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I believe I read somewhere that user wouldn't be able to send payments from encrypted wallet while it is "open for minting purpose only". However, I tried sending 0.1 coins in this state and they went through without asking password. Can anyone confirm this observation?
Maybe I understood the logic wrong?
Maybe I understood the logic wrong?
I can confirm this- I had the same thing happen.
Thanks for the info, I've updated the main post!
Got the email... power issue doesn't bother me, can't wait 
To confirm you just have to accept the box that pops up telling you about the "power issues" (i.e. plug into wall as opposed to USB). May be only for Jalapenos don't know about the others.
To confirm you just have to accept the box that pops up telling you about the "power issues" (i.e. plug into wall as opposed to USB). May be only for Jalapenos don't know about the others.
PPCoin excites me a lot. I honestly think the only reason it hasn't risen even further in price is because people are still trying to wrap their heads around the original ideas. It has a lot of unique advantages over Bitcoin and Litecoin, I am compiling an easy understand list of them and am putting them on a simple website... stay tuned.
Yeah, I agree with your take on PPCoin, I think Proof of Stake is an incredible concept that could end up being very influential in crypto coins.
I just wrote a guide relating to PoS minting -> PPCoin Proof of Stake Minting Setup Guide for PPCoin, a lot of people don't really "get" the upside of PPCoin I think.
Question:
If I mint with 100PPC, how high is the probability to receive - let's say - 0.1 ppc after 30 days?
How is the minting rate and amount calculated?
HowMuchCoinsPerDay(n: Coins, x: CoinAge)
If I mint with 100PPC, how high is the probability to receive - let's say - 0.1 ppc after 30 days?
How is the minting rate and amount calculated?
HowMuchCoinsPerDay(n: Coins, x: CoinAge)
Added some info to the first post...
Proof of Stake Important Concepts
Coin-Age: I receive 10 coins from Person X and hold them for 30 days, those particular coins have a combined coin age of 300 coin-days.
Generating A Coinstake: Once minting is unlocked you can generate a coinstake which consumes your coin age in exchange for generating a block with profit. The greater the coin age the higher probability that the proof of stake will be generated, if you are offline for a couple years for example when you reconnect you will probably generate a proof of stake almost immediately however you may have missed opportunities for compounding earlier.
Transferring coins to another person: Destroys all coin-age attached... only static coins gain age.
For detailed info please review the ppcoin whitepaper -> http://www.ppcoin.org/static/ppcoin-paper.pdf
The actual probability of it generating does adjust based on network factors.
Re: [ANN] [PPC] PPCoin Released! - First Long-Term Energy-Efficient Crypto-Currency
I wrote a nice little guide for "Proof of Stake" mining that might help some of the questions here!
PPCoin Proof of Stake Minting Setup Guide
PPCoin Proof of Stake Minting Setup Guide
Typo here: should be 'lock'
Thanks, corrected now!
Thanks, I've updated my post above saying that indeed the PPCoin-Qt's status message changed 
Great!
Quote
Also, if you know about how stake rewards work, could you elaborate on:
I'm really fuzzy on what is the difficulty of finding stakes is. Assuming I did find one, though, I guess 1% means I'll be getting 1 PPCoin per 100 PPCoins in wallet?
I'm really fuzzy on what is the difficulty of finding stakes is. Assuming I did find one, though, I guess 1% means I'll be getting 1 PPCoin per 100 PPCoins in wallet?
You are now passively generating "Proof of Stake", the unique feature of PPCoin, essentially a small amount of interest just from holding the currency.
So as long as your wallet is unlocked as shown in the main post you will average about 1 PPC per 100 PPC each year. Any coins you have need to mature for a while so you won't see the "interest" for a while.
Quote
Now, ppcoind says generate=false when I do "getmininginfo", does it mean it's not mining?
Yes, it's not mining in the traditional sense which is generally applied to "Proof of Work" blocks... for that you should use a separate program such as Reaper or CGMiner, just like with Bitcoin or Litecoin. You can find more info on that here -> http://cryptocur.com/ppcoin-ppc-mining-guide-gpu/. You can have both going at the same time, "Proof of Work" is actively mining more PPC blocks (normal mining) while your "Proof of Stake" (your PPC balance in your wallet) is passively accumulating interest over time.
Good guide! So far I've followed instructions exactly, but when I run mint.bat, ppcoind just exists without any error message. What gives?
Thanks! Yep, that's correct behavior... did you see if you got the correct message in the QT client? When you hover over the lock it should say "Wallet is encrypted and currently unlocked for block minting only."
PPCoin Proof of Stake Minting Setup Guide
One of the unique features of PPCoin is the concept of "Proof of Stake" which allows stakeholders (essentially anyone with PPC in their wallet) to generate "interest" on their reserves. Since I could not find an easy to read guide I have written one myself so that you can start collecting "Proof of Stake" on your PPCoin balance as well!
