Back in the days (which means ie 4 years ago) there were two types of coins mostly - the ones using PoW (Proof of Work) which is mining and ones with Proof of Stake - staking.
To stake means to move coins to wallet from exchange and then keep wallet open. The coins will try staking and this way will grow.
The first coin that i recall that staked was PPC - Peercoin. Its still alive but you need a really big stake to get anything there.
The first coins i was staking a lot was HBN and just lately i re-runned my wallet with really a little coins (sold most when it was 10x more expensive) and started staking.
Just with 200 coins i was capable of doubling that to 400.
The coin is not worth much but oh the memories.. priceless!
I doubt this coin will rise but it just reminds me of this and i know many readers of mine are new to crypto so wanted to explain this a bit.
Here is another coin that has PoS (it also has Masternodes like DASH but its not about that) is EXCL.
It mines 0.5 EXCL per block.
Its actually trading good now and we have it even on Bitshares - OpenLedger.
So mostly all this coins work the same, just have different stake options and such. You buy them, put to wallet, keep it open and await money.
Here are some other PoS coins that you may wanna check:
- RDD
- BLK
- DMD
- HYPER
- CLAMS
- NVC
Worth to note, Ethereum is going to change its mining to PoS in the future, but we have no date yet.
Next time i will write about masternode coins, to mine with masternode its more expensive but its also a good form withotu buying ASICs.
Know other PoS coins? Leave them in comments, esp with your stake screens :)
Follow, Resteem and VOTE UP @kingscrown creator of http://fuk.io blog for 0day cryptocurrency news and tips! |
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today i found a Crypto Signals app it's good and also ads free you can try
https://play.google.com/store/apps/details?id=com.cryptosignals
great find, i will check it out!
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You should check out BitConnect token staking, here is a link to a great tutorial--
Thanks for sharing this, did not yet saw, I'll give it a try.
You may be a unique type of special :)
that is hiLARious....well done . ;-)
Yo ,
Very interesting read, Thanks you for sharing it!
Hypnotic!
that's how things look like in 4 dimensions!
I think this is a great opporunity for everyone to double their coins, but this needs a good computer to run multiple wallets on it.
Good Luck everyone
Yes I agree @coinlend, thank you @kingscrown
increasing your money for free means you are taking resources from those who do real labor to create them.
It is not free, because the holder is staking, and that is the "real labor" according to pos guidelines. Hence the "(almost)" in the title.
no its not. Having money isn't labor, that's stupid.
Stupid is, as stupid does.
Why the mentioning of money? The author didn't mention that term or word you are referring to. How are you defining that word? The word "money" is abstract and has biblical origins directly synonymous with "gods" whom your profile name claims to deny. What money is, or is not, is irrelevant to this article.
Once again, it's not free because; ACCORDING TO PROOF OF STAKE GUIDELINES aka the system set forth by the authors of the token requires a computer to be functioning and ready to complete and verify a circuit. If you don't like the rules then don't play the game.
My intention is not to insult or say that you are wrong; or to defend pos tokens. It is, however, to question the terms and presuppositions this article seems to have attached to it with some.
capital, sorry just trying to use terms you people understand lmao
Think of it like an investment or like a savings account at a bank. You deposit a bunch of money and over time, it grows. That's the basic concept of POS coins.
The more you buy, the bigger the investment and hence more money in your pocket. When you buy more, it raises the price of the coin and therefore those early adopters get a higher ROI. So on and so forth.
resources have to come from somewhere. That extra money comes from the labor of the workers
it's somewhat like if you were to lend your money to someone, they use it to make profits and give you a % of the profits. You can't access those funds without losing your stake from there on in, you deserve to get rewarded for that.
"you deserve to get rewarded for that."
so you deserve what somebody produces because they do not have the resources to take stuff from others themselves? So let me guess, you support hitler? You support the system that causes 20 million to die a year from poverty in the name of fairness?
