Topic: [ANN][MZC][SHA-256] MAZACOIN *First Sovereign Currency* ANDROID WALLET AVAIL.!! - page 28. (Read 278416 times)

And here you go assuming the only reason a merchant would accept Mazacoin would be to dump it to BTC or fiat.  Mazacoin is not designed that way, if it is an official currency of the Lakota then the merchants that accept Mazacoin can use it as payments to other vendors that accept Mazacoin, and/or supplemental payments to employees as allowed by any governmental forces at work on the reserve.  If Maza gets used as an official currency why would any merchant accepting it in the official areas want to immediately dump it into the market? 

The thinking behind crypto traders needs to change, it is a paradigm shift away from Fiat, and Maza is a currency in it's own right that shouldn't be tied to bitcoin.

Yes. Shorter block times too. The original post said fast moving block chains which is not the case. Need to drop it down to about 1 minute or 30 seconds.

Phase 1 should be:
-New website design
-New modern logo/branding


Phase 2 should be:
-Implement DGW3 in clients
-Finish Android client
-Polish up clients with new images and logos
-30 sec or 1 min block rewards still increasing the supply as planned originally

I did say it would be slow above. I also said fixing the difficulty targeting seems most important to complete right away.

You guys are too big on the merged mining element. It's helpful to trust but the rollout of it will be slow. NOMP doesn't support upstream pools so you won't see much purpose or migration right away.

I specifically asked zone117x about it, and was directed to the BountySource page for the issue. I'm down to kick in some btc to get this done. This is high on my priority list with NOMP, and would be huge for maza IMO.

It would be MOST beneficial if we could get zone117x to implement multicoin mergedmining in the stratum server, like p2pool has.

[edit] I'll also point out that github.com/fusioncoin has mergemine MPOS and stratum server - but AFAICT it can only do one coin ATM.

ufff .. once again .... marchants don´t want accept mazacoin as payment becouse contantly decreasing price & almost no buy orders ( you sell few milions and you´re at 1 satoshi)

and what is most important? mzc marchant acceptance

If we can talk the NOMP creator into implementing the mergedmining capability in NOMP we could probably get close to 100% to of the current pools mining Maza to then merge mine BTC with it.  This also has the added benefit to BTC in taking away some of the 50% hashing power of Ghash, provided we can get miners to choose a pool that merge mines with MZC.

Great, keep the way it is............will maybe put a buy order at 0.00000002 before it goes to 0.00000001 
miners need to be stopped mining and dumping ASAP is what's killing the coin slowly, what this coin doesn't have is time

good luck

This is a good point here. I do tend to think that coin designers try to favor themselves as miners when they build a coin - and that does seem like the intent with mazacoin - to be able to mine as much as possible before the masses find it.

Sooooo. Yes, slowing production might be a good thing, but lets find a sensible plan, and do so with the intent to serve generations after ourselves, rather than next month's exchange rates. Those are not important. The long term success of the coin is. The long term success of the coin could dramatically change he political landscape in the US.

The voice of reason

If we can get together some PoS systems, and hopefully some video poker/keno/blackjack machines together, I'm pretty sure I can organize some gear and some crew to improve wifi infrastructure at Pine Ridge. Our team has a good deal of networking, and commercial wireless experience. (and we may be able to come up with some commercial gear donations)  I'd also be happy to start talking with some of the tribes here (especially the one opening the new casino!!)

Taking time to decide things is wise - IMO the only thing that needs immediate attention is the stability of the chain. If we can get block times to be normal (i.e. really avg block time as expected, without hundreds of blocks in a few minutes and no blocks for hours), then I think we have some time to make some decisions on exactly how to proceed best with any code changes or updates.

While auxpow (mergemining) will have the desired effect of making such opportunistic mining very difficult, if not impossible, this takes time for pool adoption. I suspect that changing the targeting algorithm is the most crucial to achieving transaction rate, and block time stability.

If there's not majority consensus on mergemining, then we should discuss it further. It's not something that will have huge instant effect upon fork.

It might be an interesting compromise to change the rate of block-reward halving, and increase the time of production in years, instead of changing the block reward. But...i'm not sure how that changes what's happened already, or the large quantity distributed already. (so I'm not sure how it helps the near term exchange rate economics). Slowing production overall may be a good thing, but must be carefully considered.

Here is the current creation schedule based on 5k MZC blocks with halving every 241920 blocks which is approx every 336 days rather than 365 days so we really reach the end at 11.96 years, but it's close enough to drive home the point.  The first year we see the most creation of MZC as we do with any coin, the first year gets the most creation, each subsequent year the amount drops off by half, we have to get a good amount into circulation in the first year to prompt adoption of the coin and to allow people to accept the coin and be able to adopt it cheaply (via mining or purchasing on exchanges), in subsequent years when there is less to be mined it will be pricier to enter the game.

