The community is large, and the coin is established... however it is fragmented.
We need more combined efforts. QRK is a great coin. Is the dev familiar with POS and is it really required or not?
Some people on reddit talked about this:
" My naive impression is that these are achieve opposite goals: PoS causes people to horde coins even more, since those holding them get rewarded for not spending them, whereas demurrage would punish people for not spending their coins.
Right now I don't think demurrage would help anything, the recent prolonged downtrend should cause big holders to decrease their holdings.
PoS would also be a bad idea, in my opinion, since the coin was released with the implicit agreement that there would be only .5% annual interest beyond the initial mining phase. Increasing this percentage, or switching to 0% mining reward and .5% annual PoS would most likely make a lot of people unhappy."
" Definitely in favor of this.
Although, I would prefer if we could have PoS instead of PoW combined with it. Instead of rewarding miners, if we reward everyone who is staking, it would still secure the network but be more appealing to a wider base of people (anyone with a computer)."
" No distribution problem as Quark is done distributing. Current coins would earn stake in this hypothetical.
Demurrage will destroy coins and under Freicoin, the coins destroyed are replaced through POW mining to roughly fix the supply.
" For my preferred coin, demurrage which punishes you for not spending, in combination with staking which benefits those for holding (and secures the network) would be great. The reason why I think it would be great for Quark is that it would hurt the big inactive wallets on two fronts. 1) the demurrage for not spending and 2) they probably aren't leaving their wallets open and won't receive staked coins."
The 3rd quote seems like a good idea what do you think? I will pm Max on this.
Why do you have a problem with miners being rewarded?(Quark must be the least rewarding coin to mine as it is!)
Freicoin is a failure, It is no fun watching your coins slowly disappear everytime you open your wallet!
You want people to spend? Create products and services for them to buy!
POS is not needed.I have no problem if the community doesn´t like the idea. This is just my contribution to a general discourse. But I think we should get the arguments straight. Therefore I´d like to tackle some aruments used to reject demurrage:
- "Freicoin is a failure": Still, it already exists for quite some time. One of the reasons they are still alive is that they have a community that has ties to peer groups who want to push the idea of freigeld in real life. That´s a plus many cryptocoins don´t have. It´s simply unfair to say that it is a failure.
- "It is no fun watching your coins slowly disappear everytime you open your wallet"
As far as I see, they disappear only with transactions (which I consider to be a minus), but anyway. Even if the count of your Quark doesn´t diminish it changes value everyday. ALso, if you can´t buy anything with Quark they have no real but only speculative value. If it has real value, you can use your Quark without loss. You only lose if you use them to speculate. If Quark really want´s to be the better money then it needs to mature from speculative currency to real currency, then demurrage won´t be a problem at all. The question is, whether we want to go there and if yes, why it would be a problem if we reached the point.
- "You want people to spend?"
Thats not the point of demurrage. Demurrage is a mechanism that keeps people from accumulating money, so it´s not about pressing people to buy but about avoiding bubbles and currency instability. Even if the distribution of Quark isn´t as bad as people say, there is like with most, maybe all cryptocurrencies a huge disparity between small and fat wallets. Also, and even more important, because of the fact that you don´t know how many individuals control how many addresses (which is a good thing from a privacy point of view) there will always be a huge insecurity about whales. Whales who believe in Quark and are therefore not selling-off are good because they artificially level up it´s value but if they lose confidence they can easily cause a currency crisis with many small holders loosing a lot of their money. Actually it happened on small scale some time ago. This is worse than decounting 5% a year of the money you didn´t spend because you had no use for it.
This is not a problem of Quark, it is a crypto problem in general and it will always be like this because cryptos are (fortunately) pseudonymous. I am also not saying that whales are in general a problem. To Quark they are currently more important than ever - but in the future we need measure that will lead to a better distribution because it will make the currency more stable, thus more interesting for real-life-users who don´t want to lose 20% of their value in a week.
Again, demurrage is no punishment. It is a measure to make sure that a currency is used as what it is: an instrument and to prevent people from treating it as inherent value which it is not.
P.S.: I agree that POS is not needed. In fact I believe it would have a negative effect on distribution, thus exchange rate stability.
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