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

[onsightit]

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

It is a good idea to not send coins to exchanges, but more importantly, we need more of the 34M available coins to start staking.  Then we can put together some numbers to better explain what the protocol is doing.  If all 34M coin are staking, we will get to 2% inflation and 2-4% interest much sooner.

-Steve

[mazzaneo]

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

It is a good idea to not send coins to exchanges, but more importantly, we need more of the 34M available coins to start staking.  Then we can put together some numbers to better explain what the protocol is doing.  If all 34M coin are staking, we will get to 2% inflation and 2-4% interest much sooner.

-Steve

Isn't it a bit late for that? The damage is already done.
Now that pretty much everyone is a millionaire.

[sunny-boy]

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

It is a good idea to not send coins to exchanges, but more importantly, we need more of the 34M available coins to start staking.  Then we can put together some numbers to better explain what the protocol is doing.  If all 34M coin are staking, we will get to 2% inflation and 2-4% interest much sooner.

-Steve

Isn't it a bit late for that? The damage is already done.
Now that pretty much everyone is a millionaire.

Lol, not quite there yet - I'm at +18% since yesterday (20hours), so quite high but still good for me.

If POST is indeed working, perhaps we should "give back" undue interest (honestly)

Steve, is there a way to keep track of the newly created coins and the wallet addresses to which these have been sent ? If so, "sending back" (to where?) or simply destroying these coins might put us back on track

[roislecxe]

Congratulations everyone.
Im staking sinds the moment the 830.000 hit yesterday, and received not one coin  

Still 'staking' at the bottom of the wallet.
That everyone got x3 (or so) means in fact my coins are /3 worth now, or am i wrong?

[sunny-boy]

Congratulations everyone.
Im staking sinds the moment the 830.000 hit yesterday, and received not one coin  

Still 'staking' at the bottom of the wallet.
That everyone got x3 (or so) means in fact my coins are /3 worth now, or am i wrong?

Steve, how soon till the "dust settles"?

[onsightit]

I'd like to propose a solution and get some feed back.  What if we all got back on the 1.5 blockchain (and resumed mining) then put an interest rate cap of 10% in a new 2.0.2 release set to fork at height 840000?

-Steve

[onsightit]

Congratulations everyone.
Im staking sinds the moment the 830.000 hit yesterday, and received not one coin  

Still 'staking' at the bottom of the wallet.
That everyone got x3 (or so) means in fact my coins are /3 worth now, or am i wrong?

Steve, how soon till the "dust settles"?

Lol, it's flying.

[mazzaneo]

I'd like to propose a solution and get some feed back.  What if we all got back on the 1.5 blockchain (and resumed mining) then put an interest rate cap of 10% in a new 2.0.2 release set to fork at height 840000?

-Steve

Well we'd better do something.
What would an interest rate cap of 10% mean regarding rewards?

[vipgelsi]

I'd like to propose a solution and get some feed back.  What if we all got back on the 1.5 blockchain (and resumed mining) then put an interest rate cap of 10% in a new 2.0.2 release set to fork at height 840000?

-Steve

Just let it be everything will work itself out.

[solarcoiner]

I'd like to propose a solution and get some feed back.  What if we all got back on the 1.5 blockchain (and resumed mining) then put an interest rate cap of 10% in a new 2.0.2 release set to fork at height 840000?

-Steve

I think rolling back to block 830000 and going back to 1.5 for the time being is the best solution. As for the interest why would we set that to 10%? that's way too much

[y_virtual]

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
 

Hi Steve,
It's easy to make these claims, but they do contradict any calculations you and Doug came up with, not to mention that current results contradict any possible logic. If my wallet's address with 1,000,000 coins in it had staked instead of the one with 200,000, I would have gotten 35,000,000 coins for finding that block. Please get back to work, find a way to first revert back to block 830000 and secure the blockchain, then find and fix the error in the code. That's not easy, I know, but that's what all of us here need to be done.
Thank you!

[corather]

I'd like to propose a solution and get some feed back.  What if we all got back on the 1.5 blockchain (and resumed mining) then put an interest rate cap of 10% in a new 2.0.2 release set to fork at height 840000?

