[ANN][SLR] SolarCoin | PoW to PoS v. 2.0 | Solar Proof of Generation (§1 = 1MWh)

[y_virtual]

I have disabled staking on all wallets (testing as well as primary ones), I guess this is a good temporary solution to help slow down the blockchain.

[1713515875]

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[1713515875]

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[solarcoiner]

I have disabled staking on all wallets (testing as well as primary ones), I guess this is a good temporary solution to help slow down the blockchain.

same here, just disabled staking. good idea y_virtual!

[mazzaneo]

So if we revert the blockchain what happens to all the legit transactions made post 830k?

[y_virtual]

So if we revert the blockchain what happens to all the legit transactions made post 830k?

Your wallet, as well as all other wallets, will not know about those transactions. Balances will get back to the numbers as of block 830k. If you sold SLR for BTC after 830k, then... well, you will have to send back the BTC to the buyer ... which is the difficult part of this solution, of course... Not sure how that gets sorted out....The Exchanges may have a working solution for that.
So may be a better solution would be for the interest transactions to just NOT be confirmed? Don't know if/how that can be done, either.

[effectsToCause]

Hi Guys,

This is Doug from VeriCoin.  I thought I would come in and help you better understand the mechanism, it is in fact working properly.  If you run getmininginfo in the rpc console you will see that the inflation rate is 0.8%, which means that of the approximate market supply of 34,000,000 there are only 272,000 SLR (34000000*.008) being created over the course of a year right now but it is being split by very few people. You will also see that the interest is in the thousands and the network weight is just a few thousand, what is happening is this.  That 272,000 over the course of a year is split across those that stake, right now that is very few as the network weight is only 3k or so and PoST is new to this network.  So as the number of stakers increases the interest will drop off in a logarithmic decline to reach equilibrium and it is in fact working as it should. It is keeping inflation under control at 0.8% but greatly incentivizing more to stake like when the difficulty is low in PoW because the network needs more staking.  If all your coins stake you will have to wait 8 hours for another stake and your coins will be split into smaller coin lots which will smooth the staking dynamics over time and equilibrate the network during the transition period.  All is in fact working as it should, you just need more stakers for security and it is greatly incentivized as it should, but inflation is still under control. 

See reward section for a better more detailed explanation of this mechanism:  http://www.vericoin.info/downloads/VeriCoinPoSTWhitePaper10May2015.pdf

Welcome to PoST!

[solarcoiner]

Hi Guys,

This is Doug from VeriCoin.  I thought I would come in and help you better understand the mechanism, it is in fact working properly.  If you run getmininginfo in the rpc console you will see that the inflation rate is 0.8%, which means that of the approximate market supply of 34,000,000 there are only 272,000 SLR (34000000*.008) being created over the course of a year right now but it is being split by very few people. You will also see that the interest is in the thousands and the network weight is just a few thousand, what is happening is this.  That 272,000 over the course of a year is split across those that stake, right now that is very few as the network weight is only 3k or so and PoST is new to this network.  So as the number of stakers increases the interest will drop off in a logarithmic decline to reach equilibrium and it is in fact working as it should. It is keeping inflation under control at 0.8% but greatly incentivizing more to stake like when the difficulty is low in PoW because the network needs more staking.  If all your coins stake you will have to wait 8 hours for another stake and your coins will be split into smaller coin lots which will smooth the staking dynamics over time and equilibrate the network during the transition period.  All is in fact working as it should, you just need more stakers for security and it is greatly incentivized as it should, but inflation is still under control.  

See reward section for a better more detailed explanation of this mechanism:  http://www.vericoin.info/downloads/VeriCoinPoSTWhitePaper10May2015.pdf

Welcome to PoST!

