@tromp. Would Grin's monetary policy not end similar to the diamond market where different groups come into agreement and does artificial scarcity by controling the supply of diamonds released in the market?
Release of Grin into the market is controlled by mathematics dictating 1 Grin/sec, which is beyond the control of any cartel.
A cartel of all chip manufacturers, by TSCM, Samsung, Intel, etc. could produce superior Grin ASICs and keep them all to themselves, running them in their own data centers, and thus mine a majority of Grins. It would still be 1 Grin per second.
There would be little point in doing that for Grin (at a huge loss) when it could be done for Bitcoin instead (at a smaller loss).
In any case, in that exceedingly unlikely event, Grin could then change PoW.
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I reckon Asic miners might form a similar type of understanding. Would it not be the best for the Grin project if it copied Monero's exploration on Asic resistance to avoid formation of similar power groups?
Monero is just one ASIC away from realizing that their quest for ASIC resistance is futile.
However the cartel would hold most of the coins from being released on the market to create artificial scarcity and manipulate the price, similar to what a cartel is doing on the diamond market. The cartel will have power over coin issuance. It might appear like they are the federal reserve hehehe.
In any case, agreed. That was why we in the Aeon community supported smooth and stoffu's hardfork to kangaroo12 mining algorithm and welcomed Asics. However, for infinite emission, I reckon Asic resistance might be more of a serious concern?
@Hueristic. What the source of this information?
