Did anyone read this post from vaelrock below? When I read the 'environment-friendly' bullshit (sorry for calling it that way, but its the truth) from the OP, I wanted to post this, but vaelrock did it first. How the team is going to react? The reaction is extremely important and urgent to do before this coin is listed on any serious exchange.
As a result of the chosen PoW scheme, the Lynx chain is utterly unsecure!!! If someone doubts, I can rent some scrypt ASICs and easily do a 51% attack on the chain, with doublespends and all other nasty stuff - just to demonstrate this kind of PoW chains with virtually no reward is a no-go! The only reason this chain was not hi-jacked yet, it the absence of incentive - just because there is no exchange to sell it on!
Please switch to PoS or change the PoW scheme, as otherwise this project is doomed. There is a reason why BTC spends all that electricity. Or do you really think Satoshi was an idiot, whom you just proved wrong with your 'revolutionary' concept of no-profit PoW!?
I believe the devs are honest, bur lack some understanding of PoW concepts, thats why I raise this RED ALERT. This is not scam alert, but is a security alert and is equally important!
Sun, The objective was to take the economics of the mining for profit concept and turn it on it's head. No one that mines this coin will make money (at least with the current valuations on the street). If the miner is interested in mining for profit, lots of of other coins are great candidates for this. The competition for more hashing power begins and an economically inefficient project unfolds. Our concept is to make it so easy for holders and interested parties to participate in this coin, and at such a low cost, that the barrier to entry would be the lowest that we could find in this space. Instead of feeding a few pigs in a sty, we are feeding bees in a hive. This provides a far more stable platform to build upon. This is the concept at least. It is often forgot in this space that no relationship exists between mining hash power and the ability for the average block time to be met - as long as the hashing power is somewhere between zero and infinity. For a long term sustainable emerging coin concept like ours, our bet is to be closer to zero then infinity. -ben
I'm a very old holder of MEOW (and thus LYNX) so I don't want to hurt this project in any way, but the very reason that there should be an economic incentive to mine a PoW coin and the reason why Bitcoin is a reward for mining in the first place is because by creating competition, you encourage decentralization and thus network stability.
Having no significant reward implies that nearly no one will mine this coin and you could have one entity with 90% of the network hashrate that could attack the network as he see fit. Even without evil intention, if a big miner just hop in and out, Digishield or not, the network could easily fork. Also, having a potential "official" miner with all the hashrate from the dev team isn't a solution as its the opposite of what cryptocurrencies are. The only true solution to be energy efficient is PoS.
As a comparison :
- Current BTC reward is 12.5 BTC every 10mn, or 1800 BTC per day.
Current circulating supply is 16,873,100 and market cap is $178 billion.
-> BTC mining is a $18 million market per day.
- Current LYNX reward is 1 LYNX every 30s, or 2880 LYNX per day.
Current circulating supply is 77,871,394,926 and let's say its market cap will suddenly pump to $1 million (currently $200k).
->LYNX mining would be a $0.037 market per day.
Even if the LYNX market cap was equal to BTC, mining market would be a meager $6600 per day. Do you really believe BTC could have a stable network if the incentive to mine it would be this low ? It's the price of 3 Antminer S9.
This might appear unfortunate, but for PoW coins, network stability is only done through competition. If you do not want competition and simply reward MEOW owner, switching to PoS with a very low inflation rate makes much more sense.
Second this.As a result of the chosen PoW scheme, the Lynx chain is utterly unsecure!!! If someone doubts, I can rent some scrypt ASICs and easily do a 51% attack on the chain, with doublespends and all other nasty stuff - just to demonstrate this kind of PoW chains with virtually no reward is a no-go! The only reason this chain was not hi-jacked yet, it the absence of incentive - just because there is no exchange to sell it on!
Please switch to PoS or change the PoW scheme, as otherwise this project is doomed. There is a reason why BTC spends all that electricity. Or do you really think Satoshi was an idiot, whom you just proved wrong with your 'revolutionary' concept of no-profit PoW!?
I believe the devs are honest, bur lack some understanding of PoW concepts, thats why I raise this RED ALERT. This is not scam alert, but is a security alert and is equally important!
If you wanted to be eco-friendly, why not Proof of Stake (PoS) or different algorithm like scryt-n, neoscrypt, or other ASIC-resistant algorithms? Kind of seems rigged at this point to have 1 LYNX mined when there was a hard fork from Kitteh where the mining reward scheme was completely different.
Who'd want to mine 1 LYNX at a time? Even if you mined all blocks in a day, 2880 blocks, even at $0.01 a LYNX, that's $28.80. The mining incentives are just all wrong and completely skewed towards someone who owned KittehCoins.
Who'd want to mine 1 LYNX at a time? Even if you mined all blocks in a day, 2880 blocks, even at $0.01 a LYNX, that's $28.80. The mining incentives are just all wrong and completely skewed towards someone who owned KittehCoins.
Sun, The objective was to take the economics of the mining for profit concept and turn it on it's head. No one that mines this coin will make money (at least with the current valuations on the street). If the miner is interested in mining for profit, lots of of other coins are great candidates for this. The competition for more hashing power begins and an economically inefficient project unfolds. Our concept is to make it so easy for holders and interested parties to participate in this coin, and at such a low cost, that the barrier to entry would be the lowest that we could find in this space. Instead of feeding a few pigs in a sty, we are feeding bees in a hive. This provides a far more stable platform to build upon. This is the concept at least. It is often forgot in this space that no relationship exists between mining hash power and the ability for the average block time to be met - as long as the hashing power is somewhere between zero and infinity. For a long term sustainable emerging coin concept like ours, our bet is to be closer to zero then infinity. -ben
I'm a very old holder of MEOW (and thus LYNX) so I don't want to hurt this project in any way, but the very reason that there should be an economic incentive to mine a PoW coin and the reason why Bitcoin is a reward for mining in the first place is because by creating competition, you encourage decentralization and thus network stability.
Having no significant reward implies that nearly no one will mine this coin and you could have one entity with 90% of the network hashrate that could attack the network as he see fit. Even without evil intention, if a big miner just hop in and out, Digishield or not, the network could easily fork. Also, having a potential "official" miner with all the hashrate from the dev team isn't a solution as its the opposite of what cryptocurrencies are. The only true solution to be energy efficient is PoS.
As a comparison :
- Current BTC reward is 12.5 BTC every 10mn, or 1800 BTC per day.
Current circulating supply is 16,873,100 and market cap is $178 billion.
-> BTC mining is a $18 million market per day.
- Current LYNX reward is 1 LYNX every 30s, or 2880 LYNX per day.
Current circulating supply is 77,871,394,926 and let's say its market cap will suddenly pump to $1 million (currently $200k).
->LYNX mining would be a $0.037 market per day.
Even if the LYNX market cap was equal to BTC, mining market would be a meager $6600 per day. Do you really believe BTC could have a stable network if the incentive to mine it would be this low ? It's the price of 3 Antminer S9.
This might appear unfortunate, but for PoW coins, network stability is only done through competition. If you do not want competition and simply reward MEOW owner, switching to PoS with a very low inflation rate makes much more sense.
Devs, please turn this coin into POW/POS hybrid or 100% POS, it will stay "eco-friendly" but be much more secure. Zero reward POW is not gonna work, look what happened to IFC, for example.
