April 2014



Dear fellow Reddheads:

After long period of research and development, the Reddcoin core team decides the time is now right to announce the biggest milestone in Reddcoin history to date.

We have designed a new algorithm called Proof-of-Stake-Velocity (PoSV) to replace the current Proof-of-Work (PoW).

PoSV builds on the strength of Proof-of-Stake (PoS) but introduces crucial features to address the flaws of both PoW and PoS.

PoSV is specifically designed to help Reddcoin grow as the digital social currency.

The full paper is available here: Proof of Stake Velocity: Building the Social Currency of the Digital Age

FAQs, such as PoSV’s impact on mining and halving schedule, are covered here: Proof of Stake Velocity: FAQs

We urge you all to read both papers carefully. We’ve taken great efforts to document why and how we designed PoSV to solve whatproblems. We’ve also spelt out the vision for Reddcoin and its unique position in the competitive landscape of cryptocurrencies.

The release of wallet 1.2.0.0 will happen tomorrow.

Please post thoughtful comments and questions below. Flaming will be removed immediately.

Regards

Reddcoin core team

Dear fellow Reddheads:

I just want to share my thoughts on the current market price of 2-3 satoshi on Cryptsy.com

In short: I believe 2 sat is the lowest price you’ll ever buy RDD at. Let me explain my reasoning below:

  • If you are a seller, you should never sell a coin at 1 sat unless you are absolutely sure the coin is dead (e.g. a scam).

    Putting up a sell order at 1 sat is no different from writing it off. If the coin has any promise, selling at 1 sat offers you minimum reward with maximum loss of opportunity.

  • Rationally 2 sat is the lowest price you can buy RDD ever

    It has been 10 weeks since the genesis block of Reddcoin was mined. It may have felt like a long time but in the real world when you try to build and achieve anything that’s meaningful, the time is calculated in years. Reddcoin has just started and this is just the beginning.

  • Herding mentality

    With human nature being what it is, the vast majority of people feel much safer to buy a coin that just went up 10x (e.g. gosh, have I missed some good news? I must not miss the boat!) than buying a coin that just went down 30%. This has many names: herding, trend-following, momentum-chasing, belief-in-Efficient-Market-Hypothesis etc. All these share one central assumption: I can make reasonable decisions based on price actions alone. The official name for this in finance is technical analysis.

    Price does contain a lot of information. But occasionally one can and should also use fundamental analysis to evaluate the fair value. Market prices are never guaranteed to be fair at all time.

  • Upcoming Milestones

    We have several major pieces of work underway and will start to bear fruit throughout the next 2-8 weeks. It covers new technology, marketing and PR. We’ll keep everyone informed in due course.

Regards

laudney

Hi all:

I’m releasing a new minor version of Reddcoin wallets which uses the latest OpenSSL 1.0.1g with fix for Heartbleed security bug.

The source code release on github can be found here.

Binaries for different platforms will be provided shortly. However, if you have always used provided binary wallets, most likely you are not exposed so you can afford to wait for a few hours. Don’t panic!

  • I want to build my wallet from the source code release. What should I do?

Make sure your installed OpenSSL is upgraded to 1.0.1g and then compile the wallet as before.

  • Is my wallet compromised? Have I lost coins?

If you are not running the wallet in daemon mode with RPC + TLS, most likely no. All bitcoin + altcoin wallets use OpenSSL for encrypted connection to the built-in RPC server. If you are just a normal user, Heartbleed bug should not affect you.

  • I’m a pool owner / exchange owner / developer, is my wallet compromised?

Yes and no. If you ever query the RPC server in wallet daemon, you should always use its configuration file to specify the short list of IP addresses that are allowed. You should never run your wallet daemon with open RPC port on a public server for everyone to access or attempt to access. In any case, the fix is much more relevant to you and upgrade now.

  • Will there be a fork?

No. Wallet 1.1.3.2 is fully backward-compatible with 1.1.3.1 and 1.1.3.

  • Does every crypto-currency require a fix?

Yes and I’m glad we are one of the very first few coins which have released the wallet fix for Heartbleed.

Regards

laudney

UPDATE: All binaries (Windows, Linux, Mac) are now available. Use the links in the side bar.

Dear fellow Reddheads:

A month ago a Yahoo business news editor wrote about Reddcoin and incidentally the price hit 15 satoshi..

Now it’s good time to remind him of the latest milestone: Reddcoin Broadcast

Please visit the link above and click ‘Twitter’ and login with your twitter credential to support it. We need 250 supporters to make the maximum impact. Your Twitter credential will only be used once for this campaign and will be destroyed afterwards by our system. Thank you!

Regards

laudney

Dear fellow Reddheads:

What a week we had witnessed as a community:

Reddcoin is incredible because every single one of you is incredible. I feel so proud to be one of you.

Regards

laudney