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Question: Do you want to see (pure) Proof-of-Stake in PandaCoin (PND)?
Yes!
No!
Bring merged mining with DOGE instead!

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Author Topic: [POLL] Should PandaCoin (PND) add PoS?  (Read 6332 times)
pandacoin-official
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April 16, 2014, 12:43:33 AM
Last edit: April 24, 2014, 09:42:00 PM by pandacoin-official
 #1

Voting will close on 29 April. The option that has received most votes will be worked on.

This post is still in draft and will be updated.

Some cons for PoS:
  • Not minable anymore through normal means.
  • Current stakeholders will likely benefit more than others buying in later on.
  • Questionable long-term sustainability depending on the adoption of the coin.

Some pros for PoS:
  • Multipool will be able to raise and support the price naturally, depending on volume on the market.
  • Since it's not necessary to mine through normal means you will benefit from the coin by just running the wallet.
  • Next to no energy consumption is needed to mint coins, compared to traditional proof of work coins making it less of a necessity to dump coin on the market.

Some cons for merged mining:
  • Compared to the current model it doesn't seem like there's any real negative.

Some pros for merged mining:
  • PND and DOGE miners will be able to mine both blockchains at once, essentially meaning free coins apart from the targeted coin.
  • Better security for the PND blockchain should DOGE miners be starting to agree on merged mining.

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jommy99
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April 16, 2014, 01:59:49 PM
Last edit: April 16, 2014, 02:24:03 PM by jommy99
 #2

Nice to know it is an option for us to upgrade to POS, thanks for the update and opportunity to discuss and vote on this important Pandacoin PND decision. I didn't vote yet but do believe POS offers us a more secured coin as well as rewarding long time community members and offering an incentive not to dump Pandacoin PNDs...  We can always Mine via our multipool, which is an awesome service we should all be participating in to some degree if possible.  The Multipool at least gives us a fighting chance now to hold off the declining value of our Pandacoin due to too much mine and sell at any lowest price (dumping).

It is really nice to have a POS coin in your wallet that is also essentially mining equipment so to speak, instead of using lots of electricity or buying expensive hardware or even generating unwanted heat in the summer, just POS. Proof of stake, essentially lets your balance represent mining equipment, permitting you to mine new coins using your stake according to your staked balance. You don't dump your mining equipment do you, so your not going to want to dump your Pandacoin if it is POS, the more you have the better your mining will go.  There are going to be plenty of Pandacoins to use them too, but most of the new Pandacoins mined through POS will be by Pandacoin supporters and users not so much by mine and dumpers so the coin value will increase for many reasons IMHO.  It is very scary to have only a few litoshi of value for such a good coin and community when we have a developer / team who can and will support our Pandacoin advancement efforts such as the multipool and proof of stake technologies.




  

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April 16, 2014, 02:03:37 PM
 #3

why are people changing the rules in the middle of the game ?

Honestly you guys see the PoS hype train and think that going pure PoS will save your coins.

Next thing you know, you guys will make the PoS pay out 100% per year, but not before loading up on PND.

pretty sleezy if you ask me.

pandacoin-official
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April 16, 2014, 02:18:14 PM
Last edit: April 16, 2014, 04:26:10 PM by pandacoin-official
 #4

why are people changing the rules in the middle of the game ?

Nothing has been changed yet. This thread exists to determine the opinion of the people currently involved with the coin. You know, those who are planning beyond the quick buck that most miners on this board are trying to make.

Honestly you guys see the PoS hype train and think that going pure PoS will save your coins.

Presenting an option doesn't mean it's a definite solution.

Next thing you know, you guys will make the PoS pay out 100% per year, but not before loading up on PND.

pretty sleezy if you ask me.

Clearly you're not aware about the current state of this coin or what it stands for.

Please refrain from posting senseless assumptions without doing your research first.

i8
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April 16, 2014, 03:56:04 PM
 #5

I totally support POS. POS plus multipool just makes sense, for now at least.

I don't mind mid way rule change, it shows flexibility, which is key to survival. As long as the decision making process remains democratic, it's all good.

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April 17, 2014, 05:30:33 PM
 #6

Not to over complicate but just to brainstorm, what about a hybrid solution.
keep some POW traditional mining (could be merge mine with Dogecoin) along with new POS too?
 Grin

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pandacoin-official
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April 17, 2014, 05:53:26 PM
 #7

Not to over complicate but just to brainstorm, what about a hybrid solution.
keep some POW traditional mining (could be merge mine with Dogecoin) along with new POS too?
 Grin

This would be too much of a hassle. It is easier to just go full PoS if anything.

pandacoin-official
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April 21, 2014, 10:49:00 AM
 #8

Updated the poll with a few more infos and an option for merged mining.

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April 21, 2014, 11:24:46 AM
 #9

why are people changing the rules in the middle of the game ?

Honestly you guys see the PoS hype train and think that going pure PoS will save your coins.

