just dont undetstand how FLAP will be capped to 50 bill. coins because more than 48 bill. flappycoins is already in circulation ?
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I think the immediate goal is to curb the massive oversupply. 2 billion could last a while longer yet if you look at how sharpy they are cutting the block reward with this update. Maybe we can implement POS in the near future.
That means advantage only to early adopters doesn't it? Why should miners be interested into this coin after the hardfork?
Miners should be interested because originally the point of cryptocurrency is to be decentralized. Knowing people don't do things for free, but a lot would the whole incentive of mining for a profit came into being and at this point is all people care about.
We understand that, but it must also be understood at the amount coins are/we're being produced; the coin will continue to have no value and move down in value. So either way that results in miners leaving and we have seen that trend for the past month.
Initially we will have a lot of people jump ship that are miners, this isn't a halving but an entire restructuring. A lot of other problems are resulting in online wallets that ended up being scams and either stole peoples coins, or lost the coins. So in the end, we don't know how many coins are effectively in circulation. Some estimates and analysis are saying while there are 48 billion coins in circulation, only half are being move, 1/4th are locked/unaccounted for and haven't moved forever. This probably means a large portion is horded, or completely lost which is possible due to corruption of wallet data and people losing interest/letting projects die.
This couldn't continue and the only solution was major organizing and restructuring. We ask miners stay as long as possible but this isn't something that's going to be overnight and I hope a lot of people fully understand that. The forking can occur quickly, we have support by mining pools and exchanges so it ultimately comes down to how everything is going to adjust afterwards.
We no longer want this coin to be a pump and dump. That's not fair and every cryptocurrency nearly turns into that. We have ambitious plans, and we will be working on real solutions to return it to a real value, and turn it into a currency. Not a whole "Hype for a month then dump" type of thing.
I hope this helps give a realistic explanation to changes and realistic view on why these changes are occuring. The coin was slowly wisping away, either way eventually miners leave, but our best chance is to do something rather then let it rot away.
POS seems extremely interesting but also seems extremely ambitious. We will be looking into it in the future but that is not something that can be promised out of the gate.
Thank you for all your concerns and if you have any other questions please don't hestitate to ask. We love our miners, they are our network, and most of the miners understand we are doing this ultimately for everyone including them.
