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

[onsightit]

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

Getting everyone to agree to send their interest to the generator pool is noble, but not enforceable.  A 2.0.2 release would ensure that everyone is complying and the large interest payments in your wallet will show as "conflicted".  A memorial, if you will.


-Steve

[1713939889]

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[sunny-boy]

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

Let's keep calm and give it some time - again, I haven't staked in quite a while and if there is a solution to send back to the generator pool the slrs unduly received, this might be a solution

[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

Getting everyone to agree to send their interest to the generator pool is noble, but not enforceable.  A 2.0.2 release would ensure that everyone is complying and the large interest payments in your wallet will show as "conflicted".  A memorial, if you will.


-Steve

There! So it's a roll-back then :-)

[user_fred]

Hi all, the problem is how it happened .
It's just unfair how distribution was done for people who were unaware of this and who were not staking in the 1st hours ...
I also think we should fallback to 1.5 until we get this sorted out.

One another drawback of staking is to let the wallet opened for staking .... Solarcoin is not supposed to be green ?
Did everyone really get this picture before the transition to POST ?

(i made a transfer from bittrex to my wallet after 830k, i hope that my account in bittrex will be credited as it was before 830k)
Thanks for your hard work done and to come, i follow solarcoiner , rollback is the solution.(with mining until we get it sorted out).

[vipgelsi]

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

Not good my coins, my moms coins, and my dads coins, also my friends coins. are from more then 1 year ago.

My vote is to let everything work itself out. I rest my case

[y_virtual]

Hi all, the problem is how it happened .
It's just unfair how distribution was done for people who were unaware of this and who were not staking in the 1st hours ...
I also think we should fallback to 1.5 until we get this sorted out.

One another drawback of staking is to let the wallet opened for staking .... Solarcoin is not supposed to be green ?
Did everyone really get this picture before the transition to POST ?

(i made a transfer from bittrex to my wallet after 830k, i hope that my account in bittrex will be credited as it was before 830k)
Thanks for your hard work done and to come, i follow solarcoiner , rollback is the solution.(with mining until we get it sorted out).

"One another drawback of staking is to let the wallet opened for staking .... Solarcoin is not supposed to be green ?"
Wallet open for staking should be much greener than PoW mining.

[terciops]

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.

A possible reason for these silly numbers seems to stand out....

Looking at my holding over the past 24 hours on 2.0.1

I can see what 'could' be happening :

If I divide what I have 'earned' in interest since PoST started yesterday by 365  I get almost perfect correlation with what I might expect in a year. (with due regard to variance - so a back of the envelope calc is useful) :

So assuming my average holding time is about a year anyway,  I have received 365 times what I should have at 8% if the initial reward uses coin age as I think it does.   So there is one place to look - have we missed a ' / 365 ' somewhere?

Whatever the reason, 2.0.1 is FUBAR.   Rolling everyone back to 1.5 will be pointless and the blockchain will be very vulnerable in transition.  Better perhaps to just 'ophan' all blocks since 2.0.1 started and get 2.0.2 in play (with whatever fix is required) soonest.  Mercifully we are only at  830118 at time of writing so there is some leeway before the 'new earnings' are confirmed.  Nothing really changes until 830510, so let that be the new start point.  At the present rate of progress that will be about 2-3 days. 


Oh and BTW - 2.0.1 is using a lot of MIPs.  No mining levels to be sure, but enough to make even a high end desktop stutter now and then.

My 2c worth ....

T

[onsightit]

It looks like the consensus is to rollback to the 1.5 wallet and re-schedule a fork at 840000 with a cap of 10% interest rate.

I will notify the pools to resume mining operations.

-Steve

[solarcoiner]

It looks like the consensus is to rollback to the 1.5 wallet and re-schedule a fork at 840000 with a cap of 10% interest rate.

I will notify the pools to resume mining operations.

-Steve

Does that mean we are rolling back to block 830000

[y_virtual]

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.

A possible reason for these silly numbers seems to stand out....

Looking at my holding over the past 24 hours on 2.0.1

I can see what 'could' be happening :

If I divide what I have 'earned' in interest since PoST started yesterday by 365  I get almost perfect correlation with what I might expect in a year. (with due regard to variance - so a back of the envelope calc is useful) :

So assuming my average holding time is about a year anyway,  I have received 365 times what I should have at 8% if the initial reward uses coin age as I think it does.   So there is one place to look - have we missed a ' / 365 ' somewhere?

Whatever the reason, 2.0.1 is FUBAR.   Rolling everyone back to 1.5 will be pointless and the blockchain will be very vulnerable in transition.  Better perhaps to just 'ophan' all blocks since 2.0.1 started and get 2.0.2 in play (with whatever fix is required) soonest.  Mercifully we are only at  830118 at time of writing so there is some leeway before the 'new earnings' are confirmed.  Nothing really changes until 830510, so let that be the new start point.  At the present rate of progress that will be about 2-3 days. 


