Cybnate, I think that is an unfair statement. When someone asks a question like this, rarely do they have to wait more than 24-48 hours without someone addressing the issue and someone trying to help.
In general, coin-age will earn 1% a year on average regardless of how many coins you are minting. While it is true, you will see more PoS mints more often, based on the more coins you have, you will not be cheated out of your 1% over the long term if you have a small number of coins.
To put it simply:
If someone has 5 coins, over 10 years, they will still earn a proof-of-stake earning of 1%/year once they mint their own block. They may have to wait longer, because they are only working with 5 coins as their stake, but they WILL eventually mint a block.
If someone has 500 coins, over 10 years, they will earn a proof-of-stake earning of 1%/year much faster, because the probability is much higher, with a greater stake.
If someone has 500,000 coins over 10 years, they will earn a proof-of-stake earning of 1%/year much faster, because the probability is much higher, with a greater stake.
Now with that being said, the question was:
"Is POS minting transaction based? I guess the answer is yes because every transaction has a different age. "
The answer is YES.
Now here is how it can work. This is different for everyone. Let’s say you are the type of person that wants to see proof-of-stake earnings based on big transactions more often… Then what I would recommend is that you transfer all your coins to a particular wallet address (if you plan on storing them to earn free minted coins), and you will have a better chance of minting a PoS block.
To put it into perspective:
Joe has 3 transactions received in his wallet:
- 0.25 coins transferred Jan 5, 2012
- 5.25 coins transferred Jan 15, 2012
- 250.0 coins transferred Aug 20, 2012
Based on proof-of-stake and coin-age, all transactions and coins should earn approx 1%/year based on minting.
The likelihood of #3, 250 coins transferred Aug 20,2012 minting a block, and earning the 1% free peercoin is much greater than the 0.25 coins transferred Jan 5, 2012.
But! the only issue is time. Both transactions still have the same ability to earn approx 1% to earn free peercoin / year. The more coins you have, the increased stake you have, the greater likelihood you have of seeing the Proof-of-stake earnings being added to your wallet.
So someone with 0.25 coins is still going to earn the same 1% as someone with 250 coins, it will just take longer, based on the lucky odds of coin-age and minting.
By now people are going to ask, ok, let me get this straight:
If I have 100 transactions, to 10 different wallets, would it make sense in the short-term to transfer all of those coins to a single wallet address and let them sit in that single wallet to earn stake for 30-90 days? Would I have a greater chance of minting a block, instead of having 10 wallet addresses with fragmented balances, instead of 1 wallet address with a large balance? The answer is YES.
This is short term thinking and short term realizations, but yes. The larger the transaction, the larger the chance that you will mint a proof-of-stake block.
If you are a long term investor, even if your wallet has 0.003 peercoin, eventually you too will mint your own proof-of-stake block, it will just take a lot longer (or you will need to be super lucky in the short term)
This will probably spawn a discussion, and I am happy to participate, but this single comment has me irritated:
Cybnate: the answers in this area are very scarce around here.
Really? You wrote your message on Jan 16/2013, and had someone respond within the same 24 hour period.