CannabisCoin [CANN][X11][Official] Developments & Discussions

[kprell40]

      Thank you for the article on CannabisCoin .

  http://altcoinpress.com/2015/06/cannabiscoin-looks-to-get-high-after-block-halving/


 kprell40

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[goldengatesgreenest.com]

Hey Cannabiscoin Community!

Were getting ready to purchase products for our launch so I thought I would ask the Cannabiscoin community, what's your favorite strain?

We have access to some amazing Sunset Sherbet, Gorilla Glue #4, OG Kush, and Girl Scout Cookies that we can acquire for our initial launch.

What do you prefer for your needs, more Indica or Sativa?

Let us know your top strains and we'll keep our eyes out for them.

-Redbeard

[tolikkk]

Hey Cannabiscoin Community!

Were getting ready to purchase products for our launch so I thought I would ask the Cannabiscoin community, what's your favorite strain?

We have access to some amazing Sunset Sherbet, Gorilla Glue #4, OG Kush, and Girl Scout Cookies that we can acquire for our initial launch.

What do you prefer for your needs, more Indica or Sativa?

Let us know your top strains and we'll keep our eyes out for them.

-Redbeard

you have no big shots but seeds, in my country of the big shot prohibited (

[goldengatesgreenest.com]

Hey Cannabiscoin Community!

Were getting ready to purchase products for our launch so I thought I would ask the Cannabiscoin community, what's your favorite strain?

We have access to some amazing Sunset Sherbet, Gorilla Glue #4, OG Kush, and Girl Scout Cookies that we can acquire for our initial launch.

What do you prefer for your needs, more Indica or Sativa?

Let us know your top strains and we'll keep our eyes out for them.

-Redbeard

you have no big shots but seeds, in my country of the big shot prohibited (

Well hopefully the laws will one day for you in your country also.  It's still not 100% accepted in America yet either but we'll get there and once the U.S.A. drops it's drug policy on Cannabis then so will probably a lot of other Countries.

[zombie007]

Just bought another 50K, its sad that mining getting to its end

[zoata87]

Just bought another 50K, its sad that mining getting to its end

very curious what effect the end of pow phase for the price will have. bought some 200k more today too ^^

[chemal]

Just bought another 50K, its sad that mining getting to its end

very curious what effect the end of pow phase for the price will have. bought some 200k more today too ^^

Big dump ,nothing more. But i hope next 20.4 price will @4000

[kprell40]

   For those that have a script miner like me

 I asked a pool operator to set up this CannabisCoin to mine he said he will set it up and get back with me.  payout in CannabisCoin. I will update when I get more information

[B4zz4]

Just bought another 50K, its sad that mining getting to its end

very curious what effect the end of pow phase for the price will have. bought some 200k more today too ^^

Big dump ,nothing more. But i hope next 20.4 price will @4000

Hi Guys

just a couple of things:

firstly, mining is not "coming to an end" and as far as I am aware there are no plans to terminate it at all.

What is looming is another reduction in the mining subsidy - this happens every 100,000 blocks. On or about the 6th of July the mining subsidy (the amount added to transaction fees paid to the miner for the current block mined) will halve from 3.28125 CANN to ~1.64 CANN. This means that only ~3,380 new CannabisCoins are to be minted each day. This is a huge reduction from the initial distribution rate where ~865,000 CANN were minted daily.

What does this mean for CannabisCoin?

Miners are vital to proof of work (POW) coins like CANN (to keep the block chain moving and secure) so the expectation is that miners will be able to profit from mining CANN. Current exchange rates suggest the returns are currently marginal for miners, at best. Miners are about to lose half their subsidy. Is the reduced availability of newly-minted supply likely to double the exchange rate to maintain miners' viability? Is there expected to be a significant increase in transaction fees (meaning product is to be released into the CANNdy inventory, perhaps)? On reflection, even a small release would likely double CANN's exchange rate simply because it is tangible evidence of progress.

So many fascinating possibilities to ponder...

Will there be a major dump, as suggested by chemal? I strongly doubt that. People are accumulating, the exchange rate is slowly but inexorably increasing so I just don't see anyone ditching a coin that is reducing new supply.

zoata87 is mistaken, there is no "end of POW phase" but there is a looming reduction in the minting rate of new supply.

