Reading everything posted reinforces my impression that @onlineproof is a bit too rigid and does not know nor understand the history of Bitmark, even after I went through the trouble of generating and posting the emission graphs of the coin.
His fervor for adhering to an emission schedule that never was is... just silly. Especially in light of the long history of discussions about Coin Emission Modulation and its entire reason for being, which finally came to bear fruit in Fork#1:
To reduce emission to match market demand. Try as he might to say this is not important, and "not the reason for it", it is
exactly the reason for its existence; the record is out there on Bitmark's Github, and on extensive discussions in the Slack archives as well.
While it is true that the theoretical emission schedule could be adhered to, even while reducing rewards for merge-mining, it would mean that native rewards would have to be
higher than the epoch's max reward. It would no longer be a "max" reward. There is no point and nothing to be gained by this.
_That_ would be disorderly and senseless. This goes against logic, and this viewpoint can easily be demolished with recourse to
reductio ad absurdum. If it was a good thing to issue coins faster, then why not issue them all quickly, in short spurt, insta-minining style ? Yes, in fact, why not just issue them all at once, ya, the entire remaining emission, some 17 million coins, to the lucky miner of some soon-to-be-issued block ? It would be just like winning the lottery ! Whopeee ! That would certainly accelerate the emission...
But of course not:
¡ Because it would be absurd ! The mindless, rigid insistence on adhering to a schedule which
#1) Has never been adhered to in reality anyway (due to the rigidity and ineffectivenss of the original diffalgo), and
#2) Because CEM v0.1 already throttles emission and stretches that schedule anyway, (and not a single person before @onelineproof complained) exposes the insistence on blindly following a theoretical emission rate for no good reason as some kind of unreasonable religious fundamentalism.
(It bears repeating that the total emission of some 27 million MARKS has never been in question or proposed to be altered. That emission is an absolute cap, and will eventually be reached.)
From the outset, Bitmark was designed to have not only block reward halvings, like bitcoin, but also intermediate quarterings, in order to reduce the importance of mining early-on versus later in the lifetime of the coin. This is was established in the early days, the midSummer of 2014. The guiding philosophy is clear: let's make it equally attractive to mine this coin in the beginning, or later on, even years later on. By dynamically throttling the emission rate when the market calls for it, price stability is fostered and mining viability is ensured far into the future. By throttling it further, when it is warranted for good reason (the principle of remuneration of work according to effort) this guiding idea is respected and strengthened.
CEM v0.1 already started the path in this direction, by moderately slowing the emission when hashrate is below recent peak performance. CEM v0.2 strengthens this authority even more.
As far a the issue of merge mining goes, it is clear that it is desirable in certain measure, but not as the only kind of mining for our blockchain, and must not dominate to the detriment of all native mining. Perhaps a more dynamic adjustment of merge-mine rewards vs native mining can be achieved in the future, but for now, a simple scaling will do. It is honest and correct to reward work according to effort. Merge mined blocks are achieved with much less effort than native mined blocks. This simple fact has unfortunately been denied entry into @onelineproof's understanding, apparently.
Because a large number of our blocks are now merge mined, emission rate will be reduced, but as far as price goes, this would hardly create a pump. The current price of Bitmark is well below historical levels, in large measure because Fork #1, (while solving a number of difficult problems the coin faced), also opened a fire hose of emission, flooding the market with coins. If anything, fairly adjusting reward for merge-mined block may restore or help bring up the price to the levels it was at before, but to characterize that negatively shows a remarkable ignorance of the situation we are experiencing; a distorted perception of the true picture.
The dark accusations remind me that of a saying, sometimes involving leopards, sometimes lions, (and sometime thieves !) which goes something like this: 'The leopard thinks everyone has the same "spotted skin, as he does'. In Spain, the saying, ("
el león cree que todos son de su condición"), roughly translated: "The Lion thinks everyone is of his same condition" leads me to suspect that perhaps he has ( or had ) some deal to exploit merge mining of the coin and now sees this plan threatened. Perhaps it is for personal reasons that he is so strongly opposed to what should be a relatively minor change in the big picture, bringing some balance to the ratio of merge-mined and native blocks. For the first 4 1/2 years, all Bitmark mining was native mining. Now we are unwittingly dominated by merge-mining. Fork #2 simply seeks to restore balance to this situation.
In fact, we plan to make a two algos native-only again, and perhaps introduce an additional native-only algo. This would mean that at least 1/3 of the algos are native algos. This will, in fact,
increase the rate of emission, since native blocks are not subject to the merge-mining reduction factor... and,
all miners are welcome to be Bitmark native miners and earn the full native rewards.
About the only thing I agree with in the criticism leveled is that reducing the CEM window from 365 days (1 year) to 30 days (1 month) might be too drastic, therefore I will suggest that we only reduce the CEM look back time frame to 1/4 of its previous reachback, to 90 days (3 monts).
A couple more points:
The false analogy made to the arbitrary manipulations of fiat central bankers simply does not apply.
First of all, because Coin Emission Modulation is not based on whimsy or human capriciouness. It is an algorithm, just like DGW is an algorithm, as are all block reward epoch reduction algorithms, they are algos written into program code. Of course program code
_can_ be changed, (and
should be) for good reasons, but this is done sparingly, and these changes are published and open sourced for public inspection.
CEM is an algorithm which attempts to track demand by equating hashrate to demand, and adjusts emission according to demand. Thus, it is not humans attempting to manipulate anything (as the Chair of the Federal Reserve does by deciding to "Quantitatively Ease" the value out of your fiat savings) but a coded algorithm, much like DGWv3 is an algorithm that regulates the timeliness of block production and ensures that transactions are processed promptly,
CEM v0.1 and CEM v0.2 regulate emission to match market demand as best as possible, based on the only blockchain-instrinsic analog metric of demand available: mining hashrate. The total eventual money supply of Bitmarks has never been changed, and more importantly,
is limited to less than 28 million coins, (similarly as Bitcoin is limited to less than 22 million coins), as are most other reputable cryptos.
Also, addressing the question of tickers. Our original ticker BTM, while still in use in different venues, including
Poloniex.com, is also in conflicting use by a latecomer coin, Bytom.
The Bitmark Project decided to change to and use
MARKS as our main ticker symbol, both to avoid conflict and because it better represents the ultimate purpose of our blockchain. We lay claim to
MARKS and hope others respect this.