[GLC] Globalcoin | 4 Year Anniversary 1.5.4! | NO IPO, NO PREMINE | [SCRYPT]

[michaelsss]

does it a globalsharecoin ?

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[icodestuff]

I don't know.  The most successful coins are proof of work...

With the interest function, you can encrypt the wallet, which is a huge security issue.

You can encrypt your wallet when using a pos system. Sounds like you're confused with encryption and locking. You need to have your wallet unlocked when staking, which means you open your wallet and then unlock it using your passphrase before staking can occur. You can have the option here to unlock only for staking so you still have to enter your passphrase again when sending coins.

https://i.imgur.com/FNWoHEv.png

[allknowingeye]

POS is foolish way to go that will result in this coin, as it has for so many others becoming irrelevant rather quickly. I would highly recommend against it. POW is the best positioning for any coin. The amount of coins you are get through POS wouldn't buy a horsefly's snotball.

[icodestuff]

I'm not suggesting a 100% switch to POS. The main issue people have with POS, especially 100% POS, is initial distribution being a key factor into who benefits. Globalcoin wouldn't be plagued by this as it's been distributed quite fairly through POW over the past year, plus it's readily available for anyone can purchase on exchanges. A hybrid POW and POS system might be nice was my thoughts.

I'll bring up some posts regarding updates/changes from digitalholdings a while back which I think could have some more discussion.

So picking apart the best features from other coins.. well what is there really? different hashing algorithms, proof of stake and anonymous transactions are the only real differentiating features at the moment.

I still think changing to X11 or groestl hashing algo is the way to go. An opportunity for diversified mining for everyone, not just deep pocket ASIC buyers.

Hybrid PoS and PoW could be something to look into... having the ability to simultaneously mine and stake seems somewhat logical actually. Those that want to take a "risk" purchasing mining equipment are rewarded with more coins by PoW whilst those without the capital can earn smaller amounts of coins by simply leaving their wallets running to help the network.

Fully anonymous transactions doesn't really fit in with my view on the "global" sentiment. When I read "Globalcoin" I feel it represents a bright future where money doesn't have borders or restrictions... not a shady means for potentially illegal use cases. But that's just my view, if the majority of the community wants it then by all means implement it.

Would like to see a poll or community voting system for whatever features are proposed before actually implementing them anyway.

[orco#2]

Are their hybrid pos/pow coins out there?  Who has the technical chops to make it happen?

[icodestuff]

Are their hybrid pos/pow coins out there?  Who has the technical chops to make it happen?

There is a few hybrid pos/pow coins, the most well known would have to be Peercoin?

Last 24 hours:
Proof -of- Stake Blocks   155 (86.6%)
Proof -of- Work Blocks   24 (13.4%)

All time:
Proof -of- Stake Blocks   103,700 (75.3%)
Proof -of- Work Blocks   34,104 (24.7%)

PPC works differently than what I would advocate for GLC though, seeing as PPC has no real set coin supply and pow rewards differ according to network difficulty with pos fixed at 1%

See: https://en.wikipedia.org/wiki/Peercoin#Proof-of-stake

So it can be done but what is the best way to go about it? For coins with a fixed supply like GLC does it make sense to offer hybrid pos/pow until a certain amount of coins are founded then swap to pos only? Especially considering 79% of the total GLC supply has been mined through pow already? Would it be wise to uncap the GLC supply with a small pos rate like 1% after the 70 million coins rather than rely on pow transaction fee based mining?

[icodestuff]

How about we bring back up some talk on a hashing algorithm change away from scrypt? Seeing as the scrypt landscape is both flooded and quite dangerous now I think it might be a wise move. There's plenty of new algorithms about that are ASIC resistant, power efficient and GPU friendly. Have a look at the recent move to neoscrypt by Feathercoin, nothing but positive response from the community and the markets too.

ideally we want to stay in reach of as many people as possible without the need for expensive mining equipment. As the majority of people buying Scrypt ASICs are not doing so to mine Feathercoin and the fact that some very large ASIC suppliers will be releasing products soon it seems sensible to move algorithm now before we face the challenges that hit many SHA-256 alts when the SHA-256 ASICs hit

Again I'll bring up one of digitalholdings posts on the matter..

