[ANN][$MUSIC] Musicoin Blockchain Upgrades to V3.0(“Quantitative Tightening 🎸

[madfox11]

Also, regarding inflation. Musicoin allows to make smart-contracts! Imagine ICOs based on musicoins. Gathered coins will be frozen for some time, a year or two.

[1714238840]

1714238840

[Valt]

I'm trying to run the musicoin wallet on Linux and I get this error showing in the terminal window.


Musicoin - Pi stdout: Fatal: Could not open database: resource temporarily unavailable

Musicoin - Pi stderr: I0804 19:58:08.804773 ethdb/database.go:83] Alloted 128MB cache and 1024 file handles to /home/me/.musicoin/chaindata
Fatal: Could not open database: resource temporarily unavailable



The wallet itself seems to run but constantly shows "Looking for peers". However it did download another 5GB into the .musicoin/chaindata directory.

What do I need to do to get the wallet running correctly?

[Valt]

OK I got it working. Seems on Linux it can only be run once per system reboot. I think when closing the wallet app, its not releasing some network or other resources. So the next time it is run it throws errors because it can't access the resources it needs.

[newjack]

OK I got it working. Seems on Linux it can only be run once per system reboot. I think when closing the wallet app, its not releasing some network or other resources. So the next time it is run it throws errors because it can't access the resources it needs.

Maybe go to the musicoin slack channel. They can usually help you out over there.

[fonship]

is this by the musicoin team or someone else, how musicoin and token will work differently or will musicoin will be exchanged with MCI token?

https://cofound.it/en/projects/musiconomi/

[newjack]

is this by the musicoin team or someone else, how musicoin and token will work differently or will musicoin will be exchanged with MCI token?

https://cofound.it/en/projects/musiconomi/

I am not 100% sure what is going on with Musiconomi. From what I heard, its supposed to be a token on top of Musicoin to facilitate goods and services. However because of their relationship with Cofoundit, they have to initially sell their token for regular ETH. So, I don't actually know for sure.
Musiconomi is a separate project from Musicoin, though, from what I understand.

[ngin-x]

People are tired of the ETH`s dictatorship, so many scammy ICOs, so many thefts. If music industry really needs blockchain technology for streaming and paying artists, we need new independent blockchain. Musicoin is definetly what we need, it does not compromise the technology of blockchain and gives the musicians real opportunities. Someone talks about hyperinflation - relax, its a matter of time, difficulty grows. With growing adoption you will see that total musicoin supply is not enough!

Yes, the hyperinflation argument needs addressed: If there were 1 million Musicoin users, listening to 5 songs a day, at 1 Musicoin per listen, that equals almost 2 billion Musicoins for just one year (1.85 billion). The difficulty bomb is already coming up for Musicoin, so it remains to be seen how these coins might be fractionalized. But, it doesn't seem that hyperinflation is really the problem, except for maybe the lack of it!  

Musicoin should have stayed on the ETH platform instead of forking ETH itself. Some of the world's most brilliant minds are working for ETH to improve the blockchain capabilities and fix bugs. Who will provide these updates to the Musicoin blockchain? Will the Musicoin devs undertake the herculean task of replicating ETH's development and roadmap?

I think the problem with the existing ETH platform is that there will just be too much on it, and it will be easier in the long run to run a separate blockchain. Musicoin is in the Ethereum Enterprise Alliance, so it will get all the benefits of updates, knowledge, etc.

Your argument is absurd. Any kind of inflation is bad for investors. Even 5% inflation is loss of value that could have gone to the coin price but instead it goes to the supply. Musicoin's 1.5m daily inflation is like 200% a year with current supply. People don't like letting their USD sit in the bank despite inflation being 2-3%. Who would want to hold a currency with 200% inflation a year?

Musicoin is constantly slipping down the ranking because there is no way in hell the price can keep up with the burgeoning coin supply.

[newjack]

Your argument is absurd. Any kind of inflation is bad for investors. Even 5% inflation is loss of value that could have gone to the coin price but instead it goes to the supply. Musicoin's 1.5m daily inflation is like 200% a year with current supply. People don't like letting their USD sit in the bank despite inflation being 2-3%. Who would want to hold a currency with 200% inflation a year?

Musicoin is constantly slipping down the ranking because there is no way in hell the price can keep up with the burgeoning coin supply.

Well, just getting the vibe of the Musicoin slack channel, the focus is on music listeners and secondary to speculators. I think there is a difference between an investor and speculator, in that the former is more interested in the overall focus of the project, the latter is interested in a vehicle for pumps and dumps.

