Unofficially, I like the idea of lowering the maximum amount of coins. There is more value in scarcity. However, I'm not sure if cutting it in half is the correct way to go, especially if we want a decent amount of coins mine-able still and a good staking period. I also like the idea of cutting the halving time, but I'm not so sure about having a period of time where there is a large amount of mine-able coins.
I disagree.
Simply reducing coins doesn't create value. Plain scarcity doesn't create value.
If I go to my workshop and create a crazy looking piece of art out of wood and steel, it will totally unique among the whole planet, but NOBODY would want to buy it.
So scarcity doesn't mean value per se.
My personal opinion is to refrain from changing the coin at all. Keep it as close to bitcoin as possible, and strive to make it merge minable.
I visit so many mining pools where you mine bitcoin and mergemine namecoin, devoin and ixcoin at the same time. Why not add wankcoin to that list?
If wankcoin is here to stay then make it stand shoulder-to-shoulder with bitcoin, forever. Merge-Mining attaches a coin to bitcoin forever.
...took time to give you a nice answer ... let see...
the problem we have is with the supply- inflation and the time ...
we could leave all like it is now as you suggested ... if we could increase demand for the 7200 coin/day miner are mining
waiting 3 years ... price would then stay the same ... (it is now already very low) ... till we halve
add merged mining with BTC (would not give much, if it would be so easy every new coin would add merged mining and go to the moon-this is not the case)
10 min was and still is good for BTC ... in real world you need a faster coin... that's a fact
then we would have 3 years time to get more user (coin holder) and prey that they use the coin
and hold it for that time till we halve, if the demand stays the same so the coin-price could go up (a very risky task)
to have the demand for 7200 coin/day price would-has to go down ...
this would make the mining even less profitable
holder-buyer would take a lost and would probably stop with buying (like I stopped and many other)
trader on exchanges would stop buying ... (they know it will go down-only down) and they don't have hedging for wkc (cant make bets the price will go down) ...
bring us to low volume on exchanges and possible kick...
now in combination with the time (3 years to cut the supply-halve) that would be a disastrous
also don't forget that porn.com (and the other sites accepting wkc) cant offer
1 monthly memberships for 59 wkc (now 1.50$) ... so they would adjust the price to 600 wkc (now)
in 3 years it would be even more (coin would be less worth)
the problem we have now (coin supply -and demand that we don't have)...
1st year ... infinity
2nd year ... 100%
3rd year ... 50%
4th year ... 33%
its a huge pressure ... and we could take that pressure away (with 1 update and few changes) ...
because we have a 100% BTC clone you can see the number here
https://bitcointalk.org/index.php?topic=625934.msg9107161#msg9107161or take a look here ...
https://en.bitcoin.it/wiki/Controlled_supplynumbers don't lie
I would add the name wankcoin with the fact that you have a 100% BTC clone doesn't bring huge confidence
to new miner-holder-buyer (most are thinking it is a joke)...
don't take me into account (I'm pretty confident with the name-would not buy otherwise)... its a different story when I ask why
dont we change the name, when we can... (it has more to do with chances or like Greg said " making the name mainstream can open more doors") ...
all that is the reason new coin have other adjustments - ways to handle this problem
some pre-mine a huge % ... then try to find user-holder ... make giveaways ...
in the hope that they will find a real world use in the future...
or some give PoW for a time x (1-3 months max)... and switch to PoS ...
3rd picture ...
https://bitcointalk.org/index.php?topic=625934.msg9107161#msg9107161WKC already has a real world use ... on over 200+ sites (with a huge market)
the mistake the DEVs made is that they just make a copy of btc without any coin adjustments
forgetting the inflation ... (or I would say they didn't think that it would be such a problem-difficult task to get many user-push the demand)
or to be more clear ... they didn't know that the most people that are in digital currency are here to make quick money (gambler)...
the fiat-exchange online wallet will make it better...
you are right when you say the numbers don't matter (20M , 10M, 200M)...
what matter is the supply and demand ...
coin generation is huge in the first 4 years ...
it worked for BTC (2009) ... organic growth cpu, gpu, asic ...
now we are 2014 ... some smart people find a better way ... (like PoS)
most new coins have PoW for a certain time and switch after that to PoS ... (no wonder it is more cost effective)
now to kick the miner that contributed to wkc would not be fair ... so a PoW-PoS hybrid would be the best solution
and to be honest ...
if a miner mined 1 year and don't have any coins , because he only sold-dropped to the exchanges ... we don't need him
he was living from the buyer taking every day ~ 10-20% ... (not small)
he could mine pay all cost he had (electricity and other) and leave for himself the 10-20% coins...
some did other not...
with the PoW-PoS hybrid ... they can mine and drop-sell ...
do whatever they wish ... the PoS can handle the network without the miner ...
to come back to the numbers...
let say we reduce the coins to 10.500.000 (but leave the already 5.250.000 mined coins)
halving time 1/2
what would we do... we would cut the supply /the inflation ...
very fast ... no need to wait x years ...
this would mean that we would create 25 coins/10min ... 50% would go to the miner(PoW) other 50% to the holder (PoS)
we would be over night at 12.5% or even lover cant say how many will use (PoS)...
having then let say 12.50 coins/10min miner can drop (then they can sell as much they wish-all mined coins)...
that is ~ 4x cut in the supply if the demand stay the same price will go up min. 4x ...what is more realistic ...
now let see what would we have ...
sites accepting the coin (200+ sites)
people who will park-hold the coin (like me)
miner ... if price goes up 4x and you get 4x less coins its the same ... no change (only difference ...you will not harm the coin-price, we can grow)... if the price goes up more bigger earnings
trader ... would come back ... they know price will move up-down
higher volume on the exchanges
and what we would need ... missing the whole time .... new user ...
the DEVs can then concentrate to make more tools more giveaways ... that will attract more user ... new sites ...
this is the only question ...
how to get many new user ...
we will have the fiat-exchange with online wallet +1
I suggested that the DEVs pre-mine the other 1.75M coins (we would save 1 year)... and use it for more giveaways ... (not to create a price pressure on the exchanges) ...
only porn.com has enough surfer ... you must introduce to the mass the digital currencies
that alone would catapult the coin ...
and the PoS ... could be huge ... Bank while you wank ... then has a meaning ...
in the same time people that collected mass coins (or a good %) would start to sell ...(taking profit)
some other will be smart and leave the coins ...(it is no-brainer that the price will move more up when you know halving is every 2 years)
you can see this every day with BTC (old holder are selling , mass is buying in a 3-4 year interval)...
also very important ...
we would have a low inflation ... (very fast 2016-2018) it will be better to hold WKC than... other coins-money
and not to forget ... market cap ...
http://www.cryptocoinrank.com/10M coins only at 1$ ... is 10M$ ... that would bring us on 5-6 place ...
with 5M mined ...at 1$ is 5M$ ... that would bring us on 7th place ... only real "adult" coin (with a huge user base) in top 10 is something a investor cant ignore ...
BTC 13M mined coins at 320$(now) ... and we all know that the world has more "wanker" than digital money enthusiast ...
I feel sorry for all people that sold the coin so cheap... or still are selling ...
to spend (invest) some money that will give you back in few years 100-1000x or more ...
is a once in a lifetime opportunity ...
we will see what the team will decide ...
leave like it is now ... cant work ...
adding only merged mining ... will change nothing (not much)
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