pineapples
Legendary
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Activity: 1204
Merit: 1000
to your stations, man the pineapples!!!
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February 26, 2015, 01:16:59 PM |
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given the size of the premine. and a small amount of tx following. it seems at least the top 8 addresses are all premine. http://blockexperts.com/bsy |
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Every time a block is mined, a certain amount of BTC (called the
subsidy) is created out of thin air and given to the miner. The
subsidy halves every four years and will reach 0 in about 130 years.
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banksycoin (OP)
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February 27, 2015, 01:07:52 AM |
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Many altcoins fail quickly because they are not designed for longevity or sustainability. Most altcoins are founded with a flawed business model from the start or they are intentionally set up this way for short-term gain. ArtsyCoin is not one of those coins.
A common problem with altcoins is the way that premined coins or ICO funds are allocated. Premined coins are “spent” on the “development" of the coin and quantities of coins are typically “dumped” at an opportune time for majority coin holders. This results in a value crash followed by dwindling support for the coin, typically leading to abandonment. This flawed model for operating a cryptocurrency has been demonstrated time after time. This is also living proof of the Proof of Stake concept at work.
Instead of following this path to failure we are taking a refreshing approach to managing the progress of this coin.
We are fortunate with this coin in that it has not been abandoned during it’s lifespan and the coin supply has not been distributed to the point of unmanageability. Rather than falling to it’s own demise this coin was passed to a group of developers with ambitious goals.
The block explorer rich-list shows a concentration of coins being held by a handful of addresses. Although the data from the rich-list is limited in what it reveals on it’s own, it does give us an indicator that coins are concentrated to a few holders.
We expect based on previous history of altcoins that the concentrated holders will sell their coins into the market to recoup their “investment”. Since those holders are not directly involved with the future progression of ArtsyCoin it is anticipated that the post-dump period will create the environment for proper balancing of the ArtsyCoin economy as the coins find their way into the hands of more than a few people. As broader circulation of the coins continues the true value of the coin through it’s utility will be revealed. These are the steps towards a healthy cryptocurrency economy.
We do not need to sell off or give away quantities of this coin to support it’s development. Proof of Stake premined coins are meant to stabilize the network and the economy surrounding a cryptocurrency. Selling large quantities of a coin destroys the value of that coin. We have no interest in destroying the value of this coin. We are investing our development resources to create technology and services to support the use of this coin. We are also investing in building and securing the network to help increase the utility and value of this coin.
The ArtsyCoin algorithm pays 2% annually for staked coins. Rather than deplete the holdings of premined coins we plan on using the interest accrued by them to continue the funding and expansion of ArtsyCoin. The interest generated through staking the coins will be used to contribute to the development and support of ArtsyCoin. This will create more value in the coin through further utility and proper use of the economic benefits associated with staked coins that generate interest. We will continue development from a reserve of funds that sustains, not one that depletes.
As an additional measure to help balance the economy of the coin we will be seeking purchase of large quantities of coins where possible. In the event of successful acquisition of large coin holdings from external sources we are evaluating the economic impacts of “burning" premined coins for the benefit of impacting the value of ArtsyCoin. These options are still being investigated.
There will be many opportunities for anyone who wants to get involved with the progression of ArtsyCoin, especially for those who bring real value. The best will be ones that are capable of generating recurring revenue and are able to sustain their operation by generating a profit.
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banksycoin (OP)
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February 27, 2015, 01:13:00 AM |
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i'm hoping that artsycoin can serve a useful purpose via an art market.
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This a high priority item and requires several steps to accomplish. We are now rolling out nodes to strengthen the network. We will be opening our own block explorer soon using these nodes. The block explorer will have an API. The API makes commerce transactions more available. Then we will tie the API into an online store at the site. This will also make it possible for anyone to open a store or add support for ArtsyCoin to an existing store.  |
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pineapples
Legendary
Offline
Activity: 1204
Merit: 1000
to your stations, man the pineapples!!!
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February 27, 2015, 03:34:42 AM |
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The block explorer rich-list shows a concentration of coins being held by a handful of addresses. Although the data from the rich-list is limited in what it reveals on it’s own, it does give us an indicator that coins are concentrated to a few holders.
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We do not need to sell off or give away quantities of this coin to support it’s development. Proof of Stake premined coins are meant to stabilize the network and the economy surrounding a cryptocurrency.
...
