Announcement – Patchcoin (PTC)

New Approach: I was already poised to leave the Peercoin community. And I feel, after years of having avoided any possibly inflammatory comment, that I am entitled to offer, in parting, an opinion:

the design of PPC sites and apps is awful.

It’s a complex issue: that people who are expert at things but not teachers are very bad at putting themselves in the shoes of those who don’t understand those things.

The result is that enormous amounts of ‘presumed knowledge’ are necessary to navigate sites, QTs, etc. But of course, newcomers don’t have that presumed knowledge!*

Over the years, as I have struggled along at the back of the PPC pack, I’ve been watching this phenomenon. I’m a retired technical-writing tutor. We are so very familiar with it.

A related issue that no one can discuss without becoming angry is the poor social skills of many crypto geeks. It’s an awful combination: orientation to fast profits, poor ability to explain skills, poor communication skills.

So, my solution to the Patchcoin-QT problem is to simply delete it.

*A dead giveaway is the use of the word ‘just’: “Oh, you just something something something.”

There’s a button to show all claims, slide it to the right. You can then use your brower’s text search tool to find your address:

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you can’t search for your address because it’s trimmed

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Update 3 March:

We will reach 3 million PTC distributed later today, appropriate for 3/3/2025.

Total claims are now above 8 million and we are slowly approaching the halfway mark (10.5 million).

Today is day 10 of the claims period that will last 180 days. Our team is pleased with the response so far and are happy that the claims system is working as intended.

We expect incoming claims will now begin to slow down after this initial period, but as @Sentinelrv pointed out early on, there are PPC holders who will be unaware of this announcement for another month, two, or three. This is the reason for the long claims period, to give everyone a fair chance to participate.

If you have questions, consider signing up for our forum at patchcointalk.org. Post in the “Newcomers” verification thread for full access to the forum, including the “Support” board where we can help.

You can also join our Discord for help with issues too.

If you join either of these places, feel free to share your ideas, including which exchanges you’d like to see Patchcoin listed on later this year. It will help with our research and planning.

  • Total Claims: 663
  • Total Peercoin used to claim: 4,046,054 PPC
  • Total Patchcoin claimed: 8,331,469 PTC
  • Total Patchcoin received: 2,988,000 PTC
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Received a question about top PTC addresses. You can view them in our block explorer: Top Patchcoin Coin Holders - Patchcoin Explorer

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Update 10 March:

For this week’s update we’re pleased to announce that we have reached the 25% mark for distributed PTC, with over 5.3 million PTC now in circulation.

The claims system is working perfectly and we are catching up to the most recently submitted claims.

Our lengthy claims period gives every Peercoin holder a chance to see this announcement and participate if they choose.

New this week: the graphic below now shows the number of PPC used in claims, which may be of interest to the Peercoin community when considering their own protocol adjustments.

  • Total Claims: 701
  • Total Peercoin used to claim: 4,262,186 PPC
  • Total Patchcoin claimed: 8,756,386 PTC
  • Total Patchcoin received: 5,385,600 PTC
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Update 17 March:

We have reached 35% of PTC distributed, with over 7.43 million PTC now in the hands of active claim holders.

Nearly 85% of claims have been fulfilled to date. If you submit a new claim today, you will receive your PTC within a few days.

This week we’ve seen community members begin p2p trading in our Discord channel in #price-talk, with buy and sell offers. These early efforts are fun to watch. Offers have ranged between $0.01 and $0.05, in the same range as Bitcoin’s early prices from 2010.

A question often asked is “what will happen to any unclaimed PTC?”

We will decide by day 90 of the claims period and share with the community. If we overestimated the amount of active PPC addresses, the solution could be a mixture of additional distributions to all PTC holders and a small auction for a development fund.

We know that PTC trading and liquidity will increase once all coins are distributed, so our goal remains to distribute the full supply this year. We will pursue exchange listings once this is complete.

If you haven’t claimed your PTC yet, instructions are above in this thread.


Discord question of the week:What happens to BTC mining’s voting power once mining is done? Could transaction fees even come close to Patchcoin’s?

