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RE: Confused newbie in the new gridcoin world.

in #gridcoin7 years ago (edited)
  1. You should withdraw as soon as you have a decent amount. Your personal wallet is more secure then a pool's because it has less chances of getting attacked. Withdrawing and putting it on your wallet will also make it so that you earn interest on the coins faster whereas right now when it sits in a pool, it earns interest for the pool. (unless the pool somehow calculates this in your rewards which is possible)
  1. There is currently a bug that is being worked on and should be resolved in the next wallet release. Quite frankly you are better off leaving your wallet offline until the issue is solved. As for interest (proof of stake), your wallet will still earn it while offline. this is something someone who knows more can probably confirm or not but my understanding is that if you are on a fork and you keep your wallet on, you are contributing to the fork.

  2. Yes you are helping secure the network.

  3. your work is still earned. As long as it's staked within 6 month, which since you are on the pool, will always happen.

PS: Welcome to gridcoin :)

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Right, the forking problem doesn't affect rewards. I had been staking on a fork a couple days ago before I decided to go offline until the fix was released. Since the fix was released earlier today, those rewards have been rolled back and replaced by new rewards from a block I staked today. So no problem at all. Even transactions should get rolled back with no loss (Please avoid doing this though.)

Staking with a small balance is not going to help the network much. So don't feel like you have an obligation :) It's true it would be nice to stake a block every now and then to earn interest, but again, with so few coins the odds are pretty small. I wouldn't worry about this aspect of things until you've built up a balance :)

*And yes, interest rewards do build up even when your wallet is offline. (I will note, however, this feature may change in the coming year to encourage people to keep their wallets online more frequently.)

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