Topic: [ANN][NYAN] NyanCoin - ★★★V1.2 Released! Now Listed on Cryptsy! ★★★ - page 14. (Read 80997 times)

I'm going to ignore Tyson187 since he is not making any real suggestions and just insulting people, but to answer your concern, this is why I think our problems can't be solved by just X-11 change:

Our problem has to do with the low volume fundamentally. The low volume happened because our market cap is so ridiculously low. Because of our low volume we can't get anybody to take the coin whether it is marketplaces or Cryptsy.

Second, our community will grow as long as there are people who hold the coin. Our current status is not encouraging community since we have so few miners (due to low network hash) and any miners who are not already long term holders are basically dumping the coin as soon as they mine it. I realize now we have a fundamental problem (had I realized this problem months ago I would have sold all my NYAN then, but since I didn't, here I am trying to work around it). That problem is, sure we have 7 million people following nyancat but 99.999999% don't know anything about crypto nor could they care less.

On the other hand, the people that actually build a coin, the crypto community, leave as soon as they see that the coin is not a good investment. The current version of the coin is not a good investment because:

We are under 20% of the way to the max coin count.
Our distribution is slow so our network hash is destined to be small.
Inflation and low volume make the coin unattractive to be accepted in any market.
We are attempting to cater to a community that frankly has proven they do not know or care about crypto.

X-11 changes nothing fundamentally about the coin, it just makes the GPUs cooler. This won't make a flood of people suddenly care about the coin.

Changing to POS is a different story, if we did that, then inflation would not be a problem. The coin would be rarer which would make people want to buy it more. We could start to build the volume we need for marketplaces. Once marketplaces take us, then we can make advertisements to the nyancat community and they will start to care since they can then buy things with the coin.

What is the best case scenario for X-11? We get a small boost of attention, maybe a few hardcore miners will stick around, but the price of the coin will not change since we would be helping the miners, not the investors. POS would be encouraging investors to buy the coin, which is what we need to save it.

well look like you are ignorant as he is or even worse 

atheistftwins is one of the only people actively promoting this coin and trying to expand the coin.  In the DEVs long absences he kept promoting the coin so I would not say he is only looking after his own interests and not the coins as you would be incorrect.  I am also a significant bag holder and I can take or leave POS.  I would prefer the algo change over anything.  Atheist is entitled to his opinion as is everyone. So stop with the slander and sort out whatever problems you have in your sad miserable existence and take your negativity elsewhere.

Um, Auroracoin didn't die. The dev supposedly claims that there wasn't a 51% attack, either. I didn't verify that part, but I did verify that it's trading like normal, so it's obviously not dead. (I don't know why someone would want to hold that coin, but that's another matter.)

Regardless of what we choose, if the coin fails big holders have the most to lose - I'm sure he is arguing for what he thinks is best for the coin.

that is why atheistftwins is for the pure POS since he would benefit the most of it , he looks only after himself not the best intrest of nyancoin

I disagree with a pure POS model. Sure, Pure POS would be great for people like me that have boatloads of coins, but it's bad if we want to grow the community.  Mining is the engine that drives community growth. New miners discover the coin, mine some, and support the coin now that they have acquired a stake in it's success. Without mining the coin would just be in a perpetual state of stagnation whereby only current coin holders gain interest and everyone else is shut out. It would be the worst possible scenario for a "fun, newbie friendly" coin like Nyan.  For this reason I prefer the hybrid x-11/POS option.

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Почитал я про PoS и NXT и понял, что нам этого не надо. Там нет майнинга для обычных пользователей с малыми суммами. Я думаю нам нужен просто обычный прогрессивный алгоритм. При переходе к PoS нужно менять всю систему и вероятность потерять монеты всех пользователей просто огромна.

i already voted for X-11 w/ POS but reading the posts of atheistftwins i think hes right in changing it to POS only

€: i have to edit this, i might aswell think it would make the process of nyan-fans adapting nyancoin much easier if the only thing needed to generate them is having the wallet open
(don't know much about the technical specs but it reads like this, buying some first obv).

A hybrid model is also possible, with some of the blocks being mined and some of the blocks being generated by POS. That is the version that has the most votes right now in the poll.

My argument is that we don't need a hybrid model, it's going to take work which will take time to implement both, and time is something we don't want to waste. A hybrid model doesn't benefit us any more than pure POS since we have a low network hash, and if we take away blocks to go to POS, then our hash will get even lower to the point that it is negligible. Might as well just implement pure POS.

yeah sorry... I meant that it would be useless to change to x11 cause it would not be necessary (or is that what the dev means with a hybrid model)

We need to change the algo to POS. That way the network will give rewards to those that prove stake instead of prove work. There is no traditional mining in pure POS, but can think of anyone with a wallet as a "miner" with a hash rate equal to the number of coins they have.

where comes the mining part in this?
is it still needed for the chain to work?
if there is no more reward for mining then it is not needed to change algo right?

Here is my argument for going to full POS:

No more worries about pools dumping.

We can control the inflation and cap the max number of coins to a more sustainable number. (Look at BlackCoin, their only selling point was that they had POS and low inflation and their current market cap is over 2 million).

We don't have to worry about a 51% attack no matter what our marketcap is (as opposed to auroracoin which just died because of one)

Without being diluted by constant high inflation, we can focus on the fundamentals of the coin: which is that we have a great IP and branding that would allow us to compete well with established coins. Right now, the fact remains that we are not even 20% through the total number of planned coins, which is severely deflating current values. Allowing investors to not have to worry about so many more coins being produced and instead showcasing our strengths, would encourage invesment.

More incentive to buy the coin: Only way to get more coin is to buy it or hold existing coin.

The easiest way to explain it is that instead of running hashing computations, you just have your wallet open. Then the network will be kept secure by users verifying their ownership of a certain number of currency.

Your "hashing" power in the network isn't your computer at this point, but the amount of coins you have relative to the total number of people who have their wallets open.

For example: NYAN could implement full POS at block 50 million. Then it would inflate at a given percentage, say 1%

If you had your wallet open, you'd essentially get block rewards equating to 1% of your coinage. (Think of it as interest).

Basically you wouldn't need traditional miners anymore, and the network can be made larger in fact since anyone can just open up their wallet and earn interest while keeping the network secure.

Edit: Here's the wiki page-
http://en.wikipedia.org/wiki/Proof-of-stake

can someone explain in a nutshell what POS (I guess "proof of stake") means?