Bitcoin Forum
October 21, 2017, 04:23:43 PM *
News: Latest stable version of Bitcoin Core: 0.15.0.1  [Torrent]. (New!)
 
   Home   Help Search Donate Login Register  
Pages: « 1 2 [3] 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 ... 58 »
  Print  
Author Topic: (ANN) Netcoin has gone POS! With PIR & OWI  (Read 93798 times)
Vlad2Vlad
Legendary
*
Offline Offline

Activity: 1610


iXcoin - 'The Twin'


View Profile
August 24, 2014, 09:25:23 PM
 #41

So if I have 1 million coins, I need to divide them up into 10 100k Netcoin blocks? how will the client know I need to earn 80%?

Or do I just keep my 1 million coins in one block to earn the 80%?


80% interest?

WHAT?

Please tell me the devs aren't diluting this coin by that much.

5% interest PER YEAR would have been plenty and 10% would have been generous. 


Wow.

So can someone clarify cause I have 1 million NET in an exchange where I'm obviously not getting any stake.

Thanks!


The Original Bitcoin Clone:  www.IXcoin.net
1508603023
Hero Member
*
Offline Offline

Posts: 1508603023

View Profile Personal Message (Offline)

Ignore
1508603023
Reply with quote  #2

1508603023
Report to moderator
1508603023
Hero Member
*
Offline Offline

Posts: 1508603023

View Profile Personal Message (Offline)

Ignore
1508603023
Reply with quote  #2

1508603023
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1508603023
Hero Member
*
Offline Offline

Posts: 1508603023

View Profile Personal Message (Offline)

Ignore
1508603023
Reply with quote  #2

1508603023
Report to moderator
1508603023
Hero Member
*
Offline Offline

Posts: 1508603023

View Profile Personal Message (Offline)

Ignore
1508603023
Reply with quote  #2

1508603023
Report to moderator
Netcoin Foundation
Full Member
***
Offline Offline

Activity: 191

Promoting Independence and Personal Responsibility


View Profile WWW
August 24, 2014, 09:55:04 PM
 #42

So if I have 1 million coins, I need to divide them up into 10 100k Netcoin blocks? how will the client know I need to earn 80%?

Or do I just keep my 1 million coins in one block to earn the 80%?


80% interest?

WHAT?

Please tell me the devs aren't diluting this coin by that much.

5% interest PER YEAR would have been plenty and 10% would have been generous.  


Wow.

So can someone clarify cause I have 1 million NET in an exchange where I'm obviously not getting any stake.

Thanks!

Hi Vlad...

Well... It sounds to me like you are set for staking, all you need to do is take it off the exchange and you're good to go... If you read through the thread who gave a great explanation to it all... It is post #29. You also haven't missed out on any staking yet as staking hasn't even begun yet. It will be kicking in very soon though. Should be within 24 hours now.

I mean there are many coins that give a standard set 5-10% I have seen these threads often and people will say... 5%? Are you a bank? XD

You will never be able to please everyone unfortunately, we wanted to make something different to give Netcoin an edge and we think we achieved that. On the whole most are very happy with it so far.

Also to note not everyone stakes, not everyone will be getting 80% a year...

Also in years 2 and 3 the gap closes between the higher and lower rates.

Hope this helps.

Netcoin Developer

Meee

EDIT: Also Vlad, since we released the news volume has gone up and the price has gone up, so I think this is a great indication of how most people feel about the new reward system.

Netcoin Foundation
Full Member
***
Offline Offline

Activity: 191

Promoting Independence and Personal Responsibility


View Profile WWW
August 25, 2014, 12:10:16 AM
 #43

Get ready for Block 420,000!

Everybody must upgrade to the very latest wallet!



netcoind users
Building netcoind:
git clone https://github.com/netcoinfoundation/netcoin.git
cd netcoin/src
mkdir obj
make -f makefile.unix "USE_UPNP="

Note for multipools/exchanges:
If you maintain your own version of the wallet code, make sure you have included the commit 'Prevent potential PIR calc. overflow' from Saturday 23rd August
https://github.com/netcoinfoundation/netcoin/commit/293c815327ef374f6b044e6332f74c6b819aecdc



netcoin-qt users

You should update now to make absolutely sure we are on the same software when block 420,000 is reached.

