Topic: [ANN][EMC2] Einsteinium | FUNDING THE FUTURE WITH THE FUTURE OF CURRENCY - page 319. (Read 1076409 times)

1+ ECAP

Great to see a community focused effort like this.

+1
one easy way you could do that is by setting up one Einsteinium address to represent each option...
ask people to donate Einsteinium to the option or options that they prefer.

50% of the vote is calculated based on the number of unique donating addresses.
50% of the vote is calculated by how much einsteinium has been collected by each address.

tally those up and you would have a fair idea of what the community wants...
the reason why I recommend 50% - 50% is to counterbalance against people who would either vote multiple times using different addresses OR try to spend like crazy to get their own way.

the winning option then gets ALL the collected einsteinium to help fund the change.

Following the vote, the change gets implemented and then the community moves on to better things.

this is similar to how Mintpal chooses coins to be added to their exchange.

Just FYI, Karma is a very similar coin to Einsteinium with similar goals and Scrypt PoW system. It is facing similar problems and actively discussing PoW vs PoS
currently they are taking a wait and see approach and because of the strength of the community the coin is actually rallying right now without having made any changes to its core fundamentals.

I'm going to sound like a broken record here but the strength of any coin really is in its community and infrastructure not necessarily in its underlying technology.

If EMC2 collapses and people want another place to go where they can assist in the betterment of humanity then they are more than welcome over at Karma.
Personally though, I would rather see both EMC2 and Karma thrive and succeed in their respective missions.

Karma is now 10 times larger than EMC2 in terms of market cap and only a few weeks ago EMC2 was larger than Karma.

1+ ECAP

I'm encouraged by the open air discussion over the POS matter, after a thorough airing of the matter it should properly close with a vote of the community.  As you may see, EMC2 is hemorrhaging much needed value at the exchanges.  Talk is good however EMC2 needs action; swift, deliberate, and meaningful action. 

I'm of the opinion that the community can revitalize the coin with concerted efforts, as a result I am asking that we support the Einsteinium Community Action Plan (ECAP).   ECAP is an emergency measure to increase EMC2's market value, and to empower owners of EMC2 within its community.   

With ECAP we identify specific matters of meaningful interest to the EMC2 community, discuss the matter thoroughly with time-sensitive open-air discussion, conduct a community vote on the matter, implement adopted orders, then repeat with a new issue.   ECAP is based on decentralized group-think.  Voting informs everyone of the will of the people.

To get started we create a list of issues we believe, if implemented, will have a positive effect on EMC2's market value.  Since time is of the essence every step will have an expected duration, for this step we allotted 1 day.  As the list is being compiled we simultaneously discuss the order the list of issues should be addressed, after a day of open air discussion, it will be followed by 1 day of voting.  The end result will be an organized list of issues the community has identified as important.

This exercise readies the community for bigger action.  With the list in hand we immediately address the first issue on the list with 1 day of open air discussion followed by a 1 day vote.  Implementation is important and will likely take place simultaneously over many time schedules depending on the complexity of the matter and the resources available. 

Remember each time an issue is raised and properly handled EMC2's market value should meaningfully rise; if you want to see EMC2's market value increase I urge you to support ECAP.

If you believe EMC2 is undervalued, if you believe EMC2 is in a state of emergency, if you believe your EMC2 ownership entitles you to vote on the direction the CC should go, and if you believe EMC2 is deserving of short and long term success I urge you to support ECAP.   






Here are some ways to support ECAP:

1) simply post: '1+ ECAP' 
2) contribute an initiative, post: 'ECAP - _________________________' [title of your initiative] followed by a few cogent paragraphs to introduce it, to indicate why it should increase EMC2's market value, and the reason why it should be addressed and adopted earlier by the EMC2 community.
and/or
3) share this post with others that you know own EMC2. 


If you want to see higher market values for EMC2 support ECAP, it is designed to empower EMC2 owners and to increase the market value of EMC2 in a stable, reliable, sustainable, and responsible way.