Rather than deplete the holdings of premined coins we plan on using the interest accrued by them to continue the funding and expansion of ArtsyCoin. The interest generated through staking the coins will be used to contribute to the development and support of ArtsyCoin.
i support these statements  a well-managed premine can bring great economic benefits. but never forgettting the adage that with great power, comes great responsibility - and in the longer term it may be necessary to destroy all remaining premine to create total trust in the system. i strongly feel it would be beneficial to reveal what address are at yr dipsosal. - even address #11 seems premine (or a 1million BSY bounty, which seems unlikely). (also #12 and #39 for a couple more random looks) it certainly appears that the premine is still largely available and scattered - some addresses seem linked to both PoW and PoS mining so it would be useful to reveal current quantity of coins at disposal - 6 months of 100mill at 2% is roughly speaking 1 million coins (also not including any compounding nor PoW) , which is 6.13% of the "free" coins above the premine quantity. (not that PoS works that cleanly  ) -- i had the thought that a store API which could be used to create a central market place for remote stores would be pretty cool. so i could open my own store on my own server, and the central market place would include my items. not sure if that is inluded in yr idea but definitely having a bunch of stores would be ace. keep up the good work |
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BartCrypto
Newbie
Offline
Activity: 5
Merit: 0
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February 27, 2015, 03:43:35 PM |
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Many altcoins fail quickly because they are not designed for longevity or sustainability. Most altcoins are founded with a flawed business model from the start or they are intentionally set up this way for short-term gain. ArtsyCoin is not one of those coins.
A common problem with altcoins is the way that premined coins or ICO funds are allocated. Premined coins are “spent” on the “development" of the coin and quantities of coins are typically “dumped” at an opportune time for majority coin holders. This results in a value crash followed by dwindling support for the coin, typically leading to abandonment. This flawed model for operating a cryptocurrency has been demonstrated time after time. This is also living proof of the Proof of Stake concept at work.
Instead of following this path to failure we are taking a refreshing approach to managing the progress of this coin.
We are fortunate with this coin in that it has not been abandoned during it’s lifespan and the coin supply has not been distributed to the point of unmanageability. Rather than falling to it’s own demise this coin was passed to a group of developers with ambitious goals.
The block explorer rich-list shows a concentration of coins being held by a handful of addresses. Although the data from the rich-list is limited in what it reveals on it’s own, it does give us an indicator that coins are concentrated to a few holders.
We expect based on previous history of altcoins that the concentrated holders will sell their coins into the market to recoup their “investment”. Since those holders are not directly involved with the future progression of ArtsyCoin it is anticipated that the post-dump period will create the environment for proper balancing of the ArtsyCoin economy as the coins find their way into the hands of more than a few people. As broader circulation of the coins continues the true value of the coin through it’s utility will be revealed. These are the steps towards a healthy cryptocurrency economy.
We do not need to sell off or give away quantities of this coin to support it’s development. Proof of Stake premined coins are meant to stabilize the network and the economy surrounding a cryptocurrency. Selling large quantities of a coin destroys the value of that coin. We have no interest in destroying the value of this coin. We are investing our development resources to create technology and services to support the use of this coin. We are also investing in building and securing the network to help increase the utility and value of this coin.
The ArtsyCoin algorithm pays 2% annually for staked coins. Rather than deplete the holdings of premined coins we plan on using the interest accrued by them to continue the funding and expansion of ArtsyCoin. The interest generated through staking the coins will be used to contribute to the development and support of ArtsyCoin. This will create more value in the coin through further utility and proper use of the economic benefits associated with staked coins that generate interest. We will continue development from a reserve of funds that sustains, not one that depletes.
As an additional measure to help balance the economy of the coin we will be seeking purchase of large quantities of coins where possible. In the event of successful acquisition of large coin holdings from external sources we are evaluating the economic impacts of “burning" premined coins for the benefit of impacting the value of ArtsyCoin. These options are still being investigated.
There will be many opportunities for anyone who wants to get involved with the progression of ArtsyCoin, especially for those who bring real value. The best will be ones that are capable of generating recurring revenue and are able to sustain their operation by generating a profit.
Hello, my friend told me about Artsycoin. I like your idea and philosophy of the coin. I am a designer logos. I'm working on this site www.99designs.de (This site is available in English and German) What if you create a custom website for freelancers? This site can work with Cryptocurrency. Thus the coin to get more recognition among artists freelancers. The most important thing to ensure the safety of payment to the freelancer and the client. I have never met such sites that would work with Cryptocurrency. If you do that you will be first. Sorry for my english. I really like what you're doing. |
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bennybong
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February 27, 2015, 09:23:41 PM |
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No windows client available any more? Can't download it anyway... whatever will I do with my wallet.dat? |
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banksycoin (OP)
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February 27, 2015, 09:37:46 PM |
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No windows client available any more? Can't download it anyway... whatever will I do with my wallet.dat? You can download the Banksycoin 1.4 wallet for Windows from the new site ArtsyCoin.com or directly from here: http://artsycoin.com/wallets/Banksycoin-1.4-Wallet.zipYou will need to add the node list from the OP which is up to date and that should get your wallet syncing. We will be releasing brand new wallets for the new name very soon. |
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banksycoin (OP)
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February 28, 2015, 08:44:46 PM |
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can I use my banksycoins or are there new coins ?
