[ANN] [KEY] KeyCoin | Fair Launch | Daily Updates | 8/9 Status Update

[pbremen01]

Blockchain explorer shows that almost all of the last several hundreds of blocks contain only one transaction (+coinbase).

This transaction has the same input and output addresses (somebody is sending coins back to himself, could this be related to PoS?). There are almost no normal transactions.

That's how Proof of Stake works, it returns your original coin + interest split into 2 new transactions at each cycle. 1 transaction becomes 2, becomes 4, becomes 8. etc. etc. etc.

This is what keeps transactions moving in a Proof Of Stake coin.

Thanks, I was suspecting something like this. However, to me it would make more sense to use coinbase transaction for this purpose because this transaction actually "generates" new coins (sum of outputs is larger than its input). After the PoW phase the coinbase transactions are empty and probably just unnecessarily pollute the blockchain.

[TheNewsHasCome]

I will address this heap of bs when I get home. we had nothing to do with ultra, I was not hired to do pr.

Is something wrong with the keycoin blockchain and/or client?
...the number of normal transactions is very small. The overall number of transactions is also very small and it is much much smaller than before (check around block 18000 or something).

Under these circumstances the mixer cannot work efficiently because it cannot "hide" transaction(s) that send coins from wallet to mixer.

U DON'T SAY SO?
What did you expect from such a premine, where majority of the coins were mined by special interest groups?
Their business model is simple, it is called a "market corner", you control or buy up the majority of the coins and then you candrive the price high to the sky and sell your coins to the greedy buyers for a hefty profit.

The price then plummets, you buy in and repeat the process.

And koolio, moosa and the rest are no strangers to this, they are in it for the profit to be made, hired a new face (prometheus) to do the positive PR for them, so they can steadily release good looking positive news (irregardless of real progress, that is never relevant, many good projects burned and bad flourished, it is all in the PR) to keep the hopes up to prevent any sell-offs and of course to make people buy and drive the price up.

We all can remember how they screwed it up with the ULTRA, bumface sold them (the small group of early premine buyers) the coins for 50 BTC and they sold it for 500 BTC in all that hype they were making. But bumface to this day believes he can make a coin survive solely on deleting bad posts and keeping the hopes up on empty promises. As soon as it burned, of course koolio and the rest behaved as if they never supported it. But hey, you can't blame them! They forgot about all the other coins they ever supported!

But thank you for informing us where the coins are and how useful the anonymisation really is. ;-)

Don't even validate it by recognizing it Prom. FUD is FUD is FUD.

[Petr1fied]

this transaction actually "generates" new coins (sum of outputs is larger than its input).

That's why it's called interest.

The first 2 transactions are always related to the generation of the Proof Of Stake block. If there are more than 2 transactions then there are actual coins moving about in that block.

If there are more than 2 transactions in the block then a portion of the extra coins are actually fees and not "new coins".

The coins being generated by Proof Of Stake is actually very low. I'd estimate about 20-40 new coins a day at most.

[WheresMyWallet]

I will address this heap of bs when I get home. we had nothing to do with ultra, I was not hired to do pr.

Is something wrong with the keycoin blockchain and/or client?
...the number of normal transactions is very small. The overall number of transactions is also very small and it is much much smaller than before (check around block 18000 or something).

Under these circumstances the mixer cannot work efficiently because it cannot "hide" transaction(s) that send coins from wallet to mixer.

U DON'T SAY SO?
What did you expect from such a premine, where majority of the coins were mined by special interest groups?
Their business model is simple, it is called a "market corner", you control or buy up the majority of the coins and then you candrive the price high to the sky and sell your coins to the greedy buyers for a hefty profit.

The price then plummets, you buy in and repeat the process.

And koolio, moosa and the rest are no strangers to this, they are in it for the profit to be made, hired a new face (prometheus) to do the positive PR for them, so they can steadily release good looking positive news (irregardless of real progress, that is never relevant, many good projects burned and bad flourished, it is all in the PR) to keep the hopes up to prevent any sell-offs and of course to make people buy and drive the price up.

We all can remember how they screwed it up with the ULTRA, bumface sold them (the small group of early premine buyers) the coins for 50 BTC and they sold it for 500 BTC in all that hype they were making. But bumface to this day believes he can make a coin survive solely on deleting bad posts and keeping the hopes up on empty promises. As soon as it burned, of course koolio and the rest behaved as if they never supported it. But hey, you can't blame them! They forgot about all the other coins they ever supported!

But thank you for informing us where the coins are and how useful the anonymisation really is. ;-)

Don't even validate it by recognizing it Prom. FUD is FUD is FUD.

