[ANN] [FRAC] Fractalcoin | **Added to Cryptsy** | X11 | Slingshield | % fees

[thenukemforall]

Price up again, more and more people interested in this coin

[magrospic]

Price up again, more and more people interested in this coin

To the moon!

[jdebunt]

I just completed our second FRAC article :

http://www.cryptoarticles.com/crypto-news/fractalcoin-slingshield-enabled-added-to-cryptsy


Please share

[thenukemforall]

I just completed our second FRAC article :

http://www.cryptoarticles.com/crypto-news/fractalcoin-slingshield-enabled-added-to-cryptsy


Please share

Shared, thanks !

[vint]

I just completed our second FRAC article :

http://www.cryptoarticles.com/crypto-news/fractalcoin-slingshield-enabled-added-to-cryptsy


Please share

Good job! More & more interest to the FRAC!

[magrospic]

I just completed our second FRAC article :

http://www.cryptoarticles.com/crypto-news/fractalcoin-slingshield-enabled-added-to-cryptsy


Please share

Great article - shared

[124C41]

Wow kudos on the Cryptsy add team FRAC !

[MyFarm]

Could a dev please explain percentage fees for me?

1.  I sent 5000 FRAC from Bittrex to Cryptsy here: http://cryptexplorer.com/block/000000000750992840943b4959622dd684a597cd1c137869f0a1dee087388f23

2.  .002 was taken off the top by Bittrex

3.  I received 4999.998 at Cryptsy

4.  I see in the block that a 2 FRAC fee was generated.

My questions are:

A.  Where is the 2 FRAC coming from?  Does it generate it from thin air thus increasing the outstanding FRAC?  It obviously didn't take it from my existing coin.  If it is generated, what is to stop someone from sending coin over and over to themselves thus greatly increasing the overall supply?

B.  You state .5% transaction fee.  Is that capped at 2 FRAC?

Thank you.

[MyFarm]

This time I sent 10000.002 here: http://cryptexplorer.com/block/000000000474d9c85830b30c80fe4f64553fedb756493368a58df9f707c752cd and received my expected amount.  Once again, I see a 2 FRAC fee generated so do I ascertain correctly that there is a 2 FRAC cap and the .5% fee is created by the system and not taken from spent/sent amounts?

[savale]

It seems there is still a small bug in the wallet: if you transfer your maximum amount of money it won't check the fees...
2 FRAC seems the maximum transaction fee at the moment

[earlz]

Could a dev please explain percentage fees for me?

1.  I sent 5000 FRAC from Bittrex to Cryptsy here: http://cryptexplorer.com/block/000000000750992840943b4959622dd684a597cd1c137869f0a1dee087388f23

2.  .002 was taken off the top by Bittrex

3.  I received 4999.998 at Cryptsy

4.  I see in the block that a 2 FRAC fee was generated.

My questions are:

A.  Where is the 2 FRAC coming from?  Does it generate it from thin air thus increasing the outstanding FRAC?  It obviously didn't take it from my existing coin.  If it is generated, what is to stop someone from sending coin over and over to themselves thus greatly increasing the overall supply?

B.  You state .5% transaction fee.  Is that capped at 2 FRAC?

Thank you.

Hello,

There is a 2 FRAC max fee, for ease of adoption from services. For the bittrex bit, this is because they have not yet updated their code to support percentage based fees. I've talked with Richie in depth about it, and last week they said they were about to deploy it, but it needed more testing. I imagine they ran into problems while testing and are having to do more work on it.

It seems there is still a small bug in the wallet: if you transfer your maximum amount of money it won't check the fees...
2 FRAC seems the maximum transaction fee at the moment

Define "maximum amount of money"? I'm not sure what you mean

[savale]

Sorry the total amount that's available in the wallet

[Battareus]

what a frac with fee?

[MyFarm]

Thank you for the fast response, Earlz, I appreciate it.  A few more questions:

1.  As this is due to an entity not updating their software, what is to stop a malicious entity in the future from purposefully using old software to create inflation?  Will there be a hard fork at some point to stop the FRAC from being created out of thin air as it is now?

2.  Is the 2 FRAC cap temporary?

3.  If I send coin to myself but to a different address in my own wallet, do I get charged a transaction fee?

Thank you!

[earlz]

Sorry the total amount that's available in the wallet

No, I get "The total exceeds your balance when the XXX FRAC transaction fee is included". Could you send me a repro video or some such?

Thank you for the fast response, Earlz, I appreciate it.  A few more questions:

1.  As this is due to an entity not updating their software, what is to stop a malicious entity in the future from purposefully using old software to create inflation?  Will there be a hard fork at some point to stop the FRAC from being created out of thin air as it is now?

2.  Is the 2 FRAC cap temporary?

3.  If I send coin to myself but to a different address in my own wallet, do I get charged a transaction fee?

Thank you!

1. No, they are using the latest software. The coins are coming out of their own personal costs. I talked with Richie and he told me he's enabled them now. 

