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Author Topic: [ANN][1000 SYNC] Proof of Stake now run by BLOCKCHAIN DEVELOPMENT COMPANY  (Read 816010 times)
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EcoChavCrypto
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August 16, 2014, 02:28:06 AM
 #9961

Am I able to stake with less than 3 coins? (once I get the Linux wallet working)

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dbt1033
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August 16, 2014, 02:34:07 AM
 #9962

Am I able to stake with less than 3 coins? (once I get the Linux wallet working)

You can stake with any number of coins.  3 coins is the minimum for profit sharing.
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August 16, 2014, 02:34:46 AM
 #9963

What do you guys think about a SYNC/USD pair?  Too soon? 

It would allow a broader range of people to invest in SYNC.
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August 16, 2014, 02:42:48 AM
 #9964

I downloaded the Linux sync-qt but it won't run.  Any ideas? (using Ubuntu 14.04).

Bio should be able to help with this. He is the man on linux stuff.

Please could you post his full username so I can send him a PM.  Smiley

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August 16, 2014, 04:18:23 AM
 #9965

What do you guys think about a SYNC/USD pair?  Too soon? 

It would allow a broader range of people to invest in SYNC.

I think it is a perfect time to have a SYNC/USD paring.
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August 16, 2014, 04:19:21 AM
 #9966

I downloaded the Linux sync-qt but it won't run.  Any ideas? (using Ubuntu 14.04).

Bio should be able to help with this. He is the man on linux stuff.

Please could you post his full username so I can send him a PM.  Smiley

His user name is Biomech. He is just a community member but is pretty good with linux.
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August 16, 2014, 06:23:03 AM
 #9967

If you haven't encrypted the wallet, just leaving it open is sufficient. Given the value of the coin, I recommend against that, though.

So, here's the procedures I use. Not all of this is necessary, and I'll put an asterisk next to what is necessary.
1. Click on Settings, then click on encrypt wallet. This will give you a box to put in a passcode. Make damn sure you have that passcode backed up somewhere safe. *
2. Click on settings again, then click on Options. From the options menu, click on the "display" tab and check the box to display coin control.
3. go to the receive coins tab and generate a new address. Label it something like "consolidation" (the label is irrelevant, just for your convenience). Copy that label to your clipboard. Go to the "send coins" tab and click on coin control. Click the "list" radio button so you can see all of your blocks. For the first run, click the check box next to all of them. Hit "ok" and close coin control.
4. Copy that new address into the payment line and send all of your coins to it. This gives you the highest chance of staking when the coins mature. (not necessary in your case as you already have them in one block).
5. click on settings, click on unlock wallet. In the window that pops up, make sure it has the "for staking only" checkbox checked, and enter your passphrase. Leave it running and that's all you'll have to do. However, this step will have to be repeated every time you close and open the wallet. *
6. Wait six hours. That's how long it takes to reach maturity. This is a minimum, of course, but that's when your coins become eligible for stake.
I strongly advise against using the method that Biomech has posted, for several reasons:

1. You run a great risk to miss profit share, if you create a new address and send your coins to that (even if that other address is in the same wallet, so you *think* that you still have the coins staking for the profit share, but your registration with profit share required you to register a specific address where your 3 SYNC are located (they can't see if they are staking, they can only verify that you have a balance of 3 SYNC in that address, using the block chain. All the SYNC fund will do is go to the explorer at http://chainz.cryptoid.info/sync/ and enter the address that you registered with the SYNC fund. I suggest that you all do that for your address and verify the results - it may be that you do not have the 3 SYNC in your registered address if you followed Biomech's advice of creating a new address and sending *all* your SYNC there. In fact, you will likely find that your balance is zero and the SYNC fund will see the same, so you will miss any payouts.

Besides, it is not *necessary* to create a new address, Coin Control is perfectly happy to send from your address to your address if you are so inclined, but I even advise agains that for the following reason:

2. Every time you "touch" your coins by transferring them, even if it is to the same address, you will lose all the rewards that were building up. You will essentially cancel the staking rewards that they accumulated over the hours and days since their last time staking or deposit into your wallet and you start off from zero again. Note that combining coins will not make them stake *more*, they might stake earlier (shortly after the 6 hours are over) but the stake rewards are simply a multiplication of the age and the size of the input, so it does not help to combine inputs. If you have one input of 3 SYNC that would stake every 8 hours, so 3 times per day, the payouts will be *exactly* the same as having 3 inputs of 1 SYNC each that only stake after 24 hours. I have calculated the rewards and the reward is exactly the same whether you have one large block or many small inputs in your wallet.
The wallet also automatically re-combines inputs back into larger blocks once the size hits 0.01 SYNC, so there is nothing you need to do to make staking work "better". The wallet will take care of all of it automatically. Otherwise, if the average age of your inputs is 5 hours when you combine them by hand, the new input will have age zero and you have simply lost 5 hours of rewards.