Have I got another Teabagging FUD groupie to add to my list?
Its a never ending job this, but hey if they want to trade FUD for TBG (the trading pair exchange rate is 1 to 1), I'm more than happy to persist.

[pbremen01]

this transaction actually "generates" new coins (sum of outputs is larger than its input).

That's why it's called interest.

The first 2 transactions are always related to the generation of the Proof Of Stake block. If there are more than 2 transactions then there are actual coins moving about in that block.

Yeah, but two transactions are unnecessary. Only one is needed for interests.

[Petr1fied]

Yeah, but two transactions are unnecessary. Only one is needed for interests.

I really can't comment on whether or not the extra transaction is necessary, that's just the way it is in every Proof Of Stake coin I've ever seen and is no doubt inherited in any coin using Proof Of Stake.

[pbremen01]

Is something wrong with the keycoin blockchain and/or client?

Blockchain explorer shows that almost all of the last several hundreds of blocks contain only one transaction (+coinbase).

This transaction has the same input and output addresses (somebody is sending coins back to himself, could this be related to PoS?). There are almost no normal transactions.

Can someone answer this post? Why there are almost no normal transactions in the blockchain? Only Bagpipe has given reasonable explanation (that enormous amounts of coins are owned by very small number of people who obviously have no need to do transactions). But his answer doesn't explain why number of transactions was much higher before (the people in this small group probably owned enormous amounts of coins from the beginning).

[Petr1fied]

Is something wrong with the keycoin blockchain and/or client?

Blockchain explorer shows that almost all of the last several hundreds of blocks contain only one transaction (+coinbase).

This transaction has the same input and output addresses (somebody is sending coins back to himself, could this be related to PoS?). There are almost no normal transactions.

Can someone answer this post? Why there are almost no normal transactions in the blockchain? Only Bagpipe has given reasonable explanation (that enormous amounts of coins are owned by very small number of people who obviously have no need to do transactions). But his answer doesn't explain why number of transactions was much higher before (the people in this small group probably owned enormous amounts of coins from the beginning).

I've already answered your question. If there are no other transactions then nobody is moving coins around. It doesn't mean anything is broken, blocks will continue to be generated regardless of whether people are moving coins or not.

[smille]

Maybe because the price is great, and people want to trade?

[pr0m3theus2013]

Likely everyone has you on ignore at this point man. You're really digging deep here. I can get a dev to respond to you but we've wasted enough time dealing with your fud. You're not actually asking the question because you have legitimate concern, your taking things that are actually intentional security features that are written in to the coin and other things that are aspects of pos wrapping it up in to a neatly packaged accusatory fud package and attempting to convince people that were up to something. I will give you an official response when I return home and I am at my workstation to diffuse the effect you may have on people that are not aware of how pos works. We however are growing sick of your blatant and constant attempts to deceive investors, I imagine the investors are growing sick of you as well. I have a question for you. What is your motivation? Why are you trying so hard to fud us and choke our innovation?

[Bagpipe]

Is something wrong with the keycoin blockchain and/or client?

Blockchain explorer shows that almost all of the last several hundreds of blocks contain only one transaction (+coinbase).
This transaction has the same input and output addresses (somebody is sending coins back to himself, could this be related to PoS?). There are almost no normal transactions.

Can someone answer this post? Why there are almost no normal transactions in the blockchain? Only Bagpipe has given reasonable explanation (that enormous amounts of coins are owned by very small number of people who obviously have no need to do transactions). But his answer doesn't explain why number of transactions was much higher before (the people in this small group probably owned enormous amounts of coins from the beginning).

Ask yourself a different question: who would transport coins where and for what reason?
Either you have your coins in an exchange or in your wallet and try to generate more.
Basically, the release model of this coin is made in a way that is likely to generate exponential rise in the price, but then, the coin count rise is ALSO exponential and one day the coin amount will catch up with it.
That may trigger a bigger sell-off, slashing the price and secondary wallet movements and resultant price fluctuations. Then again the price will settle for a while, while the new coin owners exponentially breed them again.

The exponential breeding is the main "killer feature" of the coin, it makes the price unsustainable, basically worse than FIAT currencies, where 20% money print supply over the previous year would be considered as something like Zimbabwean dollar experiment. Either it will be killed, benefitting the early holders greatly (thus no fair distribution, but hey, that is the point of gettin rich, correct?) or not get killed and making thus the coin another ZimDollar. In crypto terms: DOGE, Microcoin, etc.

So for now the explanation is plain: holders are holding and nobody uses it for payments, everybody is happy with having full wallets and/or trading on exchanges, few early adopters will benefit greatly if the whole marketing and PR thing does not fail. As simple as that.

