[ANN] [QRK] Quark | Core 0.10 upgrade

[FlipPro]

I think the inflation should be zero from day one.

Bitcoin is successful because there is a hard limit.

[digitalindustry]

I think the inflation should be zero from day one.

Bitcoin is successful because there is a hard limit.

I agree , to a degree , and this could be an option , but I dont mind the 1 million per year for 3 years, at least everyone knows the score it puts a defined cap in place .

But yeah its all open for discussion I guess  ?

[digitalindustry]

Who OPs this thread ?

I suggest make a new one if we push forward ?

Perhaps flip you could or someone else . But later I guess .

[Max Guevara]

Who OPs this thread ?

I suggest make a new one if we push forward ?

Perhaps flip you could or someone else . But later I guess .

I'm managing this thread. I am completely open to discussion here.

[digitalindustry]

Who OPs this thread ?

I suggest make a new one if we push forward ?

Perhaps flip you could or someone else . But later I guess .

I'm managing this thread. I am completely open to discussion here.

Ok sweet great .

[FlipPro]

I think the inflation should be zero from day one.

Bitcoin is successful because there is a hard limit.

I agree , to a degree , and this could be an option , but I dont mind the 1 million per year for 3 years, at least everyone knows the score it puts a defined cap in place .

But yeah its all open for discussion I guess  ?

Whats the point of inflating the supply if there will be a natural inflation process through mining?

[Max Guevara]

Just to explain the original thinking behind the 0.5% inflation.

After six months, with millions of coins in circulation, there was a fear that the transactions fees would not be enough of an incentive for miners to keep on mining, so it was decided to give a block a minimum reward of 1.

Another option would be to have block reward be MAX(1, TransactionFees). That way, if transaction fees become large enough, the inflation is essentially zero. Also this keeps incentive to mine when transaction fees are low.

Comments?

[digitalindustry]

Just to explain the original thinking behind the 0.5% inflation.

After six months, with millions of coins in circulation, there was a fear that the transactions fees would not be enough of an incentive for miners to keep on mining, so it was decided to give a block a minimum reward of 1.

Another option would be to have block reward be MAX(1, TransactionFees). That way, if transaction fees become large enough, the inflation is essentially zero. Also this keeps incentive to mine when transaction fees are low.

Comments?

+ 1 exactly  that is the incentive .

and there is another vector , a move to Mpow and its relatives in the future , will help to secure the network in many ways , because it is actually harder for single entities to gain critical amounts of % of network .

its of course not impossible , but much more difficult .

so in essence its another advantage to the Mpow system - i think it could get by on Tran fees , or it could taper down to a 1 mil reward for 3 years , its really of little consequence you see , the point is that the investor has confidence    that his investment or payment instrument won't be inflated to 0 .

so weather that be an end point and just transactions after 3 years or after the reward goes to zero - its really not the big concern the point is it does not keep inflating forever. 

but , however max makes a critical point about security , but take into account the new vectors relating to Mpow.

[Max Guevara]

so weather that be an end point and just transactions after 3 years or after the reward goes to zero - its really not the big concern the point is it does not keep inflating forever. 

I can see that people could be put off by inflation, even one as small as 0.5% pa.

My current thinking is to change the minimum reward to Max(X, TransactionFees) for say 3 - 6 years, with X getting smaller over the period until it reaches 0.

[digitalindustry]

so weather that be an end point and just transactions after 3 years or after the reward goes to zero - its really not the big concern the point is it does not keep inflating forever.  

I can see that people could be put off by inflation, even one as small as 0.5% pa.

My current thinking is to change the minimum reward to Max(X, TransactionFees) for say 3 - 6 years, with X getting smaller over the period until it reaches 0.

so this implies - a reward (x) + trans fees .

and then in over say 3 or 6 years - the (X) reward declines to 0 and its just Trans fees?

if so , perfect .

[Max Guevara]

so weather that be an end point and just transactions after 3 years or after the reward goes to zero - its really not the big concern the point is it does not keep inflating forever.  

I can see that people could be put off by inflation, even one as small as 0.5% pa.

My current thinking is to change the minimum reward to Max(X, TransactionFees) for say 3 - 6 years, with X getting smaller over the period until it reaches 0.

so this implies - a reward (x) + trans fees .

and then in over say 3 or 6 years - the (X) reward declines to 0 and its just Trans fees?

if so , perfect .

yes, in essence.

[Lboss]

I dont see inflation as a problem. Even though,  there is a cap in Bitcoin , there is still inflation in BTC atm about 10 % pa. The problem is ,  I think ,  not having enough interest . You can only use this currency in (limited) exchanges.(I dont take into account small shops)

Exchanges that deal with quark should be increased and also there should be a direct way to convert it to fiat.

These are first steps , I think , there are lot to say but is meaningless unless above steps handled.

