[ANN] [CLOAK] Cloakcoin | No Premine | X13 | Decentralized Market and PoSA

[Qiuyue201]

Any ideas how high might it get when we hit mintpal?
Try to be reasonable!

[thcmakaveli]

Any ideas how high might it get when we hit mintpal?
Try to be reasonable!

Well with 4.5 Million supply, I would say at least 0.001. After we hit mintpal and cryptsy maybe we could taste 0.01

[cryptodaknight]

Any ideas how high might it get when we hit mintpal?
Try to be reasonable!

Well with 4.5 Million supply, I would say at least 0.001. After we hit mintpal and cryptsy maybe we could taste 0.01

I'd agree, that is conservative and reasonable, if we look at darkcoin prices. But really if it's fully working and rises to cream of the crop prices would be much higher.

[Jerfer]

I'm new to proof of stake.

So the APR for Cloak is 6% and I start earning that interest after 6 hours. Does that mean interest is paid (added to my balance) every 6 hours, 4 times a day?

[zing96]

I'm new to proof of stake.

So the APR for Cloak is 6% and I start earning that interest after 6 hours. Does that mean interest is paid (added to my balance) every 6 hours, 4 times a day?

No.  Sorry for the short answer...

Let's say you have 1 deposit of 100 coins.  When those coins reach 6 hours old, they're now eligible for staking.  At 6% annual staking rate, that means you'll get 100*.06 = 6 coins per year, or 6/365 = 0.0164 coins per day.

PoS isn't a bank style interest rate though.  It's similar to PoW mining.  The more coins you have staking, the better chance you'll stake a block.  You can see the PoS difficulty in your wallet by going to Help->Debug Window->Console and typing "getdifficulty".  Currently, Cloak is at 0.00123904.

The amount of coins you have staking is kind of similar to the amount of hash rate you have during mining.  The higher your hash rate, the better chance you have of finding a block.  Same (kind of) thing applies with PoS.  You WILL get 6% per year on your coins, but it doesn't mean you get them every 6 hours.  And unless you got all your coins at the exact same time, all your coins will be of different ages.

At any time you can get your staking "weight" by hovering over the Cloak logo in the lower right.  It will show you approximately how long it will take to receive your stake.

Long story short, no, you don't get them every 6 hours.  Generally speaking if you leave your wallet open, you'll begin to stake.  The more coins you have the more (and faster) you'll stake.  However, once you stake a block, those coins now reset in age.

Does that help?  If I'm incorrect anywhere, please correct me.

[Vinculin]

Any ideas how high might it get when we hit mintpal?
Try to be reasonable!

Well with 4.5 Million supply, I would say at least 0.001. After we hit mintpal and cryptsy maybe we could taste 0.01

I'd agree, that is conservative and reasonable, if we look at darkcoin prices. But really if it's fully working and rises to cream of the crop prices would be much higher.

$1 USD is not a hard goal. I was with blackcoin before and saw all time low (500 sat).

The lesson that i learnt from BC is the best is yet to come.

Innovative coins (not hype coins) will eventually find its place in the cryptoworld.

[Jerfer]

I'm new to proof of stake.

So the APR for Cloak is 6% and I start earning that interest after 6 hours. Does that mean interest is paid (added to my balance) every 6 hours, 4 times a day?

No.

Kewl.

Nevermind.

[heartastack]

I'm new to proof of stake.

So the APR for Cloak is 6% and I start earning that interest after 6 hours. Does that mean interest is paid (added to my balance) every 6 hours?

Not quite. PoS like PoW is a luck-based problem solving algo. The more coins you have is like having more hashing power for PoW. And you have a chance to stake a share in 6% addition of total coin supply. So it's 6% of the 4.5M coins. Not compounded for each wallet as you've suggested (thank god). It's quite reasonable - not enough for people to dump the interest and crash the coin, but enough incentive to hold.

Even this is not 100% true, as it is actually only +6% of coins that are staked. It is unlikely that the whole 4.5 mil will be staking because coins held on the excahange generally are not staked, and some people do not unlock the wallet for staking.

[zing96]

I'm new to proof of stake.

So the APR for Cloak is 6% and I start earning that interest after 6 hours. Does that mean interest is paid (added to my balance) every 6 hours, 4 times a day?

No.

Kewl.

Nevermind.

I edited my response above to be more specific.  Sorry about that.

[szuwi]

i trust you guys, and vote almost every hour!

[Jerfer]

Not quite. PoS like PoW is a luck-based problem solving algo. The more coins you have is like having more hashing power for PoW. And you have a chance to stake a share in 6% addition of total coin supply. So it's 6% of the 4.5M coins. Not compounded for each wallet as you've suggested (thank god). It's quite reasonable - not enough for people to dump the interest and crash the coin, but enough incentive to hold.

Even this is not 100% true, as it is actually only +6% of coins that are staked. It is unlikely that the whole 4.5 mil will be staking because coins held on the excahange generally are not staked, and some people do not unlock the wallet for staking.