                        Amount created            Total Circulation
1 year      1,209,600,000.00      
2 year      604,800,000.00      1,814,400,000.00
3 year      302,400,000.00      2,116,800,000.00
4 year      151,200,000.00      2,268,000,000.00
5 year      75,600,000.00      2,343,600,000.00
6 year      37,800,000.00      2,381,400,000.00
7 year      18,900,000.00      2,400,300,000.00
8 year      9,450,000.00      2,409,750,000.00
9 year      4,725,000.00      2,414,475,000.00
10 year      2,362,500.00      2,416,837,500.00
11 year      1,181,250.00      2,418,018,750.00
12 year      590,625.00              2,418,609,375.00
13 year      295,312.50              2,418,904,687.50


If we dropped the block reward to 500 it would take 14 years at 500 MZC per block to get to 2.4 billion coins without halving during that time.

sry but there is a point :

BTC will be mined in 20 years
MZC in 5 years - not sure now - ( 50% first year)

Guruvan is definitely not AP, I know that.  And he does bring up some good points.  I have said from the beginning that I am against such a drastic block reward reduction.  I even voiced my concern before the tweet was posted about the change.  If changing the reward is what is needed to get the coin on track for acceptance from the Lakota or other tribes I'd be more for it.  But cutting supply now could also make it more difficult for vendors to start accepting it.  I don't want to change the reward just so early adopters can dump their bags IF the price rises.  I don't want to play into "shareholders" just wanting short term profit at the detriment to long term viability of the coin.  We see too much of that with corporations today, I'd hate to do it to a potential economy of a sovereign nation as they start using it.

I still think we need more discussion before we set anything in stone though.  I also need to talk to Payu to figure out the best way to support his efforts with the Lakota.  I know they need a Point of Sale system and Android wallets to help in getting the coin used on the reservation, also a MZC ATM would be nice as well.

At this particular moment I am leaning towards Boxxa's idea of adding in AuxPOW and DGW3 at a fork, as guruvan pointed out this will spread the coins into more hands and bring more security to the blockchain, and  DGW3 will bring more stable block times into the picture which will help with live transactions and confirmations.  If we adjust block times I'd be more inclined to just drop to 1 minute rather than down to 30 seconds, this at least allows more time for the network to converge and less possibility of orphans than 30 seconds.  Then if after this effort and more legwork getting the coin adopted by tribes doesn't work we can re-evaluate what needs to be done at that point.

So, once all of this is decided I will get a timeline posted of changes to come.

No, I'm certainly not AP - and I have posted on the thread. You'll note I'm not a big fan of AP, though I am entitled to agree with him on occasion.

Such a typical suggestion at the slightest suggestion of dissent - "you're a sockpuppet"

If you look, I've been around here a long time, and and clearly my own person. In fact, Walker, I've been around since BTC was generating a large percentage of the total money supply per day. And litecoin even more so. This is the normal process of coin production.

[edit] also...I really don't think much of the ideas of those who simply respond with "you're a moron" - I'm always up for constructive discussion and debate, but we can save the namecalling for some other place.

And you read carefully it was example .. tell me how many % BTC is created every day? 0.001% or 0.002? MAZA is creating 1% per day ( do you understand now?!?! It´s 1000x more you moron

I just got done reading through the whole thread, who are you guruvan, you have never posted on this thread until AP left the mzc project, you sound just like AP.....maybe he is writing this out and your copying the paste to here for him? they have all ready said on twitter that it will be cut to 500 from 5000 reward for miners think changing that news again will just lose more interest if they have lied about this too stay  with what was planned and quit changing your minds -1 to guruvan = AP follower also maybe a pool owner scared to lose costumers

Good luck to Owl, can't wait for the fork were miner rewards are cut back to 500

Are you on the dev team? I'm ok, but your math skills could use a little help. 100% more coin per day? There are 3.6Million mzc created per day, against just under 400Million current coins.

Where's there real evidence that anything other than politics, fud, and poor market timing for entry have tanked the value of mazacoin in the market. I'm certainly not blind to the volume of coins being created - but 1% is a far cry from 100% every day, and as you should be aware - that % decreases every day.

Hate to say it, but I am, and was, with AP on this one - IMO changing the block reward only serves the short term trading reaility and does nothing for the long term economics. It does have the significant potential for damaging the coins image in the market.

I'm hopeful that the dev team is more owlhooter (and boxxa!) and less short term thinkers like this.

I will not repeat myself so I only say : are you ok? We aren´t decreasing miner reward we are decreasing MZC-code-mistakes becouse MZC was designed to "super-inflation" what, as we know, was wrong so way to fix this is to fork "block reward" ......

Think about it ... there is one example :

Tankcoin ( goal is that all tank marchants pay with Tankcoin)
These marchants get interested in and buy it ( price going up)
but every day there is 100% more coin ( they buy 1mio coins for 1mioUSD, next day again and again)
In time price begin decreasing it´s price becouse there is every another day 100% more coins mined
In time price drop really hard - first buyers get scared and sell with loss
........than you say - it´s good now........ something gonna change? All buyers will blame you for the drop......
Hope you understand now

I'm certainly of a mind that the targeting algorithm needs some work. Between that and the auxpow I think, indeed, the blockchain would stabilize.

Phew. 30sec block times are rough. I'm interested if you have some data to show that this will provide more stability to the chain.

Definitely agree with owlhooter that POS is inappropriate for mazacoin - it defeats the intended purpose of circulation.

Again, It would be best to stop focusing on miners' rewards and focus most on stability and production of services and products to make use of mazacoin. The real exchange rate of "money" is for goods and services, not other money. If the focus is put on getting maza accepted and used, the monetary exchange rates will follow.

It's my opinion that with some considerable effort we can have maza accepted by many tribes in their casinos, and usage would spread like wildfire from there - consider the effect of casnos buying up maza early for later winnings distribution, and the effect that distribution would have on people, not just of the tribes, but all over the US. That would make a hell of a lot more difference to the exchange rate than changing the miners' rewards.

Changing rewards, changing basic structure of the chain - those all suggest miners out for a profit alone. What's the message we're trying to send?

I think we never wanted to fork supply we always wanted to fork miners reward!...