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April 18, 2013, 06:34:39 PM |
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Hey guys,
I've been reading a lot of threads for the new alt-coins and many of them mention a complaint common among many late party miners or coin supporters. Why is the coin system giving out such large mining rewards upon coin release, which with today's coin-aware public and hashing technology, that seems be gobbled up with in the first few days?
Many late comers claim this to be unfair. Some even claim 'scam coin' or 'pump and dump'. What are your thoughts?
Should new coin releases afford the late comer more rewards?
Should there be a coin which limits its initial coin release to, let say, 2 coins-per-block, and then slowly ramp up coin-per-block rewards over the lifespan of the coins generation algorithm? To lets say a maximum of 50 coins-per-block?
Example LithiumCoin [LTH]:Algorithm -sha256, coin cap= 22 million, blocks per hr target= 15 or about 1blk/4 min., target difficulty retarget = every 360 blocks or 1 per day., rewards don't halve..they increase * 2 so initial rewards is hieght 0 is 2 per block...then at hieght 10800 it is 4 coins per blck. Now at hieght 21600 reward is 8 coins per blck and at hieght 43.2k we get 16 coins per blck. and so on and so forth.....until we get eventually get the max coin-per-blk at around hieght 172.8k...by now the coin has been hopefully established and miners will continue to support for the increased block reward + fees.
What are your thoughts?
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