sidhujag
Legendary
 Offline
Activity: 2044
Merit: 1005
|
 |
February 21, 2016, 11:46:15 PM |
|
MINING REWARD SCHEDULE AND TOTAL COINS
As communicated earlier the total coins are being reduced from 2bill (max, ever) to 6.68mil (6688630 to be exact). This means the current supply will convert at a ratio of 299.4 SYS1 to 1 SYS2. The conversion will occur by importing your SYS1 private key into your SYS2 wallet. There is no time limit for the conversion. If you coins are on exchange the conversion should happen automatically. Also Syscoin 2.0 features a new burning/inflation mechanism tied to how heavily the special Syscoin services are used, when blocks are not fully filled the fees are burned increasing scarcity, but as usage picks (and blocks fill up) up an inflation mechanism kicks in- we’ll be posting a followup blog with more details on this prior to launch. This burning/inflation mechanism was designed specifically to scale with transactions per second (TPS) so that once we achieve VISA-network level TPS the design of this mechanism will allow us to scale the Syscoin services.
Mining is also being modified in this release. In addition to switching from merge mined Scrypt algo to merge mined SHA256 (bitcoin) algorithm we’ll also be reducing the block rewards because Syscoin is constantly merge mined. The rewards will start at 8.25 coins per block and will half every 7months (314,159 blocks).
After the conversion to sys2 coins would the price on exchange be the same as it is now or would it be adjusted to the ratio of current coin supply and present price. The market should adjust for the lack of supply |
|
|
|
|
|
|
|
|
|
|
|
|
|
It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
|
|
|
|
Wanderlust
|
|
February 21, 2016, 11:49:58 PM |
|
why not just do a 1:1 conversion? why reduce the supply?
|
|
|
|
|
|
|
sidhujag
Legendary
Offline
Activity: 2044
Merit: 1005
|
|
February 21, 2016, 11:52:59 PM |
|
why not just do a 1:1 conversion? why reduce the supply?
The fees were reduced to dust amounts and it ties into the inflation deflation mechanism that scales up as tps reaches above 100. Also its a service based coin so billions of coins are really not needed. |
|
|
|
|
|
rakesh1_90
|
|
February 22, 2016, 12:14:01 AM |
|
MINING REWARD SCHEDULE AND TOTAL COINS
As communicated earlier the total coins are being reduced from 2bill (max, ever) to 6.68mil (6688630 to be exact). This means the current supply will convert at a ratio of 299.4 SYS1 to 1 SYS2. The conversion will occur by importing your SYS1 private key into your SYS2 wallet. There is no time limit for the conversion. If you coins are on exchange the conversion should happen automatically. Also Syscoin 2.0 features a new burning/inflation mechanism tied to how heavily the special Syscoin services are used, when blocks are not fully filled the fees are burned increasing scarcity, but as usage picks (and blocks fill up) up an inflation mechanism kicks in- we’ll be posting a followup blog with more details on this prior to launch. This burning/inflation mechanism was designed specifically to scale with transactions per second (TPS) so that once we achieve VISA-network level TPS the design of this mechanism will allow us to scale the Syscoin services.
Mining is also being modified in this release. In addition to switching from merge mined Scrypt algo to merge mined SHA256 (bitcoin) algorithm we’ll also be reducing the block rewards because Syscoin is constantly merge mined. The rewards will start at 8.25 coins per block and will half every 7months (314,159 blocks).
After the conversion to sys2 coins would the price on exchange be the same as it is now or would it be adjusted to the ratio of current coin supply and present price. The market should adjust for the lack of supply Why not pegg the coin price directly on exchanges while conversion takes place, Dont you feel thats better? The price per coin could be pegged in accordance with the current market cap. Market volatility could be avoided! |
|
|
|
|
sidhujag
Legendary
Offline
Activity: 2044
Merit: 1005
|
|
February 22, 2016, 12:36:18 AM |
|
MINING REWARD SCHEDULE AND TOTAL COINS
As communicated earlier the total coins are being reduced from 2bill (max, ever) to 6.68mil (6688630 to be exact). This means the current supply will convert at a ratio of 299.4 SYS1 to 1 SYS2. The conversion will occur by importing your SYS1 private key into your SYS2 wallet. There is no time limit for the conversion. If you coins are on exchange the conversion should happen automatically. Also Syscoin 2.0 features a new burning/inflation mechanism tied to how heavily the special Syscoin services are used, when blocks are not fully filled the fees are burned increasing scarcity, but as usage picks (and blocks fill up) up an inflation mechanism kicks in- we’ll be posting a followup blog with more details on this prior to launch. This burning/inflation mechanism was designed specifically to scale with transactions per second (TPS) so that once we achieve VISA-network level TPS the design of this mechanism will allow us to scale the Syscoin services.
Mining is also being modified in this release. In addition to switching from merge mined Scrypt algo to merge mined SHA256 (bitcoin) algorithm we’ll also be reducing the block rewards because Syscoin is constantly merge mined. The rewards will start at 8.25 coins per block and will half every 7months (314,159 blocks).
