[ANN][RSU]█ ReserveShare █ NXT AE | FAIR distribution | First POR| UNIQUE Source

[biggus dickus]

Did the original "dev" dump everything he had, or is he still holding anything?

[bee7]

Did the original "dev" dump everything he had, or is he still holding anything?

The asset creating account has no assets left. However he could bought his own sell from another account.

[SnjafSnjaf]

I was off for few days and now i see that you guys really started this... I am curios what will happen with people on list that didn't acquire assets, that waited for wallet?

 

[biggus dickus]

I was off for few days and now i see that you guys really started this... I am curios what will happen with people on list that didn't acquire assets, that waited for wallet?

 

They get nothing

After consideration of the situation I do not see any option other than to distribute the coins to be created between the current actual asset owners.


I am sorry for these, who did not claim their stakes, but this is the only fair solution for these who bought the asset with NXT.

[SnjafSnjaf]

I was off for few days and now i see that you guys really started this... I am curios what will happen with people on list that didn't acquire assets, that waited for wallet?

 

They get nothing

After consideration of the situation I do not see any option other than to distribute the coins to be created between the current actual asset owners.


I am sorry for these, who did not claim their stakes, but this is the only fair solution for these who bought the asset with NXT.

Well that kinda sucks for me since i didn't acquired assets because i believed that dev will deliver... Foolish me... Well, i will wait for coin to go live so that i can buy some.  

[halorose]

what are we waiting for ?will anyone lead the taking over?

[DarkhorseofNxt]

what are we waiting for ?will anyone lead the taking over?

We have started.

[DarkhorseofNxt]

So, now we need to define these key coin properties:

1) the total supply to be initially issued
2) the block target time
3) The minimum and maximum coin stake age
4) the yearly PoS interest

1)Upto the general consensus, but 1 million should be good to start with?
2) 60 seconds?
3) Maybe weekly and 30 days?
4) 8% or 9%? ( i calculated if we use 9% per annum, total coins in 20 years would be around 20 mil)

1) and 2) seems to me reasonable. Shorter times gives no big advantage.
3) 7d min and 30d max looks good. Shorter periods (say 1-2 days) for minimum age decrease the security of the network significantly.
4) up to community. The note on supply in 20 years: the average coin age with 7d min/30d max when it stakes would be ~17 days. Thus, there are ~21.47 staking periods a year, or ~420 periods in 20 years. The 17 days interest is 0.09*17/365, or 0.004191781 (0.4191781%). Hence, the coin supply in 20 years would be 1mln * 1.004191781 ^ 420, or ~5.79mln. This is close to the theoretical maximum if all coins participate in staking. The actual supply would be smaller in 20 years as any spend transaction resets the coin age and not all coins participate in staking due to lost/not running wallets.

5) I am thinking, if we can limit the max number of coin that an account can keep? This will avoid the over staking of 1 account. Yes, i know what is the next question coming, what is stopping from a person creating multiple account. That would be one of the security measures. Instead of keeping in a single bucket, why dont diversify? My suggestion. I am treating RS as a bank account.

This question is a religious one: some people are happy to keep all their coins in a single address; other people see the address reuse a bad practice. I belong to the latter group. Though, the PoS coin implies the address reuse due to specifics of PoS implementation. Technically we could implement the tx rejection if the destination address total balance would exceed some limit, but then these checks should be implemented in tx & block conformance check functions. This makes a load on nodes quite significant (there is no such thing as a record of a current address balance, the current address balance is a sum of all unspent inputs).

6) Can the wallet come with 2FA? What do think you of this?

It would only make people overestimate the actual level of security: finally, a wallet file is encrypted with some symmetric encryption key, so if a hacker manages to intercept the encryption key then he has a full access to a wallet. The n-factor authentication is relevant there where are no access of a hacker to the system you are authenticating to and you have more than one (virtual) channels of communication with that system, e.g. a voice phone call in either direction, an HW solution to generate a one-time password, a SecurID or alike.

One more question: is the community going to stick with 'Reserve Share Unit' name for a single unit of coin to be created or the community would like to use more common word 'coin' for a unit, so the name of unit became 'Reserve Share Coin'?
I need this to know in order to prepare the wallet's source code.

I was thinking of removing "unit" and just keep RS. I am thinking of this dialogue "RS me x amount of coins", "dude, RS me something..".
Can someone be creative to change the word of RS to something better?

Well, the 'Reserve Share(s)' is also an option, what the community thinks?

Anyone else wants to add their point of view?

[DarkhorseofNxt]

Not going to bother reading all this shit, but its kinda obvious you fools are trying some kind of community take over.

Why do people do that? Just fucking drop it. Dont try to revive a tainted name. If you guys really want to start a coin as a community, just go and start a completely new one. You're free to steal concepts from RSU since it was all a scam anyway.