3. Every time you touch your coins by transferring, there is a good chance that you create "change". There are one or more "inputs" in your wallet that you can see in Coin Control, if you transfer an amount that is not the exact amount of an input, there will be "change" that goes back into your wallet. I have not tried it with the SYNC wallet, but I had to learn with another staking wallet that any "change" is sent to a new address in your wallet and thus becomes not eligible for the profit rewards. The only way to avoid this problem is by going to the Send screen in your wallet, check the box "custom change address" and fill out your wallet address that you registered with the SYNC fund. Now, if there is any "change" it will flow back into the address that you expect. For example, if you have 2 chunks of 2 SYNC in your wallet (4 SYNC total) so you would think that you can withdraw 1 SYNC and still meet the SYNC fund requirement of 3 SYNC? If you do not have the custom change address configured (and it resets every time you start the wallet!) then the result of your 1 SYNC withdrawal is that one of the 2 SYNC chunks is split in 1+1 SYNC, one is sent to the withdrawal address and the other to the "change" address. If no address was configured for change, then most likely the wallet will draw a fresh address from its address pool and deposit the 1 SYNC in that new address. Then, if the Sync fund checks your balance at the registered address, they find 2 SYNC and you do not qualify...

So, I strongly suggest to verify that all your SYNC are at the registered address by checking the explorer yourself and if you want to touch the coins in your wallet for a withdrawal, to make sure that you have the custom change address configured to your registered address or to go in manually, look under Coin Control for any inputs that have a different address and manually send them to your registered address.

Hope this clarifies,
I had to learn all this by messing up in a different PoS coin's wallet and finding these tricks and how-to's.
I might be mistaken in some details as I did not try all this on the SYNC wallet,
so please give feedback and ask questions, instead of finding too late that you can't participate in the profit share.
Success!

SYNC: Sd3XBRmhrrr39Wj4rtjb3YAkwWvCze44BZ                    ORB: odyWi677JDQy7Gc6Nv6kCdnajmScqgTkDE       Honest pools (payout matching calculation):
TransferWise: International money transfer for 1%fee        Doge to the moon! D9FGY7Bhwbj2jrnk7v8VR47HTu7vfVu1gV         Nut2pools and Steadymining
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August 16, 2014, 06:24:38 AM
 #9968

What do you guys think about a SYNC/USD pair?  Too soon? 

It would allow a broader range of people to invest in SYNC.

I think it is a perfect time to have a SYNC/USD paring.

YES, it is and we are looking and working to get that done, we cant open the Sync market until it happens. Anybody who can help can PM me.
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August 16, 2014, 06:27:43 AM
 #9969

Youngg,

You teased 2 possible announcements this week.  I got the wallet,  is there something else  Grin

Yes, we had another launch set but it got delayed for technical reasons.

We've rescheduled for Wednesday to give us extra time.
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August 16, 2014, 06:37:33 AM
 #9970

Ha, while I was typing and explaining how the SYNC wallet itself combines small inputs back into larger chunks,
my wallet got busy and suddenly went from 23 inputs to 12 inputs by combining many small inputs into a 0.9 SYNC chunk,
while also giving me a 0.0015 SYNC reward at the same time. If I would have combined them by hand, reward would be zero!
Note that normal rewards are around 0.0001 for staking of a single input, so it is clear that this process of combining inputs
gives you the rewards from all inputs - in this case a 15 times larger reward from 12 combined inputs.
Result is also that the "weight" of my wallet suddenly dropped to only 6, because all qualifying inputs were removed at once
in one big combined stake! I love it when my theory is proven while I am trying to explain it...

