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Author Topic: [ANN] [MINT] Mintcoin (POS / 5%) [NO ICO] [Fair distro, community maintained]  (Read 1343580 times)
cryptomommy
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July 30, 2014, 03:49:41 PM
 #16081

http://faculty.washington.edu/danby/bls324/surplus.html

This hopefully offers a solid explanation.

edit:
http://www.investopedia.com/university/economics/economics3.asp
This is a better source.
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acceptance2
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July 30, 2014, 03:56:36 PM
Last edit: July 30, 2014, 04:22:21 PM by acceptance2
 #16082

When I say "target" I am referencing the number of coins generated before the PoS rate drops down 1.5% indefinitely to replace lost and destroyed coins.

Okay, I read that as the final number being 42,000,000,000 (approximately) before the 1.5% kicks in.

Sorry to be picky about this.

So when marketing the coin, it would not be unreasonable to say the coin would have an eventual coin market cap of 42,000,000,000 with an additional 1.5% interest carried on in perpetuity to sustain lost and destroyed coins.

Would that be a fair/factual statement?

42,000,000,000 sure looks a lot better than 70,000,000,000

This is exactly what I am suggesting - Don't worry about being "picky" this conversation is exactly what we need Smiley

Okay, well, I think it's a good start.

Having an Android Wallet to facilitate easy sharing to help increase exposure/adoption AND a reduced overall coin cap should both be attractive features to investors sitting on the sidelines. I would prefer an even lower overall coin cap with a lower POS rate because I think it would help move things along quicker. Just my opinion.

It's paramount that the 70,000,000,000 number be brought down. Non crypto investors I know laugh when I tell them the eventual cap and say it sounds like a HYIP or penny stock. They won't go near Mintcoin even at 42,000,000,000. My guess is 20,000,000,000 would get some of them sniffing.

Big companies start out with SMALL share caps and then grow their float as the VALUE warrants OR their need to raise capital outstrips their growth rate. We currently have no growth or value. The coin cap MEANS EVERYTHING.

Back in 8 hours....

acceptance2
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July 30, 2014, 03:58:58 PM
 #16083

Can someone tell me why an increasing total number of coins would be not acceptible for an investor whose coins stake new coins at the same rate?

It's not how many coins you have that matters, it's what your coins are worth.

0 x 0 = 0

000 x 000 = 000

Having a gazillion coins with no actual worth is ... not worth anything.

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July 30, 2014, 04:00:48 PM
 #16084


Perfect. Clear explanation of supply and demand.
cryptomommy
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July 30, 2014, 04:06:53 PM
 #16085

When I say "target" I am referencing the number of coins generated before the PoS rate drops down 1.5% indefinitely to replace lost and destroyed coins.

Okay, I read that as the final number being 42,000,000,000 (approximately) before the 1.5% kicks in.

Sorry to be picky about this.

So when marketing the coin, it would not be unreasonable to say the coin would have an eventual coin market cap of 42,000,000,000 with an additional 1.5% interest carried on in perpetuity to sustain lost and destroyed coins.

Would that be a fair/factual statement?

42,000,000,000 sure looks a lot better than 70,000,000,000

This is exactly what I am suggesting - Don't worry about being "picky" this conversation is exactly what we need Smiley

If we want to be picky, then we need to all understand that the current 70b cap, is not a cap at all, just a poorly coded number that is the maximum transaction size. If you were to adjust the PoS rate approaching a certain money supply, as cryptomommy suggested, then that would be an effective fork to add a maximum coin supply.

Presstab - How do you feel about these changes?
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July 30, 2014, 04:19:02 PM
 #16086

When I say "target" I am referencing the number of coins generated before the PoS rate drops down 1.5% indefinitely to replace lost and destroyed coins.

Okay, I read that as the final number being 42,000,000,000 (approximately) before the 1.5% kicks in.

Sorry to be picky about this.

So when marketing the coin, it would not be unreasonable to say the coin would have an eventual coin market cap of 42,000,000,000 with an additional 1.5% interest carried on in perpetuity to sustain lost and destroyed coins.

