Understanding the mechanics and day-to-day implication of Proof-of-Stake

[quote=“Ben, post:36, topic:849”][code]
$ ./ppcoind -daemon
ppcoin server starting

$ ./ppcoind walletpassphrase 9999999 true
error: couldn’t connect to server
[/code][/quote]

In my experience, you cannot send commands to ppcoind until it has established multiple peer node connections and caught up to the block chain a little bit to verify their authenticity.

Even on linux, if I start ppcoind and immediately start throwing commands at it, they won’t work, until a few minutes have passed.

No dice. I started it and waited 20 minutes before trying to connect to the server with [font=courier]./ppcoind walletpassphrase 999999 true[/font], but I’m still getting the “error: couldn’t connect to server”.

I’ll make sure that my ppcoin.conf file is pared down to the bare minimum for troubleshooting.

A couple of things to try:

  1. Check the ownership of your .ppcoin folder as well as the ppcoin.conf files. What user owns it?
    (On Linux for instance, if the .ppcoin folder was created by root, and you are running ppcoind as a user, that’s not going to work until you sudo sh or sudo bash first)

  2. what username is ppcoind running as? Double verify it by running psauxxx |grep ppcoind

  3. Make sure you shutdown and restart ppcoind after the ppcoin.conf file exists. For instance, if you’ve had ppcoind running the entire time while you are making changes to ppcoin.conf, that won’t work. ppcoind only reads ppcoin.conf while it starts. Any changes to it afterwards have no effect until you stop it and start it again.

So I tried it on testnet, it seems working alright to me. My experience is (linux 64 bit):

  1. ppcoin-qt running with server=1 mode set in ppcoin.conf. wallet locked
  2. unlock for block-minting only using ‘ppcoind walletphrase’ command. now the lock icon says ‘unlocked for block-minting only’
  3. send coins via ppcoind: rejected with message "wallet unlocked for block minting only, unable to create transaction
  4. send coins via ppcoin-qt: it pops window to ask for passphrase and send successfully. wallet returns to locked mode after the send.

So I don’t see anything obvious wrong here. The send in Qt must ask for passphrase for the send, then it is the correct behavior. If it doesn’t ask for the passphrase, then it’s wrong. Because the feature is meant to make it harder for hacker to steal coins. Say if he somehow gains control of your desktop, he still needs your passphrase to steal coins. Can you guys verify that your experience is different from mine?

Would be really great, is if someone could make a youtube video of their experience of what they are reporting is incorrect behavior.

Make it a private video where it is set to “only users with the link can see this video” and then post the link here. (This way it stays out of regular youtube searches)

A picture is worth 1000 words, a video is worth even more!

I’ll take a video, but I’m also happy to run a concurrent join.me so it can be seen live. I’ll make a video first thing, just to start the conversation

And yes, my experience is different. With the client unlocked, I’m not prompted for a pass phrase.

I’ll spool up an Ubuntu VM to compare against. It may be an OSX / Win issue with QT

i’ll try to reproduce my findings, I recall having my wallet unlocked for minting only, and I tried to make a new receiving address, there it should ask for the passphrase, but it did not, will let you know if I have it reproduced

[quote=“Ben, post:44, topic:849”]I’ll take a video, but I’m also happy to run a concurrent join.me so it can be seen live. I’ll make a video first thing, just to start the conversation

And yes, my experience is different. With the client unlocked, I’m not prompted for a pass phrase.

I’ll spool up an Ubuntu VM to compare against. It may be an OSX / Win issue with QT[/quote]

Same for me, i have unlocked my wallet for block minting only but was able to send ppc without entering my password. I will stop POS for now because i dont want an open wallet. Please look into this issue.

Here’s a screen capture of the potential ppcoin-qt client defect, in action. Apologies in advance for the large size of the recording, but I’m not set up to demo this on my laptop, so the desktop was the best option. You should be able to see everything clearly, even if you have to resize the image, but if it’s not clear, let me know and I can come up with an alternative. I’ve zipped it up, but it’s still ~120MB in size.

https://db.tt/03E4SRrV

I don’t think I included anything that would compromise this wallet’s security, but if you see something that I should be concerned with, please let me know.