Originally, Musicoin was targeted as being worth .01 USD for music consumption. However, people have made the same argument as you and it seems the community is actively weighing that factor. Its just that given amount of music consumption, they don't want to get into a situation where each play costs equivalent to $1 USD (at least not yet :-D ) Because to a certain degree people might hoard the coin rather than using it for actual music.

So, in my opinion you are correct with your concern, and I know its being addressed, but there are the other important factors at the moment being weighed as the project matures.

In my opinion, what will probably happen is that as the difficulty bomb hits, the price of Musicoin will be going up, and then it will fractionalize. But that's just my outlook on it. A lot has to play out that only the public will show. But, I do know that Musicoin is concerned about its miners, as they are the backbone of the coin and its original investors, if you can call them that.

[ConvertThisFile]

Once the Musiconomi platform launches and takes off, the popularity and adoption of $MUSIC will sky rocket.

With a coin like this and the purpose it serves I honestly don't see it skyrocketing too high. I think their goal is to have billions of musicoins out there and pay in fractions. It may be just as confusing and convoluted as the current streaming payments artists get. We will have to wait and see. I am mining heavily on this coin so I do hope it goes up ,and I also love the concept of this idea over the other music platforms.

I hope for the best, but just don't see $1 being reached with so many coins being added daily.

[madfox11]

Once the Musiconomi platform launches and takes off, the popularity and adoption of $MUSIC will sky rocket.

With a coin like this and the purpose it serves I honestly don't see it skyrocketing too high. I think their goal is to have billions of musicoins out there and pay in fractions. It may be just as confusing and convoluted as the current streaming payments artists get. We will have to wait and see. I am mining heavily on this coin so I do hope it goes up ,and I also love the concept of this idea over the other music platforms.

I hope for the best, but just don't see $1 being reached with so many coins being added daily.

What billions are you talking about? Even one billion will not be achieved in the next few years, look closer at this coin`s algo.

[newjack]

Once the Musiconomi platform launches and takes off, the popularity and adoption of $MUSIC will sky rocket.

With a coin like this and the purpose it serves I honestly don't see it skyrocketing too high. I think their goal is to have billions of musicoins out there and pay in fractions. It may be just as confusing and convoluted as the current streaming payments artists get. We will have to wait and see. I am mining heavily on this coin so I do hope it goes up ,and I also love the concept of this idea over the other music platforms.

I hope for the best, but just don't see $1 being reached with so many coins being added daily.

I think if they stopped issuing new coins right now, the price of each would start going up dramatically. However, that would grind the system to a halt because people wouldn't want to spend their musicoins anymore, they'd just start hoarding.

This situation will be addressed I believe on their next major update in September, basically balancing the utilitarian function of the coin, and the interests of the miners/holders. But for now I would rather see people using the platform as intended than the coin price going through the roof. That can happen after the real basics are worked out.

[madfox11]

Yes, UBI stage will begin after 300 mil coins border, it's very soon! And we will see the next milestone of the Roadmap. Now what i see is nice Devs team working without ICO`s money and without premined coins. Tell this to ethereum based projects with millions in their pockets!

[Varunram]

Hi there, a Musicoin dev here. I'll address a few of the concerns raised in the thread recently.

1. The difficulty bomb: The difficulty bomb is something that the team is actively working on and as mentioned by another user, it will be solved by the time UBI is out (which is slated for September at the one millionth block).

2. Musiconomi: As stated previously by other members, Musiconomi and Musicoin have NO official partnership as of now. They have mentioned that they will be trading with Musicoin, but their ICO is in ETH and they keep changing their stance often, so we don't know what theirs is now.

3. Price: Price is certainly an issue and if it gets to the point where 1 Musicoin trades around $1 USD, we would move in to fractionalize payments out to Musicians, so that shouldn't be a cause of worry. Our system and policies would always remain the same, so there won't be any problems about convoluted contracts followed by other streaming services.

[ngin-x]

Hi there, a Musicoin dev here. I'll address a few of the concerns raised in the thread recently.

1. The difficulty bomb: The difficulty bomb is something that the team is actively working on and as mentioned by another user, it will be solved by the time UBI is out (which is slated for September at the one millionth block).

2. Musiconomi: As stated previously by other members, Musiconomi and Musicoin have NO official partnership as of now. They have mentioned that they will be trading with Musicoin, but their ICO is in ETH and they keep changing their stance often, so we don't know what theirs is now.

