[ANN] [STEEM] Introducing Steem, Looking for Witnesses / Miners

[abit]

FYI http://steem.secretmoonbass.com/ is a STEEM block explorer made by @roadscape

//Update: new domain name http://steemd.com/

[liondani]

checkpoint = [488583, "00077487d7b0d6a013f12de2ed471de9cc7e0078"]

[dannotestein]

If you're lost on a fork, you can add these checkpoints to your config.ini file in your witness_node_data directory and resync:

 checkpoint = [488069, "0007728505ded84f6eb06f67208ea5221b0a4a63"]
 checkpoint = [488100, "000772a47e6d7a87be5c344b8330fde1ce16015f"]
 checkpoint = [488150, "000772d6f636d3c3de23d8e86846d8177da24c73"]
 checkpoint = [488200, "000773081eba1db265f9b63c0c010a1ff937766d"]
 checkpoint = [488250, "0007733a2e40a3c566d8b24b2089cb9c3f9856a5"]
 checkpoint = [488300, "0007736c68331e05a67261eba31fc8f68edfbbc1"]
 checkpoint = [488350, "0007739e63f85deeade33229aa81bc5a3516a64c"]
 checkpoint = [488400, "000773d081a7f864babcdedfa1c6ff20e8535d19"]
 checkpoint = [488450, "00077402057707c637074b360c2a5d8944737bf1"]
 checkpoint = [488500, "00077434e851a8174beea1b8c867e5262f0fb5c5"]
 checkpoint = [488550, "000774661c96c75b1dc738fe998ba8d94d3bfca6"]

[BunkerChainLabs-DataSecurityNode]

Yes.. network appears to be frozen due to a discovered bug.

I have attempted to reach out to BM and crew to notify them of the situation.

[JoeyD]

Is the chain frozen or is it just me?  I'm seeing a head block 9 minutes old:

The chain is frozen for me as well.

[Troglodactyl]

Is the chain frozen or is it just me?  I'm seeing a head block 9 minutes old:

{
  "id": "2.0.0",
  "head_block_number": 487946,
  "head_block_id": "0007720a7459ca264f0d8d36bbeaf8d1d8053f48",
  "time": "2016-04-10T20:43:42",
  "current_witness": "hermes",
  "total_pow": 2287048,
  "num_pow_witnesses": 103,
  "virtual_supply": "12261564.000 STEEM",
  "current_supply": "12261564.000 STEEM",
  "confidential_supply": "0.000 STEEM",
  "current_sbd_supply": "0.000 SBD",
  "confidential_sbd_supply": "0.000 SBD",
  "total_vesting_fund_steem": "11197510.765 STEEM",
  "total_vesting_shares": "406164.162729 VESTS",
  "total_reward_fund_steem": "975892.000 STEEM",
  "total_reward_shares2": "60578182426832701",
  "sbd_interest_rate": 1000,
  "average_block_size": 118,
  "maximum_block_size": 131072,
  "current_aslot": 495274,
  "recent_slots_filled": "340282366920938463463374607431768211455",
  "last_irreversible_block_num": 487925,
  "max_virtual_bandwidth": "5208434761002210645",
  "current_reserve_ratio": 24398,
  "head_block_num": 487946,
  "head_block_age": "9 minutes old",
  "participation": "100.00000000000000000",
  "median_sbd_price": {
    "base": "0.000 STEEM",
    "quote": "0.000 STEEM"
  },
  "account_creation_fee": "100.000 STEEM"
}

[abit]

Can I deposit OPEN.STEEM now? If yes, how?

Not yet..

Try "get_account_history openledger -1 100" in STEEM and check https://cryptofresh.com/a/OPEN.STEEM_OPEN.BTC & https://cryptofresh.com/u/openledger-wallet, the numbers don't match.

[clayop]

Can I deposit OPEN.STEEM now? If yes, how?

[JoeyD]

I am not sure what you mean by 100 pump (in STEEM) ? 

With respect to fees.  To create a new account requires 100 STEEM to be converted to VESTS in the new account.  In effect, there is no "fee", just a requirement to fund the account with a minimum balance of VESTS.

You can think of holding VESTS as owning a percent of available bandwidth, no fees are necessary because you already own the bandwidth you are consuming.

Keep in mind that I'm only deducing based on the statements I've seen on the bitcointalk-thread. There it was stated that creating a new account for each witness/miner costs not 100 but 1 STEEM converted to VESTS. In the same thread a list is posted of current VESTS-accounts. Looking at the list starting from 1 VESTS downward you see a history of when all miners started producing that very first account. So based on that it seems that at the start it was 1 STEEM for each 1 VEST, but at the time I'm writing this it seems to be 1 STEEM for 0.036788 VESTS and dropping.

