(ANN) Netcoin has gone POS! With PIR & OWI

[pedrog]

Why do I see such huge price variations recently? Any explanation behind that?

Probably, it has to do with the litecoin price being quite volatile in past month, exchange rate to with other coins has to adjust.

[coinhugger]

Why do I see such huge price variations recently? Any explanation behind that?

Probably, it has to do with the litecoin price being quite volatile in past month, exchange rate to with other coins has to adjust.

I think it is because in a few weeks the stake rate will dramatically drop for NET holders. If you have 1 million NET you used to get 80% a year. It will soon turn to 40% a year. People are dumping the coin and buying other POS coins that yield more.

Just look at the extreme price drop right now.

[Netcoin Foundation]

Hey Guys,

Snappy here subbing in:  So, we ran some calculations on the PIR change, and it appears the date of change will be later this year (not the end of this month).

Here's why:

The PIR phase (i.e. which 'year' applies) is based on the block height.

It assumes a rate of 1 block per minute for a year (365*24*60 = 525,600 blocks between rate changes)
Phase 1 start block height   420,000 (when POS started)
Phase 2 start block height   945,600
Phase 3 start block height   1,471,200

The year 2 changeover will be later than expected due to a few months of very...and we mean very slow blocks due to a bug in the staking diff function that has since been fixed and released (these were the updates a while back).

Some Recent block height samples (approx a week apart) that we ran a little bit ago:
   
09 June 2012 22:51   653,944
16 June 2013 22:31   664,116

10172   blocks in last week
1453   blocks per day average

945600   block of next PIR change

281484   blocks until PIR change
193.7   approx days until change...which means we'll be seeing/expecting a change Late December this year.

Wanted to give you all a heads up!

[CRYPTONAIRE]

Hey Guys,

Snappy here subbing in:  So, we ran some calculations on the PIR change, and it appears the date of change will be later this year (not the end of this month).

Here's why:

The PIR phase (i.e. which 'year' applies) is based on the block height.

It assumes a rate of 1 block per minute for a year (365*24*60 = 525,600 blocks between rate changes)
Phase 1 start block height   420,000 (when POS started)
Phase 2 start block height   945,600
Phase 3 start block height   1,471,200

The year 2 changeover will be later than expected due to a few months of very...and we mean very slow blocks due to a bug in the staking diff function that has since been fixed and released (these were the updates a while back).

Some Recent block height samples (approx a week apart) that we ran a little bit ago:
   
09 June 2012 22:51   653,944
16 June 2013 22:31   664,116

10172   blocks in last week
1453   blocks per day average

945600   block of next PIR change

281484   blocks until PIR change
193.7   approx days until change...which means we'll be seeing/expecting a change Late December this year.

Wanted to give you all a heads up!

Thanx Snappy, much appreciated!

[Dexter12]

Hey Guys,

Snappy here subbing in:  So, we ran some calculations on the PIR change, and it appears the date of change will be later this year (not the end of this month).

Here's why:

The PIR phase (i.e. which 'year' applies) is based on the block height.

It assumes a rate of 1 block per minute for a year (365*24*60 = 525,600 blocks between rate changes)
Phase 1 start block height   420,000 (when POS started)
Phase 2 start block height   945,600
Phase 3 start block height   1,471,200

The year 2 changeover will be later than expected due to a few months of very...and we mean very slow blocks due to a bug in the staking diff function that has since been fixed and released (these were the updates a while back).

Some Recent block height samples (approx a week apart) that we ran a little bit ago:
   
09 June 2012 22:51   653,944
16 June 2013 22:31   664,116

10172   blocks in last week
1453   blocks per day average

945600   block of next PIR change

281484   blocks until PIR change
193.7   approx days until change...which means we'll be seeing/expecting a change Late December this year.

Wanted to give you all a heads up!

Good News more time to stake big!

[gravitate]

Guys my wallet is stuck downloading blocks. This means its online but stuck downloading block chain. Any ideas?

[Netcoin Foundation]

Guys my wallet is stuck downloading blocks. This means its online but stuck downloading block chain. Any ideas?

Hey hey,

Lets do some troubleshooting first:

1) Do you have the latest wallet version? (2.3.1)?

2) If so...did you try using the quick block download (http://forum.netcoinfoundation.org/...in the header bar, there is a link for quick block download)?


Let us know.  If that doesn't work, we'll have to dig deeper.

[gravitate]

Guys my wallet is stuck downloading blocks. This means its online but stuck downloading block chain. Any ideas?

Hey hey,

Lets do some troubleshooting first:

1) Do you have the latest wallet version? (2.3.1)?

2) If so...did you try using the quick block download (http://forum.netcoinfoundation.org/...in the header bar, there is a link for quick block download)?


Let us know.  If that doesn't work, we'll have to dig deeper.

Great I will try this tonight. How many coins is decent to start staking for big rewards?

[Netcoin Foundation]

Guys my wallet is stuck downloading blocks. This means its online but stuck downloading block chain. Any ideas?

Hey hey,

Lets do some troubleshooting first:

1) Do you have the latest wallet version? (2.3.1)?

