Quote from: Navyman47 on June 20, 2014, 01:55:36 AM

Quote from: bumface on January 13, 2014, 06:59:59 PM

What is Proof of Stake?

Code:

20% interest per year if you:

1. Have UTC in wallet
2. Don't spend it during that year
3. Have wallet online all year
4. Have wallet unlocked for minting, do this like so:
- Open debug window, then console, then type: 'walletpassphrase' yourpassword '999999999' true

In Depth Explanation of POS: https://en.bitcoin.it/wiki/Proof_of_Stake

Where does it ever state that the POS was "under construction"? It looks like it's spelled out in black and white right on the first page of this thread.
Are you saying that Michael isn't responsible for these changes? Was/is he the original developer of the coin? How do we know that this coin will not be manipulated again in the future?
I know these are good intentions, but how did reducing the block reward have a positive effect on the coin? Show me the evidence that it did anything but drive miners away and volume down. Those are 2 of the most important things for a coins success. Knee jerk reactions to the loud voices of a few will not provide a future for this coin going forward. Constantly changing the path of this coin shows a lack of leadership to steady the course and will destroy the confidence of the loyal supporters. Unfortunately, we've already lost a good deal of talent and senior members of the alt coin community. These are the people who have the strongest voices in the chats to whom others look upon for advice, when investing in a coin.

I think at least an apology should be made to the community for the mismanagement of the coin and POS from the start. This would a least go a long ways towards a positive path forward.
Saying that the POS was "under construction" is dodging the facts and shows a lack of integrity. Let's get the "facts" out on the table and start with a clean slate.

I think the biggest problem with this coin are people like you who feel everyone should just constantly apologize to them. This is a new team of devs who have ALREADY APOLOGIZED ABOUT POS, after they pointed out that the ORIGINAL DEV team NEVER STATED THAT IT WAS UNDER CONSTRUCTION. Now you ask them where it was stated? THEY TOLD YOU IT WASN'T. Read the friggin' post you're responding to.

They don't owe you a damn thing. The price is already up over 50% since they took over, and it hasn't even been a week yet. If you're not happy with that sort of progress, dump your $5 of UTC and go away.

We've lost good talent and senior members? Well before we did, the prices were at ALL TIME LOWS. I'll take this trade off all day everyday.