Based on the comments in the bitcointalk-thread, this kinda implies that the everyone who transferred at the 1:1 ratio at the start is going to receive 100 STEAM for every 1 of his VESTS. Provided of course that I understood the comments correctly. This deduction is not based on me understanding the code, so I might be missing a couple of important facts.

[bytemaster]

Your question is answered here:
https://bitcointalk.org/index.php?topic=1410943.msg14454864#msg14454864

Hmm, sorry to say, but that scheme sound a little iffy to me. If I understood it right, the founders not only gave themselves a bit of a mining advantage at the start, but also an almost factor 100 pump (in STEEM) right from the get go. Considering the critiques on ripple and nxt, that most likely will not make many friends in the crypto-scene. If a premine is a legal hazard, wouldn't this mechanic be a risky maneuver in that sense as well?

I am not sure what you mean by 100 pump (in STEEM) ? 

With respect to fees.  To create a new account requires 100 STEEM to be converted to VESTS in the new account.  In effect, there is no "fee", just a requirement to fund the account with a minimum balance of VESTS.

You can think of holding VESTS as owning a percent of available bandwidth, no fees are necessary because you already own the bandwidth you are consuming.

[JoeyD]

Your question is answered here:
https://bitcointalk.org/index.php?topic=1410943.msg14454864#msg14454864

Hmm, sorry to say, but that scheme sound a little iffy to me. If I understood it right, the founders not only gave themselves a bit of a mining advantage at the start, but also an almost factor 100 pump (in STEEM) right from the get go. Considering the critiques on ripple and nxt, that most likely will not make many friends in the crypto-scene. If a premine is a legal hazard, wouldn't this mechanic be a risky maneuver in that sense as well?

[Bubba-Gump]

Rate limited free.

My best guess, is that you mean transfers between accounts are free up till bandwidth limitations.
So instead of transaction fees, the network pays for itself by inflation of STEEM then?

I still don't understand how the conversion from STEEM to VEST works. After ctrl+f-ing through the bitcointalk forums, I finally found a little remark that paraphrasing states, that 1 STEEM is converted to VEST first time any miner turns witness. Looking at the bottom a website with the VEST-richlist, that seems to suggest that Conversion rates are little over 4% and dropping. So I guess the conversion rate is dropping, but I can't figure out what mechanism or rule is in effect.

EDIT
Corrected a mistake, it's 4% not 40%. Decimals be damned.

Your question is answered here:
https://bitcointalk.org/index.php?topic=1410943.msg14454864#msg14454864

[JoeyD]

Rate limited free.

My best guess, is that you mean transfers between accounts are free up till bandwidth limitations.
So instead of transaction fees, the network pays for itself by inflation of STEEM then?

I still don't understand how the conversion from STEEM to VEST works. After ctrl+f-ing through the bitcointalk forums, I finally found a little remark that paraphrasing states, that 1 STEEM is converted to VEST first time any miner turns witness. Looking at the bottom a website with the VEST-richlist, that seems to suggest that Conversion rates are little over 4% and dropping. So I guess the conversion rate is dropping, but I can't figure out what mechanism or rule is in effect.

EDIT
Corrected a mistake, it's 4% not 40%. Decimals be damned.

[abit]

So far has anyone decided if it's worth it?

Steem doesn't have a price .. so it's a bet ..

How about run with a MacBook Pro for 24 hours then get ~40 STEEM?

By the way, we're happy commenting on the chain, @xeroc join us?

I've been in need of an excuse to compare my diy NAS against a vps. So I used this as  a one month competition for laughs.

AMD FX 8320 vs 6 core XEON

FIGHTFrom what I've seen you should get more than 40 STEEM in 24 hours with a 12 core machine, although not in the thousands. I am a little shocked to see how bad a modern XEON VPS seems to perform in comparison to my lowly AMD FX machine. The latter seems to be more than capable to keep up while using only 6 cores out of 8 and while doing quite a few other intensive tasks like running 2 taxing vms on the side.

So it seems that running on bare metal gets you quite a bit of an advantage, still not sure if the amount of STEEM you get is worth it though. Maybe after a couple of weeks you can afford the transaction fee of moving a little to VEST and even have a cool entire dozen of VEST. What are the transaction fees btw? I did a test transfer from STEEM -> VEST with some 70+ and ended up with 3 VESTs. I also seem to vaguely recall reading that registering a name costs 100 STEAM.

Rate limited free.

[xeroc]

Just to be sure: It is enough to know the private keys that were used for mining to later access the funds?

Yes