2) If so...did you try using the quick block download (http://forum.netcoinfoundation.org/...in the header bar, there is a link for quick block download)?


Let us know.  If that doesn't work, we'll have to dig deeper.

Great I will try this tonight. How many coins is decent to start staking for big rewards?

Keep us posted!

For staking: Depends on what your view of big rewards is   For some of us at NET, every single NET is a big reward.  But, you know..we're kinda bias


1 Million will get you 80% return (although, bear in mind that the 80% is the targeted annual rate, so, with 6 months left at that rate, you're looking more closer to 40%.  So, put 1mil in now, have 1.4 million come Dec...if you keep staking and keep that wallet open often).

100,000 NET gives you 30% at the moment (so, 15% if you started today).

here's a little info on the PIR rewards (and how it works):

https://drive.google.com/file/d/0BzKZ-_ykmcJ2Vm9pbmFwN0R3dWM/view

[Netcoin Foundation]

The other nice thing is with a good amount of NET, expect to see your stakes rolling in every 4-6 hours.  You don't need to do anything, or 'set up' ideal blocks of coins, etc.

[gravitate]

what about 10 MIL?

[gravitate]

And also the coins come in your wallet after how long?

[gravitate]

Also can anyone sell a large amount to me please? Like 10 Mill for 20 BTC would be good.

[tepelstreeltje]

what about 10 MIL?

10M will give you 100% annual so approx 50% or 27397.3 Net per day until the change then it will drop too 45% annual.
There is a PIR calculator in the wallet where you can see the daily stake and % apr for a given amount.

And also the coins come in your wallet after how long?

It takes 70 blocks to confirm so around 70 minutes.
New coins start to stake after a hour but the confirming takes longer so coins start staking again when confirmed.

Also can anyone sell a large amount to me please? Like 10 Mill for 20 BTC would be good.

Think you will have a hard time finding someone because 10m will put you on the 12th spot in the richlist and there are only 5 spots with more than 20m.
But yah never know maybe you get lucky, think best chance you have is in cryptsy chatbox (my guess is cryptsy's Net wallet is 3th spot with 40m in it)

[Netcoin Foundation]

Also can anyone sell a large amount to me please? Like 10 Mill for 20 BTC would be good.

Shame.  Not to long ago NET was below 100.  Seems as if of recent it's moving up (and, some more projects/applications will be released shortly that will continue to drive buy pressure).  Of course we're hoping soon we'll be saying "not to long ago net was below 1000".

Transaction times are fast.  70 confirms, but that goes by like nothing..another good thing about NET.

10million...that's 100% PIR.

So, for 6 months...go from 10million to 15million


I think you might have a hard time picking up 10 million for 20btc today.  Part of the reason being that there aren't a whole lot of coins circulating at the moment.

Take a look: http://www.presstab.pw/phpexplorer/NET/richlist.php

A few of those addy's in the top 10 are exchanges, which means nearly 1/4 to 1/2 of the coins aren't in circulation at the moment.  On top of that, there are a fair number of addresses with coins in them...that have been dormant since 2013.  Maybe they are smart.  Maybe they forgot about their coins (or wallets/passwords).

But, yeah...NET is getting some good responses from investors and stake coin lovers.

[ryanb]

That's a steal if you can get 10 million for 20BTC.

[gravitate]

Guys my wallet is stuck downloading blocks. This means its online but stuck downloading block chain. Any ideas?

Hey hey,

Lets do some troubleshooting first:

1) Do you have the latest wallet version? (2.3.1)?

2) If so...did you try using the quick block download (http://forum.netcoinfoundation.org/...in the header bar, there is a link for quick block download)?


Let us know.  If that doesn't work, we'll have to dig deeper.

Great I will try this tonight. How many coins is decent to start staking for big rewards?

Keep us posted!

For staking: Depends on what your view of big rewards is   For some of us at NET, every single NET is a big reward.  But, you know..we're kinda bias


1 Million will get you 80% return (although, bear in mind that the 80% is the targeted annual rate, so, with 6 months left at that rate, you're looking more closer to 40%.  So, put 1mil in now, have 1.4 million come Dec...if you keep staking and keep that wallet open often).

100,000 NET gives you 30% at the moment (so, 15% if you started today).

here's a little info on the PIR rewards (and how it works):

https://drive.google.com/file/d/0BzKZ-_ykmcJ2Vm9pbmFwN0R3dWM/view

I have the latest wallet. Now what do I do with the block chain download on mac please?

[gravitate]

Now I get this after copying accross
A fatal error occurred. Netcoin can no longer continue safely and will quit.

EXCEPTION: St13runtime_error       
CDB() : can't open database file blkindex.dat, error 22       
netcoin in Runaway exception

[tepelstreeltje]

Now I get this after copying accross
A fatal error occurred. Netcoin can no longer continue safely and will quit.

EXCEPTION: St13runtime_error       
CDB() : can't open database file blkindex.dat, error 22       
netcoin in Runaway exception

Hmmm wierd it should work what did you exactly do?
Also did you download the wallet recently?

[gravitate]

new wallet then downloaded the block chain.. What do I need to put in from the download though? like the netcoin bootstrap blockchain file