Not to change the conversation but did anyone else get a huge-ass payout from the mining pool - really huge
We had some pool issues over the past couple of weeks revolving around the DDoS attacks on the pool and the supernodes. I just manually paid out the discrepancy today. Congrats on the bulk VRC!
I am not a mathematician, obviously, but my common sense tells me bundles about the potential repercussions of such a huge number of fictitious coins staking at any given moment, but I'll patiently wait for that update in the wallet that allows everyone to actually know the real number of coins that VRC has for the 26.8 mill given by Patrick is obviously an approximation I don't know based on what... 30 (or more) million coins staking can produce a significant number of additional coins by the day.
26.8M coins exist (26,811,507 right now to be exact).
http://chainz.cryptoid.info/vrc has a realtime count of coins in the blockchain. There is no discrepency with the total coins in existence-- just that you didn't understand that network stake weight is not exactly the same as total coin count.
Well it isn't just that I "didn't understand...". It is more like we all are finding out that you really don't know what the wallet can do and that Doug, the wallet man, has a "loose" concept, to say the least, of what "too much bigger (a number)" actually is. And since I hope I have demonstrated the staggering nature of the difference in numbers, it is IMPLIED that it has an equally staggering influence in the number of coins being "mined" through staking.
This is very significant since it all seems -and I certainly hope to be 100% wrong in my assumption- to be so ahead of the "limit" of approximately 2.25% yearly maximum total interest that it's not funny at all. There will be time, very soon indeed, to address the repercussions of those hugely bigger numbers staking, so I won't anticipate anything hoping, indeed, to be somewhat as out of touch with the final interest as Dough is regarding the "too big a number" statement.
When we released the coin we originally stated an expected 1.5-2.5% interest per year. Even with a network stake weight of 30M, the interest still falls below 2.5% yearly interest. I'm not sure where you're getting your twice as big number from, but that's not possible. The most the interest rate could get to if everyone had a lot of coin age and staked at once is still below 3% interest, close to 2.5%.