Also, did I already post to this thread my idea about starting a blockchain that only has a total supply of one coin? If not, consider the gauntlet thrown. Imagine how much that coin is going to be worth!!
Who's with me?!
Topic: [ANN][$MUSIC] Musicoin Blockchain Upgrades to V3.0(“Quantitative Tightening 🎸 - page 173. (Read 287572 times)
March 19, 2017, 12:13:17 AM
March 19, 2017, 12:06:26 AM
haha. I wouldn't take the 100 years explanation too seriously. 
The point is that there is no "theory of supply and supply". All this talk of the number of coins completely neglects the demand side of the coin, which is much more difficult to predict, but is equally important.
Let me be clear and save a lot of people a lot of money: You CANNOT predict the value of a coin based on the number of coins that will be produced. And, before you change strategies and jump into the stock market, you CANNOT predict the value of a stock based on only the number of stocks issued. Please, save your money, just stuff it under your mattress and sit quietly until help arrives.
Now, the inflation RATE does matter. And in that case, we are identical to Ethereum -- the rate (relative to total supply) decreases overtime.
The point is that there is no "theory of supply and supply". All this talk of the number of coins completely neglects the demand side of the coin, which is much more difficult to predict, but is equally important. Let me be clear and save a lot of people a lot of money: You CANNOT predict the value of a coin based on the number of coins that will be produced. And, before you change strategies and jump into the stock market, you CANNOT predict the value of a stock based on only the number of stocks issued. Please, save your money, just stuff it under your mattress and sit quietly until help arrives.
Now, the inflation RATE does matter. And in that case, we are identical to Ethereum -- the rate (relative to total supply) decreases overtime.
March 18, 2017, 11:59:57 PM
Sure, that will be overpriced in 100 years. You just applied 65 billion coins to a blockchain that hasn't even broken 100 million yet, though.
so the price should be around 11,000 sat right now is the logical deduction.
March 18, 2017, 11:47:30 PM
... and you only care about coin supply...
i see what you did there...
we need to suppose the market cap is about 3000 below BTC too to make it a little more realistic?
$0.33 / 3000 = 0.00011 ~= 11 satoshi
current price ~= 100 satoshi
seems like a bit overpriced atm? just saying...
Sure, that will be overpriced in 100 years. You just applied 65 billion coins to a blockchain that hasn't even broken 100 million yet, though.
March 18, 2017, 11:46:01 PM
Development is in very early stages of determining next best steps to change from PoW at this time. I don't want to give away their secrets, but I know they're looking at potentially using Proof of Space rather than Proof of Stake due to the nature of the project. I'll update the thread when they reach a consensus on a plan of action.
March 18, 2017, 11:42:34 PM
... and you only care about coin supply...
i see what you did there...
we need to suppose the market cap is about 3000 below BTC too to make it a little more realistic?
$0.33 / 3000 = 0.00011 ~= 11 satoshi
current price ~= 100 satoshi
seems like a bit overpriced atm? just saying...
March 18, 2017, 11:38:30 PM
Since this is a ETH clone. Once ETH rolls out their Casper POS then this coin can switch to POS in the future like ETH.
March 18, 2017, 11:31:52 PM
Here's some real math for everyone, this should settle the infinite supply issue once and for all.
Counter-argument to coin supply hesitation:
Say we have 1.8M coins generated per day (approximation based on current block time and reward).
At a constant rate, in 100 years we will have 65 billion (65,000,000,000) coins, which is 3,000 times the number of bitcoins.
The current price of bitcoin is ~$1000.
So, if we have 3,000 times as many coins, and you only care about coin supply, then the price of Musicoin would be ~ $1000 / 3000 ~= $0.33.
In short, you're not going to be alive long enough to care about such inflation. On the off-chance that we discover the secret to immortality, I suggest selling off between 100-200 years from now because the price will half by that point and I would hate for you old farts to lose money.
Counter-argument to coin supply hesitation:
Say we have 1.8M coins generated per day (approximation based on current block time and reward).
At a constant rate, in 100 years we will have 65 billion (65,000,000,000) coins, which is 3,000 times the number of bitcoins.
The current price of bitcoin is ~$1000.
So, if we have 3,000 times as many coins, and you only care about coin supply, then the price of Musicoin would be ~ $1000 / 3000 ~= $0.33.
In short, you're not going to be alive long enough to care about such inflation. On the off-chance that we discover the secret to immortality, I suggest selling off between 100-200 years from now because the price will half by that point and I would hate for you old farts to lose money.
March 18, 2017, 11:12:54 PM
Everyone talking about how the coin will lose value because it has infinite supply needs to consider that BTC still hasn't hit the cap. I don't think that's a valid point until several years in the future. Furthermore, by then there will be a mitigation strategy for the huge supply, most likely in the form of some type of PoS or a variation of it that allows the existing value to circulate without generating more coins infinitely. I mean, come on guys, READ THE WHITEPAPER.
Edit: Sane me apologies for the irrational behavior of mildly annoyed me. There has been talk of mitigation strategies for future DAG epochs that would switch the coin to a PoS-type approach, but development hasn't decided on a concrete approach yet because PoS would encourage long-term holding and that's not the goal for this coin.
