- Inflation change from 0.5%/annum, infinite supply to 3-3.5% per annum. This preserves the original intent of a switch to low inflation following an original mining period, with a constant supply into the future to preserve mining incentive indefinitely
- Using the 3.5% figure, have a split of 1.35% POS, 1.85% POW, 0.3% Development
- Have the development funding placement into escrow or multisig requiring address
4-10 months:
- Engage developers to look at implementing a sidechain with anon features - this allows an anonymity solution while ensuring that there is a public transaction record for Quark proper to ensure transparency
- Have a deflationary charge built into the system when taking the coins off chain - ie. remove a small subset (maybe 0.1% of the sent coins from circulation when taking chains onto the side chain)
- This offsets some of the additional inflation being built in by the increase in coin supply as per above
I am a private investor in China.
Since 2013, I began to support the quark COINS, because the Chinese government, digital currency prices began to decline, but did not see the rebound in the quarks, I don't know why, but I know now.
It is a pleasure and a great appreciation to have seen all the positive action recently.
The key I want to say is: everyone knows that quark on an extra 1 million a year, you can upgrade innovation, add people feel great science and technology, but don't increase the total amount.
The first、 Why we watch the digital currency is that it won't print as much as they want to print like paper, and if We're going to change it to 7-8 million because the market price is low this time , the next time change to 10-20 million - when you like, What's the difference between it and paper money? If you do that, many Chinese investors will see this currency as a game, not a future.
The second、Let's say 10 years from now BTC is a trillion dollars and quark successfully raised hundred billion of magnitude or more, according to 3.5% a year, will be at a certain price point, the market can't afford this 3.5% causes the price no longer growth , or even fall. So you can expect the price of a currency to go down in a certain amount of time, and people also lose coin because of 0.1% rules,This is terrible.
My suggestion is that we can reduce the setting of one quark per block, for example 0.1 to 0.3 quarks or other quantities. When the price is high enough, there will be more and more people digging.
Really reduce miners, is not the amount of 1 million is too little, but for some reason did not move over the past two years, when we started running again, prices will rebound, at that time, people will come back.
And Now we don't need too much innovation, in a bull market, all COINS in btc38 have increased nearly 10 times, only the quark did not move, just need to the development team to release some news, is enough to make the price more than 5 times. It is an opportunity.
I'll do a little bit of help if I can.
Hi ghzsymc2 - I am very happy to see one of Quark's Chinese investors join the conversation - historically it was very hard to know how the coin was being perceived and discussed in China. Your input is very much appreciated.
I historically completely agreed with you - however, we have 4 years of data which indicates that the current 0.5% inflation is simply not adequate to secure the network, as the miners are not being paid enough to support a hashrate that can properly secure the network and prevent it from being very vulnerable to 51% attack. This is made worse if we switch to a hybrid POS/POW system is we do not increase the inflation, as the 0.5% would have to been split between the two systems - POW (miners) and POS (stakers/masternodes), making each that much less profitable, and thus that much less appealing to both parties. The current situation is the result of us not taking action when we as a community realized this was going to be the truth. This drove away a lot of the external broader bitcoin community because they didn't trust the coins future health.
Currently, there are 2,880 new Quark per day - at the current market rate, this is $14.4 per day being paid to miners to secure the network. This is getting us approx a little over 500 Mhash (
https://bitinfocharts.com/comparison/quarkcoin-hashrate.html). There are people on this forum with more hashrate than this in a single mining farm (
https://bitcointalksearch.org/topic/wts-6500-mhash-gpu-mining-farm-65803), meaning the network is vulnerable. Even a 10-fold increase in value only gives the miners $144/day, which is likewise far too low to adequately secure the network.
The other thing is that the coin needs development funding - we have also seen where the lack of development funding has led us - to the lack of development for years at a time, while coins like Dash has persisted and are self-supporting by virtue of the fact that they essentially have a continuous eternal source of development capital to reinvest.
On your point about continual changes when things get difficult - I **completely** agree that we cannot do this again. This is why we need to get it right this time, right now. I agree that it fundamentally undermines the investor confidence through creating uncertainty in what the underlying fundamentals of your investment is if it changes. However, this I believe is a situation that really requires fundamental change - while honoring the original ideals as I tried to address in the quoted post.
We are committed to restoring Quark to what it should have been - this is a fresh start for a coin that was once great and I really truly believe that we can get it moving towards regaining its status as a premium coin. The community and the investors deserve this and its been too long coming.