[ANN][1000 SYNC] Proof of Stake now run by BLOCKCHAIN DEVELOPMENT COMPANY

[wasamata]

The current "moneysupply" is 1,011.47 Sync. I have read over and over in this thread that the final coin count will be and is limited to 10,000 Sync. Since the POW phase is over, the only way to get the supply up to 10,000 is through staking. If that is truly the goal, there are numerous ways to get there, but nothing has been presented by the dev team to date that will come even close to 10,000.

MsCollec previously liked the idea of having a stake that halves every so often, the same way that block-solving rewards half for many coins. Her initial post about leaving it at 100% for 2 weeks then halving it every month would only get the final supply to around 1,183 coins. These are the 2 scenarios for a halving system that would get the supply to 10,000:

• 100% annual interest halving every 1.15 years - 10,000 Sync would be reached some time in the year 2034
• 1,381% annual interest halving every month - 10,000 sync would be reached in roughly 15 months

To sum up, either the staking periods must be much longer or the interest rate much higher for the money supply to eventually reach 10,000.

How about 100% monthly interest, reducing by 20% every month? As in; 100%, 80%, 64%, 51.2% ....

100% annual interest halving every 1.15 years - 10,000 Sync would be reached some time in the year 2034

that sound best to me. Longevity, similar to bitcoin structure, maintains its rarity.

[EsBitcoin.org]

Any news?

[LTCagt]

Any news?

yes - @mintpal Chart sync hits the Support - cheap buying

[turner3d]

The current "moneysupply" is 1,011.47 Sync. I have read over and over in this thread that the final coin count will be and is limited to 10,000 Sync. Since the POW phase is over, the only way to get the supply up to 10,000 is through staking. If that is truly the goal, there are numerous ways to get there, but nothing has been presented by the dev team to date that will come even close to 10,000.

MsCollec previously liked the idea of having a stake that halves every so often, the same way that block-solving rewards half for many coins. Her initial post about leaving it at 100% for 2 weeks then halving it every month would only get the final supply to around 1,183 coins. These are the 2 scenarios for a halving system that would get the supply to 10,000:

• 100% annual interest halving every 1.15 years - 10,000 Sync would be reached some time in the year 2034
• 1,381% annual interest halving every month - 10,000 sync would be reached in roughly 15 months

To sum up, either the staking periods must be much longer or the interest rate much higher for the money supply to eventually reach 10,000.

How about 100% monthly interest, reducing by 20% every month? As in; 100%, 80%, 64%, 51.2% ....

Reducing by 20% every month would only get the final supply to around 1,515 around the 2 year mark.

[Chronikka]

1000% per day  

zimbabywe style

Should we cross off Dollars and pencil in Sync?

[Kenta]

The current "moneysupply" is 1,011.47 Sync. I have read over and over in this thread that the final coin count will be and is limited to 10,000 Sync. Since the POW phase is over, the only way to get the supply up to 10,000 is through staking. If that is truly the goal, there are numerous ways to get there, but nothing has been presented by the dev team to date that will come even close to 10,000.

MsCollec previously liked the idea of having a stake that halves every so often, the same way that block-solving rewards half for many coins. Her initial post about leaving it at 100% for 2 weeks then halving it every month would only get the final supply to around 1,183 coins. These are the 2 scenarios for a halving system that would get the supply to 10,000:

• 100% annual interest halving every 1.15 years - 10,000 Sync would be reached some time in the year 2034
• 1,381% annual interest halving every month - 10,000 sync would be reached in roughly 15 months

To sum up, either the staking periods must be much longer or the interest rate much higher for the money supply to eventually reach 10,000.

How about 100% monthly interest, reducing by 20% every month? As in; 100%, 80%, 64%, 51.2% ....

Reducing by 20% every month would only get the final supply to around 1,515 around the 2 year mark.

No, it wouldn't. Interests per month would bring us there very, very fast. 3-4 months in fact, and that would be too fast.