That escalated quickly. You know that Steemit relies on staking right? The algorithm is somewhat more democratic since it is delgated proof of stake, but the whales still hold enormous power and can decide who gets to stake. There are other algorithms out there that we can debate the merits of, but why are we talking about Hitler?
"somewhat more democratic"
as democratic as a guy with a gun saying he is right commanding others because he has a better weapon
"but why are we talking about Hitler?"
ruling class is ruling class, dictator is dictator. I am showing you how your procapitalist propaganda applies to capitalists people don't like too
"That escalated quickly. "
no. I am telling you the effects your preferred system is having today. If you think it escalated quickly you were deluding yourself.
quite interesting! So you don't believe in savings? how do you explain savings?
saving =collection of labor surpluses.
as labour has value=money
saving =collection of values(money)
if there is no incentive to hold values(staking) then wouldn't the value itself lose value
and money would be just a paper?
savings is keeping value you created for the future. Investment on the other hand is taking resources from others (profit) without doing labor yourself. In other words it is slavery.
"if there is no incentive to hold values(staking) then wouldn't the value itself lose value"
true value how much socially necessary labor it takes to create an object. I don't care about the price of stupid coins.
"and money would be just a paper?"
That's all it is right now, we just pretend it has value.
If you don't care about the price of stupid coins, then why are you entering a discussion on an article about cryptocurrencies?
I read all of your comments and wonder if you just want to argue.
"Investment on the other hand is taking resources from others (profit) without doing labor yourself. In other words it is slavery."
Incorrect. Investment is risking capital. The terms of how investors are rewarded for taking that risk is measured as rate of return or ROI. A person or entity holding a significant stake in crypto is taking a risk. PoS ensures that people participating in the system have a proven stake in the system this ensures that the actions they take will be in the best interest of the system.
Debt is a form of bondage (slavery if you prefer) it is a contract to repay what was borrowed with interest to account for risk and opportunity costs that the investor bears.
"Incorrect. Investment is risking capital"
on average capitalism must make profit, or it will literally collapse. So its like saying a casino risks all their money because they are gambling.
"PoS ensures that people participating in the system have a proven stake in the system this ensures that the actions they take will be in the best interest of the system."
Is upvotig yourself the best interest of the system?
also I really don't care how currency is used, I'm talking about capital.
"Debt is a form of bondage (slavery if you prefer) it is a contract to repay what was borrowed with interest to account for risk and opportunity costs that the investor bears."
When a person has no choice in life but to borrow money, college, a house, a car, or even food can put him into that position. It is mass slavery and there is no way to justify it.
http://anticapitalismfaq.com/
@leesmoketree I recommend that you enter https://goo.gl/d4ZFjk you will get 50 free WCX Tokens and 15% if you want to invest, this currency is now in the PRE-ICO stage and is the best time to invest!
Not if the 'money' isn't backed by 'real labor'! However, I see your point with interest bearing money, this is an endemic problem in our present currency! If you're interested I designed a new currency that addresses this issue along with 'depressions', wealth inequality, basic income, all in new currency!
Challenging the Old Money Gods (Including Bitcoin)! A New Crypto-Currency for a New Society!
Interesting story you got there rieki. What's your end goal? to replace old money?
Follow me @Yehey
Thank you.
look my post about waves is leasing coin
https://steemit.com/cryptocurrency/@superpako/waves-plataform-and-lease-cryptocurrency
Well, to redesignate money to its place as a medium of exchange, and not an all-powerful store of value. It's what's driving our conversion of our world into money. While we're at it we can design a money that suits a lot more of our collective needs as well... So essentially yes, replace old money...
value is backed in real labor and money is a measure of value
Only if the value of money was derived that way, but it in reality, it isn't.
Money is a store of value m8. You need something to measure value in to trade objects effectively
Money as a store of value is the opposite as money as a medium of exchange (trade objects effectively). They are opposing forces, and one of the main drivers of capitalism...
There are at least 9 other highly viable forms of capital as stores of value, outside of money.
