PSA:As everyone knows (or should know) POW mining ensures network security, protects from 51% attacks and all that important stuff.
If there is no financial incentive to mine (secure the network), the coin might get attacked and die. I will also remind to everyone
that these kind of attacks are possible and happened before. Right now it costs less than 10k USD (3 TH/S ASIC) to attack the DIEM network with 51% attack.
if block reward continues to halve it will reach less than 1 DIEM per block in 8 days (today it's 488 DIEM per block).
There will be no incentive to mine for block rewards and DIEM network becomes insecure and can no longer be relied upon for transactions.
More information:
http://bitcoin.stackexchange.com/questions/658/what-can-an-attacker-with-51-of-hash-power-dohttps://en.bitcoin.it/wiki/Double-spending#.3E50.25_attackSituation now:
Network hashrate dropping everyday.
Two biggest pools are only: 1 TH/s
https://cdc.hardcoreminers.com/index.php only 960 GH/S
https://cdc.suprnova.cc/ 62 GH/S
Our options:
1. Do nothing. Wait and see what happens.
2. Raise transaction fees to 1-1000 DIEM per tx. Might not work, because there is little interest in carpediem coin so far and few transactions.
3. Hard fork and implement another mining incentive
3.1 Proof of stake mining
3.2 Add another mining algo, with separate difficulty like Myriad and then add more rewards to support mining
3.3 Just add yearly predictable block rewards like dogecoin, for 100-1000 mln per year
I don't know what dev is planning to do, but just trying to get DIEM on more exchanges won't solve this problem, because demand for DIEM is pretty abysmal right now and just putting coin on exchanges does nothing for the demand side.
Questions and suggestions welcome!