nice initiative
but, block rewards need to go up, i think 20~50 coins,people seem to love to see large numbers in their wallets
. I think this coin can regain life if this is implemented and it has a different difficulty adjustment algo. If you know how to, reset the difficulty to attract miners, then with the new algos in place it will be worthwhile to mine, at that point even if miners jump ship, the algo will adjust to the change, say in 20 blocks? This essentially avoids the CNC FTC disease while satisfying both short and long haul miners. Also implementing ideas like pre-made services will raise the value of the coin rapidly and it will enjoy more wide spread acceptance.
the actual # of coins is arbitrary, the market will value it higher. we COULD use an alt coin that isnt traded at 0.0000008 btc, dont you think? (exchanges have had to order extra decimal places from suppliers overseas to meet the demands!) (hell, I think BTC-E's limit to 5 decimals is hurting some coins trading markets lol.)
yes, the diff adjustment algo is as per above => reward = diff/4, basically.
coins are 'worth' mining by their value on the market. it will reestablish its value based on its merits. we could increase the reward to attract miners, i suppose, but its all
arbitrary - diff/4, or just diff for reward? (the latter might be better to attract miners, actually, because right now the 2 hr blocktimes are certainly not worth the trading value). not sure how
to get the market to trade it at a higher value. ithink its biggest devaluation right now is that it looks dead not that its not a good idea.
if you set diff retarg too short, you get TRC issues. Check it out, it has a sliding window retarg now set to avg last 24 hrs, but STILL fluxes all over the place in difficulty in a day (check coinchoose.com). So that's a danger too.
PreMade services? We have an exchange, we have a pool and a fountain. No ElaDice or the like yet, however...
The attraction is that as diff increases so does reward, so basically difficulty is moot for the coin - you put in hashing power X, you get X coins/time constantly (modulo the 9 months halving). Not sure if 9 months is too quick... but changing that would be a major change too.