Transaction fees are forced by miners and the network, but not at the block protocol level. So, if you were to modify the code so that you it charged less transaction fees, what would happen is that the transaction would never confirm. Miners and nodes would ignore the transaction. However, if you could find a miner to mine your low fee transaction, then the block they create would be considered valid. However, there is a disincentive to do even this because of how Slingshield adjusts difficulty based on transaction volume for the current block.

2. Ideally, in the long term, the 2 FRAC cap is temporary, but there are no short to mid term plans to disable them until no services need it.

3. Yes, this is because as far as the network is concerned, the two addresses have no way of conveying that they belong to the same wallet.

[MyFarm]

1. No, they are using the latest software. The coins are coming out of their own personal costs. I talked with Richie and he told me he's enabled them now. 

Transaction fees are forced by miners and the network, but not at the block protocol level. So, if you were to modify the code so that you it charged less transaction fees, what would happen is that the transaction would never confirm. Miners and nodes would ignore the transaction. However, if you could find a miner to mine your low fee transaction, then the block they create would be considered valid. However, there is a disincentive to do even this because of how Slingshield adjusts difficulty based on transaction volume for the current block.

2. Ideally, in the long term, the 2 FRAC cap is temporary, but there are no short to mid term plans to disable them until no services need it.

3. Yes, this is because as far as the network is concerned, the two addresses have no way of conveying that they belong to the same wallet.

1.  Thanks.
2.  Thanks.
3.  Are exchanges ok with this?  Are they getting killed when they move FRAC to and from cold wallets?

[onetwentyfive]

What good times for FractalCoin.. listed on Bittrex, Poloniex, and now Cryptsy! Cryptsy was the first exchange I ever used and even though they're not the #1 exchange anymore they still hold weight with me. I was reading about SysCoin earlier and they mentioned in the ANN that they were looking at SlingShield tech for when their coin goes to pure transaction fee based rewards. Kudos to the devs for contributing something truly meaningful to the world of cryptocurrency, it must be an amazing feeling!

[MyFarm]

What good times for FractalCoin.. listed on Bittrex, Poloniex, and now Cryptsy! Cryptsy was the first exchange I ever used and even though they're not the #1 exchange anymore they still hold weight with me. I was reading about SysCoin earlier and they mentioned in the ANN that they were looking at SlingShield tech for when their coin goes to pure transaction fee based rewards. Kudos to the devs for contributing something truly meaningful to the world of cryptocurrency, it must be an amazing feeling!

I've been thoroughly enjoying that people are still willing to sell at this level.  I've been quietly acquiring FRAC and completely blown away that I can get it this cheap.  As I always say, you invest in the dev first and foremost.  And slingshield and the other innovations this coin has showcase that the devs here are top notch.  I invested early in DRK because of Evan.  I'm investing early in FRAC because of Earlz.  I have a short term price target of $x,xxx,xxx and medium term of $xx,xxx,xxx for FRAC.  People simply don't comprehend just what these devs have done as of yet.  Once they realize the importance of these innovations, FRAC is going to explode.

[jpouza]

What good times for FractalCoin.. listed on Bittrex, Poloniex, and now Cryptsy! Cryptsy was the first exchange I ever used and even though they're not the #1 exchange anymore they still hold weight with me. I was reading about SysCoin earlier and they mentioned in the ANN that they were looking at SlingShield tech for when their coin goes to pure transaction fee based rewards. Kudos to the devs for contributing something truly meaningful to the world of cryptocurrency, it must be an amazing feeling!

I've been thoroughly enjoying that people are still willing to sell at this level.  I've been quietly acquiring FRAC and completely blown away that I can get it this cheap.  As I always say, you invest in the dev first and foremost.  And slingshield and the other innovations this coin has showcase that the devs here are top notch.  I invested early in DRK because of Evan.  I'm investing early in FRAC because of Earlz.  I have a short term price target of $x,xxx,xxx and medium term of $xx,xxx,xxx for FRAC.  People simply don't comprehend just what these devs have done as of yet.  Once they realize the importance of these innovations, FRAC is going to explode.

+1

[roozifus]

What good times for FractalCoin.. listed on Bittrex, Poloniex, and now Cryptsy! Cryptsy was the first exchange I ever used and even though they're not the #1 exchange anymore they still hold weight with me. I was reading about SysCoin earlier and they mentioned in the ANN that they were looking at SlingShield tech for when their coin goes to pure transaction fee based rewards. Kudos to the devs for contributing something truly meaningful to the world of cryptocurrency, it must be an amazing feeling!

I've been thoroughly enjoying that people are still willing to sell at this level.  I've been quietly acquiring FRAC and completely blown away that I can get it this cheap.  As I always say, you invest in the dev first and foremost.  And slingshield and the other innovations this coin has showcase that the devs here are top notch.  I invested early in DRK because of Evan.  I'm investing early in FRAC because of Earlz.  I have a short term price target of $x,xxx,xxx and medium term of $xx,xxx,xxx for FRAC.  People simply don't comprehend just what these devs have done as of yet.  Once they realize the importance of these innovations, FRAC is going to explode.

I came to the exact same conclusion, and have been doing the exact same thing!

I haven't bought this eagarly since last November