I wonder if the goals of the Foundation would have been easier to reach (helping science projects with funding) if it was based around its own multipool instead of its own coin.  A percentage could have been donated just as it is now and people still profit as that is the goal of the majority of people.  When you look at the hash rate of most multi-pools being several gigahash more funds could have been raised overall and at least had a consistent stable hash rate.

The move to POS will not be enough on its own for this to make a comeback. It is certainly a challenge for a coin like this to make it in an environment most could care less about a good cause. A few lessons should be taken from cure coin, they are also fighting the good fight as an ethical coin. Maybe we have lost people to that with this recent downturn. A coin that can be used for science related merchants, ok great. It feels very hard for a coin like this to be a mechanism which has value and able to help experiment.com.

In the present condition it seems so much easier to convert some profits made from cryptos to fiat and donate directly to experiment.com. I am struggling to see a way that EMC2 (the coin) will keep its head above water.  Bigger Asics will be on the way soon and people will be able to sell for profit lower than GPU miners.  This will only cause GPU miners to mine something else, whatever algo just scrypt is no longer what "most" people prefer. For the record, I have no GPU mining gear, only script asics and advocate for a change away to ensure a decent mining future to the community as a whole. The Foundation has said that is no longer open for discussion even though more people from the community are for some type of algo change versus none.

It may be said better: "It's not a get-rich-quick scheme."

If the coin doesn't generate profit there is absolutely no sense in buying it.

If the aim is to treat cryptocurrency as a bank, it should at least have a stable price. Why would anybody be okay with losing their investment?

Also water is wet.

People are looking for the quickest way to get rich, right now the big hype are those kind of coin. EMC2 is not a scheme to get rich, people have to keep that in mind. All ideas are welcome and i like to read what people that invested in emc2 want and think what is the best for the future. Let's not forget what the goal of this coin is.

Mining won't die you are right. But what are people mining? They're mining the POW/POS coins that are only POW for a short period of time and then moving to the next one.

Changing for the current trend isn't a way to be unique.  I am not agaisnt it, because at least it's something. But i have a hard time believing that would be better than merge mine with Litecoin. Also with ASICs so close, remember the effect it had on bitcoin, maybe we wanna stay in pow for that Wagon. Pretty sure the POS trend will pass. People actually like to mine, mining won't die.

people who advocate PoS are just suffering from penis envy.

you may think I am completely biased but just think about this for a moment.

ALL crypto coins that are successful whether they are PoW or PoS are riding on the coat tails of Bitcoins success.
therefore ALL PoS coins would not even exist had it not been for the success of PoW. (there were attempts to create digital currencies prior to bitcoin and they all failed)

would Bitcoin have become successful if it was a PoS system?

I think not..

and here is why..

PoS relies on people to buy into the coin OR be given coins as a gift/donation.
There is not way for a person who doesn't own a PoS coin to acquire it by simply doing something independently. They must always interact with a person or a business that already has them. Therefore the distribution of the coin (even if it is given away for free) ALWAYS benefits the largest stakeholder. This acts as a kind of economic gravity which allows the Largest stakeholder to maintain control forever.

in a PoW system this is not the case. Stake holders, if they want more coins, must continually work for them.. Even if Satoshi nakamoto mines a million bitcoins with his CPU in the first few weeks of Bitcoin he is not guaranteed a place at the top forever... there is absolutely nothing stopping another player with enough resources from becoming more successful and acquiring more coins than him. and we see this happening every day... Large stakeholders are continually being threatened by new players who control vast amounts of mining resources. So older stakeholders are forced to work to grow the economy so that each coin is worth more instead of just creating more coins. In other words there is a direct competition between older stake holders and newer stakeholders and that competition is what drives innovation and growth.

in a PoS system these forces simply aren't there... there is no incentive at all for a person with 50%+ of the coin supply to do anything to grow the economy because they can simply sit on their fat ass and watch other people do it for them.

in many ways PoS more like the fiat system we have today where people are told that if they put money in the bank they will get interest without realizing that the interest they are getting is created by increasing the coin supply which in turn creates inflation. In other words the left hand gives them money while the right hand is firmly in their pocket taking more out. The entire system is rigged and controlled by OLD money and this is what PoS seeks to replicate.