[Max Guevara]

I dont see inflation as a problem. Even though,  there is a cap in Bitcoin , there is still inflation in BTC atm about 10 % pa. The problem is ,  I think ,  not having enough interest . You can only use this currency in (limited) exchanges.(I dont take into account small shops)

Exchanges that deal with quark should be increased and also there should be a direct way to convert it to fiat.

These are first steps , I think , there are lot to say but is meaningless unless above steps handled.

I agree. The most important requirement for success is being able to use the coin for other things than speculation.

Quark is now accepted at coinpayment.net so hopefully this will encourage more commerce sites to use Quark.

[digitalindustry]

I dont see inflation as a problem. Even though,  there is a cap in Bitcoin , there is still inflation in BTC atm about 10 % pa. The problem is ,  I think ,  not having enough interest . You can only use this currency in (limited) exchanges.(I dont take into account small shops)

Exchanges that deal with quark should be increased and also there should be a direct way to convert it to fiat.

These are first steps , I think , there are lot to say but is meaningless unless above steps handled.

thanks for the input - but if you look behind that idea of exchanges , first you need community and price - you have the priorities out of order ...

1.  I'm tackling the price issue , then we will work from there .
2. QRK has the community and the nice Logo - and a nice name in my opinion.  

3. After all that comes exchanges etc.  

I'm plus one +1 with Max on the emission system so it will have to be done with a hard fork .

[digitalindustry]

What is the reward at now  ?

[victzhang]

I dont see inflation as a problem. Even though,  there is a cap in Bitcoin , there is still inflation in BTC atm about 10 % pa. The problem is ,  I think ,  not having enough interest . You can only use this currency in (limited) exchanges.(I dont take into account small shops)

Exchanges that deal with quark should be increased and also there should be a direct way to convert it to fiat.

These are first steps , I think , there are lot to say but is meaningless unless above steps handled.

I agree. The most important requirement for success is being able to use the coin for other things than speculation.

Quark is now accepted at coinpayment.net so hopefully this will encourage more commerce sites to use Quark.

True. That's why I set a bounty for this.

https://bitcointalk.org/index.php?topic=325257.0

[Promethium]

Just to explain the original thinking behind the 0.5% inflation.

After six months, with millions of coins in circulation, there was a fear that the transactions fees would not be enough of an incentive for miners to keep on mining, so it was decided to give a block a minimum reward of 1.

Another option would be to have block reward be MAX(1, TransactionFees). That way, if transaction fees become large enough, the inflation is essentially zero. Also this keeps incentive to mine when transaction fees are low.

Comments?

There are only 2.5 million coins remaining before reaching maturity. Whether by design or luck this has become one of the greenest coins to mine with a blistering transfer speed,  difficulty has reduced to that seen on the first day of mining.

With block rate of 3 per minute on average, relying on Transaction Fees alone would not appear to be possible; a block mined without a transaction would receive no payment, an unlucky individual could mine 100 blocks and receive no return.

Max Guevara, your solution of subsidising the block reward with the transaction fees is admirable; I certainly support this option.
The issue could be revisited after a year or two to establish whether the actual inflation rate was acceptable.

[forzendiablo]

QcdNa9RoZck3EDoEoQgt64zUU1mXjEq49X
would love to get some QRKs - just got wallet.

[digitalindustry]

Just to explain the original thinking behind the 0.5% inflation.

After six months, with millions of coins in circulation, there was a fear that the transactions fees would not be enough of an incentive for miners to keep on mining, so it was decided to give a block a minimum reward of 1.

Another option would be to have block reward be MAX(1, TransactionFees). That way, if transaction fees become large enough, the inflation is essentially zero. Also this keeps incentive to mine when transaction fees are low.

Comments?

There are only 2.5 million coins remaining before reaching maturity. Whether by design or luck this has become one of the greenest coins to mine with a blistering transfer speed,  difficulty has reduced to that seen on the first day of mining.

With block rate of 3 per minute on average, relying on Transaction Fees alone would not appear to be possible; a block mined without a transaction would receive no payment, an unlucky individual could mine 100 blocks and receive no return.

Max Guevara, your solution of subsidising the block reward with the transaction fees is admirable; I certainly support this option.
The issue could be revisited after a year or two to establish whether the actual inflation rate was acceptable.

Yes I agree , that is as of right now  of course , and 3 years is a long time in cryptocurrency , and I further agree with you , its an amazing currency just because of the beautiful distribution , the price collapse has lead to the possibility that literally anyone including cryptohobos can have some of this great design .

This is also why it has such a great community , as the benifits are actually spread on a possible success ,

In 2 or 3 years time , it would not be an issue I feel , im with Max , code it in to be capped after that time .

[NUFCrichard]

is there any server mining going on with QRK?  If so which pool is best to use?
EDIT: It's a linux server by the way.