New suggestion: 100% interest per month the first month, then reduce by 35% every month per month. As in, multiply the last months interest per month by 0.65.
That would bring us close to maximum number of coins after the first year, and then just stay there after 3 years.

[cryptomines]

I'm reporting you to Iranian authorities for writing Happy lyrics here in the thread 

That's what you post? Why even bother? Investors are asking you to discuss what is going on with the coin specifications and you can't be bothered to even respond to their questions.

[turner3d]

No, it wouldn't. Interests per month would bring us there very, very fast. 3-4 months in fact, and that would be too fast.

New suggestion: 100% interest per month the first month, then reduce by 35% every month per month. As in, multiply the last months interest per month by 0.65.
That would bring us close to maximum number of coins after the first year, and then just stay there after 3 years.

I had been previously referring to the current interest rate which is 100% per year, not per month. If you start with 100% per month and reduce the interest to .65 monthly, the final coin supply would hit 17,131 at the end of year 1 with a final cap of around 17412. This is based on compounding interest continuously which is the closest match to the staking process.

It has been mentioned before, and I agree that the rate should not be time based, but based on the # of coins in existence. We are currently wagging the dog by the tail, though - instead of tossing around random formulas, we first need to determine two things:

• Is the final supply in fact going to be 10,000 Sync?
• If so, roughly how soon should that limit be reached?

Once we have the answers to these questions, constructive suggestions can be made about the method used to get there.

[Kenta]

No, it wouldn't. Interests per month would bring us there very, very fast. 3-4 months in fact, and that would be too fast.

New suggestion: 100% interest per month the first month, then reduce by 35% every month per month. As in, multiply the last months interest per month by 0.65.
That would bring us close to maximum number of coins after the first year, and then just stay there after 3 years.

I had been previously referring to the current interest rate which is 100% per year, not per month. If you start with 100% per month and reduce the interest to .65 monthly, the final coin supply would hit 17,131 at the end of year 1 with a final cap of around 17412.

It has been mentioned before, and I agree that the rate should not be time based, but based on the # of coins in existence. We are currently wagging the dog by the tail, though - instead of tossing around random formulas, we first need to determine two things:

• Is the final supply in fact going to be 10,000 Sync?
• If so, roughly how soon should that limit be reached?

Once we have the answers to these questions, constructive suggestions can be made about the method used to get there.

yes, that's why I underlined per month. Thought you would get it then.

No, as the chart indicates you will get to 9798 at the end of year 1, with a final cap of 9958 or slightly higher if we include the stake already generated. Please read again: multiply the last months interest per month by 0.65.

I understand you value your own "constructive suggestions" more than my "tossing around random formulas", but I suggest you at least read what other people write before getting to conclusions.

The 10000 are already set in stone/code and must/can not be changed as it will ruin investors trust forever.

Exactly after how many years the asymptote should reach it's limit can be discussed, but a steep start is likely to attract more investors early on and that will boost the price for long and short term investors.

[turner3d]

I had been previously referring to the current interest rate which is 100% per year, not per month. If you start with 100% per month and reduce the interest to .65 monthly, the final coin supply would hit 17,131 at the end of year 1 with a final cap of around 17412.

It has been mentioned before, and I agree that the rate should not be time based, but based on the # of coins in existence. We are currently wagging the dog by the tail, though - instead of tossing around random formulas, we first need to determine two things:

• Is the final supply in fact going to be 10,000 Sync?
• If so, roughly how soon should that limit be reached?

Once we have the answers to these questions, constructive suggestions can be made about the method used to get there.

yes, that's why I underlined per month. Thought you would get it then.

No, as the chart indicates you will get to 9798 at the end of year 1, with a final cap of 9958 or slightly higher if we include the stake already generated. Please read again: multiply the last months interest per month by 0.65.

I understand you value your own "constructive suggestions" more than my "tossing around random formulas", but I suggest you at least read what other people write before getting to conclusions.

The 10000 are already set in stone/code and must/can not be changed as it will ruin investors trust forever.

