Reduce reward, coinwarz killing this coin.
Update is on the way from the Devs. The path has been charted, Sammy. I don't agree 100%, but the block reward will indeed be reduced, by about half over the same time period if my math serves me. |
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What if we were to remove the total coin cap and allow subsequent blocks after the 20/19.5th year point to give 160 coins per block as an inflationary/replace-lostcoins/stablising reward??
if not 160, maybe 80 coins per block after that point?
This is just to counter the deflationary model that the majority of cryptocoins out there have. Its got more advantages than disadvantages i believe..
Or should this idea only be considered after significantly growing?
DigiByte is supposed to be the currency for merchants and transactions, right? I think treating it like a currency, and replacing lost dgb or adding more as the market needs them makes sense. This isn't gold or silver, this isn't Bitcoin or Litecoin. A reasonably economically sound idea. One of the redeeming values of the otherwise silly Proof-Of-Stake coins. A currency (read not commodity) should be flexible and inflationary; but only inflationary EXACTLY to the degree to which the market (read population) grows and the currency is taken out, or lost from, circulation. |
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This price volatility is caused by trading in such small exchange as coinmarket.io is. There is not enough buy orders to shield agains dumps ( it can probably shield multipool dumps but it surely cant shield organized dumps that aim to hurt the coin ). Someone (maybe group) dumped DGB in about 6-8BTC volume in a few hours. Which is about 4-5k USD. This alone drove the price down about 25% and also market cap about 50k USD. So to summarize, someone stashed (bought, mined) a few millions of DGB, dumped them (lost about 1-2BTC of value during the process) and hurt the coin for 50k USD in capitalization.
This is perfectly understandable action which aims to provoke panic and further selling, so dont fall for it and keep your coins ( such actions will continue, so be prepared ). If you dont want to hurt the coin, never sell for lower than you bought. If everyone does this, we all win ;]
There is also some garden variety inflation at work, and this will continue. That is the price we all pay for the rate at which we are minting coins. Something to remember, however, is that as the reward halves down the road, and DigiByte weathers the storm, it will be these 'easily' mined coins that we are mining right now that make up the majority of all the DigiBytes in existence. Common sense tells a person that there is pain ahead before glory, i.e. inflation before deflation. But, as Bitcoin has illustrated, the glory is exquisite for those who tough out the inflation and continue stacking the coin. It is a long, painful, trying road - with the fountain of youth at the end. This process could be hurried along, and despite the short-term pain that might cause, I believe it should be, but it has to occur regardless. There is no way around that fact. I've said this before, but I will say it once more, if you don't have a great capacity for restraint and foresight; if your not capable of weathering the storm to come, you should look to coins farther into their life-cycle. We are mining the vast majority of DigiBytes as we speak and the undeniable consequence of that is a loss of value due to inflation. |
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This is a bit of Plagiarism. this was sent to another coin Dev team by a very experienced Programmer/Dev = This was his warning!
When a coin finally makes it to a popular exchange, it then becomes the target of the multipools and groups that have MASSIVE hashing power. So much power that they can essentially harvest all the coins and leave the "community" with low coin income and super high difficulty. Many coins already have had to PAY the multipools and groups to STAY AWAY from their coin while it was in the process of growing and in order to give those coin developers the time to update and modify the source code in order to survive the onslaught of these large hashing power groups. The Devs need to be ready, address the code modifications needed, push out updates, get on the phone with multipool owners, and negotiate a settlement deal to make sure the coin survives.
Un-needed sensationalism. The coins that were "killed" by the influx of multi-pool hash power bear little resemblance to DigiBye. As far as I'm aware, though I am not without flaw, they had long block times and long re-targets. This essentially left the community with a block chain that was un-mineable at the raised difficulty. Don't quote me, but I do not see this happening to DigiByte. Our block times are short and our re-target is reasonable. It's something to bear in mind though, I'm only the messenger not a harbinger of doom, i'm fully behind Digibyte. A faster re-target makes sense. That is agreed. It seems that to my knowledge this is the intention of the Devs as we speak. My only counsel would be to not consider this an extreme emergency. Slow, steady, measured steps win the race  |
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This is a bit of Plagiarism. this was sent to another coin Dev team by a very experienced Programmer/Dev = This was his warning!
When a coin finally makes it to a popular exchange, it then becomes the target of the multipools and groups that have MASSIVE hashing power. So much power that they can essentially harvest all the coins and leave the "community" with low coin income and super high difficulty. Many coins already have had to PAY the multipools and groups to STAY AWAY from their coin while it was in the process of growing and in order to give those coin developers the time to update and modify the source code in order to survive the onslaught of these large hashing power groups. The Devs need to be ready, address the code modifications needed, push out updates, get on the phone with multipool owners, and negotiate a settlement deal to make sure the coin survives.