My guess? Absent a "shock event" like the announcement of another milestone achievement or new product release I think there are plenty of buyers convinced of CannabisCoin's long-term potential who will continue to buy up available supply, probably squeezing the exchange price into the 2.5k-3.5K sat range.

Of course, any announcements are likely to see it race far past that.

[bathrobehero]

Hi Guys

just a couple of things:

firstly, mining is not "coming to an end" and as far as I am aware there are no plans to terminate it at all.

What is looming is another reduction in the mining subsidy - this happens every 100,000 blocks. On or about the 6th of July the mining subsidy (the amount added to transaction fees paid to the miner for the current block mined) will halve from 3.28125 CANN to ~1.64 CANN. This means that only ~3,380 new CannabisCoins are to be minted each day. This is a huge reduction from the initial distribution rate where ~865,000 CANN were minted daily.

What does this mean for CannabisCoin?

Miners are vital to proof of work (POW) coins like CANN (to keep the block chain moving and secure) so the expectation is that miners will be able to profit from mining CANN. Current exchange rates suggest the returns are currently marginal for miners, at best. Miners are about to lose half their subsidy. Is the reduced availability of newly-minted supply likely to double the exchange rate to maintain miners' viability? Is there expected to be a significant increase in transaction fees (meaning product is to be released into the CANNdy inventory, perhaps)? On reflection, even a small release would likely double CANN's exchange rate simply because it is tangible evidence of progress.

So many fascinating possibilities to ponder...

Will there be a major dump, as suggested by chemal? I strongly doubt that. People are accumulating, the exchange rate is slowly but inexorably increasing so I just don't see anyone ditching a coin that is reducing new supply.

zoata87 is mistaken, there is no "end of POW phase" but there is a looming reduction in the minting rate of new supply.

My guess? Absent a "shock event" like the announcement of another milestone achievement or new product release I think there are plenty of buyers convinced of CannabisCoin's long-term potential who will continue to buy up available supply, probably squeezing the exchange price into the 2.5k-3.5K sat range.

Of course, any announcements are likely to see it race far past that.

It won't have much effect. Currently there are 6760 coins being mined daily which is worth around 0.123 BTC currently. Cutting that in half is nothing compared to the daily trade volume so there's no logical reason why the price would change significantly and stay there long term.

[B4zz4]

It won't have much effect. Currently there are 6760 coins being mined daily which is worth around 0.123 BTC currently. Cutting that in half is nothing compared to the daily trade volume so there's no logical reason why the price would change significantly and stay there long term.

We're pretty much on the same page, I think. I would normally suggest halving has no discernible effect on a coin's exchange rate. That said BTC0.123/day qualifies pretty well as "no effect" and I think current accumulators will continue to spend at similar (or greater) rates for the foreseeable future. That's how I arrived at the 2.5K-3.5K guesstimate post halving

With all CannabisCoin announcements to be made ex post facto CANN is likely to surge at seemingly unpredictable times too, meaning traders will need to pay attention and react quickly.

So many possible permutations and outcomes - I love watching the markets

[tokeweed]

How's the indoor grow room/s?  Is the team still growing Canndy?

[YESWECANN]

How's the indoor grow room/s?  Is the team still growing Canndy?

Yes they are ;-)  D9 tweeted they turned in required paperwork from the state and that could mean they had to renew, get inspections done, or obtain a new license? The CANN lab is active for sure.

-CANN

[tokeweed]

Cool!  Just wondering...  Is D9 and co. interested in expanding to industrial hemp in the near future?  It could be the next big thing imo...

[YESWECANN]

Cool!  Just wondering...  Is D9 and co. interested in expanding to industrial hemp in the near future?  It could be the next big thing imo...

Funny you mention because they have been testing landrace strains for both industrial hemp production and medicinal purpose.
Arizona is very dry hot climate and landrace strains that have been cultivated in similar environments are good candidates for the team to do experiments with.  They (D9 and partners) have state approved and registered land that can be used for cultivation.

[tokeweed]

Ok.  One suggestion...  Your website kinda needs a little work.  But all in all, good job.