Same wallet and coins. We are renaming the coin but keeping the technical aspects the same for now, so yes, you can use your coins |
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banksycoin (OP)
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February 28, 2015, 08:47:40 PM |
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Hello, my friend told me about Artsycoin. I like your idea and philosophy of the coin. I am a designer logos. I'm working on this site www.99designs.de (This site is available in English and German) What if you create a custom website for freelancers? This site can work with Cryptocurrency. Thus the coin to get more recognition among artists freelancers. The most important thing to ensure the safety of payment to the freelancer and the client. I have never met such sites that would work with Cryptocurrency. If you do that you will be first. Sorry for my english. I really like what you're doing. Hello and welcome Thank you for your suggestion (and PM). A marketplace and/or resource where artists can sell their goods and services is in the works. This is a priority item and we are working on this from a few directions. We will be sure to post announcements as this moves forward. |
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pineapples
Legendary
Offline
Activity: 1204
Merit: 1000
to your stations, man the pineapples!!!
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March 01, 2015, 04:18:41 AM |
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i'm still curious about details concerning the premine.
how much is available to the devs ?
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somethign occurred to me yesterday.
with Peercoin introducing cold wallet minting,
it strikes me that it should then be possible to put such premine into a non-accessible minting address.
with the generated coins going to an accessible address.
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bennybong
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March 01, 2015, 07:12:15 PM |
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So I just downloaded the 1.4 client, imported my wallet, synced, but My balance is only 358 BSY... It should be over 50,000! Any ideas?
The transaction log shows lots of incoming transactions from mining as well as the 50,000 free ones...
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pineapples
Legendary
Offline
Activity: 1204
Merit: 1000
to your stations, man the pineapples!!!
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March 02, 2015, 09:37:56 AM |
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i'm still curious about details concerning the premine.
how much is available to the devs ?
Also that premine has grow since it has been staking for so long meaning the Devs are monopolizing. I'd like to see a detailed description of spent premined coins with transaction ID's as well as read only addresses that we can look at. as this is the 2nd team, and not been in charge too long i'm not too fussed as to a total breakdown. it would be enough to identify funds available, and to identify any recent spends. |
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pineapples
Legendary
Offline
Activity: 1204
Merit: 1000
to your stations, man the pineapples!!!
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March 02, 2015, 10:09:17 AM |
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So I just downloaded the 1.4 client, imported my wallet, synced, but My balance is only 358 BSY... It should be over 50,000! Any ideas?
The transaction log shows lots of incoming transactions from mining as well as the 50,000 free ones...
did you use the old wallet ? if so try and reload using that. check the address for the 50k on the block explorer and see if the funds are there. http://blockexperts.com/bsy.. keeping teh wallet.dat safe. you could delete everything in the /roaming/Banksycoin folder and try again. |
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pineapples
Legendary
Offline
Activity: 1204
Merit: 1000
to your stations, man the pineapples!!!
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March 03, 2015, 01:30:27 PM
Last edit: March 03, 2015, 02:44:10 PM by pineapples |
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block explorer is lagging http://blockexperts.com/bsyand it is also not mentioned on their homepage http://blockexperts.com/-- edit looks like it's catchin' up now. |
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bennybong
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March 04, 2015, 09:12:56 PM |
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So I just downloaded the 1.4 client, imported my wallet, synced, but My balance is only 358 BSY... It should be over 50,000! Any ideas?
The transaction log shows lots of incoming transactions from mining as well as the 50,000 free ones...
did you use the old wallet ? if so try and reload using that. check the address for the 50k on the block explorer and see if the funds are there. http://blockexperts.com/bsy.. keeping teh wallet.dat safe. you could delete everything in the /roaming/Banksycoin folder and try again. They're still there... |
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banksycoin (OP)
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March 06, 2015, 05:01:00 PM |
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I realize some of this is old info for the veterans of cryptocurrency, but since there is increasing new interest in cryptocurrency and ArtsyCoin specifically, it looks like we need to cover some basics of how Proof of Stake works and then we can get to notes on how we plan to properly fuel the ArtsyCoin economy:
Proof of Stake creates network security through coin ownership. Owning a large portion of coins is an incentive to maintain the value since dumping or disrupting the network destroys the value of the coins. Premined coins were implemented as a method to secure the network by the coin creator while gaining support. Interest-bearing PoS was created as incentive for coin holders to keep their coins as a constant revenue stream while also reducing price volatility and securing the network. Proper management of pre-mined coins and use of funds generated is vital to the success of a PoS cryptocurrency. Premined coins are not meant for payment of bounties, they are used to secure the network and to generate interest. The interest generated is meant for use in commerce.
