Topic: [ANN][XC] >> Mandatory Update to new Wallet - The first POS X11 anonymous wallet - page 227. (Read 268507 times)

i agree  

Ya -- I really cannot stress enough how necessary it is to reduce total supply and PoW phase.  Can't sleep because my mind is all worked up about this.  I want what is best for the longevity of this coin.  Just think about it:

If things remain unchanged -- what group will be holding the majority control on the price once anon features go live?  Will it be the miners (selling the price down) or investors  (buying the price up)?  It will be 100% be the miners holding majority control --> because 75% of all coins will be minted in 2 months (this is way too many coins way too soon) especially considering that XC's biggest selling point was already delivered two months ago (by that point in time).

Again, this would be somewhat of a different story if anon features released near or at the end of PoW phase (because the expectation would help sustain buyer confidence).  But it is not.  Anon feature is the "hot thing" right now, and the hype around it will only be suppressed as 25 million more XC flood the market in two months.  People buy on news and sell on fact.  Once anon feature (the news) is released, XC will have an extremely hard time increasing in value in light of 25m (75%) of the supply being minted and thrown into the market.  Two months of sell offs is a long time and will assuredly decrease buyer confidence.  

Not to mention, 2 months down the road, there will surely be another coin to be 100% PoS with anon features before we reach our 100% PoS stage.  It is crucial that XC becomes 100% PoS with anon feature before any other coin.

XC needs to reduce both total supply and PoW phase to help ensure healthy / constant buy pressure.  DRK reduced their block reward (and probably would have done more, had they been PoS), because they knew this move was necessary as they drew nearer to implementing darksend.  DRK team is really genius when it comes to creating market demand (for this reason and their requiring of 10,000 DRK taken off the market for each masternode).

This is exactly correct as veritasBS said:

Let me walk you through what will happen if the coin specs stay how they are currently:
1) There will be a big run in price when this PoS coin is the first to release the wallet.
2) We will get to a market cap of say 10 million.
3) There will be a fast decline in price but because this IS a coin with a quality dev and features, it will level off to some where around 6 million market cap.
4) Then 25 million more coins will come flooding in to the market over next 100 days. The price per coin will start a slow decline to 1/5 of where it was when it settled after the run.
5)The investors will only take so much loss and jump ship somewhere in the decline.
6) By the time PoW ends, you have many coins on the market with the EXACT same features so you no longer have an advantage.

The opportunity is NOW to make this a lasting coin. Use the advantage the dev has built to  make this the premier anon coin...anything else is poor management.


My Proposal:
10m coins (or less) and let PoW continue for another 1-2 weeks (1 is best) max with reduced block rewards.  

This will help allow for market cap growth, will help ensure XC is the first 100% PoS coin with anon tech, and will give time for an XC multipool to be set up and launched immediately when PoW ends.

Either this, or extend the PoW mining period years into the future with greatly reduced block rewards.  I think this is better than changing nothing (I still think that the first 100% PoS anon featured coin is this coins biggest selling point).  But if it remains the same --> yes, this coin will still be successful (if anon releases), but all I see is unnecessary value suppression for the future of this coin.

that's will be great!

congrads on the 250k lucky man, i hope we can come to a agreement, i just want to get on with everyone to be honest, i think reducing the block rewards is the way to go, miners can keep mining, and investors will see a nice stable investment, win win and it won't require a hard fork, drk did simaler and they are doing fine, it will hurt us more to not do it, but anyway, congrads on the 250k that's a great amount to hold, hope you get rich.

The main difference to my understanding would be that it should transition to Proof of Stake - or - it is a hybrid. Either way, there would be interest generated. 3.33% annually. I believe the wallet works like a super node for DRK, so, in theory there would be countless nodes for the P2P anon stuff to work. Darkcoin is my absolute favorite and I think you should own some, everyone should, but I do think this is the most interesting alternative new one. Dev is also using his real Bitcointalk.org ID, which is a step up from people using random new IDs and dumping the coins and moving on. So, seems a better chance this guy will make it and stick around.

When did I ever claim to NOT be money hungry and selfish?  I have no problem with pumping and dumping scam coins.  I wasn't here in the really early days of BTC, so pump and dumps are a major source of my BTC intake.

Just annoyed with all the BS and convoluted reasoning as to why abruptly stopping PoW mining, or significantly reducing coin supply, is so good for the health of the coin, if this is supposedly more than just a pump and dump.

OH NO, I AM 100% IN THIS FOR THE LONG TERM, BIG BELIEVER IN XC!  IT IS GOOD FOR THE COINS TO BE CUT OFF, TOO MANY FLOODING THE MARKET!  Oh, why yes, I do hold 250k XC I mined at low difficulty and bought at crazy low prices before an anonymous wallet was announced, why do you ask?  IGNORE MY MASSIVE STASH OF COINS!  THAT HAS NOTHING TO DO WITH IT!

I mean, seriously, some of you are fighting for this so hard I think you are all starting to believe your own bullshit.

Now extending the PoW for years to come is an idea I would be more able to get behind.  I have never been a fan of these quick mining period PoS coins.  And yes (in anticipation of newbie and jr member responses), 3 months is still a VERY fast mining period.

To achieve this though, a hard fork would need to be implemented very quickly to avoid needing to abruptly drop the block reward ridiculously low.

At this point, any change in the reward scheme is going to put a stain on XC and IMO is not worth it LONG TERM.  Yes, short term it slows down the pump and dump, sorry!

but the mining period is over in 100 days, were in that 100days 17 million + coins will hit the market and we are trying to get the mining extended to something like drk or btc were it's mined over years to help keep a stable price.

no instanmine，everyone can mine from start

it is rumored to be  a cross between zerocoin and darkcoin annon features, it will be the first annon coin with pos, and the the first coin with android wallet with working pos, the DEV is keeping the details to himself but there is a teamview session coming up soon. there will be master nodes like dark, but the dev is improving on the idea for added security, i wish i could answer your question more, but we just have to wait.

Oh man...

Anon Features

But what new features does this coin bring to the table?  I'm genuinely curious.

TL; DR

wallet will come out soon!

lots of stuff read the forum, it's all here you just need to read it

he was being sarcastic and indicating we are all money hungry selfish low life's, just because we don't want 17million+ coins to saturate the market in the next 3 months, i think it would be a great idea to lower block rewards to extend mining for years to come like DRK or btc, but apparently that makes me greedy..

So what is this coin doing that Darkcoin already hasn't done?

what's the price now?

why did satoshi decide to have a long mining period? because he knew it would keep a stable price, we should do the same, everyone happy, is that so hard?

for a SR member you disappoint me..don't you think a longer mining period that stretches for years like LTC OR BTC is a better idea then 100days and it's over? you are a miner, so you now have 100 days to compete with everyone else to mine as much as possible, or we can extend the mining period and you can mine for years, i think that would make all happy, don't you? miners are important and so are investors, we need a happy medium, so you have 2 choices here, in 100 days it's over! no more mining for you, you will just have to be happy with what you have or buy, 2nd option, we can mine for far into the future, by reducing the block rewards, and also keeps the price stable, and that's good for all of us, and attractive to investors.