Step One:
As with all Crypto Coins is to encrypt your wallet... so run the PPCoin-Qt go to the options menu and encrypt your wallet with a strong password. DO NOT LOSE THE PASSWORD OR YOU LOSE ALL YOUR COINS... FOREVER!!!! Sorry to be melodramatic but it's important!
Step Two:
Go to your %appdata% folder (usually something like C:\Users\Admin\AppData\Roaming\PPCoin) and create a PPCoin.conf text file as follows.
Note that the username and password can be anything it doesn't matter (it is NOT your wallet password and you should not make it your wallet password for security reasons) so make it something long and obnoxious.
For more info on reservebalance check the FAQ -> https://github.com/ppcoin/ppcoin/wiki/FAQ
Step Three
Now run the PPCoin-Qt program and open your wallet. Go to wherever PPCoin is installed: Usually it's C:\Program Files (x86)\PPCoin\, in that folder you will see PPCoin-Qt.exe along with a daemon folder. Within the "daemon" folder create a batch file called "mint.bat".
This batch file will ask you for your wallet password and will unlock your wallet for minting purposes only, any transfers will still require your password to be initiated. This must be run each time the client is restarted.
If you did everything correctly you can hover over the lock icon in the lower right corner and it will say "Wallet is encrypted and currently unlocked for block minting only". In theory you could just have a shortcut or batch file with the password entered but then you'd have a shortcut that has your wallet password sitting in plaintext on your computer which is a terrible idea!
Step Four
Sit back and relax.
Once you have the client running and you are getting the "unlocked for block minting only" message over the lock you just sit back (for a long time) and let the interest accrue.
It will be approximately 1% per year on your PPC balance. Note that it takes a while for freshly minted coins to mature so you will not see interest generated right away.
Extra Information:
The current release of the client will send coins without a password while in minting mode (this may be changed in a future update).
Proof of Stake Important Concepts
Coin-Age: I receive 10 coins from Person X and hold them for 30 days, those particular coins have a combined coin age of 300 coin-days.
Generating A Coinstake: Once minting is unlocked you can generate a coinstake which consumes your coin age in exchange for generating a block with profit. The greater the coin age the higher probability that the proof of stake will be generated, if you are offline for a couple years for example when you reconnect you will probably generate a proof of stake almost immediately however you may have missed opportunities for compounding earlier.
Transferring coins to another person: Destroys all coin-age attached... only static coins gain age.
For detailed info please review the ppcoin whitepaper -> http://www.ppcoin.org/static/ppcoin-paper.pdf
Questions / Comments
If you have any questions post here and I'll try and update this guide with any needed information!
If you found this guide helpful my Tip addresses are:
PPC: PXWSoRA2c6qbiy6o4pS4tt68S6jtssEGQU BTC: 1HujuRGYtFgj7Em1pnhX22KAYnY9sxGAR6 LTC: LPiK3W3F7uqDHsBumArby7akVf7zW9UrhG
One of the unique features of PPCoin is the concept of "Proof of Stake" which allows stakeholders (essentially anyone with PPC in their wallet) to generate "interest" on their reserves. Since I could not find an easy to read guide I have written one myself so that you can start collecting "Proof of Stake" on your PPCoin balance as well!
Step One:
As with all Crypto Coins is to encrypt your wallet... so run the PPCoin-Qt go to the options menu and encrypt your wallet with a strong password. DO NOT LOSE THE PASSWORD OR YOU LOSE ALL YOUR COINS... FOREVER!!!! Sorry to be melodramatic but it's important!
Step Two:
Go to your %appdata% folder (usually something like C:\Users\Admin\AppData\Roaming\PPCoin) and create a PPCoin.conf text file as follows.
Code:
#ppcoin.conf
# JSON-RPC options (for controlling a running ppcoind process)
#Server mode allows Qt to accept JSON-RPC commands
server=1
# You must set rpcuser and rpcpassword to secure the JSON-RPC api
rpcuser=
rpcpassword=
#The reserve balance field is the minimum amount of coins you want to have available and NOT put up as stake.
#The reason for this is that if you are generating proof of stake you cannot spend those coins for 520 blocks.
#reservebalance=10000
# JSON-RPC options (for controlling a running ppcoind process)
#Server mode allows Qt to accept JSON-RPC commands
server=1
# You must set rpcuser and rpcpassword to secure the JSON-RPC api
rpcuser=
rpcpassword=
#The reserve balance field is the minimum amount of coins you want to have available and NOT put up as stake.
#The reason for this is that if you are generating proof of stake you cannot spend those coins for 520 blocks.
#reservebalance=10000
Note that the username and password can be anything it doesn't matter (it is NOT your wallet password and you should not make it your wallet password for security reasons) so make it something long and obnoxious.