When Bitcoin miners no longer receive coin subsidies per block, BTC transaction fees will go even higher.

Read this Bitcoin mining industry report from mid-2024. Look at the value of the capital expenditures and acquisitions. Thousands of acres of property, hundreds of millions of dollars. What a waste of valuable land, materials, and energy.

Those capital and operating costs will be recovered by mining companies through the Bitcoin transaction fees they charge. There is no doubt those mining companies will become increasingly consolidated and centralized too.

In contrast, Patchcoin will offer a digital asset with the same scarcity and security as Bitcoin, but with a fraction of the energy usage and fees.


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Great news today!

We have migrated to a new Discourse forum at https://patchcointalk.org.

Everyone’s accounts have transferred. You will just need to request a login link / password reset on the site to re-activate it.

If you haven’t signed up already, it’s free and easy to join.

Thanks @noface for setting up the new site.

Update 24 March:

Claims
We have reached 42% of the PTC supply claimed, 8.87 million coins total.

Several new max claims arrived last week, indicating there are still relatively inactive PPC addresses discovering Patchcoin for the first time.

We have also caught up on the claims backlog, reaching 100% of submitted claims fulfilled! This means that any new claim submitted today will be received quickly.

The claims system @noface built has worked flawlessly.

If you haven’t claimed your PTC yet, instructions are in the announcement thread.

Dust Collection Checker Tool
The Patchcoin claims dashboard has been updated by @noface to include bulk checking for Peercoin addresses which may have not yet been claimed.

This is useful to ensure dust addresses have been claimed. You can access the claims checker tool here.

Undistributed PTC
An update was promised for undistributed PTC plans, by day 90 of the 180 day claims period.

We will likely share this update even earlier than day 90, as soon as we confirm technical details.

Our goal remains to get all PTC into the hands of active Peercoin holders as quickly as possible, so that we can pursue exchange listings afterwards.

Trading and PTC Price Discussion
Several trades occurred on patchcointalk.org this week.

Completed trades ranged between $0.02 US and $0.04 US per PTC.

Active buy offers range between $0.02 US and $0.05 US per PTC on the Trading board.

Haven’t signed up yet? Come join our new patchcointalk.org and post your buy/sell offers. Patchcoin will grow quickest when an active trading community forms.

The Trading board has few sell offers at the moment, so if you’d like to sell PTC, now is a good time to post an offer.

Patchcointalk Posts This Week

  1. Bitcoin vs. Patchcoin: Comparison Graphic

  2. Ensuring dust has been claimed

  3. BanBitcoin.org - See the energy waste of the Bitcoin network

Quick Links

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Update 31 March:

Claims
This week we crossed a big milestone: 10 million PTC claimed!

This amount is nearly 48% of all PTC.

We are on day 37 of the claims period and the system continues to run smoothly.

If you haven’t claimed your PTC yet, instructions are in the announcement thread.

Check on the progress of claims here: Patchcoin Claims Dashboard

Undistributed PTC
We will provide a full update on plans for any undistributed PTC on day 90 of the claims period.

Patchcoin must attract new users beyond the existing Peercoin community to achieve the greatest security and success. Our goal will always be to distribute PTC to as many different holders as possible in these early months, and our day 90 update will reflect that.

Trading and PTC Price Discussion
Trades continue to take place on our forum this week.

Completed trades ranged between $0.05 US and $0.09 US per PTC.

Current buy offers: Buying Patchcoin (PTC) - Patchcointalk

Current sell offers: Selling Patchcoin (PTC) - Patchcointalk

Price discussion: Price Discussion - Patchcointalk

Discord
Our Discord is growing quickly and now has 50+ members.

If you’d like to join the Patchcoin discussion on Discord, you can join here.

Recent Patchcointalk Posts

  1. Setting up a full public node to support the Patchcoin network
  2. Sunny King quote on Bitcoin’s challenges
  3. Bitcoin vs. Patchcoin
  4. “How do I claim Patchcoin?”
  5. Should we look at setting up a new user PTC faucet for patchcointalk?