Exactly after how many years the asymptote should reach it's limit can be discussed, but a steep start is likely to attract more investors early on and that will boost the price for long and short term investors.

Please understand that I was in no way trying to be combative or insult your suggestion, nor was I referring to only your suggestion as being a random formula - I was referring to all of the formula suggestions so far, including my own. I only used the word "constructive" to try to discourage the trolls from just flaming ideas, and to encourage the Sync community to participate.

So, question 1 has been answered - there is to be 10,000 sync total, correct?

All that is left is to hear, from the dev(s), roughly when that should happen. Once we have that information, mathematical suggestions can be made.

[wasamata]

I had been previously referring to the current interest rate which is 100% per year, not per month. If you start with 100% per month and reduce the interest to .65 monthly, the final coin supply would hit 17,131 at the end of year 1 with a final cap of around 17412.

It has been mentioned before, and I agree that the rate should not be time based, but based on the # of coins in existence. We are currently wagging the dog by the tail, though - instead of tossing around random formulas, we first need to determine two things:

• Is the final supply in fact going to be 10,000 Sync?
• If so, roughly how soon should that limit be reached?

Once we have the answers to these questions, constructive suggestions can be made about the method used to get there.

yes, that's why I underlined per month. Thought you would get it then.

No, as the chart indicates you will get to 9798 at the end of year 1, with a final cap of 9958 or slightly higher if we include the stake already generated. Please read again: multiply the last months interest per month by 0.65.

I understand you value your own "constructive suggestions" more than my "tossing around random formulas", but I suggest you at least read what other people write before getting to conclusions.

The 10000 are already set in stone/code and must/can not be changed as it will ruin investors trust forever.

Exactly after how many years the asymptote should reach it's limit can be discussed, but a steep start is likely to attract more investors early on and that will boost the price for long and short term investors.

Please understand that I was in no way trying to be combative or insult your suggestion, nor was I referring to only your suggestion as being a random formula - I was referring to all of the formula suggestions so far, including my own. I only used the word "constructive" to try to discourage the trolls from just flaming ideas, and to encourage the Sync community to participate.

So, question 1 has been answered - there is to be 10,000 sync total, correct?

All that is left is to hear, from the dev(s), roughly when that should happen. Once we have that information, mathematical suggestions can be made.

correct 10,000 is max coins in the code.
when that should happen?
quick or gradual?
Id prefer slowly so the coin has a pretty long distribution.
Think Dev wants that also, but at 1 per cent per year it could take 3000 years before we reach 10,000 

[LTCagt]

I had been previously referring to the current interest rate which is 100% per year, not per month. If you start with 100% per month and reduce the interest to .65 monthly, the final coin supply would hit 17,131 at the end of year 1 with a final cap of around 17412.

It has been mentioned before, and I agree that the rate should not be time based, but based on the # of coins in existence. We are currently wagging the dog by the tail, though - instead of tossing around random formulas, we first need to determine two things:

• Is the final supply in fact going to be 10,000 Sync?
• If so, roughly how soon should that limit be reached?

Once we have the answers to these questions, constructive suggestions can be made about the method used to get there.

yes, that's why I underlined per month. Thought you would get it then.

No, as the chart indicates you will get to 9798 at the end of year 1, with a final cap of 9958 or slightly higher if we include the stake already generated. Please read again: multiply the last months interest per month by 0.65.

I understand you value your own "constructive suggestions" more than my "tossing around random formulas", but I suggest you at least read what other people write before getting to conclusions.

The 10000 are already set in stone/code and must/can not be changed as it will ruin investors trust forever.

Exactly after how many years the asymptote should reach it's limit can be discussed, but a steep start is likely to attract more investors early on and that will boost the price for long and short term investors.

Please understand that I was in no way trying to be combative or insult your suggestion, nor was I referring to only your suggestion as being a random formula - I was referring to all of the formula suggestions so far, including my own. I only used the word "constructive" to try to discourage the trolls from just flaming ideas, and to encourage the Sync community to participate.

So, question 1 has been answered - there is to be 10,000 sync total, correct?