No.  Sorry for the short answer...

Let's say you have 1 deposit of 100 coins.  When those coins reach 6 hours old, they're now eligible for staking.  At 6% annual staking rate, that means you'll get 100*.06 = 6 coins per year, or 6/365 = 0.0164 coins per day.

PoS isn't a bank style interest rate though.  It's similar to PoW mining.  The more coins you have staking, the better chance you'll stake a block.  You can see the PoS difficulty in your wallet by going to Help->Debug Window->Console and typing "getdifficulty".  Currently, Cloak is at 0.00123904.

The amount of coins you have staking is kind of similar to the amount of hash rate you have during mining.  The higher your hash rate, the better chance you have of finding a block.  Same (kind of) thing applies with PoS.  You WILL get 6% per year on your coins, but it doesn't mean you get them every 6 hours.  And unless you got all your coins at the exact same time, all your coins will be of different ages.

At any time you can get your staking "weight" by hovering over the Cloak logo in the lower right.  It will show you approximately how long it will take to receive your stake.

Long story short, no, you don't get them every 6 hours.  Generally speaking if you leave your wallet open, you'll begin to stake.  The more coins you have the more (and faster) you'll stake.  However, once you stake a block, those coins now reset in age.

Does that help?  If I'm incorrect anywhere, please correct me.

Thanks guys! I understand it a lot better now. I'm about to transfer 3,000 CLOAK to my wallet. Can't wait to see the results after the 6 hours.

[heartastack]

Not quite. PoS like PoW is a luck-based problem solving algo. The more coins you have is like having more hashing power for PoW. And you have a chance to stake a share in 6% addition of total coin supply. So it's 6% of the 4.5M coins. Not compounded for each wallet as you've suggested (thank god). It's quite reasonable - not enough for people to dump the interest and crash the coin, but enough incentive to hold.

Even this is not 100% true, as it is actually only +6% of coins that are staked. It is unlikely that the whole 4.5 mil will be staking because coins held on the excahange generally are not staked, and some people do not unlock the wallet for staking.

No.  Sorry for the short answer...

Let's say you have 1 deposit of 100 coins.  When those coins reach 6 hours old, they're now eligible for staking.  At 6% annual staking rate, that means you'll get 100*.06 = 6 coins per year, or 6/365 = 0.0164 coins per day.

PoS isn't a bank style interest rate though.  It's similar to PoW mining.  The more coins you have staking, the better chance you'll stake a block.  You can see the PoS difficulty in your wallet by going to Help->Debug Window->Console and typing "getdifficulty".  Currently, Cloak is at 0.00123904.

The amount of coins you have staking is kind of similar to the amount of hash rate you have during mining.  The higher your hash rate, the better chance you have of finding a block.  Same (kind of) thing applies with PoS.  You WILL get 6% per year on your coins, but it doesn't mean you get them every 6 hours.  And unless you got all your coins at the exact same time, all your coins will be of different ages.

At any time you can get your staking "weight" by hovering over the Cloak logo in the lower right.  It will show you approximately how long it will take to receive your stake.

Long story short, no, you don't get them every 6 hours.  Generally speaking if you leave your wallet open, you'll begin to stake.  The more coins you have the more (and faster) you'll stake.  However, once you stake a block, those coins now reset in age.

Does that help?  If I'm incorrect anywhere, please correct me.

Thanks guys! I understand it a lot better now. I'm about to transfer 3,000 CLOAK to my wallet. Can't wait to see the results after the 6 hours.

with 3k coins you can expect just under 1 cloak per day, averaged over the year. Good luck!

[Givatoshi_Moremoto]

Not quite. PoS like PoW is a luck-based problem solving algo. The more coins you have is like having more hashing power for PoW. And you have a chance to stake a share in 6% addition of total coin supply. So it's 6% of the 4.5M coins. Not compounded for each wallet as you've suggested (thank god). It's quite reasonable - not enough for people to dump the interest and crash the coin, but enough incentive to hold.

Even this is not 100% true, as it is actually only +6% of coins that are staked. It is unlikely that the whole 4.5 mil will be staking because coins held on the excahange generally are not staked, and some people do not unlock the wallet for staking.

No.  Sorry for the short answer...

Let's say you have 1 deposit of 100 coins.  When those coins reach 6 hours old, they're now eligible for staking.  At 6% annual staking rate, that means you'll get 100*.06 = 6 coins per year, or 6/365 = 0.0164 coins per day.

PoS isn't a bank style interest rate though.  It's similar to PoW mining.  The more coins you have staking, the better chance you'll stake a block.  You can see the PoS difficulty in your wallet by going to Help->Debug Window->Console and typing "getdifficulty".  Currently, Cloak is at 0.00123904.

The amount of coins you have staking is kind of similar to the amount of hash rate you have during mining.  The higher your hash rate, the better chance you have of finding a block.  Same (kind of) thing applies with PoS.  You WILL get 6% per year on your coins, but it doesn't mean you get them every 6 hours.  And unless you got all your coins at the exact same time, all your coins will be of different ages.