SYNC: Sd3XBRmhrrr39Wj4rtjb3YAkwWvCze44BZ                    ORB: odyWi677JDQy7Gc6Nv6kCdnajmScqgTkDE       Honest pools (payout matching calculation):
TransferWise: International money transfer for 1%fee        Doge to the moon! D9FGY7Bhwbj2jrnk7v8VR47HTu7vfVu1gV         Nut2pools and Steadymining
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August 16, 2014, 07:41:59 AM
 #9971

Ha, while I was typing and explaining how the SYNC wallet itself combines small inputs back into larger chunks,
my wallet got busy and suddenly went from 23 inputs to 12 inputs by combining many small inputs into a 0.9 SYNC chunk,
while also giving me a 0.0015 SYNC reward at the same time. If I would have combined them by hand, reward would be zero!
Note that normal rewards are around 0.0001 for staking of a single input, so it is clear that this process of combining inputs
gives you the rewards from all inputs - in this case a 15 times larger reward from 12 combined inputs.
Result is also that the "weight" of my wallet suddenly dropped to only 6, because all qualifying inputs were removed at once
in one big combined stake! I love it when my theory is proven while I am trying to explain it...

I do what biomech does but only if the wallet halves my chunk, sometimes it does sometimes it doesnt.  If you send to another addy or to the same one you do it right after the 50 confirms and that is all you lose which is no big deal this allows me to open my wallet once a day stake within a few minutes then wait for the 50 confirms if it halves i send to a different addy if it doesnt I just close then open again tomorrow and do it all over.  It just depends on how you want to stake.  I don't like to leave my wallets open.  I have had my pc go down or have power outage and had it corrupt the wallet dat and then I have another mess to deal with.

"May you forge your coins from nothingness and may they never be worth nothing." - Anonymous Miner
EcoChavCrypto
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August 16, 2014, 08:02:49 AM
 #9972

I downloaded the Linux sync-qt but it won't run.  Any ideas? (using Ubuntu 14.04).

Bio should be able to help with this. He is the man on linux stuff.

Please could you post his full username so I can send him a PM.  Smiley

His user name is Biomech. He is just a community member but is pretty good with linux.

I think I have worked out what the problem is.  I think the sys-qt file is 32bit and I am running 64bit.  I have tried installing 32bit libs with no luck.  Sad

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Cor2
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August 16, 2014, 09:07:03 AM
 #9973

I do what biomech does but only if the wallet halves my chunk, sometimes it does sometimes it doesnt.  If you send to another addy or to the same one you do it right after the 50 confirms and that is all you lose which is no big deal this allows me to open my wallet once a day stake within a few minutes then wait for the 50 confirms if it halves i send to a different addy if it doesnt I just close then open again tomorrow and do it all over.  It just depends on how you want to stake.  I don't like to leave my wallets open.  I have had my pc go down or have power outage and had it corrupt the wallet dat and then I have another mess to deal with.
If you just have the SYNC for staking only, then that is fine. You still lose several percent of rewards, but that is your choice,
there is absolutely no need to re-combine inputs that the wallet splits, because it will re-combine when inputs get too small.
I have 3 SYNC in my wallet for a long time and the amount of inputs is always between 10 and 25, the wallet is designed to keep
inputs in a certain range and it does that by splitting and combining, but without losing rewards.
Also for the total amount of staking rewards it does not make a difference whether there are 1 or more inputs,
it is as if someone asks you: I need to pay you 20 dollars, can I give you 20 bills of 1 dollar?
and you say: no, I don't want to deal with small money, I do not want your money until you can give me one $20 bill.
Why? the amount is the same. That is also with the wallet - one chunk or 20 parts, the staking rewards are identical at the end of the day.

However, if you want to participate in the SYNC fund then you have a problem: you say that you send SYNC to a different address.
That means that the SYNC fund will not see your SYNC and you will likely not get the profit share, so make sure if you are
participating that you have your SYNC in the correct address.
Go to the "Send" screen, click on "Inputs" to open the Coin Control window and if you see any addresses listed other than the one address that you registered with the SYNC fund, then you need to send those inputs back to the registered address.
Success!

SYNC: Sd3XBRmhrrr39Wj4rtjb3YAkwWvCze44BZ                    ORB: odyWi677JDQy7Gc6Nv6kCdnajmScqgTkDE       Honest pools (payout matching calculation):
TransferWise: International money transfer for 1%fee        Doge to the moon! D9FGY7Bhwbj2jrnk7v8VR47HTu7vfVu1gV         Nut2pools and Steadymining
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August 16, 2014, 09:36:19 AM
 #9974

How come we have not been paid by the multipool today
its been two days already?