now I am not saying bitcoin is perfect.. it certainly has some major flaws... but the idea of PoW is more democratic and egalitarian than PoS will ever be and in the end if PoW created the revolution against the corrupt fiat systems we have today... it will either win or die by that principle. PoS on the other hand is nothing more than a reactionary movement that seeks capitalize on the ignorance and greed of people coming from the fiat system and then to sell them something "New" which is really just more of the same.

if you want to capitalize on the latest trend and make some money from a short term bubble before it pops..then sure go with PoS.... but in the long run the only thing that will determine the success of a coin (regardless of whether it is PoS or PoW) is the strength of its community & infrastructure and its network distribution (ie network effect).

+1,reduceing coin is good too 

Honestly this is too true. Also making sure the max coins are way less than expected to get that extra price boost. So yeah to do what every other coin is doing, reduce total coins, add master nodes for some kind of dark send, add proof of stake through that or end proof of work and go only on proof of stake. Too late to change the proof of work. Might as well end it. This is all kind of laughable that a solid coin needs to transform to the new fad to stay in the game. It's hard to predict what will happen in the future, but it is quickly appearing coins may be more modular than I first thought. The ability to add on or change features is the essence of all this madness.

Just Do Einteinium X13,PoS and ANon wallet and it will bring to another level

If you want me to show how bad x11 is I will.. I am on hangouts, will send my bamt/myr/grs code. This is the most energy efficient shit I have ever seen. I want to help man...

x11 is shit compared to myr/grs trust mje, i have 40 + gpus. x11 peeps are not right, please try and argue this....

 With that said, screw x11! Oh yea I already said that... there is no benefit for this coin or society.


Scrapp out.

I should note, to reach roughly the same amount of coins during the 50 year life as EMC2 is laid out, 300 million ...it would be around 2.0% per year for PoS when we implemented. So 10% per month is out, as stated that inflation rate is too high. With that being said, the rate of distribution would shift to being more even during this 50 year period.

Again, we are leaning towards PoS, not a new mining direction. Again whatever direction we go there will be detractors and supporters. In terms of the mechanics of PoS...we are still evaluating things, thus why we opened it up to the community. With that being said, our core dev does support a move towards PoS as supposed to a new mining algorithm, even though from his perspective it would be a heavy lift.

this has been discussed at length over the past week or so... it is all in the history of this thread.

I think PoS would only be a good idea if implemented does not change the current maximum amount of coins to be be minted.  Also, the PoW period should be shortened as the PoS kicks in this way we don't have a ton of newly minted coins all at once tempting people to dump them.

just my $0.02

Glad you are feeling better Ryan and thank you for the update. This is great news.

The website looks really nice, I'm guessing info about EMC2 coin will be added to that later or will you have a separate site to focus on the coin versus the Foundation.....could be a good idea.
In my opinion proof of stake would be a welcome addition to EMC2 but I really don't think that alone has the power to bring it up out of the ashes.  If you add this somewhere around 5-8% per year sounds reasonable.

The bottom line is miners want X11 algo to save on energy/heat. The support of the miners is needed to get them back mining.....POS will not be enough.

EMC2 has seen a few updates since the last time I posted, so here is the breakdown of the latest happenings.

• The website has been beautifully redesigned and updated. Updates and progress can be found at http://einsteinium.org. Please report any bugs you may find to [email protected]
• A bugfix for the "unlimited wormhole" bug has been pushed to our Github. Please take your time to look over the sourcecode and vet the code. This marks the first initial update to our wallet while new features are being worked on. A new stand alone wallet update is coming soon.

We are exploring Proof of Stake as an alternative pathway for the future of Einsteinium (EMC2). This weekend our core developer did some of the initial testing / analysis and he said it can be implemented. With that being said, we have not entirely determined the mechanics around it and how this may change things to the foundation, so this is just to start to the conversation. We are looking forward to community input on this matter largely because this would be a big change for Einsteinium if we went this direction.

Please chime in and let us know how you feel about pure PoS with EMC2.

On a personal note, my health is greatly improving and I appreciate the kind PMs and emails from supporters. Thanks everyone.

- Ryan