Question for large PPC holders

If cold minting is not implemented would you expose your coins to mint in the future if the price goes up. So if you had say $5000 of ppc would you expose it to the network for a 1% return?

Personally if ppc ever reaches more than $5 i will probably take all my coins offline as i dont think it is worth risking for 1% return. Besides with the 160 million eth theft whats not to say that someone cant do the same to ppc? Someone could highjack your node and take your coins…

[quote=“K500, post:1, topic:3952”]If cold minting is not implemented would you expose your coins to mint in the future if the price goes up. So if you had say $5000 of ppc would you expose it to the network for a 1% return?

Personally if ppc ever reaches more than $5 i will probably take all my coins offline as i dont think it is worth risking for 1% return. Besides with the 160 million eth theft whats not to say that someone cant do the same to ppc? Someone could highjack your node and take your coins…[/quote]

I have at least three ‘customers’ minting happily with 50k $ worth of PPC on Peerbox.
Comparing Eth with Ppc in this sense is nonsense. Also node highjacking is not a real threat, we also have ‘unlock for minting only’ feature which stops the attacker to do anything with highjacked wallet.

I have a few k$ minting in peerbox.

Once I reach 10k$ I’ll probably go for the 2RPI setup. One being the full node, that is exposed through the firewall and one connected locally to the full node for minting that is fully blocked by firewall.

That setup and BIP38 paper wallet addresses, is as secure as it get’s.
I’d trust this more than my bank account.

[quote=“peerchemist, post:2, topic:3952”][quote=“K500, post:1, topic:3952”]If cold minting is not implemented would you expose your coins to mint in the future if the price goes up. So if you had say $5000 of ppc would you expose it to the network for a 1% return?

Personally if ppc ever reaches more than $5 i will probably take all my coins offline as i dont think it is worth risking for 1% return. Besides with the 160 million eth theft whats not to say that someone cant do the same to ppc? Someone could highjack your node and take your coins…[/quote]

I have at least three ‘customers’ minting happily with 50k $ worth of PPC on Peerbox.
Comparing Eth with Ppc in this sense is nonsense. Also node highjacking is not a real threat, we also have ‘unlock for minting only’ feature which stops the attacker to do anything with highjacked wallet.[/quote]

Thats exactly what the DAO investors thought too. Point is there can always be loopholes in the code and it is best to assume that there is flaw and be prepared rather than assume that you are safe and end up getting hacked. Anyways i find your claim about node hijacking not being a threat to be flawed since in a pos network the security of the blockchain relies solely on nodes minting and relaying the blockchain.

This might seem like a FUD topic but i believe it is something that should be asked before ppc gets bigger and making important decisions becomes a lot harder.

I keep my ppc in offline and only mint once a year and it took less than 24 hous to mint the coins out!! BUT I will stay online for good if it is cold locked minting.

The No. 2 richest address PXBf64T4gqKcn7Kruw75X8V5yeci34HG92 has almost always been minting:
https://chainz.cryptoid.info/ppc/address.dws?235198.htm

This address doesn’t belong to any exchanges.

[quote=“K500, post:4, topic:3952”][quote=“peerchemist, post:2, topic:3952”][quote=“K500, post:1, topic:3952”]If cold minting is not implemented would you expose your coins to mint in the future if the price goes up. So if you had say $5000 of ppc would you expose it to the network for a 1% return?

Personally if ppc ever reaches more than $5 i will probably take all my coins offline as i dont think it is worth risking for 1% return. Besides with the 160 million eth theft whats not to say that someone cant do the same to ppc? Someone could highjack your node and take your coins…[/quote]

I have at least three ‘customers’ minting happily with 50k $ worth of PPC on Peerbox.
Comparing Eth with Ppc in this sense is nonsense. Also node highjacking is not a real threat, we also have ‘unlock for minting only’ feature which stops the attacker to do anything with highjacked wallet.[/quote]

Thats exactly what the DAO investors thought too. Point is there can always be loopholes in the code and it is best to assume that there is flaw and be prepared rather than assume that you are safe and end up getting hacked. Anyways i find your claim about node hijacking not being a threat to be flawed since in a pos network the security of the blockchain relies solely on nodes minting and relaying the blockchain.