The size of a coin’s premined quantity should be based on the requirements for securing the network while factoring anticipated growth of the coin. Unfortunately over time the premined coins from new altcoins have become the exit strategy for the coin developer rather than the means for long-term support of the network as intended. Coin developers who give up their supply of premined coins are not contributing to the success of their network they are ensuring it’s failure. The cryptocurrency landscape is littered with coins that have followed this path.
For this coin:
We are fortunate in that we possess enough coins to not only secure the network but also properly incentivize development for long-term growth.
The original coin creator was not experienced in working with cryptocurrencies and although maybe well intentioned was not well equipped to sustain the growth of the coin. Disproportionate rewards were allocated that resulted in very little reusable resources. As stated before, we do not need to give away large quantities of coins for development. We have an International development team working on this and we will allocate funds generated by interest as the needs arise.
There were 100M premined coins originally.
When we began custodianship of this coin we were passed 60M coins and the original creator held on to 15M. We were told the other 25M coins were given away or allocated in other ways during the early stages of the coin. Also, for clarification the coin creator and the developer (coder) are two different people. The coder was hired by the creator to build the wallets.
We reached out to the original creator to acquire the 15M coins but were told that those coins were permanently lost in a hardware failure. We have no reason to doubt this since we initiated contact on the basis of an offer for the coins but were told of the loss prior to any amount being disclosed for the purchase.
The money supply displayed by the block explorer is around 116M. Assuming the 15M is lost, there is 101M coins in distribution.
60M coins being staked to 100% of their value represent 1.2M coins per year at 2% interest. Ideally this gives us 100K coins per month to spend freely, indefinitely to develop the coin. This level of stake also ensures that the network is protected properly by the people who hold the greatest interest in maintaining it’s integrity.
The reason why so many coins fail is because they lack the fundamental elements to make them successful in the long-term. They lack a sustainable source of income that will continue the development of the technology. A coin that relies on it’s premine or ICO to survive is the same as a business that relies on it’s seed funding to survive. After all, how many founders sell all of their holdings at the IPO? For any business to survive it needs to have a constant stream of profit or it can not continue. Cryptocurrency is not immune to this effect and without sustainable revenue any cryptocurrency will fail. There are countless examples of that effect already. ArtsyCoin will not be another one of those examples.
Although trade for a coin is vital to it’s success, the economy surrounding that coin is more important and is what drives the trade of that coin. Access to exchanges for coins is relatively easy if the demand for the coin is present. Demand for a coin comes from it’s utility and we are focusing on building the utility of the coin which will bring stronger trade naturally.
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pineapples
Legendary
Offline
Activity: 1204
Merit: 1000
to your stations, man the pineapples!!!
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March 07, 2015, 05:55:30 AM |
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So I just downloaded the 1.4 client, imported my wallet, synced, but My balance is only 358 BSY... It should be over 50,000! Any ideas?
The transaction log shows lots of incoming transactions from mining as well as the 50,000 free ones...
did you use the old wallet ? if so try and reload using that. check the address for the 50k on the block explorer and see if the funds are there. http://blockexperts.com/bsy.. keeping teh wallet.dat safe. you could delete everything in the /roaming/Banksycoin folder and try again. They're still there... have you tried reloading the chain or resyncing yr wallet ? a quick and dirty way would be to get into yr %appdata%\Banksycoin folder (assuming windows) and rename blk0001.dat to bootstrap.dat and restart Banksycoin that'll make it reload the chain from the bootstrap rather than downloading it |
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banksycoin (OP)
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March 07, 2015, 10:53:14 PM |
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The node list in the OP has been updated. AWS node has been deployed  |
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angelmagic
Newbie
Offline
Activity: 11
Merit: 0
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March 08, 2015, 08:22:18 PM |
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Hey, Sorry if this is a stupid question but I am more of an artist and not very technical. I have an old banksycoin wallet backed up as a .dat file on my memory stick. How do I run it as a program on my new laptop so that my old balance shows up on this computer? I have over 60,000 BSY so don't want to lose them now things seem to be taking off again. When I try and open dat file it says "this file is not supported" Thanks |
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layer1gfx
Legendary
Offline
Activity: 2128
Merit: 1109
Graphic Design & Translation - BTC accepted here!
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March 09, 2015, 01:36:51 AM |
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Hey, Sorry if this is a stupid question but I am more of an artist and not very technical. I have an old banksycoin wallet backed up as a .dat file on my memory stick. How do I run it as a program on my new laptop so that my old balance shows up on this computer? I have over 60,000 BSY so don't want to lose them now things seem to be taking off again. When I try and open dat file it says "this file is not supported" Thanks are you running the windows version? |
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