All that is left is to hear, from the dev(s), roughly when that should happen. Once we have that information, mathematical suggestions can be made.

correct 10,000 is max coins in the code.
when that should happen?
quick or gradual?
Id prefer slowly so the coin has a pretty long distribution.
Think Dev wants that also, but at 1 per cent per year it could take 3000 years before we reach 10,000 

that were a really longterm.invest 

by the way - bought at 0.2

[sovie]

I had been previously referring to the current interest rate which is 100% per year, not per month. If you start with 100% per month and reduce the interest to .65 monthly, the final coin supply would hit 17,131 at the end of year 1 with a final cap of around 17412.

It has been mentioned before, and I agree that the rate should not be time based, but based on the # of coins in existence. We are currently wagging the dog by the tail, though - instead of tossing around random formulas, we first need to determine two things:

• Is the final supply in fact going to be 10,000 Sync?
• If so, roughly how soon should that limit be reached?

Once we have the answers to these questions, constructive suggestions can be made about the method used to get there.

yes, that's why I underlined per month. Thought you would get it then.

No, as the chart indicates you will get to 9798 at the end of year 1, with a final cap of 9958 or slightly higher if we include the stake already generated. Please read again: multiply the last months interest per month by 0.65.

I understand you value your own "constructive suggestions" more than my "tossing around random formulas", but I suggest you at least read what other people write before getting to conclusions.

The 10000 are already set in stone/code and must/can not be changed as it will ruin investors trust forever.

Exactly after how many years the asymptote should reach it's limit can be discussed, but a steep start is likely to attract more investors early on and that will boost the price for long and short term investors.

Please understand that I was in no way trying to be combative or insult your suggestion, nor was I referring to only your suggestion as being a random formula - I was referring to all of the formula suggestions so far, including my own. I only used the word "constructive" to try to discourage the trolls from just flaming ideas, and to encourage the Sync community to participate.

So, question 1 has been answered - there is to be 10,000 sync total, correct?

All that is left is to hear, from the dev(s), roughly when that should happen. Once we have that information, mathematical suggestions can be made.

correct 10,000 is max coins in the code.
when that should happen?
quick or gradual?
Id prefer slowly so the coin has a pretty long distribution.
Think Dev wants that also, but at 1 per cent per year it could take 3000 years before we reach 10,000 

As I have pointed out numerous times the best way is to compete directly with the banks
Investors are always looking for a safe haven where they can store and grow their value assets
they also will use these assets and then replace them when and if needs occur, hence banking gets away
with what it does.

at the moment banking is on its knees with most offereing 1 to 2%

but thta can easily be and has been as high as 5-8% so therefore 10%
is reasonable and attractive, it will allow the coin to retain a reasonably long distribution of 15 to 25 years

and lets face it whole countries and societies rise and fall in the space of 25 years these days so anything longer

than that is just a waste of time as no doubt the world would have moved onto infinte other ways of doing things by then.

[Nite69]

About this interest rate; first, these are just my opinions.
I assume the original 10000 Sync limit is just a default maximum put on the source code; it is not necessarily a goal to achieve. I assumed the original plan was static 1% interest to be forever?

Of course, we can change it if we want to.

My opinion is that MsCollec's suggestion about halving the interest monthly is ok. Maybe add some minimum limit, so it won't ever be 0 (pure PoS coin won't live without interest)

If we have 1000 Syncs, their value should be 10 times more than if we have 10000.. And if we change it to 10000, will the community vote to increase it to 100000 after that?

But what was really the original plan? Was it 1000 or 10000?

We should just make some agreement on this and then fullfill it. Currently I have code ready for 1 month halving, but I can change it to whatever the decision is.

[Kenta]

As I have pointed out numerous times the best way is to compete directly with the banks
Investors are always looking for a safe haven where they can store and grow their value assets
they also will use these assets and then replace them when and if needs occur, hence banking gets away
with what it does.

at the moment banking is on its knees with most offereing 1 to 2%

but thta can easily be and has been as high as 5-8% so therefore 10%
is reasonable and attractive, it will allow the coin to retain a reasonably long distribution of 15 to 25 years

and lets face it whole countries and societies rise and fall in the space of 25 years these days so anything longer

than that is just a waste of time as no doubt the world would have moved onto infinte other ways of doing things by then.

