PIV and Let PIV - PIVX Commonly Asked Questions Part 1
The PIVX slack has grown significantly in just the last day. There are more and more people appearing in the channels, many with price predictions or declarations, and many with questions regarding the various features of PIVX. These questions come from slack and reddit and I have personally seen these questions asked at least a dozen times today.
Remember that there is a Slack that you can go to and the community there is not only friendly but also has a pretty good number of Steemians there! They know a lot so don't be shy.
These are the questions that seem to be the most commonly asked around the interwebs. It is by no means a complete list.
Hi - totally new to PIVX. I am wondering why the pivx-qt wallet doesn't ask for my password when I start it? Is it safe?
When you launch the wallet for the first time you should make sure to encrypt it immediately. This will secure your wallet so that you will only need the passphrase for conducting transactions. If you are trying to stake those coins, you'll need to look under 'tools' > 'open config' and then enter your passphrase. Remember to select the option so that the wallet is only unlocked for anonymization and staking.
I can't start staking! In the Open Configuration File I put it as staking=1, but it still says staking is not active, I already restarted the wallet.
If you are just getting your wallet synched up and have sent some fresh PIV to stake, remember that your PIV will need to meet the 101 confirmation requirement to be eligible for staking, which may take a little time. When I set up my wallet I did not know this and so I spent some time re-reading and looking at settings, convinced I had done something wrong.
I finally gave up and went to bed and in the morning it worked on the first try. So it could very well be that your PIV has not yet met all the requirements for staking but should be available soon.
How much PIV do I need in my wallet to Stake and how much will X amount of PIV get me in terms of rewards?
This seems to be the most commonly asked question that I've noticed. As far as I understand, there is no minimum amount to stake and rewards are not based on the amount of PIV in the staking wallet.
What the amount of PIV in your staking wallet affects is the frequency at which you may receive rewards. So if you deposit 1 PIV in your wallet for staking you may be very low on the list to receive a staking reward, perhaps as long as a week or weeks, if ever. If you were to deposit 15k PIV the frequency would go up significantly and could be as short as 1.5-2 days.
I tested staking a wallet to research this myself and, based on conversations in slack, there really is no set schedule. As long as your wallet is online you are in line for a reward, however long or short that may take. I received my first reward an hour after staking, a slack commentator received their first one after 10 hours. Times may vary, indeed.
Rewards for staking are governed by the relationship between the number of MN's versus the number of staking wallets online. When MN's start to become majority on the network, the rewards mechanism shifts greater rewards to the staking wallets. This is actually one of the features that sets PIVX apart from other smart money because it encourages balance between MN's and stakers and it further secures the network.
This series will continue as more commonly asked questions are aggregated. Thanks for reading and if you have a PIVX question post it in the comments and let's get it answered!
The PIVX community is vibrant and growing. If you have questions there's a whole community over there discussing all kinds of things PIVX-related and otherwise.
The questions never asked are the ones never answered
@Prufarchy
I bought some PIVX at .16 cents and its .81 cents now! Love it when that happens. I just intsalled a wallet and am looking into staking so this was helpful. Thanks
Nice! I bought some around 11 cents. It's looking quite nice right now for sure. I already got three stake rewards. Two yesterday and one the day before. None today so far. Check out the slack channel. Really helpful people over there.
I have heard about the stakes rewards. How do you do that? Just by holding it in their wallet and keeping it connected to the internet from what I understand. Is that right? Do you know where I can learn more about that?
Yeah, that's basically it. You run the full QT wallet, add
staking=1to your pivx.conf file and once everything is fully synced up, you unlock the wallet for staking. That's it. Any PIVX in your wallet which has been there for 101 confirmations will be eligible for staking. The little green arrow in the bottom right will turn green and you'll be good to go.I haven't had a reward since 3/21/17 23:34 though, so either the competition has really increased or something else isn't quite right. When I first start it up, I get a lot of peer connections. After a while it drops down to just one or two, so I wonder if something isn't right.
Looks like the price of PIVX is retracing back to something a little more sane. I wish I had sold some at the top, but what else is new. :)
I'm holding it long. I think it's going to do well. Is there a tutorial on how to add staking=1 to your pivx.conf file?
I don't have one handy, but there are some you can find via Google. The staking channel on their slack is quite helpful as well. It will depend on your operating system, but you basically just find the installation directory and make sure you have a pivx.conf file and just add that value to it. That's it.
So you really must've enjoyed today as it's at .98 cents haha :)
I'm holding it long so I'm not too worried about the daily prices. But yes, it sure looks good seeing it that high.
I did not know any amount of piv was sufficient ... boots up laptop thanks for clearin that up!
Sweet, let me know how it goes. I'm curious to see what people experience as far as how much they stake and how long it takes to get the 1st and 2nd payment
I have less than 50 coins so I expect it to be a while.. just changed my laptop setting to never go to sleep haha. Ill write a post talking about whenever I get something and link yo!
Thx!
;)
Thank you for making this @Prufarchy! I love the @Pivx community. I failed at staking because my wallet kept failing so I sold at $.26 but I bought back in and am enjoying the ride.
Does PIVX have a wallet that doesn't require download of the blockchain?
I don't believe there is a wallet that doesn't require a download of the blockchain, but I'm looking into it as well since I'm very curious now
Good post. Thanks for bringing this to my attention. I'm not sure if coins are that high risk. The quality coins are here to stay and it's like buying in at the S&P 500 50 years ago. Cryptos will fall and rise at a more rapit phase any investment market has ever seen. Just hold (literaly) and enjoy the ride. An interesting website I found: https://www.coincheckup.com I'm really enthusiastic about this site, they let you analyze every single coin out there. See: https://www.coincheckup.com/coins/PIVX#analysis For a complete PIVX Analysis.