Seriously the only reason why people do community take overs are because they are bagholding the coins and think any type of development on a tainted coin is going to increase the value so they could dump their bags.

I get it. But it doesnt make sense since the majority of people who was part of the Free Distribution never got their coins anyway. The only true bagholders are the idiots who bought the asset on NXT exchange before any signifcant or any proof of development on the coin was proven by the dev. ffs this didnt even have a wallet and people actually bought this shit. It's like buying a rock and hoping it will turn into gold. Invest smarter next time.

Learn the lesson, and let this coin die. End this community takeover nonsense.

You will have the chance to say, i told you so later but not now.   

[bee7]

Two more questions regarding coin specs taking to account that the initial coin supply would be 1 million coins:

7) The minimum tx amount (we need to define this to prevent the blockchain spam with 'dust')

8 ) The base transaction fee (a fee per tx and per each extra kb of tx size)

[juicejoyce]

Did the original "dev" dump everything he had, or is he still holding anything?

so funny of you to image the dev still holding on ?
he is early dumping and out ,left nothig.

[DarkhorseofNxt]

Two more questions regarding coin specs taking to account that the initial coin supply would be 1 million coins:

7) The minimum tx amount (we need to define this to prevent the blockchain spam with 'dust')

8 ) The base transaction fee (a fee per tx and per each extra kb of tx size)

1 rs per tx. But it would be considered very expensive. Can we make it to decimal?

8. Hmmm what would be the best option? .. thinking min to be 0.01 with max to 1.

[josegines]

Two more questions regarding coin specs taking to account that the initial coin supply would be 1 million coins:

7) The minimum tx amount (we need to define this to prevent the blockchain spam with 'dust')

8 ) The base transaction fee (a fee per tx and per each extra kb of tx size)

1 rs per tx. But it would be considered very expensive. Can we make it to decimal?

8. Hmmm what would be the best option? .. thinking min to be 0.01 with max to 1.

Thanks for your work. I see that you have knowledge to give an impulse to this project.

[DarkhorseofNxt]

Is it possible to age a running node? What incentive a node will get apart of tx? I am questioning myself here.  outputs welcome!

[meccoin4me]

Two more questions regarding coin specs taking to account that the initial coin supply would be 1 million coins:

7) The minimum tx amount (we need to define this to prevent the blockchain spam with 'dust')

8 ) The base transaction fee (a fee per tx and per each extra kb of tx size)

1 rs per tx. But it would be considered very expensive. Can we make it to decimal?

8. Hmmm what would be the best option? .. thinking min to be 0.01 with max to 1.

Thanks for your work. I see that you have knowledge to give an impulse to this project.

also tanx from here , 100% trust in the guys who are busy with Reserveshare at the moment , keep going people ,you already have an community

[bee7]

Is it possible to age a running node? What incentive a node will get apart of tx? I am questioning myself here.   outputs welcome!

The node get the transaction fees when it stakes a block (apart from stake interest)


7. I think that the min tx amt of 1 full unit is too much when you have 1 million supply. I would make it 0.1 or even 0.01.

8. the same as min tx amount or one order less than min tx amount.

[biggus dickus]

Did the original "dev" dump everything he had, or is he still holding anything?

so funny of you to image the dev still holding on ?
he is early dumping and out ,left nothig.

Once it became obvious he was dumping the price crashed down to next to nothing. He might not have considered it worth it to dump his remaining coins for next to nothing.

[DenisZabar]

Been away for a while, good to know someone is willing to take up the project. But my concern is will earlier stakeholders like me, who have not claimed their RSU will get a share of the project, or we have been kicked out of the project....

Anyone who currently hold an RS asset will get his share of coins. The list of all current holders to be composed by Darkhorse. The final date to submit claims will be announced in advance.

What about users that did not take NXT assests? I was the one who waited for wallet release?

[kora2]

Anyone else wants to add their point of view?

We could consider learning from Hyperstake - https://bitcointalk.org/index.php?topic=678849.0 - I like the 'experimental' aspect to what they're trying to do with PoS through having a very large stake %, but also having inflation control via a maximum block reward, and max generation.

The incentive is definitely to hold your coins to get the high stake, (so there's little dumping), but the maximum block reward keeps inflation under 'relative' control, so the ECONOMICS of Hyperstake are quite different to other PoS coins.

IMO we could do something similar to Hyperstake with high interest % & maximum stake amounts, but 'extend' it, maybe have interest at 1000% and max stake at 1500.

IMO coin tech innovation in this community is always the main focus, but innovation can also come from economic incentives.


These are Hyperstake's vital statistics:
-X11 PoW blocks already phased out
-Proof of Stake Blocks Only
-90 Second Block Time
-Minimum Age - 8.8 days (rounded)
-Maximum Age - 30 days
-Annual Interest Rate - 750%
-Maximum Stake Subsidy - 1,000 HYP
-Recommended Block Size - 1,000-4,000 HYP

Inflation control is a very necessity for coins with high interest. The higher the interest rate of a cryptocurrency, the worst the risk of falling into hyperinflation. Some mechanisms have been created to counter this risk. In HyperStake, the two chosen mechanism are max subsidy and max generation.