The correct wallet looks like this at the bottom of the overview page:

Correct wallet with POW and POS statistics panels


If you have already re-downloaded the block-chain for the 2.1 wallet, you do not need to do this again

Just get the latest wallet software download from the netcoinfoundation.org site, or recompile from the netcoinfoundation/netcoin github repository.
http://www.netcoinfoundation.org
https://github.com/netcoinfoundation/netcoin

I'm excited and looking forward to the switch over on block 420,000

http://forum.netcoinfoundation.org/post/10528

who (Netcoin Developer)

yogibaer
Legendary
*
Online Online

Activity: 957



View Profile
August 25, 2014, 05:49:26 AM
 #44


netcoind users
Make sure you have picked up and compiled the commit 'Prevent potential PIR calc. overflow' from Saturday 23rd August
https://github.com/netcoinfoundation/netcoin/commit/293c815327ef374f6b044e6332f74c6b819aecdc



Just get the latest wallet software download from the netcoinfoundation.org site, or recompile from the netcoinfoundation/netcoin github repository.
http://www.netcoinfoundation.org
https://github.com/netcoinfoundation/netcoin


Do I only clone the guthub source again and compile netcoind to have the fixes? or is there something else to do?
Netcoin Foundation
Full Member
***
Offline Offline

Activity: 191

Promoting Independence and Personal Responsibility


View Profile WWW
August 25, 2014, 07:11:34 AM
 #45

Yes, simply clone the github and compile the netcoind.  

git clone https://github.com/netcoinfoundation/netcoin.git
cd netcoin/src
mkdir obj
make -f makefile.unix "USE_UPNP="

You'll be good to go!

Some of the exchanges maintain their own version of the wallet. I mentioned the important commit for their benefit.

yogibaer
Legendary
*
Online Online

Activity: 957



View Profile
August 25, 2014, 07:41:43 AM
 #46

Netcoin Foundation

thx for the quick answer! Did that already! Let POS/PIR come !!!!! YAY!!!!
Netcoin Foundation
Full Member
***
Offline Offline

Activity: 191

Promoting Independence and Personal Responsibility


View Profile WWW
August 25, 2014, 10:56:38 AM
 #47

[bump]
Get ready for Block 420,000!

Approx 5 hours to go now.

Everybody must upgrade to the very latest wallet!

note that a critical issue was fixed over the weekend, please see post #43 above to check you are on the correct wallet.

who (Netcoin Developer)

LordPiccolo
Hero Member
*****
Offline Offline

Activity: 910


View Profile
August 25, 2014, 11:10:36 AM
 #48

wallet is looking good chaps, very nice!
Netcoin Foundation
Full Member
***
Offline Offline

Activity: 191

Promoting Independence and Personal Responsibility


View Profile WWW
August 25, 2014, 01:50:53 PM
 #49

[bump]
Get ready for Block 420,000!

Approx 2 hours to go now.

Everybody must upgrade to the very latest wallet!

note that a critical issue was fixed over the weekend, please see post #43 above to check you are on the correct wallet.

who (Netcoin Developer)

CRYPTONAIRE
Sr. Member
****
Offline Offline

Activity: 323


Quality Crypto Collector


View Profile WWW
August 25, 2014, 03:34:12 PM
 #50

[bump]
Get ready for Block 420,000!

Approx 2 hours to go now.

Everybody must upgrade to the very latest wallet!

note that a critical issue was fixed over the weekend, please see post #43 above to check you are on the correct wallet.

who (Netcoin Developer)

I note that my latest wallet version has two small coin piles where you seem to have a padlock (bottom right corner).

Still correct version?

