Yes this hash will last as long as the Solarcoin stays profitable, big hash will mine until price drops.
Guys I really feel like we are over looking the fact that once the retarget issue has been addressed, high hash rates will just stay constant. The only reason we see the drop is so they can lower the diff and get even more when they jump back on.
So what does this mean for Solarcoin? My thought is the hash will raise with the price, then dump the price back down to low unprofitable range. Then hash will lower until the price picks back up, and so on...
So this will leave the average miner either mining very little while price is high or mining more while price is low.
Yes I know I just explained the basics of mining that we have all seen many times.
There are only a few things that can be done
- Throw some cash at new ASIC miner
- Buy the coins that will be sold from the ASIC big dogs
- Change algorithm (don't see this one happening)
- Add PoS
My vote is to add PoS
-This will help stop 51% attack (without avg miners having to go buy $1000's in ASIC's)
- every one mines (with open wallet holding coins)
- If you do buy coins from the big ASIC dumps, you will earn coins at a %
- This coin was almost set up for PoS, I mean the Dev projected a 5 year PoW (mining period) from the start With a PoW/PoS hybrid the PoW (mining) can fade away in the 4-5 years and leave the coin to be mined solely on PoS like other coins do now
- Price of the coin will go up (buy and having coins becomes a form of mining)
And the big one in my eyes, BIGGER exchanges will have an incentive to post our coin (they earn the PoS on your coins while they sit on their exchange in their wallet)
Let us look at an example of this PoS motivation and exchange listing
Take Orangecoin
"What is OrangeCoin?
Orangecoin is a unique combination of POW distribution with POS minting to secure the network. Orangecoin distribution will start on April 27, 2014 with a limited 2 week mining period. After the initial release of 50 million coins, POS interest will be earned at a rate of 20% in the first year, 10% in the second year, 5% in the third year down to a constant 2.5% interest."
https://orangecoins.infoNothing innovative or special about it at all!! (I will not humor the comparison to Solarcoin bc it's not even close)
But yet lets look at what happens when they approach Cryptsy
https://cryptsy.freshdesk.com/support/discussions/topics/4000276050Thats right it took just 4 days and 6 post, which started 13 days ago (when writing this post) The PoS coin system was loved and Cryptsy posted it to the vote list
https://www.cryptsy.com/coinvotes/Now I'm sure that if Solarcoin goes PoS it will not be 20% However you can see that exchanges have a large incentive to take PoS coins. Does it suck that they get your PoS yes but thats only if you park large amounts of your coins on there exchange, for long periods of time.
How I plain to help is by writing code...
Here is my contribution so far
https://github.com/solarcoin/solarcoin/pull/5This new code was needed to send and receive Solarcoin with multisig addresses.
The next code post you will see from me will be the code for a PoS fork
I have already spent a little over 63 hrs (haha many ppl can vouch for my disappearance last few days) on the code for the PoS fork so far, and there is much more to do. I'm only writing this code so it may be considered by the Solarcoin Foundation as an addition to the coin. I do this because I believe in this coin as a chance to, help better the world we live in. Weather or not the code is used I will still support Solarcoin, by mining if I still can or by buying when I can. Ultimately Solarcoin adding PoS will be up to the Solarcoin Foundation, as it should be. I would love nothing more then a fork to x11 PoS/PoW. However this coin has a very stable conservative and well thought out approach to making changes. While this can be upsetting when we live in a world so on demand as we do now. I wouldn't be as onboard with Solarcoin, if it had to fork every week do to insufficient testing or hasty decisions. I have seen many other coins fix unbroken code, to then have to refix what they just broke. I truly believe Solarcoin will out live me, which I could be wrong but out of all the altcoins it has one of the better chances.
When I think of an organization in comparison, dealing with a similar issue (taking time to make sure things are right) I think of
https://www.circle.com. On May 16th they came out of what they called (stealth) well for the ppl not following their hush hush $17 million development fund raising (
http://www.coindesk.com/circle-receives-17m-funding-unveils-exchange-wallet-service/) But what I would call, Ok we are now letting you request access to our site. Here is their launch post with nice demonstration video at the bottom,
https://www.circle.com/2014/05/16/circle-update/ So I like many others went on their site and requested an invitation. Also I like many others have not received the invite yet, They must have received many emails to spark a post 5 days later
https://www.circle.com/2014/05/21/circle-debut-questions/ They want to slowly let more and more ppl on the site to test things slowly.
So I'm sorry to post such a long post here (guess i needed a longer break from coding then I thought), but here is a $17 million company slowly allowing ppl to get accounts. Something we all look at as a 4 maybe 5 second thing, and they are taking days.
I'm just saying in a pinch the retarget code could be written in bout 4 minutes and implemented with in hours. But the fact that there has been time spent testing and researching shows it wanted to be done right. This is only my thoughts, I have had very little communication only with Justin. I haven't tested or even seen the new retarget code yet. But he told me, he plans to post it soon. Oh I should mention, Please don't ask me to write x11 in to the new fork code bc I will not be. Please don't forget I'm doing this at my own will and not by request. And I think I have read enough to show me that adding x11 or other new algo to it will be a waste of time right now. However if I'm requested to do such from a reputable source I will have no problem. At this point I'm adding PoS with option of PoSV (which could be dropped later to just PoS). So does add PoS take over 60hrs just to write.. No, but each and every line I have added and lines I plain to add are only done after very extensive research. Such as what other coins have used this line of code in any variation, How did it work out from them and has anyone else written it better....
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