Next thing you know, you guys will make the PoS pay out 100% per year, but not before loading up on PND.

pretty sleezy if you ask me.



it's a classic routine we have seen lots in the last year.. a method of refresh coins to compete with the P&D's
in turn under mine the old coin and original investors.. seen this go down lots

i thought this coin was wrapped up is so much bs and drama the coin was basically dead.. changing the coin is going to clean off old stains ?  Cheesy

FUD first & ask questions later™
pandacoin-official
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April 21, 2014, 11:28:39 AM
 #10

why are people changing the rules in the middle of the game ?

Honestly you guys see the PoS hype train and think that going pure PoS will save your coins.

Next thing you know, you guys will make the PoS pay out 100% per year, but not before loading up on PND.

pretty sleezy if you ask me.



it's a classic routine we have seen lots in the last year.. a method of refresh coins to compete with the P&D's
in turn under mine the old coin and original investors.. seen this go down lots

i thought this coin was wrapped up is so much bs and drama the coin was basically dead.. changing the coin is going to clean off old stains ?  Cheesy

Please read:

why are people changing the rules in the middle of the game ?

Nothing has been changed yet. This thread exists to determine the opinion of the people currently involved with the coin. You know, those who are planning beyond the quick buck that most miners on this board are trying to make.

Honestly you guys see the PoS hype train and think that going pure PoS will save your coins.

Presenting an option doesn't mean it's a definite solution.

Next thing you know, you guys will make the PoS pay out 100% per year, but not before loading up on PND.

pretty sleezy if you ask me.

Clearly you're not aware about the current state of this coin or what it stands for.

Please refrain from posting senseless assumptions without doing your research first.

Spoetnik
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April 21, 2014, 12:02:34 PM
 #11

or you could respond to what i said.. it's up to you lol
lazy much ? hahaa

FUD first & ask questions later™
pandacoin-official
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April 21, 2014, 12:14:10 PM
 #12

or you could respond to what i said.. it's up to you lol
lazy much ? hahaa

Only fair since your comment was more than half-assed, but as you wish.

Quote from: Spoetnik
it's a classic routine we have seen lots in the last year.. a method of refresh coins to compete with the P&D's

Why do you call this type evolution and progress a "refresh"? Again, it's only something we consider besides merged-mining. We are presenting it as an option and would like to determine how it would perform in the future.

Quote from: Spoetnik
in turn under mine the old coin

See above. Should we take this path we won't abandon anything.

Quote from: Spoetnik
and original investors.. seen this go down lots

See above.

Quote from: Spoetnik
i thought this coin was wrapped up is so much bs

See my other reply.

Quote from: Spoetnik
and drama the coin was basically dead.. changing the coin is going to clean off old stains ?  Cheesy

PND is one of the better performing altcoins right now.

If you have nothing productive to add, please consider leaving this thread.

mikeroz
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April 21, 2014, 02:06:08 PM
 #13

PoS would be great
do you have to keep wallet unlocked to generate blocks?
i mean PoS would keep network secure, but what about our wallets?

pandacoin-official
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April 21, 2014, 02:11:44 PM
 #14

PoS would be great
do you have to keep wallet unlocked to generate blocks?
i mean PoS would keep network secure, but what about our wallets?

The wallet would need to be unlocked.

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April 21, 2014, 05:05:32 PM
 #15

PoS please.

Is it possible to reduce the maximum number of coins? The initial total supply (100 trillion) PnD is just way to much. That's one reason why the price suddenly plummeted and has almost no chance of a comeback.
pandacoin-official
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April 21, 2014, 05:14:07 PM
 #16

PoS please.

Is it possible to reduce the maximum number of coins? The initial total supply (100 trillion) PnD is just way to much. That's one reason why the price suddenly plummeted and has almost no chance of a comeback.

Thanks for the feedback.

The current cap is at 100 billion. Personally I wouldn't be fond of changing that aspect but since we will be working on a better reward structure in the future, we might consider it.

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April 21, 2014, 06:51:01 PM
 #17

And what is your plan to get rid of the pure PoS vulnerabilities?

pandacoin-official
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April 21, 2014, 07:07:46 PM
 #18

And what is your plan to get rid of the pure PoS vulnerabilities?

Adopting it would be one thing. Fixing longstanding code another.

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April 21, 2014, 07:11:17 PM
 #19

I dont get your answer, you are talking about adopting to PoS, so you clearly must have a wise plan to fix all the issues that it introduces?

Most of the stuff has been talked over and over again here, and noone found a good solution so far, what peercoin does seems to be the best solution right now.

pandacoin-official
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April 21, 2014, 07:15:21 PM
 #20

I dont get your answer, you are talking about adopting to PoS, so you clearly must have a wise plan to fix all the issues that it introduces?

Most of the stuff has been talked over and over again here, and noone found a good solution so far, what peercoin does seems to be the best solution right now.

Would you mind pointing out which issue(s) you're referring to? I'm guessing you're talking about malicious stakeholders?

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