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Skycoin coin hours explained
#31
Posted this on Reddit earlier and wanted to post here as well:

I ran some tests on Coin Hour burns today when transferring funds from Cryptopia and between a test wallet and my main wallet and here are the results:

1) Currently, sending SKY burns 50% of the sender's Coin Hours and 25% will be sent to the recipient's address. The sender keeps only 25% of the original Coin Hours.

2) The Send feature on the wallet currently does not allow you to specify which address the SKY would come from if you have multiple addresses in one wallet. However, I found that if you have multiple addresses in one wallet that contain SKY, the SKY and Coin Hours are taken from the address lowest on the list first (the address you added most recently).

3) The Coin Hours burnt and sent are the same percentages regardless of how many SKY are transferred. 75% will leave your wallet's address regardless of whether you send .5 SKY or 50 SKY.

4) When you send all Skycoins from a wallet (0 SKY remaining), the burn is 50% and the other 50% of the Coin Hours are sent to the recipient's address. No Coin Hours are retained if there is 0 SKY in the wallet's address.

I hope this helps to clarify the Coin Hour burn question for anyone planning to send coins in the near future! These features may change in future wallet versions!
[-] The following 4 users say Thank You to windrip for this post:
  • absent111, JiaLee, Knave9, TC inthesky
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#32
(12-14-2017, 05:44 PM)skyguy Wrote: The future wallet versions will add an API and UI to specify or split the CoinHour balances in transactions.

What will happen to current CoinHours accumulated in the wallet? Will they also be split? Thank you.
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#33
It'll be interesting to see how transactions of coins and hours works when hours are worth something. Even if we go with a very conservative estimate of say $0.003 per CH then people are going to be extremely reluctant to burn too many to conduct a deal.

There's people on the telegram channel who are say on more than a million hours. At $0.003 that's still $3k (let alone the value of Sky Coin at that point).

Logically once CH can be traded, you should be able to move them wither free or at a very low cost, otherwise the trading of them will become not profitable.
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