Would that be a fair/factual statement?

42,000,000,000 sure looks a lot better than 70,000,000,000

This is exactly what I am suggesting - Don't worry about being "picky" this conversation is exactly what we need Smiley

If we want to be picky, then we need to all understand that the current 70b cap, is not a cap at all, just a poorly coded number that is the maximum transaction size. If you were to adjust the PoS rate approaching a certain money supply, as cryptomommy suggested, then that would be an effective fork to add a maximum coin supply.

Presstab - How do you feel about these changes?

I am against a hard max, which is why I think your idea of PoS to perpetuity is the ideal candidate.  The question is what would be the correct %?  1.5% might be a bit low, but it depends on the goals everyone has.

I think Mint's number one priority should be slowing down the block target.  I open my Mint wallet once every 10-20 days and it takes ages to load, I am not sure how so many blocks are being added.  Right now it is coming out at 3-5 blocks per minute. This increases inflation for obvious reasons, more interest payments added to the money supply at a quick speed.

Slowing down that block speed will allow for less inflation as well as slower block chain bloat. I think this is something that should be kept in the conversation.

Projects I Contribute To: libzerocoin | Veil | PIVX | HyperStake | Crown | SaluS
cryptomommy
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July 30, 2014, 04:31:29 PM
 #16087

In regards to slowing down the block chain - could we do something like an "estimated monthly stakes" and then make a deposit once a month in one single transaction? Do you have any possible solutions to this you would like to recommend?
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July 30, 2014, 04:52:24 PM
 #16088

In regards to slowing down the block chain - could we do something like an "estimated monthly stakes" and then make a deposit once a month in one single transaction? Do you have any possible solutions to this you would like to recommend?

Well mint has a 30 second block target right now, it would be changing that target to be more like 60 seconds or more.  But it is easier said than done, so far I have had trouble changing targets on the fly.

Projects I Contribute To: libzerocoin | Veil | PIVX | HyperStake | Crown | SaluS
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July 30, 2014, 05:16:29 PM
 #16089

What about updating nodes on the website to download? Other coins have that so that the blocks will be updated quicker.
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July 30, 2014, 05:25:33 PM
 #16090

My Vote on Changes to Interest Rate

Agreed that the 20% rate is harming Mintcoin.
Because it gives some exchanges the ability gain interest on the mintcoins they hold for others and then sell to make a profit. (Even though they all denied doing such a thing , odds are some are.)

If we are going to change rate , my vote is this .
Drop the rate like it was originally planned except speed it up , do an update that drops the rate from 20% to 15% for 1 month , then 10% for next Month , then 5% for good.

This way we keep the original design , but we speed it up by a few years to keep the exchanges selling other people interest as much.

cryptomommy
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July 30, 2014, 07:22:21 PM
 #16091

Please take a look at this survey and let me know what I can do to make it more clear to pass around to the community:

https://www.surveymonkey.com/s/6Y6H6NX
SolidStateSurvivor
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July 30, 2014, 07:31:23 PM
 #16092

I couldn't find anyone on IRC #Mintcoin to help me with providing me with an up to date block chain either, the channel was just quiet.

Founding member of Hashmeisters Inc...
DougB62
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July 30, 2014, 07:39:21 PM
 #16093

Please take a look at this survey and let me know what I can do to make it more clear to pass around to the community:

https://www.surveymonkey.com/s/6Y6H6NX

Well that seems pretty clear to me.
cryptomommy
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July 30, 2014, 07:45:49 PM
 #16094

I couldn't find anyone on IRC #Mintcoin to help me with providing me with an up to date block chain either, the channel was just quiet.

We are still recruiting for that channel if you know of any volunteers Smiley
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July 30, 2014, 08:02:51 PM
 #16095

I couldn't find anyone on IRC #Mintcoin to help me with providing me with an up to date block chain either, the channel was just quiet.

We are still recruiting for that channel if you know of any volunteers Smiley

To do...?
cryptomommy
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July 30, 2014, 08:03:34 PM
 #16096

I couldn't find anyone on IRC #Mintcoin to help me with providing me with an up to date block chain either, the channel was just quiet.

