Whatever you do please do not screw those who already invested into the coin for the past 2 years by devaluing the coin.
I've bought many of my coins when the price was 4000-5000 satoshi. Since then there was no further progression and price tanked resulting in a big loss for me.
Also I was one of the unlucky ones that lost a huge amount from the Cryptsy collapse (188k)
I'm worried a new POW would worsen the position of the early adopters resulting in a bigger loss, and it'd be unfair, unless you've figured out a way to avoid the devaluation of the coin.
The price has tanked, yes. But why?
I tend to think it is because pure POS is not the way to go, but rather SLG should embrace a hybrid, POW/POS option.
By rejecting POW (not, I hasten to add,
pure POW!) you are resisting the very step which could reinvigorate SLG and make your original investment worth a LOT more than you paid for it.
You are shooting yourself in the foot.
Please note: I am a big holder of SLG, all bought and paid for,
none mined. I've never mined a coin (of
any kind) in my life.
I wouldn't know how to mine, even if my life depended on it, and that's a fact!!
So a switch to POW/POS would affect me in the same way that it would affect any other long-term holder, i.e my holding (as a
percentage of the total) would slowly reduce.
However, the
absolute value of my holding should greatly increase with the passage of time, as SLG attracts more attention.
I hope we can build a consensus around that position.
Sterling SentinelThe price has tanked because there is no new demand.
The only demand in the market right now is me and the people making volume to not get delisted.
Why there is no demand?
It's been almost a year without a dev making any improvements.
While other countrycoins had followed their roadmap, created services, make easier for merchants to join their movement, social media campaings, etc, SLG have had no improvement. That's why there is no demand and the price has tanked.
Value doesnt come from PoW or PoS, you've got coins using Pow doing very well and others doing very bad, and the same happends with PoS.
value comes from making SLG more usable.
To create value we need to make what other sucesful countrycoins are doing. Focus in the end user.
That's how they have created value.
If your objective is to attract more attention, what you need to use is marketing. MARKETING.
PoW/PoS is a technical matter is not the salvation of SLG.
It's not gonna explode because of PoW.
We need marketing to attract attention.
I understand perfectly your proposition of creating more coins to create more value. But it doesnt work like that. You need to create value in order to that happen. And you can not rely on changing the algo to create buzz about SLG. We need marketing.
I have previouly stated that I wouldnt mind changing to PoW/PoS if we:
1) Dont make PoW+PoS more than the actual inflation via PoS: 5.5%
2) We stop thinking PoW will make SLG explode. We need to create value and use marketing to promote it.
I do agree PoW can have some revitalizing efects but it wont last long, that's why I'm being such a pain.
I need to see we all agree that PoW doesnt create value.
Value comes from making good services and building a community around it
