[KOBO] Kobocoin - Mobile Money for Africa

[jimlite]

Devs are targeting cheap phones for it, I heard android first and maybe symbian if needed then apple.

[1713556586]

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[1713556586]

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[1713556586]

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[TheTribesman]

A quick question regarding the wallet; I transferred coins into my wallet more than 24 hours ago and have received 2 lots of interest however now the wallet claims I don't have any mature coins?

Did this happen after you restarted the wallet?

[TheTribesman]

I have a question about this scam, will this cater mostly to the mobile carrier market?  I'm just wondering how this is going to liberate the good people in W. Africa when having personal ownership of a computer/device with internet isn't as widespread as other regions of the world.  Cellphones are a whole different story tho, are there any plans for an android wallet?  Is the vision for this to be a way to move money in and out of W. Africa or become an actual currency that everyday people use to barter?  I can see the market bot faking volume right now hoping someone will buy in between 350-500 satoshi, but it looks like it's trying to imitate a pump in order to sell coins at 475 while buying at 350.  I guess that's a signal to buy around 200 so I'll put some buy orders in.

Have you read the OP?

Yeah apologies, I was just asking because Bitcoin accomplishes everything the OP proposes, I was just curious if there were advanced features coming.

There are features and advancements coming but you really need to play with the mobile wallets to see how advanced they already are. We'll be adding user friendly features.

[paycum]

Hi,

Couple of questions:

- There are 43 million coins right? someone said it takes till 2100 to reach the 350 million. but if lots of people going to mine it, theres a big chance millions of coins will flood the market right? If that is the case current prize is way to high!

- The mobile industry indeed is big in Africa. But most people use prepaid right? Do they have wifi or internet on their phones and if yes can they affort to use it?

- You mention no bank or network provider is needed. But how do they withdraw coins? They need to cashout somewhere so they will always need a bank or third party to withdraw and deposit right?

- And focussing on mobile market is good, but all major banks are already creating system like that. most of them go online in 2015, some are already there like ING where you can just hover your phone over an invissible rfid scanner in the supermarket to pay for your goods. And ApplePay and other payment methods are also offering the same kinds of services soon. Im not saying yours wont succeed, but how will you compete with those monster companies?

- And last but not least... 70% of all internet scams come from africa...not saying yours is a scam...but that big of a coin supply and so many great words i cant help to think it sounds a bit to good to be truth..

cheers

Robin

[TheTribesman]

Hi,

Couple of questions:

- There are 43 million coins right? someone said it takes till 2100 to reach the 350 million. but if lots of people going to mine it, theres a big chance millions of coins will flood the market right? If that is the case current prize is way to high!

- The mobile industry indeed is big in Africa. But most people use prepaid right? Do they have wifi or internet on their phones and if yes can they affort to use it?

- You mention no bank or network provider is needed. But how do they withdraw coins? They need to cashout somewhere so they will always need a bank or third party to withdraw and deposit right?

- And focussing on mobile market is good, but all major banks are already creating system like that. most of them go online in 2015, some are already there like ING where you can just hover your phone over an invissible rfid scanner in the supermarket to pay for your goods. And ApplePay and other payment methods are also offering the same kinds of services soon. Im not saying yours wont succeed, but how will you compete with those monster companies?

- And last but not least... 70% of all internet scams come from africa...not saying yours is a scam...but that big of a coin supply and so many great words i cant help to think it sounds a bit to good to be truth..

cheers

Robin

Hi Robin

There will be over 43 million coins in circulation at the end of PoW. At this moment in time there are 5.2 million kobocoins mined/minted, but less than that available for trading as some large stakeholders are already holding and staking. As for the price, I won't second guess the exchanges. There's been fluctuations in price from earlier today on C-CEX and now on Bittrex. Price seems to be stabilizing thankfully, but please remember that this is only day 5. I'm not sure what you expected at such an early stage.

If you check OP you'll see the stats (and some articles) for mobile usage in sub-saharan Africa. We have been using and affording it for years now.

Your question on cashing out highlights the vital importance of the KOBO/USD pairing on C-CEX (thanks again guys). This allows local merchants the ability to cash out into US$. I'm not sure if you know how powerful the US$ is in Africa. Please don't ask if the people are intelligent enough to know what to do with such a powerful tool (i.e. direct access to the exchange and all the conversions). Just like other human beings we Africans do know how to learn.

We're very aware it's not a virgin market. You mentioned services coming soon. We're more interested in immediate competition. There are some very big players in the market. Also, we're more interested in person-to-person interactions rather than POS at larger department stores. We'd like to think that kobocoins will be used more in the market, than in the supermarket.

