Topic: Darkcoin reward schedule vote - page 2. (Read 4665 times)

+1

Fees won't be enough.  Look at how hard it already is to mine bitcoin.  The rewards are ridiculous.  It is the first, so stores that have vision are accepting bitcoin to sell stuff, but when the prices start to  look  like 0.00000214 it's just gonna be annoying!  Bitcoin will soon stagnate.  It might keep it's value like you put value on gold, but it will have no usefulness.  I see darkcoin having usefulness.

FWIW Evan said he's been thinking about this for the past few weeks, so despite the fact that this seems like a sudden thing, our Dear Leader has been mulling it over and created this thread to instigate discussion. I do need to teach that boy better PR management, typical programmer.  

Would you guys & gals like a re-vote with a few more options?

WE  HAVE inflation in order to build  up the supply of coins!  There would be NO coins without inflation!  With the number of people joining the crypto community, and the usefulness of the coin increasing, there will be a lot of demand, way out pacing the supply!  I see this coin as being here forever, not just a pump and dump with a lifespan of 5 years, it's still a pump and dump then!  Heck, 100,000,000 coins in a century when our current US deficit is 17 trillion?  It's nothing!  And Darkcoin is a world currency!

i have no nice graphic, but some solid numbers:

now we have ~ diff 300 for some days of mining:

diff 300 / block-reward 21 DRK / 12,096 DRK per day / 4,415,040 DRK per year
diff 600 / block-reward 18 DRK / 10,368 DRK per day / 3,784,320 DRK per year
diff 900 / block-reward 15 DRK / 8,640 DRK per day / 3,153,600 DRK per year
diff 1200 / block-reward 12 DRK / 6,912 DRK per day / 2,522,880 DRK per year
....
diff 3000 / block-reward 6 DRK / 3,456 DRK per day / 1,261,440 DRK per year
diff 3300 / block-reward 5 DRK / 2,880 DRK per day / 1,051,200 DRK per year

more diff means (>3300): block-reward 5 DRK / 2,880 DRK per day / 1,051,200 DRK per year

to have a real comparison you have to devide the DRK-diff with 3 to have the scrypt-diff
then you have "only" the scrypt-diff of doge-scrypt-coin: 1100

when DRK gets a bit more popular, then we will only see the 1 million new coins per year!

so a block-reduction is really not neccessary!
its a very good block-reward-formula - it should not be reduced!

If possible, can you make it so that people can change their vote?

Satoshi thought of the mine thing. Fees are the incentive.

DarkSend can generate plenty of fees for miners and in particular nodes. It should, in my view, be the primary source of revenue - gateway payments because all the other coins will use DarkSend.

Bullshit. Mild inflation is never good. Stability is required. That stabilty can be provided by the market through natural periods of inflation and deflation.

Stop reading the works of douchebags like Paul Krugman, winner of The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. I.e. NOT a real Nobel prize. A prize awarded by a central bank. Who the fuck do you think benefits from fiat inflation?? Banks. Not the people.

It still assumes difficulty remains the same throughout which it shouldn't.  It should be more of a curve, and now my dang vocabulary is abandoning me... a ____ curve, ugh!

We will very soon, I suspect, hit the minimum reward of 5 coins.  That would set us at just over 1 mil new coins a year, which will be enough to keep people mining, which will keep the coin alive!

No reward = no reason to mine = death, not a mild inflation which will be absorbed by an increase in population!

don't be short sighted!  Think of the lifespan/usefulness of the coin, that's where the ultimate value is!

BTW, there is NO WAY the rewards would EVER follow that red line, it'll be pretty much the blue line, with mild varience, so that chart is just to scare! (Ok, you're not out to scare us, but the likelihood of that happening is slim to none)

 The red line shows the theoretical max coins at minimum diff the blue is maximum diff.

Reward over hashrate

But Evan, this doesn't show the formula, increased hashing lowers the reward, until it hits a minimum of 5 coins! That graph looks crazy, and isn't even accurate for what we are hashing now!

I am lost here.  I thought there was a hard cap at 84 million, yet the red line increases forever. Did that cap never exist?

If it helps us get to $1bn market cap this year.....then its fine by me.

Block halving was too much but -20% sounds good

please give us some real "near" numbers of total DRK - year 2054 is far away

end of 2014 min/max
end of 2015 min/max
end of 2016 min/max

thanks a lot!

Because price and riches and peanut butter swimming pools. In all seriousness, I reckon it's so the currency is not inflationary that way we can maintain possibility of price rise and relative scarcity instead of a slow march into the abyss of unitary Satoshi.

can you show on the graph what existing looks like?

I think the only reason to change is because people don't understand how it works.  In fact, if DarkCoin is successful, then there really would be no inflation.  Because more people would be using the coin which = more demand for the coin, which I suspect will out-number any inflation built in.  Besides, as more people mine, the rewards go down...

so the only real reason to do this is to reduce the total coin supply.  But I think a larger/longer coin supply gives the coin much more longevity.  It will work well into the future, deep into the future.  While still maintaining a very limited supply of yearly coins.  People don't understand that right now, but I think as more attention is focused on DarkCoin, more writers will explain this, and eventually it will be understood and accepted as a good thing.

I know it's one of the factors that people are mistakenly using to value the coin right now (remember it takes 70+ years to get to the maximum number of coins)  But it is one of the reasons I like this coin.  I think it keeps the coin accessible to people in the future, which makes it actually useful as a REAL currency.  I don't see bitcoin being more than a place to store your wealth, like buying gold, because it's becoming less and less accessible and less user friendly (buy a backpack, only 0.056875 btc!)  And it's only going to get crazier!  They say they can always go further down the decimal places, but really?

Mild inflation is good for a growing population, and believe me, it'll be more than absorbed!  Especially with the usefulness of this coin!  Please don't freak out because the price is currently stagnant!  Just because people don't understand yet, doesn't mean they won't when they're interested enough to focus a little more attention.  The coin is getting spread out and creating more users right now because the price is so low!  I'm guessing people who were able to mine a ton of 'em in the beginning are dumping, which is great!  I mined from the beginning but only had 2 computers with 2 core processors that would work, and a high learning curve, so those coins mean a lot more to me, but those who got them easily, they're taking profit and spreading the coin, it's a GOOD thing!

I think leaving it as it is, is the wise thing to do, for the usefulness and longevity of this coin

I really like the way the reward schedule is setup actually, what I'm saying is that the min and max values would be decreased by 20% year-over-year. This would cause a fixed supply over a number of years.