See that's part of the problem; you can not compare cryptocoin staking interest with interest in a fiat-money bank. That's worse than comparing interest rates from different currencies: As an example 10% interest rate per annum of Russian Ruble is a totally different thing than 10% interest rate of Swiss Franc. Gold doesn't produce interest, but a gold-coin's buy-power is relatively stable over time. Euro and dollar are artificially kept alive, and I'm not sure if even 20% interest rate would turn me into a believer. It's all floating..

The interest rate from Sync won't be worth anything at all if everyone gets it and if investors at the same time considers our total market capacity the same.. What we do instead is that we take value from the people that are not bag-holders by making their money less rare, and give it to the people that are bag-holders!

What we can achieve by rewarding bag-holders only, is that much of the coins will be held away from the exchanges and it will be very easy to pump. As a bonus. we'll keep wallets online as much as possible maintaining the network and securing efficient transactions. That's all! And if you paid 125$ for one SYNC today, you might still get only 125$ for the 2 SYNC you have after a few years, perhaps even less... unless we make people believe in Sync and it's future value, by pumping on the exchange and at the same time writing buttery words in forums and elsewhere.

Interest and Interest can be very different things.

OPEC coin is giving 2% staking interest. Not per year: Per month!
Perhaps those are the ones we should compete with about investors money and not the type of investors that would save fiat money in banks?
It's still only numbers, but it's a lot of psychology in those numbers.

[jnasm77]

not happy

why ?

It might seem crazy what I'm about to say
Sunshine she's here, you can take a break
I'm a hot air balloon that could go to space
With the air, like I don't care baby by the way

Because I'm happy
Clap along if you feel like a room without a roof
Because I'm happy
Clap along if you feel like happiness is the truth
Because I'm happy
Clap along if you know what happiness is to you
Because I'm happy
Clap along if you feel like that's what you wanna do

*Clap* *Clap* *Clap* *Taps foot* *Clap*

[jnasm77]

About this interest rate; first, these are just my opinions.
I assume the original 10000 Sync limit is just a default maximum put on the source code; it is not necessarily a goal to achieve. I assumed the original plan was static 1% interest to be forever?

Of course, we can change it if we want to.

My opinion is that MsCollec's suggestion about halving the interest monthly is ok. Maybe add some minimum limit, so it won't ever be 0 (pure PoS coin won't live without interest)

If we have 1000 Syncs, their value should be 10 times more than if we have 10000.. And if we change it to 10000, will the community vote to increase it to 100000 after that?

But what was really the original plan? Was it 1000 or 10000?

We should just make some agreement on this and then fullfill it. Currently I have code ready for 1 month halving, but I can change it to whatever the decision is.

Peoples math on here seems skewed. Either they dont take in the fact that its a 100% per year for a month or they are not adding the compounding, the interest on the interest, and as you stated the idea is never to reach 10000 coins to keep low inflation and to to keep the coin perpetuating.  I like the halving to get us back to a low inflationary rate but my only concern is that the final rate should be either equal or greater than one can get out of a banking account which is not 1%.  5% would beat most savings accounts or certificates of deposit on interest and still keep low inflation which with such a low coin volume if interest is high the inflation should be negligible.

[tom14cat14]

I would like to see just step downs over the next few months and then stay a level 5-10%

[LTCagt]

is someone here from Germany ? at ebay is a mining-contract that can be paid with sync 

cool 

[MsCollec]

I'm reporting you to Iranian authorities for writing Happy lyrics here in the thread 

That's what you post? Why even bother? Investors are asking you to discuss what is going on with the coin specifications and you can't be bothered to even respond to their questions.

We have 2 weeks to decide about the stake parameters.  I am reading all the suggestions