"Money as a store of value is the opposite as money as a medium of exchange "
last I checked to be a good medium of exchange it has to be considered a measurement of value
Time = money - which is your labour; I get what you are saying - how to apportion value to something you can't see or touch? That's why I think the cryptos that retain value will be the ones that do something tangible.....provide a service, etc. and have differentiation.....Ripple is being investigated for adoption by the banking sector; Dash is an Apple pick; Lisk provides a service and enables the functionality of further cryptos, etc. Ultimately, cryptos that survive will have to have functionality, otherwise why bother?? And I get what you are saying about the measure - that's why I think eventually, crypto might resurrect the gold standard as a measure of value....as opposed to the value of a service....Bitcoin is valuable for what it allows - the digital exchange, but also the brand has established trust.
what? That makes no sense.
Labor is the only real measure of value is what I'm saying.
From my economics text book (coauthored by Ben Bernanke):
"Store of Value
As a store of value, money is a way of holding wealth. An extreme example is a miser who keeps his life's savings in cash under his mattress. But even someone who spends his cash wages 15 minutes after is using money as a store of value for that short period.
In most cases only money functions as a medium of exchange or a unit of account, but any asset-for example, stocks, bonds, or real estate- can be a store of value. AS these other types of assets normally pay the holder a higher return than money does, why do people use more as a store of value? The answer is that money's usefulness as a medium of exchange makes it worthwhile to hold, even though its return is relatively low."
Value is set by the price people are willing to pay for a product and not by the amount of work done or hours worked.
No. The labor theory of value is better, because that measures what it takes to produce an object. The true value of an object lies in the amount of socially necessary labor it takes to create it.
You are thinking of the price, not the value.
This explains it well:
https://www.marxists.org/archive/marx/works/1847/wage-labour/
" designed a new currency that addresses this issue"
wow you designed a currency called the destruction of capitalism?
Well, ya... I mean, that is the point... Destruction, however, is not my goal. Building a vastly superior alternative to capitalism is. Being such a dominant force in our world transitions don't happen all at once, this is designed to transition away to a new model, it's built right into it...
ah yes I forgot that the rich people are fine with a peaceful economic transition away from capitalism and won't just stop it at all costs, including through the use of violence. I totally forgot that mass murders of millions and millions of these anti-captialists never happened. I totally forgot what happened when chile elected a socialist. I guess it is possible
For sure, some people are in a different position and feel the use of violence is best suited to meet their needs. It may very well be, I'm not the one to say. However, you are correct, I am not in that position. In fact economically speaking I would have a lot to lose by fully implementing the system I propose. But, that's just economic loss, on near every other qualitative measure for joy and happiness I would gain. Which is why I chose a transition. I don't have to resort to violence because I'm designing a new life without the need to do so. I am fortunate to have that ability, and this design can help others who aren't so fortunate a financial position as well. I spent 6 years in the military carrying out violence, it is not something I wish to ever do again.
Further, I'm against capitalism just as much as I'm against state run socialism or any form of communism we've seen employed. In fact it would be fair to say there hasn't been a single system implemented in living memory (at least in our dominant culture) that I would ever wish to be a part of. So, by advocating against capitalism I'm not by default advocating for any other typical system...
' I spent 6 years in the military carrying out violence,"
there is a difference. The violence you carried out was mainly against people who had done nothing wrong, as the tool of the rich. There are two ways to stop the military. Asking politely and destroying it. How many people do you think begged for their lives before a military killed them and their families? How many people do you think never even had a chance to because of drone strikes?
You could not stop hitler by asking nicely. The economy of Chile could not change to the peaceful will of the majority. Same in Venezuela today.
https://espressostalinist.com/u-s-imperialism-page/
Do you know how many millions of peaceful communists, anarchists, mutualists, and socialists where slaughtered by governments? This was all done to keep capitalism in place. Do you know how many unions were broken up by killing? 20 million or so die of poverty a year, and I'm sure the majority would prevent that peacefully if it could, but that hasn't happened yet and it never will.