★ F.B.I ★ Federated Blockchains Initiative : Progress through Co-operation ★ F.B.I ★
★★★  Attention!!  The FinanceCloud API is coming; see link under avatar!!  ★★★
LordPiccolo
Hero Member
*****
Offline Offline

Activity: 910


View Profile
August 25, 2014, 04:12:29 PM
 #51

5 blocks to go!
CRYPTONAIRE
Sr. Member
****
Offline Offline

Activity: 323


Quality Crypto Collector


View Profile WWW
August 25, 2014, 04:18:43 PM
 #52

Staking!!  Grin

★ F.B.I ★ Federated Blockchains Initiative : Progress through Co-operation ★ F.B.I ★
★★★  Attention!!  The FinanceCloud API is coming; see link under avatar!!  ★★★
LordPiccolo
Hero Member
*****
Offline Offline

Activity: 910


View Profile
August 25, 2014, 04:29:35 PM
 #53

Smooth!!!!!!!!!
CRYPTONAIRE
Sr. Member
****
Offline Offline

Activity: 323


Quality Crypto Collector


View Profile WWW
August 25, 2014, 05:53:24 PM
 #54

Cryptsy wallet down for 'maintenance'.

What a pain!! Angry

★ F.B.I ★ Federated Blockchains Initiative : Progress through Co-operation ★ F.B.I ★
★★★  Attention!!  The FinanceCloud API is coming; see link under avatar!!  ★★★
vsmamm
Sr. Member
****
Offline Offline

Activity: 289


View Profile
August 25, 2014, 06:03:57 PM
 #55

Hi coinerer.

I'm one of the developers at Netcoin foundation, my user name was originally 'Shrodingers Cat' on the netcoin forum but more recently 'who'.

What is APR, PIR

APR:
The APR is an 'Annual' or yearly target interest rate.  When a Proof of Stake block is awarded, the annual interest rate is converted to a daily rate, and applied based on the age of the staked coins in days.

We also have implemented POSV, which means users who stake regularly to secure the network earn the quoted APR, but users who keep their wallet closed for months at a time and do not help to secure the network with POS staking will earn less than the quoted APR.

PIR: Personal Investment Rate
A big decision on the POS implementation is what interest rate to choose for staking rewards.  We need to bear in mind that alt coins are now a very competitive area.  We discussed for many weeks, what interest rate to choose while we developed the wallet. Once you release it, you can't easily change it.  We then had the idea that a rate that increased for larger holders of the currency would surely encourage people to want more Netcoins.  The more you get, the better the rewards.  If its a sliding scale its always better to obtain more NET.

We called this idea 'Personal Investment Rate' or PIR.  The number of NET you stake determines the Annual interest rate that is applied to the transaction for that reward.  We at Netcoin invented this idea as far as we know, but there are a lot of coins out there, so I'm happy to stand corrected if I'm wrong.  This annual rate is then converted to a daily rate and applied to the coins based on their age.

> What is the reason for interest rates for such NET amounts owners?

Interest rate is really a measure of risk and reward. (In finance an Interest Rate is often called a 'Risk Rate').   The large holders are exposed to a _lot_ of risk because the price of crypto currency rises and falls dramatically. Much more than normal fiat currency. This is one of the reasons they get a higher reward, to reflect the higher risk they are taking.  The second reason your interest rate rises a little bit with every extra Netcoin you obtain is to creates a desire to obtain NET. This is a good thing for keeping the market active and encouraging users to 'stick' with Netcoin once they try it.

I do understand your concern about the rewards being 'dumped'. That was actually my one biggest worry if we set the interest rates too high. We did not want to create a ridiculous uncontrollable increase, so we have designed into the protocol from the start that the interest rates will change after 1 year and 2 years to close the gap between high and low holders.  This reflects that fact that by that time, the risks will be lower. Whether NET succeeds or fails will be pretty certain by then and it wil hopefully have settled into a fairly stable price with huge adoption, and lots of backing services.  In the first year, we simply want to encourage lots of people to try Netcoin, to like it, and to want more while we get on and release services like shops and auctions and other things, to create a real secondary economy around Netcoin.