Please note, thet payout dates are always on the homepage of http://multipoolmining.com.
It will show you next payout is sunday.

You are right that this "long" time since last payment. This is mainly due to me taking a 2 week holiday and payouts done by the co-dev who is not having an option to do payouts before sunday. (=tomorrow already.. Grin)

I will be not much online here, please keep an close eye on the homepage for latest updates.
As from september first we are fully back with 100% of people to do regular payouts again. Also we will start working on new methods of SYNC mining!

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August 16, 2014, 12:13:09 PM
Last edit: August 16, 2014, 01:05:45 PM by AtlanticWaves
 #9975

Youngg,

Ok here is an idea that has been bouncing around my brain a bit.  I notice at least in the top 20 addresses on the rich list that there are several wallets that have not staked for anywhere from 24-59 days.  If i can assume correctly that these are exchange wallets then i wonder if the following idea would help the sync community.

Why not have a 24 hour trading holiday towards the end of the month (lets say the 28th).  On that day all the exchanges would halt trading for 24 hours, stake their wallets and donate the stake to the stability fund.

Besides the obvious benefit of getting more sync in the stability fund i think it would also dry up trading supply on the 27th as keen investers would be trying to get the stake for themselves.  Lower supply should help support price.

I have no idea if this is even possible as it would be an honour system with the exchanges.

Anyway just a thought, kick the idea around and see where it goes!

No need to name the holiday after me, really that would be too much, i just couldn't accept (wink wink)
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August 16, 2014, 01:46:30 PM
 #9976

We received the email for being members of the PROFIT CLUB..Thank you Admin and also sent reply re Chinese Translation work.. Smiley


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August 16, 2014, 01:46:38 PM
 #9977

What do you guys think about a SYNC/USD pair?  Too soon? 

It would allow a broader range of people to invest in SYNC.

I think it is a perfect time to have a SYNC/USD paring.

YES, it is and we are looking and working to get that done, we cant open the Sync market until it happens. Anybody who can help can PM me.

Pm'd
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August 16, 2014, 02:28:55 PM
 #9978

Youngg,

Ok here is an idea that has been bouncing around my brain a bit.  I notice at least in the top 20 addresses on the rich list that there are several wallets that have not staked for anywhere from 24-59 days.  If i can assume correctly that these are exchange wallets then i wonder if the following idea would help the sync community.

Why not have a 24 hour trading holiday towards the end of the month (lets say the 28th).  On that day all the exchanges would halt trading for 24 hours, stake their wallets and donate the stake to the stability fund.

Besides the obvious benefit of getting more sync in the stability fund i think it would also dry up trading supply on the 27th as keen investers would be trying to get the stake for themselves.  Lower supply should help support price.

I have no idea if this is even possible as it would be an honour system with the exchanges.

Anyway just a thought, kick the idea around and see where it goes!

No need to name the holiday after me, really that would be too much, i just couldn't accept (wink wink)

The problem is you can not make people take a 24 hour break. A lot of people might freak out if it was halted for a day.
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August 16, 2014, 03:31:19 PM
 #9979

Youngg,

Ok here is an idea that has been bouncing around my brain a bit.  I notice at least in the top 20 addresses on the rich list that there are several wallets that have not staked for anywhere from 24-59 days.  If i can assume correctly that these are exchange wallets then i wonder if the following idea would help the sync community.

Why not have a 24 hour trading holiday towards the end of the month (lets say the 28th).  On that day all the exchanges would halt trading for 24 hours, stake their wallets and donate the stake to the stability fund.

Besides the obvious benefit of getting more sync in the stability fund i think it would also dry up trading supply on the 27th as keen investers would be trying to get the stake for themselves.  Lower supply should help support price.

I have no idea if this is even possible as it would be an honour system with the exchanges.

Anyway just a thought, kick the idea around and see where it goes!

No need to name the holiday after me, really that would be too much, i just couldn't accept (wink wink)

I like it, let me consider.
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August 16, 2014, 04:47:20 PM
 #9980

Hi,

I'm renting an aws server to let my sync wallet stake.
Only problem? I can't find a way to let it connect to the network.
I've already disabled the firewall, added rules to the security group and such. I have no problem with other pos coin.

What should I do?

(and is the 24241 the right port?)

Tip address: 1GYTY2pW98LWPtv5Zq5HmvZBRpZoadwetw
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