Oh and BTW - 2.0.1 is using a lot of MIPs.  No mining levels to be sure, but enough to make even a high end desktop stutter now and then.

My 2c worth ....

T

Sounds good! Thanks!

[y_virtual]

It looks like the consensus is to rollback to the 1.5 wallet and re-schedule a fork at 840000 with a cap of 10% interest rate.

I will notify the pools to resume mining operations.

-Steve

Let's hear back from Nick, too, shall we?
terciops suggested another good possible solution, which is much more practical, but only if the calc gets fixed before 830510.

[onsightit]

It looks like the consensus is to rollback to the 1.5 wallet and re-schedule a fork at 840000 with a cap of 10% interest rate.

I will notify the pools to resume mining operations.

-Steve

Does that mean we are rolling back to block 830000

Yes.  Could everyone please shut down their 2.0.1 wallets.  I will issue a new release soon.

-Steve

[onsightit]

It looks like the consensus is to rollback to the 1.5 wallet and re-schedule a fork at 840000 with a cap of 10% interest rate.

I will notify the pools to resume mining operations.

-Steve

Let's hear back from Nick, too, shall we?
terciops suggested another good possible solution, which is much more practical, but only if the calc gets fixed before 830510.

Nick is on the road, but I have been communicating with him and others on the phone, and all are in favor of a rollback if the community supports it.

-Steve

[onsightit]

I may have a way to "void" the high interest payments before they are confirmed and put a 10% cap on interest.  I need to do a quick test.

-Steve

Edit: Test was successful. I am also going to put a cap on coin age of 1 year (365 days).  So, if you have coins older than one year, you can move them to a new address to reset the age and still earn interest on them.

[Epiphany]

I like Terciops suggestion, if you can get an update before 830,510.

But I'm fine with letting it fly too. I couldn't afford to buy many since the beginning and watched the miners suck the value dry but I put a lot into this coin in other ways for the first year. Perhaps I like the bump because it does feel like I've earned it. In that respect, I'm with Corather, let it ride!

I also have no problem sending some of these earnings back to the generator pool. I was the first to have done that, so it wouldn't be a novel idea for me.

Whatever happens though, I'll follow along.

[corather]

I like Terciops suggestion, if you can get an update before 830,510.

But I'm fine with letting it fly too. I couldn't afford to buy many since the beginning and watched the miners suck the value dry but I put a lot into this coin in other ways for the first year. Perhaps I like the bump because it does feel like I've earned it. In that respect, I'm with Corather, let it ride!

I also have no problem sending some of these earnings back to the generator pool. I was the first to have done that, so it wouldn't be a novel idea for me.

Whatever happens though, I'll follow along.

Wasn't me, I would like to see a resolution. My suggestion was to wait for Nick's decision. I also like the idea of rolling back to 830k and repairing the math. I was one of the "lucky" ones that received a 7.5 million slr "interest" payment. I do not want those coins, it'll devalue the currency.

[arloseb]

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

Agree. Mining should be done again.

[y_virtual]

I may have a way to "void" the high interest payments before they are confirmed and put a 10% cap on interest.  I need to do a quick test.

-Steve

Edit: Test was successful. I am also going to put a cap on coin age of 1 year (365 days).  So, if you have coins older than one year, you can move them to a new address to reset the age and still earn interest on them.

Steve, cap or no cap, all results so far show that the error comes not from the currently defined parameters (constant and/or variable), but from a multiplier which is somewhere in the code and which was never intended to be there. Even if you change the parameters, the error will persist if not identified and removed.

[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

Agree. Mining should be done again.

In my opinion it's the best solution, until we find out what went wrong with the POST implementation. We can all take a few days to think about it and find a solution afterwards

[onsightit]

I may have a way to "void" the high interest payments before they are confirmed and put a 10% cap on interest.  I need to do a quick test.

-Steve

Edit: Test was successful. I am also going to put a cap on coin age of 1 year (365 days).  So, if you have coins older than one year, you can move them to a new address to reset the age and still earn interest on them.

Steve, cap or no cap, all results so far show that the error comes not from the currently defined parameters (constant and/or variable), but from a multiplier which is somewhere in the code and which was never intended to be there. Even if you change the parameters, the error will persist if not identified and removed.

Hi y_virtual,

No, in testnet, I was able to achieve about 4% interest and 2.2% inflation.  That was a smaller network, but the parameters are all correct, and I had 34M coins staking.

Nick has just agreed (verbally) to a 10% cap and a limit on the coin age of one year.  Note: You can move your "older" coins to a new address if you want them to earn interest.

New wallet coming out soon...

-Steve