Quick Links

Hi all,

Quick Patchcoin update this week. We are close to finalizing plans for distributing all remaining PTC as per our recent announcement.

@noface is building some new tools to help with the next phase. Details will be shared soon, likely within a week or two, well in advance of day 90 of the claims period.

Patchcoin must attract new users beyond the existing Peercoin community to achieve the greatest security and success. Our goal is to distribute PTC to as many different holders as possible in these early months, and our day 90 update will reflect that.

If you haven’t claimed your PTC yet, instructions are in the announcement thread.

Check on the progress of claims here: Patchcoin Claims Dashboard

About Patchcoin:
Patchcoin (PTC) is a Bitcoin alternative using proof-of-stake technology. It is a fixed-supply cryptocurrency with 21 million coins.

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We are pleased to announce the activation of a temporary staking reward on the Patchcoin network.

Each block, there will now be a minimum staking reward of 0.01 PTC, funded through transaction fees of a PTC donation address.

The total Patchcoin supply will always remain at 21,000,000 PTC, just like Bitcoin.


Our team had plans to create a temporary staking reward with a portion of the future 210,000 PTC development fund.

However, we received interest from a community member to establish those staking rewards now. That individual has contributed 1,000 PTC to an address that will trade back and forth, creating staking rewards for at least the next 100,000 blocks.

When the development fund is created later this year, we will consider adding an additional 10,000 PTC and also increasing the staking reward.

This temporary staking reward will support the network in these early days and provide an incentive to participate in the staking process.

If you would like to make a donation to the temporary staking fund, all you have to do is send PTC to the address PBEyqyYSxgkLFmPMfUaP54xa2SdHrZMCmH.

All funds received will remain in this address until the balance reaches zero.

About Patchcoin:
Patchcoin (PTC) is a Bitcoin alternative using proof-of-stake technology. It is a fixed-supply cryptocurrency with 21 million coins.

Reminder that our 180 day claims period is closing next month. If you own Peercoin or Bitcoin, submit a free claim for Patchcoin in our client wallet.

As well, this week the Patchcoin network received its largest Bitcoin claim to date.

15.05 BTC (worth over $1.75 million USD) was used to make a maximum claim of 50,000 PTC.

Related: Bitcoin Claims Period

In the past 24 hours we’ve received over $1m worth of Bitcoin address claims. There have also been several large Peercoin (PPC) claims.

To date we have received over $5.7m worth of BTC claims and $1.5m worth of PPC claims.

Claims progress statistics: https://patchcoin.claims

At the end of the claims period, all remaining Patchcoin (PTC) held by the development team will be given away, proportional to PTC address balances.

Patchcoin is free to claim and there are no developer reserves.

About Patchcoin:
Patchcoin (PTC) is a Bitcoin alternative using proof-of-stake technology. It is a fixed-supply cryptocurrency with 21 million coins.

Download: Patchcoin wallet
Website: patchcoin.org
Forum: patchcointalk.org
Claims: patchcoin.claims
Block explorer: explorer.patchcoin.org
Discord: Patchcoin (PTC)

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The final distribution of Patchcoin (PTC) is now complete!

Link to transaction: https://explorer.patchcoin.org/tx/13b459397b82a821715b45dd74e9d2fd8afa036b5c1e32859392b254b5ab0b30

All 21 million PTC coins were given away for free to PPC and BTC holders, to create a fully decentralized, energy-efficient Bitcoin alternative.

We will soon post a claims summary and next steps on patchcointalk.org. :slight_smile:

This is our final post here. Thank you to the Peercoin community for the support of our project.

About Patchcoin:
Patchcoin (PTC) is a Bitcoin alternative using proof-of-stake technology. It is a fixed-supply cryptocurrency with 21 million coins.

Download: Patchcoin wallet
Website: patchcoin.org
Forum: patchcointalk.org
Claims: patchcoin.claims
Block explorer: explorer.patchcoin.org
Discord: Patchcoin (PTC)

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Thank you for the distribution of Patchcoin. It’s not often one gets something free in life, let alone something worthwhile, so this is much appreciated. Thank you, again.

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