There are coins with 100's of billions max supply. I don't think 350 million is too big a supply. I think it's very reasonable.

I understand that 2014 wasn't the best year for the reputation of the crypto industry (especially some of the goings on in these alts sections), but if you research each project thoroughly you'll find the good ones, and easily avoid the not so good ones. Then your problem becomes which good project to back.
 

[paycum]

thanks for the great reply, much appreciated. i will keep an eye on your coin and if you continue to go forward i surely will invest a bunch of btc!

[najzenmajsen]

this coin looks very promising , hope you succed Tribesman . Its nice to a see a coin with a sr member instead of a newbie :>

[ik_do]

I'm still having issues with staking; today for about 3-4 hours the wallet estimated I would receive a reward within 3 minutes (I only received 2 payments during this time). The biggest problem is it says I'm staking and then later on claims I don't hold any mature coins?

Can you please look into this.

[TheTribesman]

this coin looks very promising , hope you succed Tribesman . Its nice to a see a coin with a sr member instead of a newbie :>

+1

Thanks. It's been very positive so far.

[TheTribesman]

I'm still having issues with staking; today for about 3-4 hours the wallet estimated I would receive a reward within 3 minutes (I only received 2 payments during this time). The biggest problem is it says I'm staking and then later on claims I don't hold any mature coins?

Can you please look into this.

I will do.

[no141]

I'm still having issues with staking; today for about 3-4 hours the wallet estimated I would receive a reward within 3 minutes (I only received 2 payments during this time). The biggest problem is it says I'm staking and then later on claims I don't hold any mature coins?

Can you please look into this.

This is how staking works, according to what I know. Staking involves showing/loaning the blockchain your coins in order to create a new block. Blocks are currently either mined via X15 or staked, both ways are fighting over who creates the next block. If an X15 miner wins, stakers wait. If stakers win, the X15 miner wasted energy trying to calculate for that block. So the more coins you have or how old your coins are, the better chance you will have to stake, which will split your staked coins. As more people have old coins to stake, and as more X15 miners mine, stakes are delayed, but interest is always correct even if you have to wait longer. And at the end of each staked block creation, you have brand new coins that haven't met the 24 minimum time needed to stake.

The main issue with staking is the splitting. Every coin that stakes should somehow fix that, cause things get small quick.

[ik_do]

I'm still having issues with staking; today for about 3-4 hours the wallet estimated I would receive a reward within 3 minutes (I only received 2 payments during this time). The biggest problem is it says I'm staking and then later on claims I don't hold any mature coins?

Can you please look into this.

This is how staking works, according to what I know. Staking involves showing/loaning the blockchain your coins in order to create a new block. Blocks are currently either mined via X15 or staked, both ways are fighting over who creates the next block. If an X15 miner wins, stakers wait. If stakers win, the X15 miner wasted energy trying to calculate for that block. So the more coins you have or how old your coins are, the better chance you will have to stake, which will split your staked coins. As more people have old coins to stake, and as more X15 miners mine, stakes are delayed, but interest is always correct even if you have to wait longer. And at the end of each staked block creation, you have brand new coins that haven't met the 24 minimum time needed to stake.

The main issue with staking is the splitting. Every coin that stakes should somehow fix that, cause things get small quick.

So basically it is completely pointless (at least in any non-altruistic sense) to stake my wallet until PoW is over?
I will keep it running to support the network anyway, but that is what I understand from what you said.

[TheTribesman]

I'm still having issues with staking; today for about 3-4 hours the wallet estimated I would receive a reward within 3 minutes (I only received 2 payments during this time). The biggest problem is it says I'm staking and then later on claims I don't hold any mature coins?

Can you please look into this.

This is how staking works, according to what I know. Staking involves showing/loaning the blockchain your coins in order to create a new block. Blocks are currently either mined via X15 or staked, both ways are fighting over who creates the next block. If an X15 miner wins, stakers wait. If stakers win, the X15 miner wasted energy trying to calculate for that block. So the more coins you have or how old your coins are, the better chance you will have to stake, which will split your staked coins. As more people have old coins to stake, and as more X15 miners mine, stakes are delayed, but interest is always correct even if you have to wait longer. And at the end of each staked block creation, you have brand new coins that haven't met the 24 minimum time needed to stake.

The main issue with staking is the splitting. Every coin that stakes should somehow fix that, cause things get small quick.

So basically it is completely pointless (at least in any non-altruistic sense) to stake my wallet until PoW is over?
I will keep it running to support the network anyway, but that is what I understand from what you said.

Not at all. Staking is already paying rewards.