Here are the Annual interest rates (APR) for Years 1 to 3, Year 2 will start at approximately August 2015 and Year 3 at approximately August 2016 depending on the speed of the blocks, which should average 1 per minute.

Netcoin Annual Rates.  It is a sliding scale between the values displayed below
NETY1Y2Y3
0102020
1000152522
10000203024
100000303526
1000000804028
100000001004530


Why all of the new decisions?
Netcoin needed to do something special to make sure it is not a simple copy of the hundreds of other POS and POW cloned coins out there.  We wanted to give the community a truly unique coin.

The reason to change to POS was discussed for several months on the Netcoin Foundation forums.  Opinion was mixed, but many members welcomed the opportunity to switch to POS because the mining rewards and price had crashed, and nothing 'new' was happening:

http://forum.netcoinfoundation.org/thread/608/general-brain-storming?page=7

coinshaer on the 27th May 2014:
>>Many coins have POS so it´s nothing new, and not one of them get an advatage in the value out of that. I think we need something really new.

BUT the fact remains that POW is not profitable anymore either.  ASICS are making Scrypt POW mining actually unprofitable - look at  http://www.coinwarz.com/cryptocurrency  Nearly ALL coins now mine at a LOSS.

So I think I speak for all members of the Netcoin Foundation Forum when I say that something new had to happen with Netcoin.

But the big problem with implementing TRULY NEW ideas like these is you _cannot discuss them_ in an open internet forum. Somebody will copy them quickly and release a new coin with all your ideas before you have chance to implement and test them on an existing coin. However we spoke to several people in private, including exchange owners, very large cryptocurrency investors and current users of Netcoin to see what they thought of the various ideas and they all were excited by the plans.

If you look at the cryptsy chart for the last two days, you will find a strong correlation between the timing of those buying spikes and the Netcoin changes announced on this board.

People are coming back to the forum, leaving comments like this:

http://forum.netcoinfoundation.org/thread/721/posv-rewards-blockchain-guardians-netcoin#ixzz3BB9VNVtL

This is turning out to be even better than I thought!
My original understanding of this upgrade was simply POS introduction.  
Then I discovered the invention/inclusion of PIR.
And now POSV!  Absolutely amazing!!
You guys are doing a fantastic job here, creating a really outstanding coin.



> I think biggest exchanges are probably the biggest owners of NET. Will they get 100% of annual interest rates? Will they dump new NETs to their clients buy orders?

We did speak to some exchanges, and as far as we can tell, exchanges do NOT generally enable stake mining.  The reason is that it moves money around in the wallets (spends coins, generates coins and creates more transactions), and creates a big accounting problem for them.

 Will you cancel your decisions? Why wouldn't you cancel all of this big mistakes?

The only thing that would cause us to change would be an unforeseen problem.  We have done lots of testing on TestNet and are pleased with the results.  I do respect your opinion, but many people are very excited by what we have done here.  I would like to know more about why you think they are mistakes.  I welcome your discussion and encourage people to challenge our ideas.  It helps us grow stronger and work towards a better currency.

>Who from  Netcoin Foundation did suggest and make such decisions?
Yes   Wink

Well I (who!) suggested some of them.  Many other members in the community agreed with them, so I did my best to implement them. For free. Lots of people have invested in NET, in time, hardware and money.  I also bought about half a million NET with fiat cash a couple of months ago when the price was 00000150. (It was about the price of decent graphics card.) That's how much _I believe in what we are doing_. I thought it only fair I should have something to lose (or gain) depending on the quality of my coding and outcome of the decisions we made during the development.  We challenged and discussed at great length everything that the team suggested. Nobody wants to lose out. I owe it to them and myself to give them the best I can and try to help the foundation make the best decisions for the currency. That's why a took a real financial risk,  to focus my mind and put my money where my mouth is.

>Foundation did nothing this year. Why did you do this?
Precisely for that reason Wink  'Its About Time!' was a common comment following the announcements.
As for them doing nothing, you have to bear in mind that you can't force unpaid volunteers to do anything.  Lots of things have been going on behind the scenes, servers need to be paid for, software needs upgrading. websites need updating. Marketing, translations etc.  We need people to help out.

