QUESTIONS TO ANYONE WHO KNOWS (no guessing please)
1. If I mined 10 million coins in first few days and intend to keep them for the POS minting, but I have also mined more since then, how does the wallet know which coins I transfer out to sell? Does it take first in /first out or how does it really know? My guess is that there is no possible way and this is a major hiccup in the code.
2. If it pays POS before mining is complete (down to 1 coin per block) how does it know if coins have already been paid the POS or not? If I buy 1 million from someone who got their POS payment, those have been paid the first payment. But if I am still mining 1 million also, how does the system know which coins are new and which are old? Another serious flaw I am thinking. Uless the POS starts after the reward drops to 1 coin.
I realize everyone here is a genious and has their belief, but I want an accurate answer as the answer is very importnat and depending on it, there is a potential HUGE arbitrage situation in the making.
I believe the coins have a coin age for each coin.. I see there is a coin age variable but dont know if this is per coin... if there is age for each coin then you would take over payments if its over 20 days old...
But reading the faq it says you need to wait 20 days so I dont know if coin age is per coin.. and if so Im not sure how 5% global inflation is forced after 4 years.
The coins have to be setting in a wallet, (not transferred to new wallet) for a least 20 days to be eligible to try and mint coins. If you bought coins it would reset the timer on the day the coins were sent to you wallet. If you bought the coins from someone who had them sitting in his wallet for 19 days, then no interest would be earned until they sit in your wallet for 20 days.
Feasible?: It does not matter about the date of each coin. It only matters that the wallet keep track of the balance that has been in the wallet. For instance, you deposited 1000 on 2/08. On 2/15 you xferred 500 out. On 2/17 you xfer 800 back in. You have a current balance of 1800. On 2/28 (or 20 days from initial deposit) wallet checks lowest balance from 2/08 - 2/28, and derives PoS on this quantity.
I know that this doesn't account for accurate times and is quite simplistic, but couldn't each "coin" have a time/date bit/byte(s) attached/embedded within itself? Seems like that would not be that difficult, and it would adjust according to the individual wallet address, ie., reset.
Just thinking out loud.