[Bagpipe]

Likely everyone has you on ignore at this point man. You're really digging deep here. I can get a dev to respond to you but we've wasted enough time dealing with your fud. You're not actually asking the question because you have legitimate concern, your taking things that are actually intentional security features that are written in to the coin and other things that are aspects of pos wrapping it up in to a neatly packaged accusatory fud package and attempting to convince people that were up to something. I will give you an official response when I return home and I am at my workstation to diffuse the effect you may have on people that are not aware of how pos works. We however are growing sick of your blatant and constant attempts to deceive investors, I imagine the investors are growing sick of you as well. I have a question for you. What is your motivation? Why are you trying so hard to fud us and choke our innovation?

Don't be so hard on them, they just asked a simple question.

[pr0m3theus2013]

I see where you get your name bagpipe, because you're full if hot air. the 20% is the equivalent of mining without the use of equipment

[RichardT]

Blah blah blah. Blah blah blah blah.

That's really all I hear. Looks like pbremen01 brought in another fellow Fudder to help him out lol. This is so sad, it's not even funny.

[Petr1fied]

Basically, the release model of this coin is made in a way that is likely to generate exponential rise in the price, but then, the coin count rise is ALSO exponential and one day the coin amount will catch up with it.

With Proof Of Work finished, only 913,592 coins in existence and 20% interest per annum you're not going to see anywhere near the inflation of most other coins which generate many thousands of coins a day.

Even taking compound interest into account the slow rate at which new coins are being generated could be very easily absorbed by the market.

There have been 316.4928275 new coins generated since proof of work ended on 18th July 2014. That is less than 20 new coins a day generated by way of Proof of Stake.

[smille]

Basically, the release model of this coin is made in a way that is likely to generate exponential rise in the price, but then, the coin count rise is ALSO exponential and one day the coin amount will catch up with it.

With Proof Of Work finished, only 913,592 coins in existence and 20% interest per annum you're not going to see anywhere near the inflation of most other coins which generate many thousands of coins a day.

Even taking compound interest into account the slow rate at which new coins are being generated could be very easily absorbed by the market.

There have been 316.4928275 new coins generated since proof of work ended on 18th July 2014. That is less than 20 new coins a day generated by way of Proof of Stake.

They're trying soooo hard

[WheresMyWallet]

Basically, the release model of this coin is made in a way that is likely to generate exponential rise in the price, but then, the coin count rise is ALSO exponential and one day the coin amount will catch up with it.

With Proof Of Work finished, only 913,592 coins in existence and 20% interest per annum you're not going to see anywhere near the inflation of most other coins which generate many thousands of coins a day.

Even taking compound interest into account the slow rate at which new coins are being generated could be very easily absorbed by the market.

There have been 316.4928275 new coins generated since proof of work ended on 18th July 2014. That is less than 20 new coins a day generated by way of Proof of Stake.

They're trying soooo hard

wow that exponential rise is just ... oh wait its just FUD ... again (Insert Teabagging here)

[pbremen01]

Basically, the release model of this coin is made in a way that is likely to generate exponential rise in the price, but then, the coin count rise is ALSO exponential and one day the coin amount will catch up with it.

With Proof Of Work finished, only 913,592 coins in existence and 20% interest per annum you're not going to see anywhere near the inflation of most other coins which generate many thousands of coins a day.

Even taking compound interest into account the slow rate at which new coins are being generated could be very easily absorbed by the market.

There have been 316.4928275 new coins generated since proof of work ended on 18th July 2014. That is less than 20 new coins a day generated by way of Proof of Stake.

Can you verify your calculations?

20% interests per annum is not equivalent to 316 coins in 16 or 17 days (I assumed daily compounding of interests).

[RichardT]

I believe it's 20% only for wallets that are actively staking. Not everyone who owns a wallet leave theirs on to stake. In fact, probably only a small percentage do right now.

Again you're trying so hard. It's getting pretty pathetic man.

[Petr1fied]

Can you verify your calculations?

Of course.

Look at block 4500 on the block explorer. (The last Proof Of Work block)

Outstanding coins = 913,277.500272311

Deduct the Outstanding Coins value above from that of the current block. Using block 21588 at the time I type this:

Outstanding coins = 913,595.438148831

913,595.438148831 - 913,277.500272311 = 317.93787652

Block 4500 was created at 4:19 am (GMT) on 18th July that's currently ~2 hours short of 16 days.

317.93787652 / 16 = 19.8711172825

20% interests per annum is not equivalent to 316 coins in 16 or 17 days (I assumed daily compounding of interests).

You're also assuming everyone is staking. Bittrex holds ~47% of all coins and most of their wallet addresses seem to be flagged as belonging to them. I don't think I've ever seen one of those flagged addresses staking.