[ASICrefugee]

I haven't been following too closely in this thread - but has anyone suggested a change to POS from POW?
Mining rewards halving to a quite low amount will PROBABLY mean miners leaving the network, to the detriment of the coin?
A POS reward of 2 - 3% would encourage many to stake, there is enough of a distribution to ensure network health.

Just a thought - and sorry if this has already been brought up, too much to read through 

[Live4Crypto]

I haven't been following too closely in this thread - but has anyone suggested a change to POS from POW?
Mining rewards halving to a quite low amount will PROBABLY mean miners leaving the network, to the detriment of the coin?
A POS reward of 2 - 3% would encourage many to stake, there is enough of a distribution to ensure network health.

Just a thought - and sorry if this has already been brought up, too much to read through 

Freaking weird, I just had the same thought as I was syncing my CANN Qt back up after 6 weeks.  Devs, definitely something to consider.  Go green. 

You could even implement something like Turbo Stake (on a smaller scale) which will encourage network growth and security.

[B4zz4]

I haven't been following too closely in this thread - but has anyone suggested a change to POS from POW?
Mining rewards halving to a quite low amount will PROBABLY mean miners leaving the network, to the detriment of the coin?
A POS reward of 2 - 3% would encourage many to stake, there is enough of a distribution to ensure network health.

Just a thought - and sorry if this has already been brought up, too much to read through 

Freaking weird, I just had the same thought as I was syncing my CANN Qt back up after 6 weeks.  Devs, definitely something to consider.  Go green. 

You could even implement something like Turbo Stake (on a smaller scale) which will encourage network growth and security.

Hi Guys

Maintaining sufficient hash rate for network security is a topic covered frequently, of course. Naturally the mechanics of how to do so is also discussed.

Mining reward is composed of two elements, transaction fees and direct subsidy, which halves every 100K blocks.

Currently transaction fees are insufficient incentive to keep miners hashing away, keeping the block chain moving and secure. Miners are therefore dependent on subsidy and/or expectation of future value.

What has happened to CannabisCoin's exchange rate since the last halving? As we can see below exchange price has risen by about fifty percent, so not enough to offset the halving subsidy (yet).

What could change that?

Obviously it is early days yet for the Yes We CANN movement and unsubsidized transaction fees are unlikely to be sufficient mining incentive for some time - that would need a lot of CANNdy sales daily.

Price rise then. Is it likely that the exchange price will rise, especially in view of possible test crop releases from the various grow sites? That does seem likely, meaning that mining reward will likely rise justifying miners' faith in future value as incentive for stockpiling current rewards and encouraging more mining effort.

What of the alternatives such as Proof of Stake (PoS) rather than Proof of Work (PoW)?

There are positives and negatives to any method. After a year of distribution the rate of new coin minting is about to fall to roughly the equivalent of 1% annual inflation, halving every seven weeks or so thereafter.

Reducing the rate of inflation reduces the dilution rate of current holders' stake. If we were now to turn around and increase the inflation rate again to the 2-3% suggested for PoS we'd be diluting the value of the assets of those who have already acquired their CANN stake. You realize that is definitely an unpopular thing to do as it disadvantages early supporters who mined and/or made their purchases with the expectation of declining rate of coin supply inflation.

On the other hand we have some room to maneuver since part of the intended target of 100,000,000 total coin supply has been "burned" (removed from the block chain) so tweaking the subsidy rate to add say, 8,000,000 coins over the next five years or so would still technically be within described parameters when CannabisCoin switched to the X11 algorithm a year ago.

There are other options besides PoS. We could simply fix the subsidy rate rather than allowing it to continue halving. At what annual inflation rate should that be done though? I hesitate to ask who has crystal balls but some future knowledge would be helpful. We could also change to multi-algorithm and allow ASICs to keep the hash rate high. At what exchange rate and at what volume of transactions does mining subsidy become completely unnecessary? How strongly will the market react to releases of CANNdy into the supply chain? Should we wait to see how the market reacts before tampering with the block chain at all?

Making certain that any changes are fair to all is a challenging task.

Is there a single "best" option? That's highly unlikely but rest assured block chain health is monitored and possible actions periodically discussed. I can tell you that PoS is not presently a favored option and that any change will be the result of very careful consideration. Any change must advantage everyone generally and no one particularly.

[tokeweed]

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