"For sure, some people are in a different position and feel the use of violence is best suited to meet their needs."
let me guess, you think asking politely would stop hitler?
Further, I chose to create a life that, to me, seemed pragmatic and obtainable. Which is why It's a transition. Because that can, and is, something that creates a solution immediately while striving towards larger goals. People have been seeking the demise of capitalism for the last century at least. How well did they do?
All money in crypto was invested by people who worked for it. Some do well some lose it all, making money off of other's labor isn't even a factor...
"All money in crypto was invested by people who worked for it."
wrong actually. Profit can't exist without taking others resources through force. The majority of money that has gone into bitcoin is from the capitalist class or the labor aristocrat.
https://www.marxists.org/archive/marx/works/1847/wage-labour/
That book explains it well
"making money off of other's labor isn't even a factor"
its just moving around money. As the price of the market increases more people invest. Once it goes mainstream they will be profiting off of the work of the majority without doing any themselves. Mining is an example of this. Currently you are making money off of investors who hope to do just that.
Staking needs computer and electricity, to pay for computer and electricity you need to labor to pay for it!
Yes you do, but not necessarily your labor. You could easily make enough from staking to pay for the electricity. The labor then comes from those paying for the coins, which more often then not comes from another type of investor. One that invests in capital. This profit from capital directly comes from the worker. If not it still comes from a worker who paid for the coin with his own labor, unlike you who paid for it in electricity bought through others labor.
If you do not make enough staking to pay for all of the electricity you are considered petit bourgeoisie. (I guess you are losing money but it still is capital, oh well)
Well I can't get anything from staking until I purchase some with my own labor as you said here:
"...it still comes from a worker who paid for the coin with his own labor..."
It's not that those workers give me free coins and then I stake on top of it.
Also how much staking do you think coins like Peercoin gives? its 1% yearly, so for example if you have 100 coins in your wallet and you have it open all the time you're getting 1 coin in one year which in usd amounts to $2. do you think that pays for my electricity in one year?
"Well I can't get anything from staking until I purchase some with my own labor as you said here:"
or the majority of your money could have come from capital investment, which is where the profit made on crypto comes from ultimately. So it doesn't matter if you originally bought it with your own money, its like saying you bought a slave with your own money so you deserve what it produces.
"Also how much staking do you think coins like Peercoin gives? its 1% yearly, so for example if you have 100 coins in your wallet and you have it open all the time you're getting 1 coin in one year which in usd amounts to $2. do you think that pays for my electricity in one year?"
Then that makes you a petit bourgeoisie, I already explained that.
The reason it isn't profitable is because you can't put enough of your own labor to reach that point. Try stealing somebody elses, any competitive business can't survive without it.
(The one in a million person able to scrap together enough to enter the territory of the free ride through life will be very lucky. Making it look like its possible gives everyone hope, which causes them to work harder, giving the rich a bigger profit and a lower likeliness of a revolt.)
"It's not that those workers give me free coins and then I stake on top of it."
Yes fine whatever you can believe that, but just because you have resources doesn't mean you deserve other peoples resources.
You didn't answer my questions! then you just want to argue for the sake of it.
And not everything is labor...the real money is earth resources
the only way to access resources is through labor. Labor is needed to do literally anything, it is the only thing tied to everything we do.
The real value of an object is how much socially necessary labor it takes to obtain it.
more on that here
https://en.wikipedia.org/wiki/Labor_theory_of_value
what do you think about SolarCoin? you get coins if you create 1MW of electricity.
I don't care. This electricity is most likely created through solar panels that were manufactured by others' labor for profit for a member of the ruling class. Again, you are buying the means of production and claiming profits for yourself. This will then compound, giving you even more access to the labor of others allowing you to increase your power exponentially until you have a monopoly or are crushed.
@anarchyhasnogods I recommend that you enter https://goo.gl/d4ZFjk you will get 50 free WCX Tokens and 15% if you want to invest, this currency is now in the PRE-ICO stage and is the best time to invest!
can you not
Thank for the explanation..
