers. I guess under pressure people make unwise moves like moving 200k to bittrex, but the fact that Pnosker disclosed this info himself indicate that it wasn't a malicious action. Pnosker is trying his best to address all rumours about him and he made clear that he didn't buy any BMW M3 from the vericoin money, he is still committed to the project, he is not dumping his coins, he didn't move the 200K to bittrex to dump it. Plus these guys offer a very transparent process for investors by putting their name in the public domain.
In my opinion there is a very positive change in the last 1-2 days, namely that the devs started to talk to the community in this thread and instead of just communicating with their cheerleading brigade they started to interact with the investors, bag holders, potential new investors of this thread as well. I guess we shouldn't alienate the devs from this process, let's keep the momentum going, let them deliver something that hopefully change the down trend.

I don't even have an M3... just a 2008 135i ($16k on the used market now) :-p. Also, I've been dealing with a lot of stuff over the past couple of weeks and have been quite preoccupied by it. Sorry for being somewhat absent. I'm back now, though!