We are still recruiting for that channel if you know of any volunteers Smiley

To do...?
yes!
cryptomommy
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July 30, 2014, 08:07:58 PM
 #16097

Please take a look at this survey and let me know what I can do to make it more clear to pass around to the community:

https://www.surveymonkey.com/s/6Y6H6NX

Well that seems pretty clear to me.

Cool - going live
coolbeans94
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July 30, 2014, 09:12:59 PM
 #16098

Are you serious?HuhHuhHuhHuhHuhHuhHuhHuhHuhHuhHuhHuhHuhHuh

DO NOT CHANGE THE COIN!!!!

1. The high number of coins is irrelevant...More is actually better because it gives the the coin liquidity.  70,000,000,000 is good don't change it.
2. The current interest rate needs to be high somewhat high at first and is a good thing especially in the early years. POS is how the coin is secured, and so if the POS reward is not high enough, it will not incentivise people to hold their wallets open and do POS minting actively, so the security of the coin relies on this. Do not change this!
3. The coin cap is needed to make the coin rare, so keep it. Once the cap is reached only transaction fees will remain going to the POS minters, and if you are concerned about it becoming too expensive, the only change that we will ever have to do is lower the transaction fee form time to time.


The only change that we should ever do, is lower the transaction fee from time to time (probably many years away from now).

P.S.
I have a lot staked in this coin and love everything about this coin. The type of changes some of you are talking about would destroy and deform Mintcoin so badly it would suck!  I understand how POS works, I also know economics, et al. ( I have a finance degree, and work in the finance industry. I have experience, with economics and financial analysis work, I just want you to know that I know what I'm talking about. Mintcoin is very very good. Please don't change it! If you want it to grow more, then focus on developing it's usefulness, Android, Merchants, etc., not changing the parameters of the coin.)

Do not change the parameters! The parameters are what makes Mintcoin uniquely Mintcoin. Changing them would be making an entirely different coin.

(1.) Moral happiness depends upon moral order.
(2.) Moral order depends upon the harmonious action of all our powers, as
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cryptomommy
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July 30, 2014, 09:17:25 PM
 #16099

Hi Coolbeans,
Please make sure to take the survey so your vote is counted.
https://www.surveymonkey.com/s/6Y6H6NX

Also did you get my memo regarding a bio / mintcoin address?

Are you serious?HuhHuhHuhHuhHuhHuhHuhHuhHuhHuhHuhHuhHuhHuh

DO NOT CHANGE THE COIN!!!!

1. The high number of coins is irrelevant...More is actually better because it gives the the coin liquidity.  70,000,000,000 is good don't change it.
2. The current interest rate needs to be high somewhat high at first and is a good thing especially in the early years. POS is how the coin is secured, and so if the POS reward is not high enough, it will not incentivise people to hold their wallets open and do POS minting actively, so the security of the coin relies on this. Do not change this!
3. The coin cap is needed to make the coin rare, so keep it. Once the cap is reached only transaction fees will remain going to the POS minters, and if you are concerned about it becoming too expensive, the only change that we will ever have to do is lower the transaction fee form time to time.


The only change that we should ever do, is lower the transaction fee from time to time (probably many years away from now).

P.S.
I have a lot staked in this coin and love everything about this coin. The type of changes some of you are talking about would destroy and deform Mintcoin so badly it would suck!  I understand how POS works, I also know economics, et al. ( I have a finance degree, and work in the finance industry. I have experience, with economics and financial analysis work, I just want you to know that I know what I'm talking about. Mintcoin is very very good. Please don't change it! If you want it to grow more, then focus on developing it's usefulness, Android, Merchants, etc., not changing the parameters of the coin.)

Do not change the parameters! The parameters are what makes Mintcoin uniquely Mintcoin. Changing them would be making an entirely different coin.
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July 30, 2014, 09:26:37 PM
 #16100

How is minting at 20 % bad if the average mint rate from all coins is only 12,5 %?
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