If this is in fact true then POST was the worst possible thing that could ever have happened to solarcoin! anyway It cant be working properly since my first block was over 350 000 SLR.  Lets hope the developers roll back and think of something else. But there is no way in hell this can be good for Solarcoin holders . Sorry to have to wake you up but this is a joke, If this stays like this, I'm out

[y_virtual]

Hi Guys,

This is Doug from VeriCoin.  I thought I would come in and help you better understand the mechanism, it is in fact working properly.  If you run getmininginfo in the rpc console you will see that the inflation rate is 0.8%, which means that of the approximate market supply of 34,000,000 there are only 272,000 SLR (34000000*.008) being created over the course of a year right now but it is being split by very few people. You will also see that the interest is in the thousands and the network weight is just a few thousand, what is happening is this.  That 272,000 over the course of a year is split across those that stake, right now that is very few as the network weight is only 3k or so and PoST is new to this network.  So as the number of stakers increases the interest will drop off in a logarithmic decline to reach equilibrium and it is in fact working as it should. It is keeping inflation under control at 0.8% but greatly incentivizing more to stake like when the difficulty is low in PoW because the network needs more staking.  If all your coins stake you will have to wait 8 hours for another stake and your coins will be split into smaller coin lots which will smooth the staking dynamics over time and equilibrate the network during the transition period.  All is in fact working as it should, you just need more stakers for security and it is greatly incentivized as it should, but inflation is still under control.  

See reward section for a better more detailed explanation of this mechanism:  http://www.vericoin.info/downloads/VeriCoinPoSTWhitePaper10May2015.pdf

Welcome to PoST!

"...272,000 over the course of a year is split across those that stake..." - if that was the case, it would be working properly, yes!
BUT that is not the case!
See this:
https://www.dropbox.com/s/gi9ttwef2e5hfvk/Lotto.PNG?dl=0

So I guess you could help Steve find/fix the issue and also come up with the solution to revert the transactions in error.

[onsightit]

Thanks Doug for the reply.  To put this in PoW perspective, which most here understand, this is essentially the same as the initial mining of a PoW coin where the difficulty is very low and the blocks are generated very fast.  The reward is higher initially for the few miners mining until more miners come on and the difficulty rises.  The worst thing to do at this point stop staking.  The interest rate will start rising again to incentivize staking.  We need more wallets to come online and stake.

-Steve

[biodieselchris]

does solarcoin have an IRC channel?

Steve - If it's only supposed to stake 272k in the first year people are reporting millions of coins staked already (I alone have >150k). So that's not "early guys splitting up a bunch," it's just simply too many?

[y_virtual]

Thanks Doug for the reply.  To put this in PoW perspective, which most here understand, this is essentially the same as the initial mining of a PoW coin where the difficulty is very low and the blocks are generated very fast.  The reward is higher initially for the few miners mining until more miners come on and the difficulty rises.  The worst thing to do at this point stop staking.  The interest rate will start rising again to incentivize staking.  We need more wallets to come online and stake.

-Steve

Steve, did you take a look at the screenshot?
Here it is again:
https://www.dropbox.com/s/gi9ttwef2e5hfvk/Lotto.PNG?dl=0

It does NOT match in any possible way what Doug just estimated in his post.

[onsightit]

Hi Guys,

This is Doug from VeriCoin.  I thought I would come in and help you better understand the mechanism, it is in fact working properly.  If you run getmininginfo in the rpc console you will see that the inflation rate is 0.8%, which means that of the approximate market supply of 34,000,000 there are only 272,000 SLR (34000000*.008) being created over the course of a year right now but it is being split by very few people. You will also see that the interest is in the thousands and the network weight is just a few thousand, what is happening is this.  That 272,000 over the course of a year is split across those that stake, right now that is very few as the network weight is only 3k or so and PoST is new to this network.  So as the number of stakers increases the interest will drop off in a logarithmic decline to reach equilibrium and it is in fact working as it should. It is keeping inflation under control at 0.8% but greatly incentivizing more to stake like when the difficulty is low in PoW because the network needs more staking.  If all your coins stake you will have to wait 8 hours for another stake and your coins will be split into smaller coin lots which will smooth the staking dynamics over time and equilibrate the network during the transition period.  All is in fact working as it should, you just need more stakers for security and it is greatly incentivized as it should, but inflation is still under control.  

See reward section for a better more detailed explanation of this mechanism:  http://www.vericoin.info/downloads/VeriCoinPoSTWhitePaper10May2015.pdf

Welcome to PoST!

"...272,000 over the course of a year is split across those that stake..." - if that was the case, it would be working properly, yes!
BUT that is not the case!
See this:
https://www.dropbox.com/s/gi9ttwef2e5hfvk/Lotto.PNG?dl=0

So I guess you could help Steve find/fix the issue and also come up with the solution to revert the transactions in error.