I am so honoured to be the first to mention these:
Syndicate (SYNX) - Masternode and staking coin - need 5000SYNX for Masternode - i have 2000SYNX right now staking only and earning 5-10SYNX per day.
Arctic Coin - (ARC) - Masternode and cheap! 1000ARC needed - 100% return per year.
Golem (still in alpha) - Collective supercomputer allows you to rent your processing power for ETH.
Any thoughts on Particl?
Nice way to make some passive income
I think masternodes are better than pos but dont have enough crypto to make either one worthwhile
PIVX is another great coin to stake, they have the best community among all cryptocurrencies that I've seen, by far!
RDD is really cool. CLAMS can grow too like this spring!
You're missing the best one right now, NEO. Might want to get you some while it's still cheap, the GAS is already in the 20's.
wow, that's a good one!
Yeah I agree. A lot of my friends have shared similar experiences on investing in NEO and loving it as well as the GAS returning strong profits.
does that GAS have anything to do with Ethereums gas?
Nope, totally separate blockchain and technology. You store your NEO in a wallet and it automatically generates GAS which is needed to fuel transactions on the network.
No
meep
PART - Particl is a good PoS(v3+) for passive income. Plus being a token holder makes you a governor on the platform. The dev team has some things in the works that other teams don't and that will give stakers more income.
-- Sellers pay fees to list which goes to stakers. Extra income on top of block transaction rewards.
-- PART owners govern the direction of the platform, can vote on item listings deemed "illegal"
-- PART is the fuel on the marketplace. Any coin will be able to be used but it's shifted into PART to complete the transaction.
-- More secure than "unlock for staking"
-- Works with multi-sig to allow single node to be a cold staking wallet and another node to be able to spend the coins.
The #particl platform is really decentralized too if you look at the extraction numbers on CryptoID explorer: https://chainz.cryptoid.info/part/#!extraction
I mean, look at that pie chart!
Supply inflation numbers:
thank you for this informative comment
BCC - I like this coin - it is controversial but still it has a blockchain and staking looks like on the picture
The trick is to find a coin that earns interest at a faster rate than the value depreciates against btc. Otherwise you will be better off just holding btc.
that's right
@grizgal I recommend that you enter https://goo.gl/d4ZFjk you will get 50 free WCX Tokens and 15% if you want to invest, this currency is now in the PRE-ICO stage and is the best time to invest!
Nice post!
What does that mean "keep your wallet open" ?
Does the wallet have to be online 24/7 ?
To be staking, yes. Also, the longer you keep it open, the more network connections your "node" makes within the network (the more you have, the better the odds of a sooner stake, unless I'm mistaken.)
The 24/7 is one reason I try to migrate wallets to a raspberry Pi 3. It only draws 4 watts or so of power and it takes up so little space on my desk. The downside is that I have teach myself linux, including commands and trouble-shooting.
Thank you very much for the explanation, that is what i wanted to know.
I am getting into rasperry slowly now as well.
Another idea would be to rent a server on which the wallet is open. But the raspberry version should cost less in the end.
Need more ETH. Hoping price will go down a bit.
ARK, VRC, DOPE, PIVX, DCR going forward OMG, TFL (dividends from the games).
You forgot NEO! Earn GAS :)
Ahh the good ol days....i remember building rigs every week. I can still remember the smell of the first time i blew a circuit in my house by running a vacuum cleaner.
3 rigs with 4 GPUs each + vacuum cleaning at the same time= sadness
@kingscrown I have both a ION and DASH masternode and both have been very profitable for me and provide a very stable recurring monthly income.
Right now ION masternode actually provides the better return monthly based on startup costs.
