Thanks, I've updated my post above saying that indeed the PPCoin-Qt's status message changed 
Great!
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Also, if you know about how stake rewards work, could you elaborate on:
I'm really fuzzy on what is the difficulty of finding stakes is. Assuming I did find one, though, I guess 1% means I'll be getting 1 PPCoin per 100 PPCoins in wallet?
I'm really fuzzy on what is the difficulty of finding stakes is. Assuming I did find one, though, I guess 1% means I'll be getting 1 PPCoin per 100 PPCoins in wallet?
You are now passively generating "Proof of Stake", the unique feature of PPCoin, essentially a small amount of interest just from holding the currency.
So as long as your wallet is unlocked as shown in the main post you will average about 1 PPC per 100 PPC each year. Any coins you have need to mature for a while so you won't see the "interest" for a while.
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Now, ppcoind says generate=false when I do "getmininginfo", does it mean it's not mining?
Yes, it's not mining in the traditional sense which is generally applied to "Proof of Work" blocks... for that you should use a separate program such as Reaper or CGMiner, just like with Bitcoin or Litecoin. You can find more info on that here -> http://cryptocur.com/ppcoin-ppc-mining-guide-gpu/. You can have both going at the same time, "Proof of Work" is actively mining more PPC blocks (normal mining) while your "Proof of Stake" (your PPC balance in your wallet) is passively accumulating interest over time.