Un-needed sensationalism. The coins that were "killed" by the influx of multi-pool hash power bear little resemblance to DigiBye. As far as I'm aware, though I am not without flaw, they had long block times and long re-targets. This essentially left the community with a block chain that was un-mineable at the raised difficulty. Don't quote me, but I do not see this happening to DigiByte. Our block times are short and our re-target is reasonable. |
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Everyone, please, relax a bit.
I am kind of confused as to why so many of us seem to be so unsure and worried.
There is no impending doom or catastrophe around the next bend. Thus, there is no need for a rushed ill-thought-out change. New coins will come - and go. Other coins will rise - and fall. There has been no major change in the status quo and therefore there should be no major change rushed. Nothing could be changed at all and life would go on much as it has... Please just take a deep breathe.
If you are worried about the price tomorrow or a week from now - sell your coins. There is no such thing as a standard halving coin that is a good mid-term investment. Short-term, the price can go up or down - as we have well seen. Here is where speculators can make profit. Long-term, the price should go up, as that is how the static money supply system is designed. Here is where value investors can make profit. Mid-term, however, inflation and such are simply facts of the coin's life-cycle. Very few will make profit during this period. If you are emotionally uncomfortable holding onto your DGB at fractions of the current market price for years; it is time to cut bait. Of coarse, you would be waiving your right to take part in the eventual growth phase - but that is a ways off and only after we have weathered the days of inflation and minting. The point is, no amount of stimulus, advertising, or buzz can change the stage of the coin's life-cycle we are in... the minting and inflation during this period will occur, it is predictable. Dumping the development funds for a week of price increase is a very short-sighted plan, indeed. These things must simply run their course. The only way around this would be to accelerate the process of maturing, and even that has negative consequences in the short-term.
Concerning Difficulty Adjustment:
From my conversations with the development team, I have no doubt that they will implement that which they feel will function the best. They are certainly well versed in the issues. That should be comforting to everyone, despite the fact that even this issue is not the end of the world. This coin is already reasonably designed and I believe could easily weather the influence of the multi-pools with no change what-so-ever. Kimoto's Gravity Well is essentially nothing more than a 1 block re-target. Some have attempted to implement this strategy with various additional techniques to smooth out the changes in difficulty. Frankly, I think a 1 block re-target without these additional smoothing techniques would perform vastly superior to the complicated algorithms that are employed. More complicated is NOT necessarily more effective. The less 'smoothing' or alteration of the basic principle, the more quickly the strategy would react to the influence of major hash movement. This would certainly make it very difficult for pools, such as my own, to estimate the proceeds of mining, however, that is always a crap-shoot as it is anyways.
Just my two digi's on everything.
EDIT:
Something else that bares mentioning. Some of the multi-pools allow their users to take payment in the currency mined, instead of auto-trading it for BTC/LTC. For some, this would be their first introduction to DigiByte. Not a terrible thing in and of itself; and the type of thing that brings potential buyer into the market. Just a thought to temper the anger with...
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Search depends on location and your own browsing habits. When I use a clean pc, one I don't check crypto on, that Spanish thread is nowhere to be seen.
Clean profile for me also returns appropriate results. |
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I'm holding all mine. I think most who are serious about the coin are holding. It took all day yesterday to get an order of mine for 2 million filled. Lots and lots of little trades it seemed like, I think from the multipools guys. btw, about the lowering of the block reward thing I mentioned last week, hope I didn't cause any controversy on the coin. Whatever you guys think is best. The gravity thing to help against multipools sounds like a cool idea. And for anyone else who has been here and reading. I think it's safe to safe the Dev's have proved themselves that they care for this coin long term, turning down on option for large short term gain in favor of long term goals and success. That should make everyone feel comfortable.  One thing that I have noticed with this coin compared to many that I have seen in the past, is nearly everyone involved appears to have a level head on their shoulders and are professional and wise. That says something. A lot of something. Quite the contrary, debate is always good for a community. However, I am a strong proponent for exactly the opposite. The block reward should be raised by quite a large amount. To counter-balance this, the reward should halve much much sooner, such that the total minted coins at the end does not change. This would accelerate the inflation that is going to happen anyways and get it out of the way, advance the life-cycle of the coin well beyond that of Bitcoin, and tank the price. Over the mid to long term, however, there would be no inflation, deflation (price increase) would begin, and all advances in development and community would steadily increase the value of the coin. It would essentially be like jumping on a time-machine into the future Just my two digi's. |
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CoinMarketCap.com hasn't updated yet. Once it does, DGB will be well above a market capitilization of 500k again.
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The spread is big, but the buy sheet is mounting. To the moon? |
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^^^
Honestly..... at least make it a small advertisement and not a whole page of scrolling, friend.
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You did a great job |
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Looks like someone signed up and chimed in at: http://wiki.cryptsy.com/dgbCome on people! So much information to add! I am just terrible at BBCode and Wiki code or I would do it myself  Lets make our coin the nicest looking most informative page on the wiki! Working on it now. I've done a lot of wiki stuff so I'll make sure its awesome. Yay! |
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Looks like someone signed up and chimed in at: http://wiki.cryptsy.com/dgbCome on people! So much information to add! I am just terrible at BBCode and Wiki code or I would do it myself Lets make our coin the nicest looking most informative page on the wiki! |
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Looks like the price is headed up for the time being. It would take all of the sell orders up to ~130+ to eat just the top buy order on coinedup...