Here are 2 sites that help me see details better http://ion.nodes4u.com/
http://masternode.pro/
Not exactly PoS but WCX Tokens will entitle the holder to their stake-weighted share of revenues from the WCX digital currency exchange. You can get 50 here: https://wcex.co/?ref=JKZNcXp that will be worth $5 but will generate you BTC, ETH, etc. just by holding them.
woah nice to see u in here talking about proof of stake coins! Steemit helps people learn about crypoto faster than any other "forum" out there! reddit crypto currebncy forums sucks u cant talk about whatever u want and you dont get anyonehaving ANY incentive to tell u abouit cool stuff ! noone has ANY incentive or reason to make apost like @kingscrown did here to educate the masses! steemiT DOES have incentive to become a teacher! All teaching for even school for children should all be done on steemit from now on! hoemwork getting u paid!
@ackza I recommend that you enter https://goo.gl/d4ZFjk you will get 50 free WCX Tokens and 15% if you want to invest, this currency is now in the PRE-ICO stage and is the best time to invest!
ok cool i signed uop under ur link!
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Cryptocurrency coin are like girlfriend when it changes no buddy now's
crypto currency is like a girlfriend, totally unpredictable behaviour.
Great article
I still don't understand the purpose of PoS but i do like the idea of "free" money!
Here you go:
It's basically using your wallet (and PC) to perform transaction confirmations on the network, sort of like the function of mining, except there is incentive to hold coins (which helps stabilize the price, because there are that many fewer coins being traded ((which in turn means less opportunities on exchanges for prices to go up and down.)))
@ricecakeonfire, Thanks for this, POS is a lot clearer to me now!
You've fully ignored NEO which is probably one of the best future coins out there and with excellent payouts on GAS
so u get GAS from staking NEO? is that the same GAS as ethereum?!?!?!?! is that how NEO and Ethereum are connected via both being smart contract related cryptocurrencies?
http://www.bitcoininsider.org/article/4927/neos-gas-vs-ethereums-gas
Thanks for the tips! Resteemed!
Thanks for sharing🌞 good trip down memory lane😊
steem will eat at social media like bitcoin eats away at fiat
Always good to see your post because I learn something and thank you for sharing, upped. Wish you a blessed weekend.
You should check out BitConnect token staking, here is a link to a great tutorial
Out of curiosity, is there any reason you did not mention Peercoin?
It was launched in 2012 as ppcoin with a trading symbol PPC
It was renamed Peercoin and known today that way.
That code was the invention of Proof-of-Stake on the blockchain that many of the coins you mentioned have forked their source from (which is Peercoin)
Peercoin is alive and well. It's currently 0.5.4 but soon to be released 0.6
The chain is stable. There's lots of value stored in the chain, and it is very popular with most major exchanges.
It is weird to talk about PoS coins and not mention Peercoin.
For a reference, in Dec 2016 Peercoin was trading at 0.23 on Dec 31st.
Today, it is trading at $1.69
In less than a year, the value has jumped huge. Give it another year, it will probably jump huge again.
Is it simply because you are not familiar with Peercoin, or ?
Maybe it was edited afterwards, but Peercoin is the first one he mentions...
I see it now. I must have missed it.
Wow, @kingscrown, Do you do crypto tutorials for the beginners at YouTube? If yes, I would like to Subscribe and start learning from you. Resteemed!
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STOPhow many types of cryptocurrency available in the market.,
Amazed to know...
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🤘👉 @apvlog
Is it worth it to Stake Neo for Gas? it doesn't seem like much money
PoS is indeed a great way, how about ICO and lending ?
Get some SolarCoin. It's another POS Coin.
Can you tell me which wallet version you are using hence the one ive got doesnt want to download the blockchain
LDOGE (LiteDoge) is PoS:
Step 1. Buy some LDOGE
Step 2 Download Wallet, Set password and Unlock for staking
Step 3 Transfer $LDOGE to your new wallet address and wait 8 hours (501 confirms)
Step 4. STAKE ON woof and receive block rewards
Do you have any advices on upcoming coins from the ICO available right now?
https://steemit.com/money/@dobartim/prediction-of-the-crypto-currency-market-by-october-1-2017
thanks, but i think Dimecoin and Yocoin are just garbage
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Very informative post. Thanks for sharing!
When I'm going to double somethings up !!!