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Minting is a ponzi singapore
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Author Topic: Minting is a ponzi  (Read 5096 times)

colin012

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Re: Minting is a ponzi
« Reply #20 on: January 15, 2015, 08:07:19 pm »

It should be possible to set constant difficulty. I agree with that. Until that point, it should suffice to set the max difficulty only one higher than the min difficulty.
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blackyblack1

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Re: Minting is a ponzi
« Reply #21 on: January 15, 2015, 08:43:24 pm »

It should be possible to set constant difficulty. I agree with that. Until that point, it should suffice to set the max difficulty only one higher than the min difficulty.
It is still not a solution. The constant diff will be either high enough to attract new users or low enough to be abused by big miner. Eg you issue a GOLD coin with 100 diff and big miner decides that it is profitable to mine it. He starts mining and dumping everything he mined to you. You are buying until you are out of budget and then you abandon the GOLD coin.
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Come-from-Beyond

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Re: Minting is a ponzi
« Reply #22 on: January 15, 2015, 08:57:34 pm »

It is still not a solution. The constant diff will be either high enough to attract new users or low enough to be abused by big miner. Eg you issue a GOLD coin with 100 diff and big miner decides that it is profitable to mine it. He starts mining and dumping everything he mined to you. You are buying until you are out of budget and then you abandon the GOLD coin.

Current way grants those who have more CPUs, your way grants early adopters. Why is your way better?
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blackyblack1

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Re: Minting is a ponzi
« Reply #23 on: January 15, 2015, 09:06:03 pm »

It is still not a solution. The constant diff will be either high enough to attract new users or low enough to be abused by big miner. Eg you issue a GOLD coin with 100 diff and big miner decides that it is profitable to mine it. He starts mining and dumping everything he mined to you. You are buying until you are out of budget and then you abandon the GOLD coin.

Current way grants those who have more CPUs, your way grants early adopters. Why is your way better?
I'm not talking about which adopters are better. I'm arguing that constant diff and MS minting are not viable in the long range.
With constant diff every new adopter will lower the price of all coins. With MS diff system the diff will be abused by the big miners.
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Come-from-Beyond

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Re: Minting is a ponzi
« Reply #24 on: January 15, 2015, 09:15:22 pm »

I'm not talking about which adopters are better. I'm arguing that constant diff and MS minting are not viable in the long range.
With constant diff every new adopter will lower the price of all coins. With MS diff system the diff will be abused by the big miners.

Too late, you can only buy all minted coins and destroy them.
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bidji29

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Re: Minting is a ponzi
« Reply #25 on: January 17, 2015, 08:48:51 pm »

Coin creator badly need an option to limit the rate of minting / number of block. Like  100'000 coin every 10000 block for exemple
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Daedelus

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Re: Minting is a ponzi
« Reply #26 on: February 16, 2015, 05:54:15 pm »

EGOLD, seemingly the most popular, is no longer profitable I'm told. Difficulty is high.

Are most POW MSCoins doomed to fail? I guess the only thing that will give MSCoins value in the long term is a decent use case.
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Come-from-Beyond

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Re: Minting is a ponzi
« Reply #27 on: February 16, 2015, 06:44:48 pm »

EGOLD, seemingly the most popular, is no longer profitable I'm told. Difficulty is high.

Are most POW MSCoins doomed to fail? I guess the only thing that will give MSCoins value in the long term is a decent use case.

Unlike Bitcoin, we are not forced to mint the coins non-stop. Take a break and spend hard minted coins on blackjack and girls.
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Daedelus

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Re: Minting is a ponzi
« Reply #28 on: February 16, 2015, 07:29:18 pm »

Lol

Is it the case that difficulty increases and we then wait for hashrate to catch up?

I bypassed the whole POW mining thing...
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blackyblack1

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Re: Minting is a ponzi
« Reply #29 on: February 17, 2015, 12:20:12 pm »

This is exactly why I created this topic. Egold is dead and all mintable coins are doomed too. Now ask yourself who and why were buying all minted Egold.
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lucky88888

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Re: Minting is a ponzi
« Reply #30 on: February 17, 2015, 12:29:37 pm »

Here is my plan B.

Rename mscurrency into crowdfund currency.

Everything stays almost same just change the concept of mining. Change minting (mining) into interest inflation with pow. using pow to inflate ones supply of currency.

all currencies will be initially distributed by crowdfund like ipo. then once distributed, you can earn interest on your shares only if you put pow into it.

problem solved. no more too difficult=dead coin ;D
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lucky88888

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Re: Minting is a ponzi
« Reply #31 on: February 17, 2015, 12:32:37 pm »

Proof-of-Work Staking

pows!
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blackyblack1

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Re: Minting is a ponzi
« Reply #32 on: February 17, 2015, 02:45:42 pm »

Here is my plan B.

Rename mscurrency into crowdfund currency.

Everything stays almost same just change the concept of mining. Change minting (mining) into interest inflation with pow. using pow to inflate ones supply of currency.

all currencies will be initially distributed by crowdfund like ipo. then once distributed, you can earn interest on your shares only if you put pow into it.

problem solved. no more too difficult=dead coin ;D
Such an insane idea. What is the point for me as a MS coin issuer in paying interest to PoW users?
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