How much NET does Netcoin Foundation hold?
'Admin' on the forum would be happy to answer that question. though I can see there is just over 100,000 NET in the development pot for an android wallet.  I believe a lot of the initial mining rewards paid for the casino software and bounties for setting up and configuring the various servers.  This is why the netcoinfoundation has such as great forum with lots of unique features.


hey boddy, i don't like your ANN thread, why don't you just put these words above on the first page of this thread and delete what you have done recently, what you have learnt in recent months. we need to know the new features clearly, what's new with NETCOIN, rather than what you have learnt. sorry man, maybe I should use more euphemistic expression. but i do hope NETCOIN will go better. i love NETCOIN.

vsmamm
Sr. Member
****
Offline Offline

Activity: 289


View Profile
August 25, 2014, 06:10:26 PM
 #56

hope you can make some pictures to explain what's new with NETCOIN and the new POS. it will be more clearly and more simple to let people know about this.  Undecided

CRYPTONAIRE
Sr. Member
****
Offline Offline

Activity: 323


Quality Crypto Collector


View Profile WWW
August 25, 2014, 06:56:35 PM
 #57

First POS coins received!!  Cheesy

★ F.B.I ★ Federated Blockchains Initiative : Progress through Co-operation ★ F.B.I ★
★★★  Attention!!  The FinanceCloud API is coming; see link under avatar!!  ★★★
yogibaer
Legendary
*
Online Online

Activity: 957



View Profile
August 25, 2014, 07:22:11 PM
 #58

Staking works fine! Soon first stake interest coming in Smiley
Netcoin Foundation
Full Member
***
Offline Offline

Activity: 191

Promoting Independence and Personal Responsibility


View Profile WWW
August 25, 2014, 08:28:34 PM
 #59

Hey guys yeah I got me a stakey too! Smiley Bare in mind if you have old coins in your wallet your reward be somewhat higher than it will be normally. Once all those have been staked and get restaked it'll calm down to what it should be... But this is good because it has already shown us that POSV is working as old coins large amounts were getting roughly 10% not 80% like they would have if the staked in a month.

I know all this POS lark can be a little complex, but it really is worth having a read about. There is documentation online all over the place regarding POS, it's been out for some years now.

Anyway, really really pleased with how smoothly we switched over, that was awesome! I was expecting more of a bump! XD Really nice seeing the POS side light up, so pleased! Thanks to Who, he's the man that made it all happen! 3 cheers for him!

But now the work is only just beginning as we have much to do! I believe android wallet will be our next challenge and we'll try do something with that to make it our own! We don't just want to copy paste, anything we do copy we want to improve on! As that is the whole point of open source projects in the first place!

Sooooo happy guys! Well done to everyone! Keep helping me to spread the message and maybe give some of these early staked coins to other folks so that they can have a go at staking too! A kind of pay it forward! I think that is very much in the spirit of Netcoin.

Thanks everyone!

Netcoin Foundation
Full Member
***
Offline Offline

Activity: 191

Promoting Independence and Personal Responsibility


View Profile WWW
August 25, 2014, 09:51:51 PM
 #60

vsmamm I feel I should point out that I created this account for all the foundation members to use, it was I that wrote the first post... I felt I had some explaining to do seeing as Netcoin crashed and burned and I wanted to let people know why and to take the blame, as it was my fault.

I wanted also to reassure people that things have changed and that I have grown as a dev and took considerable efforts to do so... Not only that but I am proud of my acheivements, I have come a long way since taking over this rather daunting task. XD

The guy you replied to is a full time programmer XD

And yes he can write well too huh, I have asked if he would kindly re-do the OP, of course I too want to see Netcoin back up where it should be.

So thank you for your feedback, I wanted you to know it has been duly noted and will be rectified soon enough.

Thank you Smiley

Meee

Pages: « 1 2 [3] 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 ... 58 »
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!