Did you perform any wallet operations? If your wallet is encrypted and you perform any wallet operations, you have to unlock the wallet again, after performing the wallet operations, to enable staking again.

[ik_do]

I'm still having issues with staking; today for about 3-4 hours the wallet estimated I would receive a reward within 3 minutes (I only received 2 payments during this time). The biggest problem is it says I'm staking and then later on claims I don't hold any mature coins?

Can you please look into this.

This is how staking works, according to what I know. Staking involves showing/loaning the blockchain your coins in order to create a new block. Blocks are currently either mined via X15 or staked, both ways are fighting over who creates the next block. If an X15 miner wins, stakers wait. If stakers win, the X15 miner wasted energy trying to calculate for that block. So the more coins you have or how old your coins are, the better chance you will have to stake, which will split your staked coins. As more people have old coins to stake, and as more X15 miners mine, stakes are delayed, but interest is always correct even if you have to wait longer. And at the end of each staked block creation, you have brand new coins that haven't met the 24 minimum time needed to stake.

The main issue with staking is the splitting. Every coin that stakes should somehow fix that, cause things get small quick.

So basically it is completely pointless (at least in any non-altruistic sense) to stake my wallet until PoW is over?
I will keep it running to support the network anyway, but that is what I understand from what you said.

Not at all. Staking is already paying rewards.

Did you perform any wallet operations? If your wallet is encrypted and you perform any wallet operations, you have to unlock the wallet again, after performing the wallet operations, to enable staking again.

Haven't performed any wallet operations recently.
This is what it looks like on my side:


I've been running it for the past 24 hours pretty much non stop but the last time I received interest was 12+ hours ago. I'm not sure how often it should realistically pay out, 44 seconds doesn't sound right though (or accurate).

[no141]

I think what you are seeing is that the calculation is not predicting miners finding blocks and other new coins coming online in a wallet that are older than 24 hours. So you are ripe to stake, but things just keep getting in the way. You could take a look at the blockchain anytime and see what size stake is being split or if a miner found a block. So larger amounts than 500 should have priority. And since the block reward for X15 miners is 1000, there should be a lot of those maturing all the time.

Also as the POW mining will end eventually, those staking are taking away the 1000 rewards for the blocks, just to get their tiny interest instead. So in one way you are limiting the faster increase in total coin available, which could be a good or bad thing depending on your view. So if you were to close the wallet down for a while, you'd be holding older and older coins that would have a higher priority to stake later. And you should be paid correctly for holding coins like that, I would hope. Take me for example on another coin, currently with only 70 holders, my weights are much much larger than yours, but the wait is two hours currently, since my coin pieces are split too small already, and other people still have much bigger pieces. And I don't want to pay the fee to transfer them back to me in larger sizes. So if I wasn't using my computer for mining, it would be a great time to shut it down and come back later to save on electric.

[SirZelmer]

Its good time to buy Kobo, in my opinion price will grow up.

[najzenmajsen]

Its good time to buy Kobo, in my opinion price will grow up.

it wont grow up , this coin is completly utterly useless in growing up , it cant grow my friend. ALL this coin can do , is make the world a better place and stabalize an economy at moon , that even aliens will be able to use and together we will make this coin the biggest and greatest of all times. Also making sure the price hits a million dollar each and we'll all be rich , but we wont care about the money we'll be happy we were in the beginning and we'll brag about it to the aliens : >

[TheTribesman]

Its good time to buy Kobo, in my opinion price will grow up.

it wont grow up , this coin is completly utterly useless in growing up , it cant grow my friend. ALL this coin can do , is make the world a better place and stabalize an economy at moon , that even aliens will be able to use and together we will make this coin the biggest and greatest of all times. Also making sure the price hits a million dollar each and we'll all be rich , but we wont care about the money we'll be happy we were in the beginning and we'll brag about it to the aliens : >

If the Aliens are using Kobocoins, then we better create KobocoinDark for the Predator population.
 

[torrantz]

Its good time to buy Kobo, in my opinion price will grow up.

it wont grow up , this coin is completly utterly useless in growing up , it cant grow my friend. ALL this coin can do , is make the world a better place and stabalize an economy at moon , that even aliens will be able to use and together we will make this coin the biggest and greatest of all times. Also making sure the price hits a million dollar each and we'll all be rich , but we wont care about the money we'll be happy we were in the beginning and we'll brag about it to the aliens : >

If the Aliens are using Kobocoins, then we better create KobocoinDark for the Predator population.
 

KDX aliens like a X in the ticker

[johnbrainless]

i need to hold kobo for 24 hours to stake?


what is max number of coins after pow/pos?