Quote from: Navyman47 on June 19, 2014, 11:52:52 PM

Quote from: Official Ultracoin Team on June 19, 2014, 10:39:44 PM

1. POS Update with Window and Mac wallet ~ 5.2% p/year and 0,1% p/week ( http://en.wikipedia.org/wiki/Proof-of-stake )
2. Android mobile wallet
3. Iphone mobile wallet
4. Increased acceptance of CoinPayments on web shops
5. Update content on website and BitcoinTalk original post

Please answer the question regarding POS to date. There are many of us that have been staking coins from the start of this coin and were promised a 20% interest after one year.
We stand to lose approximately 10% interest on our stake, if the POS is changed. How is this going to be addressed?

Firstly, please remember and realize that we have to start where the old team left off.

About the very first coin specs:
The very first and original parameters of UTC made by ziggy are unsustainable and irresponsible for the future and life cycle of UTC (Block reward 50 + 20% POS).
That's why the old team was in urgent need to made changes to the block reward. They explained and discussed the urgency of the changes before with the community in the tread and the community accepted it. So that discussion about the block reward change is closed allready.

About the POS:
The POS was still under construction by the former and old team since day one.
A lot remained unclear for everybody.
Unfortunately they never clearly communicated this and thereby never changed the website and bitcointalk text.
In a former IRC meeting (23th of May) changes been decided by the old team in agreement with the community (POS 5,2% p/year).
But unfortunately, again, the old team did dent made the final decisions and did dent implemented the POS update and also they did dent inform enough about any progress or about changes or non-changes.

In the mean time we all know what happened with a part of the old team, their cooperation and their projects.
This is something we cannot change even if we wanted to change it.

All of this happened before the new team was formed. So this is totally out of the control of the new team.

In this case I hate to be the bringer of bad news but to be very clear to everyone: There is no POS from day one till know !

As far as I am allowed and can do so I want to make my apologies for all of this.

Future and POS:
This last week our new team made quick decisions to start the POS finally and gave assignment to our Coin Dev to create the update as soon as possible.
The plan for realizing the POS update on the chain is two weeks from now.

The update for POS will be, as spoken and agreed in the former IRC meeting; 5,2% p/year ~ 0,1% p/week.
This decision is final and can not be changed anymore.

So this means for everybody (also for all the management team members) that we can collect our very first and weekly POS just in about three weeks from now.

Whit that sad we believe that 5.2% interest p/year and 0,1% p/week is very high and the maximum for funds you can use whenever you want to.

As responsible managers we must do what is the best for UTC future and we fully believe this is the correct and right way.

Furthermore I wish everybody can understand that we can not change things from the past. We all have to accept them as they are.
We are sorry if some things or some decisions upset some people but we count in this of your understanding.