At any time you can get your staking "weight" by hovering over the Cloak logo in the lower right.  It will show you approximately how long it will take to receive your stake.

Long story short, no, you don't get them every 6 hours.  Generally speaking if you leave your wallet open, you'll begin to stake.  The more coins you have the more (and faster) you'll stake.  However, once you stake a block, those coins now reset in age.

Does that help?  If I'm incorrect anywhere, please correct me.

Thanks guys! I understand it a lot better now. I'm about to transfer 3,000 CLOAK to my wallet. Can't wait to see the results after the 6 hours.

once your coins stake, it will divide in half, say you transfer 3000 coins and they stake after 6 hours, after staking, you'll have 2x 1500 groups of coins staking, and they will keep dividing in 2s.  4x750, 8x375 so on and on.
so your staking will keep getting smaller but you'll have more of incoming coins in smaller increments. you can however consolidate your coins once in awhile by moving them back and forth between your wallet. you can just create more address. goto coin control feature and click on each groups and send them to your 2nd address.
consolidating your coins will result in refreshing your coin ages, but you will get bigger stake amount at once rather than hundreds of micro interest payments.

I usually consolidate once every couple of days, when I have more than 100 groups of coins. I like getting big blocks of interest rather than bunch of smaller ones. just a preference because it's easier to calculate how much interest I get per day.

[sluppy]

i trust you guys, and vote almost every hour!

Voted , not every hour but when i remember to  best i can do 

[Xaltotun]

Well folks that's it. I didn't become a millionaire overnight and so I sold all my Cloakcoin and bought up a bunch of Glyph.

Just kidding!

...waiting for work to be available on that multipool.

[heartastack]

Well folks that's it. I didn't become a millionaire overnight and so I sold all my Cloakcoin and bought up a bunch of Glyph.

Just kidding!

...waiting for work to be available on that multipool.

I must say I'm very confused that 100's of BTC can flow through a scamcoin like that which remarkably hasn't even promised anything or even detailed what it is meant to be. furthermore if you look in the thread it just got debunked as a direct copy/paste of mastiffcoin without even changing the private key code, giving mastiffcoin devs direct access  . Just... no words...

[zing96]

Well folks that's it. I didn't become a millionaire overnight and so I sold all my Cloakcoin and bought up a bunch of Glyph.

Just kidding!

...waiting for work to be available on that multipool.

I must say I'm very confused that 100's of BTC can flow through a scamcoin like that which remarkably hasn't even promised anything or even detailed what it is meant to be. furthermore if you look in the thread it just got debunked as a direct copy/paste of mastiffcoin without even changing the private key code, giving mastiffcoin devs direct access  . Just... no words...

If you haven't read the Glyph thread, it's entertaining and the fun starts here:  https://bitcointalk.org/index.php?topic=644141.msg7357792#msg7357792.  So glad CLOAK is founded on features and competent developers who have delivered.

[duru]

Well folks that's it. I didn't become a millionaire overnight and so I sold all my Cloakcoin and bought up a bunch of Glyph.

Just kidding!

...waiting for work to be available on that multipool.

I must say I'm very confused that 100's of BTC can flow through a scamcoin like that which remarkably hasn't even promised anything or even detailed what it is meant to be. furthermore if you look in the thread it just got debunked as a direct copy/paste of mastiffcoin without even changing the private key code, giving mastiffcoin devs direct access  . Just... no words...

If you haven't read the Glyph thread, it's entertaining and the fun starts here:  https://bitcointalk.org/index.php?topic=644141.msg7357792#msg7357792.  So glad CLOAK is founded on features and competent developers who have delivered.

I mailed that dev early on to ask if he had any short term goals or if he was simply going to keep it as a pow/pos for the time being and he replied with...  "yes"

[Lucif3r]

Well folks that's it. I didn't become a millionaire overnight and so I sold all my Cloakcoin and bought up a bunch of Glyph.

Just kidding!

...waiting for work to be available on that multipool.

I must say I'm very confused that 100's of BTC can flow through a scamcoin like that which remarkably hasn't even promised anything or even detailed what it is meant to be. furthermore if you look in the thread it just got debunked as a direct copy/paste of mastiffcoin without even changing the private key code, giving mastiffcoin devs direct access  . Just... no words...

If you haven't read the Glyph thread, it's entertaining and the fun starts here:  https://bitcointalk.org/index.php?topic=644141.msg7357792#msg7357792.  So glad CLOAK is founded on features and competent developers who have delivered.

I mailed that dev early on to ask if he had any short term goals or if he was simply going to keep it as a pow/pos for the time being and he replied with...  "yes"

How funny when someone exposed his lack of coding skills, he simply responded with thing like "oh that dev made mistake, we now have different ones. so don't worry". That can't justify the current huge price increase

[djslick]

it's insane how cheap this coin is right now. 25k satoshi, with under 5 million total coins in circulation? with working anon?

anything under 500k is a bargain

hold on to yer butts