This might seem like a FUD topic but i believe it is something that should be asked before ppc gets bigger and making important decisions becomes a lot harder.[/quote]

DAO investors did not think, that is why they have invested in the first place. But, the two are not comparable. By comparing the two you show lack of understanding.
Nobody has found a single exploit in Peercoin wallet code in almost 4 years of history. Beside, Peerbox offers 3 extra layers of protection above that.
Peercoin minting is quite secure and it is definitely far less risky than not minting at all where you jeopardize the entire network and therefor your own stake in it.

[size=14pt]Yep, this is FUD. Just like when you were claiming that soft fork will cause OS X users to lose the coins and were urging people to sell.[/size]

Sorry this is off-topic, but I imagine you asking this to obese investors with some physical PPC in each hand. :))

for network to function: it doesn’t matter how many coins are minting. what matters is how many nodes and how many non-zeo outputs with non-zero balance that are minting. since most stake splits to 100-200ppc chunks, a rich wallet does tend to provide a lot of outputs, adding network resistence to attacks.

[quote=“peerchemist, post:7, topic:3952”][quote=“K500, post:4, topic:3952”][quote=“peerchemist, post:2, topic:3952”][quote=“K500, post:1, topic:3952”]If cold minting is not implemented would you expose your coins to mint in the future if the price goes up. So if you had say $5000 of ppc would you expose it to the network for a 1% return?

Personally if ppc ever reaches more than $5 i will probably take all my coins offline as i dont think it is worth risking for 1% return. Besides with the 160 million eth theft whats not to say that someone cant do the same to ppc? Someone could highjack your node and take your coins…[/quote]

I have at least three ‘customers’ minting happily with 50k $ worth of PPC on Peerbox.
Comparing Eth with Ppc in this sense is nonsense. Also node highjacking is not a real threat, we also have ‘unlock for minting only’ feature which stops the attacker to do anything with highjacked wallet.[/quote]

Thats exactly what the DAO investors thought too. Point is there can always be loopholes in the code and it is best to assume that there is flaw and be prepared rather than assume that you are safe and end up getting hacked. Anyways i find your claim about node hijacking not being a threat to be flawed since in a pos network the security of the blockchain relies solely on nodes minting and relaying the blockchain.

This might seem like a FUD topic but i believe it is something that should be asked before ppc gets bigger and making important decisions becomes a lot harder.[/quote]

DAO investors did not think, that is why they have invested in the first place. But, the two are not comparable. By comparing the two you show lack of understanding.
Nobody has found a single exploit in Peercoin wallet code in almost 4 years of history. Beside, Peerbox offers 3 extra layers of protection above that.
Peercoin minting is quite secure and it is definitely far less risky than not minting at all where you jeopardize the entire network and therefor your own stake in it.

[size=14pt]Yep, this is FUD. Just like when you were claiming that soft fork will cause OS X users to lose the coins and were urging people to sell.[/size][/quote]

Just because a flaw has not been found it does not mean one will not be found in the future. I see some users guard peercoin as a religion and are not open to any new ideas. Fact is once a network grows and it is no longer run by hobbyists a strong incentive is required to create blocks. Where would bitcoin be with no coinbase reward? Would ANYBODY bother to mine?

Peercoin is in a safe haven right now because it is not very valuable but once the price starts to go up people will try to hack/reverse engineer the code like they are doing with bitcoin and ethereum.

I should probably correct you on your claim that i supposedly told people to sell their coins - If you go back and read my thread i asked what mac ppc users would do at the hard fork. Your attempts to censor such discussions show in some regards this community is no better than bitcoin. I’m not going to point fingers but i have to say in my view long term peercoin will struggle if some changes are not made.

Yes but if one node has more than 50% of all coins minting is that not the same as a 51% attack?

It’s not that simple, as you can only mint once every 30 days with the same output.
So it would mean that the coin owner should have all coins distributed over many large enough UTXO’s so that it can outperform all the other UTXO’s.
Theoretically it is possible, practically it is extremely difficult.

That’s exactly why we should be very conservative on the chain implementation. Some here (including me and [member=30983]peerchemist[/member]) believe innovations should be outside the chain and that the chain is just one building block to build appications and not the entire runtime like ethereum does.