For more info on reservebalance check the FAQ -> https://github.com/ppcoin/ppcoin/wiki/FAQ
Step Three
Now run the PPCoin-Qt program and open your wallet. Go to wherever PPCoin is installed: Usually it's C:\Program Files (x86)\PPCoin\, in that folder you will see PPCoin-Qt.exe along with a daemon folder. Within the "daemon" folder create a batch file called "mint.bat".
Code:
@echo off
@echo Enter PPC password...
SET /P variable=Password :
ppcoind walletpassphrase %variable% 9999999 true
@echo Enter PPC password...
SET /P variable=Password :
ppcoind walletpassphrase %variable% 9999999 true
This batch file will ask you for your wallet password and will unlock your wallet for minting purposes only, any transfers will still require your password to be initiated. This must be run each time the client is restarted.
If you did everything correctly you can hover over the lock icon in the lower right corner and it will say "Wallet is encrypted and currently unlocked for block minting only". In theory you could just have a shortcut or batch file with the password entered but then you'd have a shortcut that has your wallet password sitting in plaintext on your computer which is a terrible idea!
Step Four
Sit back and relax.
Once you have the client running and you are getting the "unlocked for block minting only" message over the lock you just sit back (for a long time) and let the interest accrue.
It will be approximately 1% per year on your PPC balance. Note that it takes a while for freshly minted coins to mature so you will not see interest generated right away.
Extra Information:
The current release of the client will send coins without a password while in minting mode (this may be changed in a future update).
Proof of Stake Important Concepts
Coin-Age: I receive 10 coins from Person X and hold them for 30 days, those particular coins have a combined coin age of 300 coin-days.
Generating A Coinstake: Once minting is unlocked you can generate a coinstake which consumes your coin age in exchange for generating a block with profit. The greater the coin age the higher probability that the proof of stake will be generated, if you are offline for a couple years for example when you reconnect you will probably generate a proof of stake almost immediately however you may have missed opportunities for compounding earlier.
Transferring coins to another person: Destroys all coin-age attached... only static coins gain age.
For detailed info please review the ppcoin whitepaper -> http://www.ppcoin.org/static/ppcoin-paper.pdf
Questions / Comments
If you have any questions post here and I'll try and update this guide with any needed information!
If you found this guide helpful my Tip addresses are:
PPC: PXWSoRA2c6qbiy6o4pS4tt68S6jtssEGQU BTC: 1HujuRGYtFgj7Em1pnhX22KAYnY9sxGAR6 LTC: LPiK3W3F7uqDHsBumArby7akVf7zW9UrhG
It's not just that Litecoin has faster confirmations, which is nice, but the real advantage is that it's not as vulnerable to ASICs at the moment. Right now Bitcoin is pretty much pointless to mine on a normal computer, Litecoin with a decent video card is still very competitive.
Damn, I've been single mining and pool mining FC for two days now and only have 3 coins. I'm doing 150k/hps for all I can tell. Feel free to send some love my way so I don't give up on this thing: 6vg5ZMzdk3hd9UoijdVURCi5FQxxq7PDKn
You should be getting a couple hundred a day at least at that speed, what pool are you using? I can tell you http://feathercoin.is-a-geek.com/ is working well right now...
I am now starting to get payments on http://feathercoin.is-a-geek.com/, stats aren't working right but payments look quite accurate, thanks! It takes a bit to start getting paid because of the 120 block confirmation but I've now got a steady flow of FC rolling into my wallet 
If you want to do it in a very roundabout way... you can go to VirWoX and buy SLL (Linden Dollars for Second Life) with PayPal. Then using the SLL you can buy BTC... it does have tons of fees though, and you will have to enter Second Life (which is free) to initially confirm your account.
I will warn you though it took about 36 hours for them to manually authorize the withdrawal (probably because I was a new account).
I usually just use MtGox and BitInstant though, it's nearly instantaneous and there are MoneyGram agents EVERYWHERE (grocery stores, convenience stores, etc.)
I will warn you though it took about 36 hours for them to manually authorize the withdrawal (probably because I was a new account).
I usually just use MtGox and BitInstant though, it's nearly instantaneous and there are MoneyGram agents EVERYWHERE (grocery stores, convenience stores, etc.)
I think it's nuts that anyone uses an online wallet at all, which in my defeats a considerable amount of the anonymity and total control aspects that make BTC great. But then again one of the main reasons I use bitcoins in the first place is because I'm paranoid as hell, so to each their own I suppose.
One thing though is that if you are not going to use an online service... make sure to encrypt your wallet and always have a backup on a thumb drive or other physically removed device. Make sure to backup each time you add new receiving addresses or you'll never retrieve those coins if your wallet file gets corrupted or trashed in some way.
One thing though is that if you are not going to use an online service... make sure to encrypt your wallet and always have a backup on a thumb drive or other physically removed device. Make sure to backup each time you add new receiving addresses or you'll never retrieve those coins if your wallet file gets corrupted or trashed in some way.