Max generation is another area we could experiment with, just by changing the coin parameters.

max generation is, alongside max subsidy, one of the two inflation control mechanisms in HyperStake. Even if there is no limit to the amount of coins (HyperStake, like most high-PoS coin, is an inflationary coin, so no risk of people screaming "premine!" after several years), every day, there will be no more than 960,000 HYP (960 blocks) new coin created.

dixit presstab

The max generation by definition is when each stake will be 1,000 HYP, thus hitting the ceiling each time. Right now we are about halfway to max generation. I don't think we will hit max generation for a long time, because people will always be trying to size their blocks small enough to get rewards that are less than 1,000. I think what really is going to happen is that there will be a fight to stay under max generation, this will mean smaller blocks, and smaller blocks will mean higher difficulty.
This is turn means the difficulty will constantly go higher. Since this is PoS, this cannot be offset by "bigger miners" (as in PoW) so adjustement will go by taking longer.

source: http://hyperstake.wikia.com/wiki/Inflation_control

[DarkhorseofNxt]

Anyone else wants to add their point of view?

We could consider learning from Hyperstake - https://bitcointalk.org/index.php?topic=678849.0 - I like the 'experimental' aspect to what they're trying to do with PoS through having a very large stake %, but also having inflation control via a maximum block reward, and max generation.

The incentive is definitely to hold your coins to get the high stake, (so there's little dumping), but the maximum block reward keeps inflation under 'relative' control, so the ECONOMICS of Hyperstake are quite different to other PoS coins.

IMO we could do something similar to Hyperstake with high interest % & maximum stake amounts, but 'extend' it, maybe have interest at 1000% and max stake at 1500.

IMO coin tech innovation in this community is always the main focus, but innovation can also come from economic incentives.


These are Hyperstake's vital statistics:
-X11 PoW blocks already phased out
-Proof of Stake Blocks Only
-90 Second Block Time
-Minimum Age - 8.8 days (rounded)
-Maximum Age - 30 days
-Annual Interest Rate - 750%
-Maximum Stake Subsidy - 1,000 HYP
-Recommended Block Size - 1,000-4,000 HYP

Inflation control is a very necessity for coins with high interest. The higher the interest rate of a cryptocurrency, the worst the risk of falling into hyperinflation. Some mechanisms have been created to counter this risk. In HyperStake, the two chosen mechanism are max subsidy and max generation.

Max generation is another area we could experiment with, just by changing the coin parameters.

max generation is, alongside max subsidy, one of the two inflation control mechanisms in HyperStake. Even if there is no limit to the amount of coins (HyperStake, like most high-PoS coin, is an inflationary coin, so no risk of people screaming "premine!" after several years), every day, there will be no more than 960,000 HYP (960 blocks) new coin created.

dixit presstab

The max generation by definition is when each stake will be 1,000 HYP, thus hitting the ceiling each time. Right now we are about halfway to max generation. I don't think we will hit max generation for a long time, because people will always be trying to size their blocks small enough to get rewards that are less than 1,000. I think what really is going to happen is that there will be a fight to stay under max generation, this will mean smaller blocks, and smaller blocks will mean higher difficulty.
This is turn means the difficulty will constantly go higher. Since this is PoS, this cannot be offset by "bigger miners" (as in PoW) so adjustement will go by taking longer.

source: http://hyperstake.wikia.com/wiki/Inflation_control

But Kora, what is the point of just holding and staking, if they dont spend. How do they secure the nodes? What is the incentive for the nodes?

The max generation by definition is when each stake will be 1,000 HYP, thus hitting the ceiling each time. Right now we are about halfway to max generation. I don't think we will hit max generation for a long time, because people will always be trying to size their blocks small enough to get rewards that are less than 1,000. I think what really is going to happen is that there will be a fight to stay under max generation, this will mean smaller blocks, and smaller blocks will mean higher difficulty.
This is turn means the difficulty will constantly go higher. Since this is PoS, this cannot be offset by "bigger miners" (as in PoW) so adjustement will go by taking longer.

This is something like account limit. One gets rewarded for keeping the max account to the limit. Something we can look into.

IMO we could do something similar to Hyperstake with high interest % & maximum stake amounts, but 'extend' it, maybe have interest at 1000% and max stake at 1500.

We will have a lot of coins end of the day but lesser value by increasing more that has no function. This can be done when the value of the coin is very high imo. Something we can consider when we have done the fiat-token system in place.

bee,

All these parameters can be changed, right? Maybe you can highlight, which can be changed and which are the ones that cannot be changed. Might be helpful.