After the conversion to sys2 coins would the price on exchange be the same as it is now or would it be adjusted to the ratio of current coin supply and present price. The market should adjust for the lack of supply Why not pegg the coin price directly on exchanges while conversion takes place, Dont you feel thats better? The price per coin could be pegged in accordance with the current market cap. Market volatility could be avoided! When we convert it should be offline, we could do that too, depends what the exchanges say are possible, remember that after a set time coins on the old chain cant be converted to the new one, so its better to simply stop trading and come back. Its a safe strategy. |
|
|
|
|
sidhujag
Legendary
Offline
Activity: 2044
Merit: 1005
|
|
February 22, 2016, 01:08:59 AM |
|
What do you mean by "after a set time coins on the old chain cant be converted to the new one"? I thought the conversion period was indefinite?
We wille taking a snapshot of the utxo set of the old blockchain into the new one. You can import your keys at any time after the snapshot to claim your coins. |
|
|
|
|
danosphere (OP)
Legendary
Offline
Activity: 1036
Merit: 1001
Syscoin- Changing the way people do business.
|
|
February 22, 2016, 01:51:21 AM |
|
What do you mean by "after a set time coins on the old chain cant be converted to the new one"? I thought the conversion period was indefinite?
He just means any coins mined on the SYS1 chain AFTER the snapshot cannot be imported into SYS2. It'll be extremely simple to convert your SYS1 and no time limit for those who hold as of the time we take the blockchain UTXO snapshot. |
|
|
|
barabbas
Legendary
Offline
Activity: 1162
Merit: 1000
|
|
February 22, 2016, 04:28:30 AM |
|
OK, pump is done. Now what, back to below 100?
|
|
|
|
|
|
axxo
|
|
February 22, 2016, 05:14:14 AM |
|
OK, pump is done. Now what, back to below 100?
It means you should continue to buy more while waiting for the next pump. |
|
|
|
Nightshader
Newbie
Offline
Activity: 13
Merit: 0
|
|
February 22, 2016, 01:51:31 PM |
|
Any demo websites available?
|
|
|
|
|
xxxgoodgirls
Legendary
Offline
Activity: 1092
Merit: 1001
|
|
February 22, 2016, 03:08:10 PM |
|
How to get into sys's slack group?
|
|
|
|
djselery
Legendary
Offline
Activity: 1386
Merit: 1001
|
|
February 22, 2016, 04:38:13 PM |
|
just to make sure i read this right... all coins held in exchanges will convert automatically 299 - 1 as long as the exchange updates correctly? that will look pretty interesting on the chart..
|
|
|
|
|
danosphere (OP)
Legendary
Offline
Activity: 1036
Merit: 1001
Syscoin- Changing the way people do business.
|
|
February 22, 2016, 06:48:05 PM |
|
OK, pump is done. Now what, back to below 100?
Why does everyone always think that any movement is a pump? This was more people learning about sys and money flowing into it on the back of that. Then the weak hands who have held for a while sold and the price came off a bit. If anyone wants to sell to me at 100 sats I will buy everything you have to sell.  Any demo websites available?
Not yet, we will have screenshots up Wednesday and you'll be able to demo it hands on when we release the beta on Sunday. We will also put together some video of different services in action (listing an item, buying an item, utilizing escrow, direct BTC payments, encrypted messaging) ASAP! We won't have all the video up at once, but we'll post them to our YouTube and then repost across twitter/BCT/Reddit/Slack as they're ready. How to get into sys's slack group?
Bookmark this URL: http://syscoin.slack.com and join via this auto-inviter: http://join.syscoin.org. Looking forward to seeing you there! |
|
|
|
|
|
|
rakesh1_90
|
|
February 23, 2016, 02:47:54 PM |
|
Lol, 21 mil bitcoins to be mined and 11 million already in circulation. I dont even have 0.5 percent of the it! Why the Fark are you guys PM' ing me. Stop it!
|
|
|
|
|
danosphere (OP)
Legendary
Offline
Activity: 1036
Merit: 1001
Syscoin- Changing the way people do business.
|
|
February 23, 2016, 04:05:35 PM |
|
Just posted this to twitter and wanted to share it here- In an effort to really make the Syscoin 2.0 wallet experience as aesthetically pleasing and user friendly as possible, we're looking for a QT pro to help in making changes to visual/layout aspects of the 2.0 wallet. We're offering a 1BTC bounty. If you know someone who is well versed in QT or you yourself are, please reach out to us! Thanks. https://twitter.com/syscoin/status/702160287739195393Our internal team bandwidth to commit to this is limited, thus the bounty!  |
|
|
|
|
topcat363
|
|
February 23, 2016, 05:27:49 PM |
|
What do you mean by "after a set time coins on the old chain cant be converted to the new one"? I thought the conversion period was indefinite?
He just means any coins mined on the SYS1 chain AFTER the snapshot cannot be imported into SYS2. It'll be extremely simple to convert your SYS1 and no time limit for those who hold as of the time we take the blockchain UTXO snapshot. so if the screenshots are being taken tomorrow..does it mean tomorrow is the deadline to purchase sys? |
|
|
|
|
jokumat
|
|
February 23, 2016, 06:10:55 PM |
|
What do you mean by "after a set time coins on the old chain cant be converted to the new one"? I thought the conversion period was indefinite?
He just means any coins mined on the SYS1 chain AFTER the snapshot cannot be imported into SYS2. It'll be extremely simple to convert your SYS1 and no time limit for those who hold as of the time we take the blockchain UTXO snapshot. so if the screenshots are being taken tomorrow..does it mean tomorrow is the deadline to purchase sys? No. Screenshots are not snapshots. |
|
|
|
|
|
|
|