3. Price: Price is certainly an issue and if it gets to the point where 1 Musicoin trades around $1 USD, we would move in to fractionalize payments out to Musicians, so that shouldn't be a cause of worry. Our system and policies would always remain the same, so there won't be any problems about convoluted contracts followed by other streaming services.

Good to hear from a dev finally.

1. In what way will the difficulty bomb be addressed? Will it be removed? Will the inflation be scaled down just like Ethereum has done recently? There has been a huge ongoing debate regarding the amount of money spent behind securing the ETH blockchain which amounted to 3 billion USD as of June 2017. Even Vitalik agreed that it's a huge waste and wanted to reduce it by 1 billion USD and community wanted a 2 billion reduction. As you can see inflating the supply to pay the miners is a very expensive way to secure a blockchain which is why ETH will eventually move to POS. I hope you guys have similar plans. This 200% inflation is not sustainable.

2. All this while I thought the same dev team wes behind both Musicoin and Musiconomi. So, that's a surprise.

3. Trying to get the price of 1 Musicoin to always stay around $0.01 is a fool's errand. Musicoin is not a dollar peg. You can never achieve that. Changing the price of streaming service would be a far better approach. Let the price of Musicoin grow. If it gets to $10 someday, then also it shouldn't be an issue. Just fractionalize it. If investors are not incentivized to hodl this coin, the price will crash so far that the coin itself will not have any marketcap.

[fk1]

Your argument is absurd. Any kind of inflation is bad for investors. Even 5% inflation is loss of value that could have gone to the coin price but instead it goes to the supply. Musicoin's 1.5m daily inflation is like 200% a year with current supply. People don't like letting their USD sit in the bank despite inflation being 2-3%. Who would want to hold a currency with 200% inflation a year?

Musicoin is constantly slipping down the ranking because there is no way in hell the price can keep up with the burgeoning coin supply.

Please share your calculation that equals ~200% inflation

[ngin-x]

Your argument is absurd. Any kind of inflation is bad for investors. Even 5% inflation is loss of value that could have gone to the coin price but instead it goes to the supply. Musicoin's 1.5m daily inflation is like 200% a year with current supply. People don't like letting their USD sit in the bank despite inflation being 2-3%. Who would want to hold a currency with 200% inflation a year?

Musicoin is constantly slipping down the ranking because there is no way in hell the price can keep up with the burgeoning coin supply.

Please share your calculation that equals ~200% inflation

1.5m coins per day x 365 days = 547.5m coins added pa. Current supply is 265m. So approx 200% inflation per annum starting today.

[yummyberries]

Your argument is absurd. Any kind of inflation is bad for investors. Even 5% inflation is loss of value that could have gone to the coin price but instead it goes to the supply. Musicoin's 1.5m daily inflation is like 200% a year with current supply. People don't like letting their USD sit in the bank despite inflation being 2-3%. Who would want to hold a currency with 200% inflation a year?

Musicoin is constantly slipping down the ranking because there is no way in hell the price can keep up with the burgeoning coin supply.

Please share your calculation that equals ~200% inflation

1.5m coins per day x 365 days = 547.5m coins added pa. Current supply is 265m. So approx 200% inflation per annum starting today.

The difficulty bomb is slowing down the money supply everyday while the demand of the coin is increasing time by time since more musicians are taking their community to join. If this is not apparent, please take some more valid arguments.

[National]

Your argument is absurd. Any kind of inflation is bad for investors. Even 5% inflation is loss of value that could have gone to the coin price but instead it goes to the supply. Musicoin's 1.5m daily inflation is like 200% a year with current supply. People don't like letting their USD sit in the bank despite inflation being 2-3%. Who would want to hold a currency with 200% inflation a year?

Musicoin is constantly slipping down the ranking because there is no way in hell the price can keep up with the burgeoning coin supply.

Please share your calculation that equals ~200% inflation

1.5m coins per day x 365 days = 547.5m coins added pa. Current supply is 265m. So approx 200% inflation per annum starting today.

The difficulty bomb is slowing down the money supply everyday while the demand of the coin is increasing time by time since more musicians are taking their community to join. If this is not apparent, please take some more valid arguments.

Lol this reminds me of when people said Ripple (XRP) would never work because of its high coin supply. Lmao 3,000 usd invested in XRP in 2015 would be something like $300,000.

[rafradio]

What wallet is better to use for Musiccoin storage? Official wallet is safe enough?

[AnyKey45]

is it ok that wallet balance became Zero during synchronization?

and how to move default appdata/roaming/music folder to the different drive?
is there a setting in the local wallet?