Hey Bumface,
If you want the interest to be shortened to quarterly and the compounded interest to equal a 20% APY, you should instead change the interest to about 4.66351% per three months to get roughly a 20% interest per year.
It's good to hear that some of you guys are interested in this as well now. I had previous thoughts earlier on thread page 678.
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Agreed. I'm sure it's a pain to modify the coin, so just have some way to tweak out the proof of stake system with multiple options to choose from. Let's say the coin's official website could have a tab for investing coins (whether from mining or outright purchased) in an official proof of stake Ultracoin address. And you could have multiple levels of interest earned obviously at multiple levels of risk. So in a sense you have created a company stock or bond.
So let's say I have 25k coins; I want to keep 5k in my wallet for "ultrafast" business transactions and daytrading, I put 15k of coin in my own personal wallet proof of stake system , and then I put 5k in an official website address proof of stake stock or bond that guarantee's a return from day one proportional to how long you let it mature in the address. You wouldn't exactly have to wait 1 year to see payout from the stake. All the while your organization is taking a slice of the pie to help fund development of the coin. People can get in and out when ever they want to, but if they get out early they lose maximum benefit. So let's say you have a stock or proof of stake "bond" address that pays out 3% - 5% in a 3 month time frame. Or one that's 7% - 10% after 6 month time frame. Or one that's 12% to 15% for a 9 month time frame. If one keeps a stake in a 3 month that matures and they don't move it, they have a choice of letting it reset at that new interest paid amount in the same stake bond time frame or it can be moved over to a higher time frame (6 months) at a higher interest rate reward as compared to someone who's just entered in fresh.
Possible step towards diversifying the coin even more where (not that I'm worried about UTC) the fear of a 51% attack would become that much harder to infiltrate the system.
If you are worried about someone buying up too much at once, have a set limit amount of purchase power based off something like: how long you have owned a wallet, or investing limits on how much personal wallet proof of stake do you have, etc... if any of this would even matter.
And of course it would require some rules as some people would think that they have a right to say what's what for the coins future. But that can be a good thing as well.
I could go on and on...
Any thoughts?
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Again, glad to hear that some of you guys agree on a similar concept. And thanks, Bumface, I didn't know that you and your Dev team were contemplating implementing some sort of similar construct.
Looks like it's worth a shot. Granted, you guys already have a never ending schedule ahead of you!
Thanks for all that you do!
And everybody, don't forget to write coingecko.com and ask that UTC be implemented into their system. They don't even have a scrypt chacha coin to analyze. I think if we get on coingecko.com soon - with their statistic capabilities - we will be able to help GPU miners and investors migrate out of the soon to be basic scrypt ASIC pump and dump goldrush that's about to hit. Let them know we need to be on board!
Cheers to all you UTC fans!!!
Respectfully,
Craig Claussen