Hi y_virtual, are any of those transactions conflicted?  And, would you mind sharing how many coins were in your wallet to stake?  The reason I ask is to determine if your wallet balance was a part of the 34M coin supply used in the calculation for inflation.


-Steve

[y_virtual]

Hi Guys,

This is Doug from VeriCoin.  I thought I would come in and help you better understand the mechanism, it is in fact working properly.  If you run getmininginfo in the rpc console you will see that the inflation rate is 0.8%, which means that of the approximate market supply of 34,000,000 there are only 272,000 SLR (34000000*.008) being created over the course of a year right now but it is being split by very few people. You will also see that the interest is in the thousands and the network weight is just a few thousand, what is happening is this.  That 272,000 over the course of a year is split across those that stake, right now that is very few as the network weight is only 3k or so and PoST is new to this network.  So as the number of stakers increases the interest will drop off in a logarithmic decline to reach equilibrium and it is in fact working as it should. It is keeping inflation under control at 0.8% but greatly incentivizing more to stake like when the difficulty is low in PoW because the network needs more staking.  If all your coins stake you will have to wait 8 hours for another stake and your coins will be split into smaller coin lots which will smooth the staking dynamics over time and equilibrate the network during the transition period.  All is in fact working as it should, you just need more stakers for security and it is greatly incentivized as it should, but inflation is still under control.  

See reward section for a better more detailed explanation of this mechanism:  http://www.vericoin.info/downloads/VeriCoinPoSTWhitePaper10May2015.pdf

Welcome to PoST!

"...272,000 over the course of a year is split across those that stake..." - if that was the case, it would be working properly, yes!
BUT that is not the case!
See this:
https://www.dropbox.com/s/gi9ttwef2e5hfvk/Lotto.PNG?dl=0

So I guess you could help Steve find/fix the issue and also come up with the solution to revert the transactions in error.

Hi y_virtual, are any of those transactions conflicted?  And, would you mind sharing how many coins were in your wallet to stake?  The reason I ask is to determine if your wallet balance was a part of the 34M coin supply used in the calculation for inflation.


-Steve

Non of them is conflicted. I will now PM you the numbers.
Thanks!

[effectsToCause]

Another factor is if the coins have been idle for a long time some of the stakes could be age matured from holding over the course of the last year.  The number I sited assumes coins were recently moved and does not include any amounts beyond the 34 million market supply.  After the first stake this long age will reset to zero.

[solarcoiner]

You people can't actually be serious and think everything is fine when over 10 Million new SLR coins have been created in the last couple of hours. why are people even still saying that everything is fine? its most definitely not fine! and it wont be untill this issue is fixed. I mean come on guys, at current prices I already have over 50 BTC interest. and there are people who have reported a lot more like y_virtual

[mazzaneo]

How difficult is it to roll back to 830k and start again?

[y_virtual]

Another factor is if the coins have been idle for a long time some of the stakes could be age matured from holding over the course of the last year.  The number I sited assumes coins were recently moved and does not include any amounts beyond the 34 million market supply.  After the first stake this long age will reset to zero.

"any amounts beyond the 34 million market supply" - and what's that supposed to mean, anyway?
The coins in the wallet I posted a screenshot of have been moved to it within the last few months.
Here is my hint AGAIN - a "divide by 100" operation is missing somewhere in the code, just try to find where.
Thanks!

[mazzaneo]

just got another 200k worth,
pretty much doubled my original amount in less than 1 day... that can't be right

[mazzaneo]

at this point it might be a good idea to contact the exchanges and tell them to freeze the exchange of solarcoin temporarily

[solarcoiner]

at this point it might be a good idea to contact the exchanges and tell them to freeze the exchange of solarcoin temporarily

I already contacted Bittrex a few hours ago... bleutrade is a joke anyway haha

[onsightit]

If you have held coins since the beginning of PoW, those coins will effectively be catching up on interest they would have earned in a PoS protocol.  That explains some of the larger payouts.  We are watching the inflation rise and interest fall as we get closer to equilibrium, but because there are so few of the 34M coins in circulation that are staking, the few people that are staking are being rewarded for securing the network and keeping inflation in check.

-Steve