EDIT:
My math was wrong is it way higher than 130 to eat all of those buy orders at 106...
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It might be off topic, but 500 trillion watts of power being focused into the width of an No2 pencil is just plain awesome. I'd say were still pretty far off from it being a useful technology but the potential seems to be there. The only technology with more potential is DigiByte! Indeed, it's not going to be tomorrow, but it just went from theoretical science, to real-world technology (in it's infancy). And that alone is awesome..  First water on Mars, then the Higgs-Boson, now fusion power. Science is having a banner ~year... Edit: Where the hell is my flying car?  If I'm not mistaken, fusion has been accomplished many times before; just not with Digi-Ton of LaZeRs Thing is, this is the first time they have generated more power than it took to create. A miniscule amount but a + voltage of any form proves the science is sound. Give it 20 years, that building sized generator making milliivolts of postive voltage, could become a table sized generator capable of powering a town for almost nothing. Much like the first building sized computers became today's superphones. I'm excited for the world, one more thing I can check off the list of "Things I want to live to see"..(Getting old)...lol Regardless, definitely cool |
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It might be off topic, but 500 trillion watts of power being focused into the width of an No2 pencil is just plain awesome. I'd say were still pretty far off from it being a useful technology but the potential seems to be there. The only technology with more potential is DigiByte! Indeed, it's not going to be tomorrow, but it just went from theoretical science, to real-world technology (in it's infancy). And that alone is awesome.. First water on Mars, then the Higgs-Boson, now fusion power. Science is having a banner ~year... Edit: Where the hell is my flying car? If I'm not mistaken, fusion has been accomplished many times before; just not with Digi-Ton of LaZeRs |
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On a serious note: The page at http://wiki.cryptsy.com/dgb is our page. The above page is a community wiki. The fact that it is so shabby is embarrassing. It is our responsibility to all sign up for accounts at the cryptsy wiki and fill this page with relevant information. Note: DO NOT POST "PLEASE ADD" OR POORLY THOUGHT OUT/DESIGNED INFORMATION. DO NOT ADVERTISE YOUR POOL. It is also our responsibility to behave responsibly and only add pertinent information that prospective users, miners, and traders would enjoy having available. |
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I had a moment, figured why not  |
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I dont see why DGB get more value into lots of exchanges, developers should go for halving the block faster and giving some bonus block every Xdays to compensate the halve. just my opinion.  Martins, your suggestion only works for the short term and I feel halving the block ahead of time is almost like admitting defeat. I'm holding a million or so coins so your suggestion would be benefit me in the short term, however I don't believe it would be the right move. thats becouse you hold and i want liquidity because i trade it in day trading (renting my rooms) we're believers but with diferent aproach. Small inflation its what i want... can benefit the miners also holders and day traders will think twice before selling, its good for everyone. edit: without inflation the volume will slow down till everybody is holding like we have at this moment. Martins desire and suggestion should not be so easily discounted and thrown off. There is something in this world known in psychology as group think. Please do not be so hasty as to pre-judge such a recommendation. There is no, and certainly should NOT be a law that forces the trajectory and operation of a crypto to mimic that of Bitcoin. DigiByte is not Bitcoin. I have yet to hear a reasonable economic argument for why the velocity of minting the money supply(M) should be set and held at nearly a decade. In fact, all economic models I am aware of (a few, seeing as how I studied Economics) would suggest that increasing the velocity that a static transactional currency is minted would provide a boon and not cripple the currency. Inflation (value decrease) is a fact. In a static currency, inflation should only occur while it is still being minted and until the currency is 'mature'. After the minting (or mining in the case of gold) has ceased, inflation should no longer occur. Moreover, in a static supply good such as a crypto-currency, the amount of inflation that will occur DOES NOT CHANGE unless of coarse the total coins to be minted (supply) changes. This means that inflation WILL occur, and the amount of inflation is already known. The only thing that can change is the period over which this inflation takes place. Further, in the case of crypto-currency, a process of deflation (value increase) begins at the end of minting due to the fact that private keys/wallets are lost and nearly un-recoverable. If you want the price of DigiByte to be 'stable' and even possibly begin to consistently grow (deflation, growth), the only way to achieve that is to mint all of the currency and surpass Bitcoin and every single other crypto-currency in 'maturity'. A strategy such as this would hurt in the short-term, however, in the long term it would provide the first non-proof-of-stake, non-inflationary, stable crypto-currency. The market would find an equilibrium price, and over the mid to long term deflation and advances such as development and adoption would increase value and market price. I am in love with DigiByte. I have invested fiat currency in DigiByte. I believe in DigiByte's future. No one has to agree: I am not even necessarily suggesting that this should be done. It is just how economics works. |
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