I can understand the problems with 51% attacks and do sympathise. Surely there has to be a better solution. May require creating something new, like POS was new at the time and the currently anon fad is new. But creating a max of 14,400,000 POS per day is way too much.
I agree 14million coins added per day is way too much. But as we've pointed out numerous times that is a theoretical max, not a certainty. Either way, we're discussing different payouts/times/mins/maxs etc. to find a balance, resolve these kinds of concerns.
Explain Graincoin to me then. POW/POS - dead and now on life support. There are other coins with POS from last year and their value is lower this year. One can not assume all those holding POS behaves the same.
That's also true, but then we could counter-argue with DOGEs huge money supply and huge inflation (not helping it any longer, but they had lots of opportunities to change and still most probably will adapt/grow again). One can not assume all PoW/inflation/scrypt/massive supply coins will never rise in value if we apply traditional thinking to them.
I think the thing here is, at least speaking for myself, is I'm not arguing against your understanding of economy, supply/demand and inflation. However we have to factor in the cryptocurrency & altcoin scene variables at this point also.
The issue of too many coins per day has come up a few times and if everyone comes out in support of changing the goals and Rofo gives the green light, then it is as simple as that. I don't personally think it is necessary, but I don't think it will ruin anything to do so. There needs to be a happy medium between drawing in investors and keeping the price of the coin stable.
I agree with Presstab, and we can lower the limit, it was theoretical and never meant to be met on a daily basis. But we also want and need to factor in security, incentive to stake, remaining attractive to 'invest' and hold, and understand the different dynamics a high-PoS coin has on the market rather than an externally mined and sold PoW coin.
i must have missed an update. was there some specification for the intended POS setup published??
Initial specs up for discussion were spoken on IRC & published here:
I don't have a degree. I've left university 3 times after trying 3 different degrees because I couldn't stand Uni. (economics, security/counter-terrorism & media/design) so I have no paper to back any case I want to make. I'm not a wizard crypto-developer (hence the constant request to be just called the founder or just Jason
) compared to some and while people could point out our price and say 'well obviously you don't understand cryptocurrency' because your NOBL is failing, I understand the cryptocurrency environment & market more than some may realise. Austrian (of which I personally subscribe to) and classical economic theory
barely, if at all, currently applies to the altcoin scene (BTC seems to be enjoying it more so). That might change and I hope it does, but it won't be for some time and certainly not in this current environment. That some time gives us plenty of time to iron this out until we find the proper balance/specifications.
What is more important is securing our position and cutting out the PoW damage. I was recently pointed to the CINNI thread as yet another example where they sat their multipool on NOBL for three and a half days straight.
i have not heard anything back- is it a legit website? do i have anything to worry about? i emailed but no response... its been a few hours now? have i been ripped off
Sent, sorry I do the orders manually for now Australian time.
So with that in mind, I would choose an PoS rate that would actually lower the inflation. This can be done by choosing a percentage that is not too high, but not so low as to discourage people from staking. Maybe somewhere in the 10-25% range, not totally sure as I haven't run any numbers on it. This would allow more coins to stake consistently and help push the PoW difficulty up higher so there would be less PoW and more PoS.
Thank you very much for dropping by Tranz and giving your input. I've obviously spent the better part of a month reading everything out there on PoS to garner a better understanding of PoS intricacies and your name comes up more often than not. Reading your stuff also makes me feel slightly less stupid than reading Sunny Kings.
Initially I was after the current specs./'fads' of 2-5%, then felt something like 10-25% would be appealing. At that point I was introduced to high-stake/Stakehunter and the positives of high-PoS security & stake wise as well as its appeal to genuine investors because the returns factor in the inherent risk and volatility of crypto, when compared to other investments they could make in traditional avenues.
However I know currently the # of coins being created is concerning many just like it does with the DOGE community. So more #'s/specs. definitely need to be and are being weighed carefully. I really just want what the majority can agree on is best not just for price, but also for stake incentive, investment, inflation concern & security.
It's such a fine and hard balance to find especially since it was not an original intent, any numbers run would be more than appreciated. At this point we would definitely prefer an appealing incentive to stake and PoS playing the larger role in supply.
It would also be good to make the stake weight start at a 5 days or less.
We initially chose 7 days (to sync. it with a week), do you feel that makes a significant difference?
Also a max reward for PoS should be put into the fork.
Yes a stake max. age and max. reward have also been considered mandatory. I'm under the impression this helps from many angles: security, curbing inflation, promoting more individual blocks to stake among other things. Is this correct? I believe Presstab is working currently with 7/21 days, 60 seconds & 10,000 max reward.
I am happy to answer any questions from certain devs ( you know who you are Wink ), if something in the code doesn't make since. I may be able to, if I have time, peer review(Q/C) any changes before they go live as well.
You'll have to be careful or I'll also try to take you up on as much feedback as I can get as I value your input/experience with PoS immensely. In all honesty Presstab so far has gone above and beyond and been great. I understand you two a good relationship? I would also be very happy personally to compensate you for any time/work spent reviewing or QC our fork/code before it goes live.
Anyway good luck on your project!
Thank you
1 satoshi NOBL would be less than ideal, but at that point I could afford half of it and I will buy it and destroy half the supply publicly if it comes to that. Whatever it takes..