On the Solidcoin Economic Changes

[t3a]

For some reason this thread is locked: https://bitcointalk.org/index.php?topic=61372.0

But I would like to point out that the vast majority of miners will stop mining when the price drops to $0.50, allowing an easy 51% attack.

Miners don't determine the price and a lack of inflation doesn't guarantee a high price.

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[k9quaint]

Pump return status 0.
repl>(map solidcoin dump)
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repl>

[Ahimoth]

For some reason this thread is locked: https://bitcointalk.org/index.php?topic=61372.0

But I would like to point out that the vast majority of miners will stop mining when the price drops to $0.50, allowing an easy 51% attack.

Miners don't determine the price and a lack of inflation doesn't guarantee a high price.

If you are concerned about a 51% attack, then you don't know SolidCoin. Read up, or ask in #solidcoin on freenode irc how it all works.

[coblee]

More SolidCoin monetary policy... nice! Horray for early adopters! Wasn't SolidCoin supposed to NOT award early adopters?

[ArtForz]

More SolidCoin monetary policy... nice! Horray for early adopters! Wasn't SolidCoin supposed to NOT award early adopters?

No, it's always been at war with Eurasia.

[coblee]

So RealSolid changed the block rewards from 32 SC to 5 SC last time so that SolidCoin would reach dollar parity. Well, that didn't work. Let's try it again! But this time, he makes it even more drastic and changes it to 0.07 SC. If this doesn't work, I guess he will then have to change it to 0 block rewards. Then guess what... no one mines anymore and only the trusted nodes mine for coins. Hmm, reminds me of something called fiat currency.

Someone tell me again why dollar parity matters for a crypto currency that is ready for bitcoin's collapse and that will replace the dollar?

[Come-from-Beyond]

So RealSolid changed the block rewards from 32 SC to 5 SC last time so that SolidCoin would reach dollar parity. Well, that didn't work. Let's try it again! But this time, he makes it even more drastic and changes it to 0.07 SC. If this doesn't work, I guess he will then have to change it to 0 block rewards. Then guess what... no one mines anymore and only the trusted nodes mine for coins. Hmm, reminds me of something called fiat currency.

Someone tell me again why dollar parity matters for a crypto currency that is ready for bitcoin's collapse and that will replace the dollar?

Everyone here undestands this. But great part of our community r just traders who hope to sell all solidcoins before the system collapses. Recent changes r supposed to make SC to rise in price. If this happens then traders will be happy. If this doesn't happen then traders will just wait next changes in SC economic.

PS: It seems to me that criticism of SC doesn't have any effect, does it?

[Gavin Andresen]

(channelling my inner CoinHunter):

It is SIMPLE ECONOMICS, people!

price = function(supply,demand)

So to create more demand, just fix the price and the supply!  Easy-peasy!

(ok, done, back to reality)

[coblee]

There's another thing I forgot. Now that block rewards will be 0.05-0.07 sc, it will take about a million years before any one person can get a million SC to become a trusted node. Who saw that coming?

[markm]

There's another thing I forgot. Now that block rewards will be 0.05-0.07 sc, it will take about a million years before any one person can get a million SC to become a trusted node. Who saw that coming?

What, SC aren't available for sale on exchanges? How many Martian BotCoins would a million SC cost, anyway? Some puny amount, presumably? Of course one could expect the cost in DeVCoins to be a thousand times higher or so, but hey, whats a few trailing zeros among developers?

-MarkM-

[ineededausername]

Personally, I was enjoying the powerblock lottery, and I'm sad that they're taking it away

no, I don't really mine solidcoin

[coblee]

Personally, I was enjoying the powerblock lottery, and I'm sad that they're taking it away

What they are taking away powerblocks? That's the only reason why I mine solidcoins! I mean what business doesn't like a lottery designed into your currency?!?

[FlipPro]

Viper IDK why you put your neck out the way you do...

Either way I like you buddy..

-_-...

[coblee]

Here's a wild idea. If you really wanted dollar parity, why not just move the decimal point over by 2 places. Just make each SC be worth 100 of the old SCs. Name it NSC if you prefer. That way, it doesn't unfairly benefit the early adopters. And right away, NSC will be worth more than a dollar.

[unabridged]

theres another way to reach dollar parity, just offer to buy all solidcoins at $1

[markm]

Exactly. You don't even need huge capital up front if you

(a) Only issue coins in return for capital to hold as reserves; and

(b) Don't make an accessible blockchain until you have sufficient transaction volume for the transaction fees to sufficiently motivate merged mining.

Welcome to the current "in the absence of freely available high power merged mining" plan of the various Galactic Milieu "national currencies" currently being operated on the Digitalis Open Transactions Server pending solution of the 'how to afford enough merged mining to make release of the blockchains feasible" question.

-MarkM-

[dree12]

It is SIMPLE ECONOMICS, people!

price = function(supply,demand)

So to create more demand, just fix the price and the supply!  Easy-peasy!

Aha! So Gavin = CoinHunter, just as the rumour told.

On topic, I think his purpose in dropping the reward is to stop other millionaires from forming and liberating the SC network...

[markm]

So sheeple get fleeced?

Its not as if they don't have a choice, is it? Isn't it simply their nature to get themselves fleeced, and in fact trying to deny them their right to be fleeced might well even offend them?

I wonder if sheeple actually are generically sheeple, as in maybe there would tend to be high overlap between folks who would chose the highest-fee, most potential danger to the network pool over other pools and people who would choose SolidCoin over other coins - were it not for the unfortunate-for-them problem of that pool not happening to be mining SolidCoin?

Or it is more a kind of sheeple in this matter, non-sheeple in other matters kind of thing so the same folk who seem like sheeple in one matter might well not be in other matters that other sheeple find irresistible?

-MarkM-

[Syke]

Sounds like CoinHunter has enough coins in his personal wallet from the CPF transfers, and now he wants to pump the price up so that he can dump the coins. What a joke!

[tacotime]

Code:

    double dDifficulty = GetDifficulty(dwWorkBits);

    //We need to work out how many years it has been running to calculate estimated
    //electricity price increases and hardware improvements
    double dYearsPassed = ( (double)(nHeight-179999) /(60*24*365));

    //moores law type adjustment. Assume 50% better efficiency per year
    double dKH_Per_Watt = 3.0 * pow(1.50,dYearsPassed);

    //We start at 8c per kilowatt hour, compound increase it 10% per year
    //this is the estimated increased cost of electricity per year
    double dCostPerKiloWattHour = 0.08*pow(1.10,dYearsPassed);
    double dTotalKWh = ((dDifficulty*131)/dKH_Per_Watt) / (3600*1000);

    double dBaseValue = dTotalKWh*dCostPerKiloWattHour;

lol??