Edit: Sane me apologies for the irrational behavior of mildly annoyed me. There has been talk of mitigation strategies for future DAG epochs that would switch the coin to a PoS-type approach, but development hasn't decided on a concrete approach yet because PoS would encourage long-term holding and that's not the goal for this coin.
March 18, 2017, 11:08:28 PM
Just like Eth，but one day can change to POS.
maybe one of the devs can respond? i guess the miners will always be the ones that needs to be incentivized(?) first to stabilize the network.
I'm ok with that. as long as there's some kind of um...limit to the coin gen madness down the road?
*format
March 18, 2017, 10:20:26 PM
Hi, interesting coin... I like the no ico and no premine but does this seem right?
15 sec blocks = 4/min = 240/hr = 5760/day
5760 * 314 = 1,808,640 coins / day = 660,153,600 coins / year...forever.
with this kind of inflation, how can this coin sustain value? are coins "burned" or "used up" someway?
interesting concept but can't wrap by head around this coin generation.
15 sec blocks = 4/min = 240/hr = 5760/day
5760 * 314 = 1,808,640 coins / day = 660,153,600 coins / year...forever.
with this kind of inflation, how can this coin sustain value? are coins "burned" or "used up" someway?
interesting concept but can't wrap by head around this coin generation.
Just like Eth，but one day can change to POS.
March 18, 2017, 09:19:10 PM
How much max supply?
What's right ticker? MC or MUSIC?
I will support if market not only on cryptopia.
What's right ticker? MC or MUSIC?
I will support if market not only on cryptopia.
March 18, 2017, 04:32:24 PM
Hi, interesting coin... I like the no ico and no premine but does this seem right?
15 sec blocks = 4/min = 240/hr = 5760/day
5760 * 314 = 1,808,640 coins / day = 660,153,600 coins / year...forever.
with this kind of inflation, how can this coin sustain value? are coins "burned" or "used up" someway?
interesting concept but can't wrap by head around this coin generation.
15 sec blocks = 4/min = 240/hr = 5760/day
5760 * 314 = 1,808,640 coins / day = 660,153,600 coins / year...forever.
with this kind of inflation, how can this coin sustain value? are coins "burned" or "used up" someway?
interesting concept but can't wrap by head around this coin generation.
March 17, 2017, 08:40:53 PM
Looks good, will meme.
March 16, 2017, 10:06:48 PM
I see. Yes I just gave the usual user profile link and may have fat fingered it.
March 16, 2017, 09:51:33 PM
Is it working now?
nope, because i didnt have the .conf file in the correct (which was incorrect) appdata folder.
however i did find the gmc.exe binary hiding in the huge zip file distribution
so i ran gmc.exe and cut&paste all those addnodes from the earlier forum posting, and now the chain is downloading. and i was perplexed i coudn't find where those chain/block files were landing.
as it turns out, per my previous post, they were landing in a slightly incorrect folder structure.
here are some windows environment variables (on a 64 bit system) that are useful to be aware of
(where 'dnp' is the 'username')
APPDATA=C:\Users\dnp\AppData\Roaming
COMMONPROGRAMFILES=C:\Program Files\Common Files
CommonProgramFiles(x86)=C:\Program Files (x86)\Common Files
CommonProgramW6432=C:\Program Files\Common Files
HOMEDRIVE=C:
HOMEPATH=\Users\dnp
LOCALAPPDATA=C:\Users\dnp\AppData\Local
PROGRAMFILES=C:\Program Files
ProgramData=C:\ProgramData
ProgramFiles(x86)=C:\Program Files (x86)
ProgramW6432=C:\Program Files
SYSTEMDRIVE=C:
SYSTEMROOT=C:\Windows
USERNAME=dnp
USERPROFILE=C:\Users\dnp
WINDIR=C:\Windows
March 16, 2017, 09:44:39 PM
Is it working now?
March 16, 2017, 09:33:49 PM
Best way because you aren't using the mining node version that allows you to enter the settings in the console is to add a config file to your %appdata%\Musicoin folder.
looks like someone didnt properly do windows coding and didnt "lookup" %appdata% in the program but rather typed in the path.
on my windows7 system (and most win7) %appdata% is: /users/
and indeed the windows .exe for musiccoin did drop a couple files under
%appdata%/musicoin/ namely a subfolder "wallet-ui"
however...
under /user[but no S]/
i have chaindata,dapp,nodes,history,nodekey
someone mistyped, when they should have been properly doing a dynamic lookup for %appdata% environment variable
March 16, 2017, 01:13:37 PM
Not a problem. UPNP is not required, but helps if you don't have the 30303 ports forwarded.
March 16, 2017, 01:12:22 PM
It uses UPNP like most of them. Best practice for any firewall is to enable UPNP on any local software firewall and also on your gateway firewall. Open port 30303 TCP and UPD and point it to your internal IP address via port forwarding.
With the pools I run this is how I am able to get 25 connected peers.
With the pools I run this is how I am able to get 25 connected peers.
ahh, i see. i disallow/disconfigure upnp due to previous historical security issues with the protocol
i do not use upnp for the other coins i play with.
well, thankyou for your time.
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