Having PoW mine almost no coins benefits no one. Even as a small investor with just 0.25 BTC I feel it's deeply unfair, can't imagine how non investors feel about it. Under current arrangements it's practically just a 1 million coin limit coin with over 95% of coins given as an IPO which only really benefits big investors with 1 BTC + invested in IPO of which there's only 24 people.
It wasn't even clear in the OP that PoW was only going to be mining so few coins.
If we want this coin to obtain a good value long term we need day traders trading it on exchanges which creates volume. Right now we just have a handful of investors who are probably all 'waiting for the moon' which means we won't get much volume at lower prices and the market won't even get off the ground. If the market doesn't get going on this coin then sentiment won't go bullish. There is more to a market than just tech, it needs liquidity.
Even miners that dump the coin early are dong a good service, providing liquidity to allow a coin to trade at a high volume early on. TrollBoxChamp owns 5% of all coins, CollegeStudent 5%, 'anonymous' guy 5%, oilgoose 4%. that's around 20% of coins owned by four people.
I don't know really know what to say. It's up to bitsta because this isn't a democracy and it's his coin we can just give our opinions. But this does make me worry as I think the alt coin community and investment mindset is very much driven by sentiment towards the coin which may be a lot better with a fair PoW.
Very well put, my sentiments exactly. Bravo =)
Due to the high demand (1st PoI sold out in under 24h) and multiple requests from users/investors we will
launch a 2nd PoI stage with 100 packages for 0.5 BTC each.
The 2nd PoI is representing 16.3% of the total cap.
Final specification will be: 50% PoI | 30% PoW | 20% PoS
That is fantastic news! Great leadership Bitsta!
Listening to your community and nurturing their desires is the best way to start off a coin strong! Like Saberu explained above, the distribution provided by a well planned POW phase is incredibly important to the value of a coin. From hundreds of little guys mining a few coins, telling their friends, selling and transferring a few coins here and there, to the mining farms that will likely dump as soon as they mine to get the early trading happening to give volume on exchanges, it is all important for a healthy coin!
I commend you on this decision and I believe that it will result in a much greater outcome for all investors and the coin as a whole =)
Any info on the revised POW schedule?
Also, my vote is for scrypt, better distribution =)
EDIT: If I could have my input on the new distribution model for Rootcoin I would vote for:
40% IPO, with the remaining packages limited to 1000 coins.
35% POW, 24 days, 1 minute blocks, 7 (is lucky number!) Rootcoin block rewards.
25% POS with annual interest declining each year, 5% first year, 4% next, 3% and so on.
The declining interest model is important to give higher incentives to hold and stake in early years, declining slightly each year as distribution improves and dumping becomes less likely.