-Steve

"Let's work the problem people. Let's not make things worse by guessing." Apollo 13 Film, Gene Kranz.

I think it's best to wait for Mr. Gogerty's decision on this.

[solarcoiner]

I'd like to propose a solution and get some feed back.  What if we all got back on the 1.5 blockchain (and resumed mining) then put an interest rate cap of 10% in a new 2.0.2 release set to fork at height 840000?

-Steve

Just let it be everything will work itself out.

You must be kidding. We NEED to roll back to block 830000 and resume mining for the time being.

[y_virtual]

I'd like to propose a solution and get some feed back.  What if we all got back on the 1.5 blockchain (and resumed mining) then put an interest rate cap of 10% in a new 2.0.2 release set to fork at height 840000?

-Steve

Going back to 830000 and 1.5 was what I was thinking of as a best temp solution, too.
Then for the 2.0.2 it should be as initially proposed, only working properly.
Thanks!

[vipgelsi]

The problem is this is how PoST is. We need more people to run there wallets and stake.

Maybe everyone that got large amounts of solarcoins could send them back to the generator pool.

[onsightit]

I'd like to propose a solution and get some feed back.  What if we all got back on the 1.5 blockchain (and resumed mining) then put an interest rate cap of 10% in a new 2.0.2 release set to fork at height 840000?

-Steve

I think rolling back to block 830000 and going back to 1.5 for the time being is the best solution. As for the interest why would we set that to 10%? that's way too much

10% would be a max.  It may take longer to reach an equilibrium with inflation, but eventually the interest rate will reach the target of ~2.5%.

-Steve

[corather]

The problem is this is how PoST is. We need more people to run there wallets and stake.

Maybe everyone that got large amounts of solarcoins could send them back to the generator pool.

If the problem doesn't persist this could work, but there are many unknowns. I'm not panicking though. Like all new technology there will be growing pains. The worst didn't happen, a crippling fork for example. Whatever is decided will be right for the coin in the long run. Short term problems are already being worked on.

[sunny-boy]

The problem is this is how PoST is. We need more people to run there wallets and stake.

Maybe everyone that got large amounts of solarcoins could send them back to the generator pool.

Think this might be a better solution indeed - assuming there is no default in the POST code - Note that I haven't staked in 8hours now

[onsightit]

In addition to a 10% cap on interest, we could also not stake coins older than block height 790000 (50000 blocks before 840000).  If you move your coins to a new address, they will then stake but the weight will be significantly less.  I personally do not like this idea, but I thought I would propose it.


-Steve

[solarcoiner]

I'd like everyone to consider taking a few minutes of your time and thinking about what's happened:

I got into Solarcoin a little over 2 years ago when it all started. I chose to invest because I like the idea behind this coin very much, AND because for the price it was a very good deal because at the time there were only a few million in circulation. Up untill yesterday there were a little over 34 Million Solarcoins created. That's almost the same amount as litecoin, so I can really see the potential of this coin if demand starts rising.
HOWEVER since yesterdays fork at block 830000 after the implementation of POST a sh*tload of new coins have been created out of thin air effectively making me and many others very rich at current SLR prices. These interest payments wont be confirmed untill 350 more blocks or so, that means we still have time to revert the change and go back to where we were before POST.
I suggest looking into the interest code as y_virtual said and try to find the error. like he said something like /100 sounds about right.

IF we choose to keep everything as it is i'm afraid solarcoin is doomed. Think about it , the orderbook on bittrex (the only exchange at the time being) is so thin, I could wipe out all the buy orders with my first interest payment and still have more SLR than I started off with. At the time being it looks like over 20 Million new SLR coins have been created.
It's basic supply and demand guys, you don't need to be a rocket scientist to understand that the price would collapse and Solarcoin would have a VERY hard time surviving.
Let me finish off by saying if things stay the way they are I no longer want to be part of this community.
Up untill now I have been very happy with the way Solarcoin was headed but this is simply crazy.
I hope the developers will come to their senses and switch back to mining for the time being