[ANN][SLG] Sterlingcoin v1.7 | United Kingdom |

[Sterlingcoin]

Whole process is now clear!
Thanks dev!

No problem. It seemed from the help of the community and final word from us, all has been made clear. Well done all

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[frant100]

Ok first part is clear to me, but to honest I dont understand

closed wallet wont affect stake profit over time but will affect network and that's why staking devides your staked block by 2 to make 2 blocks required for the next stage the 4 then 8 - 16 - 32 - 64 etc

My coins in wallet are "mining" and make new coins for me. But why staked blocks will be divided by 2 is unclear to me  

the reason for it is to keep the network running smooth

when POW is over the network needs to replace the new POW block created  every 2 minutes with new stake blocks created every 2 minutes but there wont be enough users with open wallets to do this so the network will collapse

the way around that is for the wallet to divide each staked block by 2 which will create twice as many blocks then when everyone stakes again we get 4x then 8x then 16 times and then there is enough people staking many blocks to allow transactions to take place every 2 minutes and every block counts as a confirmation in a transaction

I think we don't have coin control yet (I may be wrong I cant be bothered looking) but when the dev sees the coin can support itself in pure POS mode then they will give us coin control so we can regroup our small blocks back into big ones

#

it seems the devs have given us coin control but just look at it for now don't use it until you know you have figured out how to use it. its easy to group coins that could have been staked and loose the interest

you can enable it in settings

[Sterlingcoin]

Ok first part is clear to me, but to honest I dont understand

closed wallet wont affect stake profit over time but will affect network and that's why staking devides your staked block by 2 to make 2 blocks required for the next stage the 4 then 8 - 16 - 32 - 64 etc

My coins in wallet are "mining" and make new coins for me. But why staked blocks will be divided by 2 is unclear to me  

the reason for it is to keep the network running smooth

when POW is over the network needs to replace the new POW block created  every 2 minutes with new stake blocks created every 2 minutes but there wont be enough users with open wallets to do this so the network will collapse

the way around that is for the wallet to divide each staked block by 2 which will create twice as many blocks then when everyone stakes again we get 4x then 8x then 16 times and then there is enough people staking many blocks to allow transactions to take place every 2 minutes and every block counts as a confirmation in a transaction

I think we don't have coin control yet (I may be wrong I cant be bothered looking) but when the dev sees the coin can support itself in pure POS mode then they will give us coin control so we can regroup our small blocks back into big ones

#

it seems the devs have given us coin control but just look at it for now don't use it until you know you have figured out how to use it. its easy to group coins that could have been staked and loose the interest

you can enable it in settings

Sterlingcoin is YOUR currency. Why shouldn't you be able to earn interest on YOUR currency the second its in YOUR possession?

Also Coin Control (amazing name) is exactly that, you in control of your Sterlingcoin.

But. Be careful, this is intended for advanced users only.

[Sterlingcoin]

We do also advise to reduce risk if you guys want to start moving folders and files in the hidden data directory (/Sterlingcoin) to a new wallet to detach databases at shutdown.

This can be found within the options of the Sterlingcoin-QT wallet.

[frant100]

Ok first part is clear to me, but to honest I dont understand

closed wallet wont affect stake profit over time but will affect network and that's why staking devides your staked block by 2 to make 2 blocks required for the next stage the 4 then 8 - 16 - 32 - 64 etc

My coins in wallet are "mining" and make new coins for me. But why staked blocks will be divided by 2 is unclear to me  

the reason for it is to keep the network running smooth

when POW is over the network needs to replace the new POW block created  every 2 minutes with new stake blocks created every 2 minutes but there wont be enough users with open wallets to do this so the network will collapse

the way around that is for the wallet to divide each staked block by 2 which will create twice as many blocks then when everyone stakes again we get 4x then 8x then 16 times and then there is enough people staking many blocks to allow transactions to take place every 2 minutes and every block counts as a confirmation in a transaction

I think we don't have coin control yet (I may be wrong I cant be bothered looking) but when the dev sees the coin can support itself in pure POS mode then they will give us coin control so we can regroup our small blocks back into big ones

#

it seems the devs have given us coin control but just look at it for now don't use it until you know you have figured out how to use it. its easy to group coins that could have been staked and loose the interest

you can enable it in settings

Sterlingcoin is YOUR currency. Why shouldn't you be able to earn interest on YOUR currency the second its in YOUR possession?

Also Coin Control (amazing name) is exactly that, you in control of your Sterlingcoin.

But. Be careful, this is intended for advanced users only.

agree, its too easy to loose stakeable coins  enable with caution

[frant100]

heres a video that reminds me of a vision of the future when the last of the fiat users say no to using SLG as the main currency

https://www.youtube.com/watch?v=I1AftyedLrI

[syncsam]

So if you want to keep you coins offline (most of the time), could you have the client open with a new wallet.dat file that doesn't have any coins in and set to stake, which helps the network then once in a while start your original wallet.dat file up and stake the coins in your wallet?? would that work, or do you need coins in the staking wallet?

[Sterlingcoin]

So if you want to keep you coins offline (most of the time), could you have the client open with a new wallet.dat file that doesn't have any coins in and set to stake, which helps the network then once in a while start your original wallet.dat file up and stake the coins in your wallet?? would that work, or do you need coins in the staking wallet?

No coins = nothing to stake = no staking

[syncsam]

So if you want to keep you coins offline (most of the time), could you have the client open with a new wallet.dat file that doesn't have any coins in and set to stake, which helps the network then once in a while start your original wallet.dat file up and stake the coins in your wallet?? would that work, or do you need coins in the staking wallet?