[quote=“Ben, post:47, topic:849”]Here’s a screen capture of the potential ppcoin-qt client defect, in action. Apologies in advance for the large size of the recording, but I’m not set up to demo this on my laptop, so the desktop was the best option. You should be able to see everything clearly, even if you have to resize the image, but if it’s not clear, let me know and I can come up with an alternative. I’ve zipped it up, but it’s still ~120MB in size.

https://db.tt/03E4SRrV

I don’t think I included anything that would compromise this wallet’s security, but if you see something that I should be concerned with, please let me know.[/quote]

On my VLC Media Player I was able to hear your voice, and see a static screenshot of your ppcoind.conf config.

Did you watch the .MOV ?

I don’t know if it is my player, or the video itself, but I couldn’t see what you were clicking or typing.

[edit: I was finally able to successfully watch the .MOV on Linux using it’s Media Player instead]

My guess is that your player was working, but that it was out of view. Is there a “scale player” option on VLC?

I moved to a different computer. Yes, the .MOV works, I was able to see your entire screen.

I saw your ppcoin.conf on the left, ppcoin-qt is in the middle, and the directory list is on the right.

You’re right, that behavior isn’t normal. On the second attempt of sending coins, even with the wallet locked for minting, it shouldn’t have sent them.

I tried the same thing on Windows a while back and sure enough it asked me for the password when I tried sending some ppc after unlocking it for minting purposes. I’m going to check everything again.

I see that reading the code, a bunch of specific things were added with a note of “Improved Mac experience”. While they did add a lot of good things for Mac, it appears that is where this alleged bug was introduced.

Please PM Sunny King on these forums so he knows about this problem.

I heard from him that 0.4 of ppcoin-qt is currently in development and I hope that this type of issue will be addressed in that version.

Hello all,

I am facing a strange issue and I think it has something to do with PoS.
I got some coins and let it to mature while running the daemon.
On 17th November I noticed the following transaction:

“category” : “generate”,
“amount” : 352.76000000,
“confirmations” : 17277,
“blockhash” : “bd9b3552fba9dc22ff953323b9b4c9a478da88819b2d98da4ff9d4c0d8ef8292”

I think this is a PoS generation. Correct?

Anyway, the listaccounts (as well as the getbalance command on the specified address) command shows the address associated with the transaction above with 352.76 coins, while my balance (using getbalance without any arguments) shows 0.86 coins plus the amount I alreade had in my possesion.

What exactly is going on?

Yup that is pos u will have ur coins back in 520 blocks with a few more ppc
Fuzzybear

Sent from my HTC Desire using Tapatalk 2

Hmm, after checking all the transactions I got the point.
I had two PoS generations. The had 0.41 return and the other 0.47. The 0.02 that was missing was the fee from some transactions, so my account was (previous amount)+0.41+0.47-0.02=(previous amount)+0.86.
Now the what confused me: I have a number of addresses and listaccount displayed my coins twice. One time in the address they originally were and the other time in the address I received PoS reward. Is this normal?

I can confirm the problem with the not properly locked wallet when unlocked “for block minting only”. The Qt client didn’t ask for my passphrase when I sent some coins. I am on a Linux 32 bit system.

Well I can only hope that no one lets their client mint coins until the next software version, so I can mint mine soon and have a greater chance of doing it.

If I’m the only person putting up Stake in minting mode, perhaps I’ll mint all the coins too? :slight_smile:

Hi all, thank you all for your hard work and dedication. I’m new to PPC and cryptocurrencies on an iMac, I already installed 6 crytocurrencies apps and I spent a good 8hrs++ reading all the topics about PoS/PoW and all the fighting between Sunny and the other guys, ego trips, etc etc etc etc blah blah blah…

I’m a physical Gold and Silver investor in NYC, web programmer, graphic designer and I’ve read 6 economy books in one year and I subscribe to the Austrian economics and free market theory which mostly revolve around the topic of Money Supply and Central Banking, Debt etc etc etc… blah blah

I think that you guys are doing an AMAZING job for humanity and the topic of currencies, inflation, money supply and central banking. I truly admire that you are all aware that inflation over-time kills any currency, whether is digital or paper with fancy ink on it (you don’t discuss it openly but the 1% PoS target is on-point) and DEFLATION is actually beneficial.