Yes, I was assuming if we were to change hashing algorithm that the difficulty adjustment algorithm would also be updated along with the qt clients code base.

So my argument for changing the hashing algorithm is yes in large part for GPU miners here's why:

1. GPU miners are already well established and looking for alternatives since the arrival of ASICS.
2. GPU miners are more decentralized than ASICS (be it initially) based on pricing points alone - $200 gets you mining with a GPU vs thousands$$ for an ASIC
3. The general public can easily obtain GPU's where as ASICS have often had much annoyance with preorders, late delivery etc
4. GPU have other uses, you have options to exit and get some value back (gamers, graphic design etc). ASICS once they're unprofitable they're effectively paperweights no one wants (well in comparison to pricing on 2nd hand GPU market).

There is also the fact that globalcoin doesn't really have anything unique to offer among the now hundreds of scrypt coins. As mentioned before the only thing I see as a positive in technical retrospect for globalcoin is its age and 0 premine.

So if we swap over to a GPU based algorithm everyone has the opportunity to mine, whether it be the home pc user or the avid miner with several GPU rigs. The network therefore becomes more decentralized which I think fits perfectly well with the "Global" mantra of Globalcoin.

[icodestuff]

Maybe Globalcoin partners up with Feathercoin, UFO Coin and Phoenixcoin; updating from scrypt to neoscrypt. I'm sure bushstar or ghostlander, the talented devs behind these coins, would be happy to help out with updating the client. Thoughts?

[TagBot]

The developer SistaFista works on a coin? Or not? Maybe someone can help?

[BitcoinNational]

Maybe Globalcoin partners up with Feathercoin, UFO Coin and Phoenixcoin; updating from scrypt to neoscrypt. I'm sure bushstar or ghostlander, the talented devs behind these coins, would be happy to help out with updating the client. Thoughts?

yes ok .. stick with the anti-ASIC

BUT better pow/pos hybrid than NEOscrypt

[popolite11]

Maybe Globalcoin partners up with Feathercoin, UFO Coin and Phoenixcoin; updating from scrypt to neoscrypt. I'm sure bushstar or ghostlander, the talented devs behind these coins, would be happy to help out with updating the client. Thoughts?

yes ok .. stick with the anti-ASIC

BUT better pow/pos hybrid than NEOscrypt

well if they need to take the coin to another height than it will be their decision.

[plumbeer]

Any GLOBAL news?

[balu2]

instead of waiting for wolong or santa claus why not pump it with our own money? I mean: everyone chips in halve a btc and this thing makes money for everyone. What are you waiting for? Won't be cheaper than it's now.

Look at that guy currently ordering 100k coins for 0.5 btc. I mean, wtf?

[sofa louncher]

can you count on me   

[BitcoinNational]

Maybe Globalcoin partners up with Feathercoin, UFO Coin and Phoenixcoin; updating from scrypt to neoscrypt. I'm sure bushstar or ghostlander, the talented devs behind these coins, would be happy to help out with updating the client. Thoughts?

yes ok .. stick with the anti-ASIC

BUT better pow/pos hybrid than NEOscrypt

How about a version of DMD?  GROESTL pos/pow
or a blake merge.

---
there needs to be
a candidate list
then debate
then elect/select 2 (vote / fund raiser)
then get dev onboard

[sofa louncher]

how do we get the trade volume up and then let the price go up

[orco#2]

So it look like the next subsidy reduction with be soon, block 865,200 if my calculations are right.  We are currently at block 805,968 so we should arrive at subsidy halving in 27.4222 days, so the 9th of December. This will reduce the total coins coming online to 27.000 daily.

It would be wise to get a client update that cuts daily coin production and extends the subsidy life out. I would suggest cutting the subsidy to 3.125 coins per block and increasing the subsidy halving time to 3 years form .3658 years.

This should help stabilize the network and insure that the hash reward remains substantial for at least 10 years.  It might be a good idea to add a hybrid POS element at that client or the next iteration and maybe bump total coins to 75 milllion from 70 million to facilitate.


GL everyone

[TagBot]

The award will decrease! So the price will grow! As a developer there doing? Update wallet wakes? On kriptsi wallet does not work !!!

[TagBot]

Excellent! Wallet works. We are waiting for news from a developer?

[TagBot]

website not work.........