I honestly believe we can build the same things on the current peercoin chain as is being done on the ethereum chain. At the time of writing, we are working on building a framework to make this all possible.

I think there should be a 1% stake reward for holding stake in the network. But there should be a additional 1% reward annually for nodes thats are constantly online and minting. This way we are rewarding holders and well as people who put bandwidth and processing power into the network. If someone mints once per year they will get their 1%, if someone mints consistently throughout the year they will get closer to a 2% return.

This is probably the best way to do it without changing peercoins core fundamentals completely.

Would like some opinions from core devs [member=79]Sunny King[/member]

[quote=“K500, post:14, topic:3952”]I think there should be a 1% stake reward for holding stake in the network. But there should be a additional 1% reward annually for nodes thats are constantly online and minting. This way we are rewarding holders and well as people who put bandwidth and processing power into the network. If someone mints once per year they will get their 1%, if someone mints consistently throughout the year they will get closer to a 2% return.

This is probably the best way to do it without changing peercoins core fundamentals completely.[/quote]
Disrupting market ?Value is derived from the development, rather than more allocation
Now the nu fails, the heart instability,If you want to greedy that 1%, the market will collapse, although I have coins and like more

[quote=“D. Winters, post:16, topic:3952”][quote=“K500, post:14, topic:3952”]I think there should be a 1% stake reward for holding stake in the network. But there should be a additional 1% reward annually for nodes thats are constantly online and minting. This way we are rewarding holders and well as people who put bandwidth and processing power into the network. If someone mints once per year they will get their 1%, if someone mints consistently throughout the year they will get closer to a 2% return.

This is probably the best way to do it without changing peercoins core fundamentals completely.[/quote]
Disrupting market ?Value is derived from the development, rather than more allocation
Now the nu fails, the heart instability,If you want to greedy that 1%, the market will collapse, although I have coins and like more[/quote]

If greed was the motive why stop at 1%, we could go to 10%. The thing here is that many people do not realise that as the network grows the resources nodes need to support such a network will grow too. Its a scaling problem - if running a ppc node in the future takes a lot of cpu power, GB’s of bandwidth and energy costs would a 1% return be enough to get people to run nodes. If it is then we have no problems, if it is not however then we will see centralisation in the same way centralisation is happening to bitcoin right now.

You could say that sidechains could be used but even if that is the case you still have to come back onto the chain at sometime resulting in blockchain bloat regardless. This probably wont be a issue for a couple of years but if ppc sees exponential growth then it could happen sooner than expected.

For four years, I’ve been seeing people drop into the forums, explain why peercoin won’t work, can’t work, and is doomed to never work.

Yet we’re still beating the test of time.

I expect I will still see this in another 4 years…

…and in another 10 years, and in another 20 years…

The point of peercoin, is no one is forcing you to buy in. No one is here to make assurances and guarantees. Take the information you have, do your research, and make an educated decision.

What I end up seing, is a bunch of people trying to “rally” others into having their same apprehensions, whether they are technically founded or not.

Look at this comment:

Let’s analyse that, to see how important it was to bring up:

Should people consider doing business on the internet? Just because a flaw has not been found does not mean one will not be found in the future?

Should people use ATM / electronic bank machines? Just because a flaw has not been found does not mean one will not be found in the future?

Should people use cell phones? Just because a flaw has not been found does not mean one will not be found in the future?

The world has a way of dealing with these things when they arise and learning over time how to get better at it. Have some trust and faith.

If trust and faith is too much to ask, and you’re not ready to see this through… then don’t. That’s your choice.

[quote=“ppcman, post:18, topic:3952”]Let’s analyse that, to see how important it was to bring up:

Should people consider doing business on the internet? Just because a flaw has not been found does not mean one will not be found in the future?

Should people use ATM / electronic bank machines? Just because a flaw has not been found does not mean one will not be found in the future?

Should people use cell phones? Just because a flaw has not been found does not mean one will not be found in the future?[/quote]

There is a big difference. In these three examples flaws have been found!
:))

[quote=“hrobeers, post:19, topic:3952”]There is a big difference. In these three examples flaws have been found!
:))[/quote]

Exactly.