No coins, nothing to stake = no staking

so if you have 0.00000001 coin in the wallet it would support the network?

<edit> would like to support the network without leaving my coins online

[frant100]

So if you want to keep you coins offline (most of the time), could you have the client open with a new wallet.dat file that doesn't have any coins in and set to stake, which helps the network then once in a while start your original wallet.dat file up and stake the coins in your wallet?? would that work, or do you need coins in the staking wallet?

no an empty open wallet wont help it will just waste your electricity
a block that supports the network is a block that matures and mints you some new coins so to help the network and yourself your coins need to be in the open wallet

a strong password of 20 characters or more is pretty much bulletproof for modern computers  so if your worried about security be sure to make a long password containing a mixture of capitals lower case and special characters such as ,.@&£ etc

my password started off 7 characters for bitcoin and as I remembered the pass I would add random characters to it 3 at a time and it is now 28 characters long and no brute force attack can compromise it until quantum computing arrives

[Sterlingcoin]

So if you want to keep you coins offline (most of the time), could you have the client open with a new wallet.dat file that doesn't have any coins in and set to stake, which helps the network then once in a while start your original wallet.dat file up and stake the coins in your wallet?? would that work, or do you need coins in the staking wallet?

No coins, nothing to stake = no staking

so if you have 0.00000001 coin in the wallet it would support the network?

<edit> would like to support the network without leaving my coins online

The minimum stake is actually calculated.

unsigned int ComputeMinStake(unsigned int nBase, int64_t nTime, unsigned int nBlockTime)
{
    return ComputeMaxBits(bnProofOfStakeLimit, nBase, nTime);
}

[frant100]

So if you want to keep you coins offline (most of the time), could you have the client open with a new wallet.dat file that doesn't have any coins in and set to stake, which helps the network then once in a while start your original wallet.dat file up and stake the coins in your wallet?? would that work, or do you need coins in the staking wallet?

No coins, nothing to stake = no staking

so if you have 0.00000001 coin in the wallet it would support the network?

<edit> would like to support the network without leaving my coins online

small amounts wont work in my experience of pos  large blocks are favoured over small blocks but age is also a factor

0.00000001 cant be staked because its the smallest amount possible and there aren't enough decimal places to stake even 1 steroshhi

if you want to support the network but are paranoid about leaving coins on the net use 20+ char pass

when people refer to leaving coins online they usually are talking about exchanges and online wallets

as long as you have a good long password your fine for a personal wallet

[Sterlingcoin]

So if you want to keep you coins offline (most of the time), could you have the client open with a new wallet.dat file that doesn't have any coins in and set to stake, which helps the network then once in a while start your original wallet.dat file up and stake the coins in your wallet?? would that work, or do you need coins in the staking wallet?

No coins, nothing to stake = no staking

so if you have 0.00000001 coin in the wallet it would support the network?

<edit> would like to support the network without leaving my coins online

small amounts wont work in my experience of pos  large blocks are favoured over small blocks but age is also a factor

0.00000001 cant be staked because its the smallest amount possible and there aren't enough decimal places to stake even 1 steroshhi

if you want to support the network but are paranoid about leaving coins on the net use 20+ char pass

when people refer to leaving coins online they usually are talking about exchanges and online wallets

as long as you have a good long password your fine for a personal wallet

and a backup

[frant100]

So if you want to keep you coins offline (most of the time), could you have the client open with a new wallet.dat file that doesn't have any coins in and set to stake, which helps the network then once in a while start your original wallet.dat file up and stake the coins in your wallet?? would that work, or do you need coins in the staking wallet?

No coins, nothing to stake = no staking

so if you have 0.00000001 coin in the wallet it would support the network?

<edit> would like to support the network without leaving my coins online

The minimum stake is actually calculated.

unsigned int ComputeMinStake(unsigned int nBase, int64_t nTime, unsigned int nBlockTime)
{
    return ComputeMaxBits(bnProofOfStakeLimit, nBase, nTime);
}

anyone can translate that into english I would appreciate it 

[frant100]

So if you want to keep you coins offline (most of the time), could you have the client open with a new wallet.dat file that doesn't have any coins in and set to stake, which helps the network then once in a while start your original wallet.dat file up and stake the coins in your wallet?? would that work, or do you need coins in the staking wallet?

No coins, nothing to stake = no staking

so if you have 0.00000001 coin in the wallet it would support the network?

<edit> would like to support the network without leaving my coins online

small amounts wont work in my experience of pos  large blocks are favoured over small blocks but age is also a factor

0.00000001 cant be staked because its the smallest amount possible and there aren't enough decimal places to stake even 1 steroshhi

if you want to support the network but are paranoid about leaving coins on the net use 20+ char pass

when people refer to leaving coins online they usually are talking about exchanges and online wallets

as long as you have a good long password your fine for a personal wallet

and a backup

omg yes of course I forgot the important bit

I have truecrypt backups on 3 internal drives and a truecrypt usb  

thanks dev

[frant100]

im far from a pro I started with dogecoin last December and worked my way from there 

I have learned a lot and lost more

crypto is a constant learning curve due to its constant development

glad I was able to help  people tonight with the knowledge I have learned over the last ** months

made 7 btc since I started and that is from nothing (I mined doge to get my first coins)

lost 5 btc on coinex(bastards)

hope things go better in my second year

[frant100]

can you tell Im drunk

[Sterlingcoin]

We're aware the offical pool stratum has just stopped. Just restarting. Please stand by.

[syncsam]

can you tell Im drunk

lol the best state to be in when posting, you can't be that drunk you don't sound like my drunk texts yet

Cheers for the info sterling coin and frant100

[Sterlingcoin]

Pool back up.