I’m into cryptocurrencies now because I truly believe that the USD, British Pound, Yen, Euro and others will collapse within a 10-yr time-frame and this is a precious time for Gold, Silver, Hard Assets and alternative currencies and the timing of Bitcoin and crytocurrencies is BY FAR NOT COINCIDENCE. Money supply/Inflation is the means by which the low and middle class are impoverished and ANY fight against currency monopoly is WORTH THE FIGHT AND EFFORT.

As far as Sunny being shady for not publishing white papers, whether PPC and/or Bitcoin are scams or not is a very subjective conclusion and it depends on how you analyze it. For example, there hasn’t been ANY currency in history that has NOT BEEN A SCAM compared to physical Gold and Silver. So how is it fair to compare PPC/BTC to Gold & Silver? There is no CURRENCY that can stand a chance against Gold and Silver. And I don’t read anywhere in the cryptocurrency community that the crytocurrency architects are working to create such currency to stand a chance against Gold and Silver… so, why the comparison? Gold/Silver vs. cryptocurrencies aren’t fair comparisons.

Now when you compare PPC/BTC against other paper currencies, even the (supposedly) strong USD, NOW THAT’S A FAIR COMPARISON and crytocurrencies stand a huge chance to make a difference over-time.

So what if Sunny is not sure if his PoS “theory” is safe?
So what if Sunny is “assuming” PoS will workout okey?
So what if Sunny & BTC are purposely attempting a SCAM? if it is, how are they any different than the stock market and highly manipulated COMEX gold exchange? At least Sunny is developing something revolutionary and will indeed leave behind something worthy of improvement and in the meantime he’s making my brain erupt lava off my ears… that’s some intense brain exercise.

So if PPC/BTC turnout to be unsafe and/or scams and some investors lose their life-savings then I can only blame the investors for making such dumb decision to go all-in in such volatile, beta and highly-speculative cryto phenomenon take-off.

All that said, keep up the GREAT work and don’t get side-tracked by micro-issues. This is about MACRO ECONOMICS and developing alternative currencies. So what if PPC fails and we all lose some money? We won’t lose what we learned in the process. A friend text me yesterday that he logged into MySpace.com for the first time in 3 years… … … you get my point, evolution, development and mistakes are the key for a greater success in the future.

And some day we’ll look back and ponder… “remember the USD? wow that was some strong paper currency scam. I can’t believe people used paper money back then, so inconvenient”.

So back to understanding how PoS works… I don’t read anyone discussing the hardware side of it. Which hardware part is doing the data processing, CPU? GPU? I don’t want my powerful iMac minting 24/7 when I can buy a used Windows laptop for $100. And very often I have Photoshop, Illustrator, iTunes, Premiere all doing hard-core processing at the same time and I don’t want another 2 or 3 Qt apps doing even more stuff at the same time. What’s your take on this?

Thanks a lot,
Alejandro

The CPU is doing the hardware processing side of it, not the GPU. It isn’t complex, and it isn’t like mining proof-of-work at all.

This same concept is why your Peercoin wallet can sync with the network pretty fast. Most of them are Proof of Stake blocks that are securing the network. In order to verify a PoS block, it is very quick. So it doesn’t use a lot of hardware resources.

Yes, a $100 Windows Laptop could keep up with mining proof of stake. It isn’t that hardware intensive, AFAIK

[quote=“scottialex, post:56, topic:849”][…]
So back to understanding how PoS works… I don’t read anyone discussing the hardware side of it. Which hardware part is doing the data processing, CPU? GPU? I don’t want my powerful iMac minting 24/7 when I can buy a used Windows laptop for $100. And very often I have Photoshop, Illustrator, iTunes, Premiere all doing hard-core processing at the same time and I don’t want another 2 or 3 Qt apps doing even more stuff at the same time. What’s your take on this?

Thanks a lot,
Alejandro[/quote]

Thank you for your your rewarding words and welcome to the forum and the land of cryto currencies!

And in answer to your question I can second ppcman’s statement. PoS is done on CPU and need only minor resources.
Quoting myself from a thread where I tried to gather some information about PoS I can say:

You don’t need much of computing power to successfully take part in the PoS process, but coin-age instead. So the more coins you have (and the more age they have gathered; reminder: age being capped at 90 days?!) the more coin-age (coins times age) they can accumulate and the more successful they are in PoS minting.
A mobile phone would be sufficient in terms of CPU power!
…although you’d have to frequently plug it into the socket :wink: