Topic: ★★DigiByte|极特币★★[DGB]✔ Core v6.16.5.1 - DigiShield, DigiSpeed, Segwit - page 1570. (Read 3058803 times)

to be honest I could do w/out all the pool spam. Or they could do it in a much less obtrusive manner in 5 lines or less.

Keeps the thread up on the first page, right? 

no, you're not. you're a multipool driving up difficulty & then coin hopping. Pools like you are the reason the past few pages are all about Kimoto gravity well. Thx for all the thread spam though.

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Yeah, and we definitely don't want to die from something like that. Err, die from anything actually. 

Pretty good point there.
After thinking for a little bit about it, I'd like to say that I'd agree that rewards should stay the same.
I still can't believe how hard BTC and MTGOX crashed, though. Nuts.

We agree that the difficulty re-target can be improved upon. We are researching the best way to do this in order to help maintain a healthy hash rate.

i don't think decreasing block reward drive more hash to our network or help increasing the DGB price at all after today's BTC crash.people is waiting to get a chance to dump theyr coins for BTC sell it and wait another crash! its what the market is waiting for... another BTC crash to buy even cheaper! what appears to be is that BTC has low volume and a lot of FUD around this week, time to get things done into DGB code while BTC stabilize its price.

Sure, it's not as bad as others, but it's far from ideal. Like most of the people here I have the desire to pay off the cost of my mining equipment (apologies my interest in Digibyte isn't 100% altruistic lol). Both yesterday & today (a few hours ago) we got hit & it's really biting into mining rewards.  With the retarget due in 2 blocks now just watch how long the network takes to go from current 266MHs to over 3 GHs :/   That we ever got so low as 266MHs is surely an indication that some action is needed?

Edit: such large variations in network hash also open us up to 51% vulnerability. smalltimeminers went from approx 5% of the network to currently 30% in just a couple of hours. I think it's in the interest of long term viability that network power is stabilized via Kimoto.

What I meant was that it depends on the price increase, sorry I didn't explain that clearly. If the price doesn't rise in line with the drop in reward then miners may leave for another coin. If it rises in alignment with the drop in reward then it basically achieves nothing in my opinion, but it would reward early adopters for sure. But you are certainly right that some loyal miners will stick around no matter what.

Honestly, the re-target time isn't bad at all on DigiByte.  We haven't experienced anything even remotely as serious from the multi-pools as some of the other coins.  Not even close.  There are coins that have literally faced the die or change re-target time wall.

Also the quoting has gotten a little ridiculous there...
Anyways, I'll be watching and waiting for some more people's opinion on the matter

DGB does have a pretty vocal community, afterall.
In fact, I remember someone posting about Kimoto a long while back in this thread. Like page 120 or so?
Becomes a big topic for DGB now, huh 

Why is that?
Sounds pretty disastrous, though
I would like to avoid a situation where we all die, afterall!

I don't see how it would drive people away. If anything, people who have been mining since the beginning would be ecstatic that their coins are worth that much (And hopefully not dump them... That would be an issue) and most likely continue to mine DGB if they can keep their profits near the same as before the reward reworking. I also don't see how it would keep people away from DGB. They would look at DGB and check it's profitability, then if it works for them, they'd mine it.

The only problem would be if the price didn't scale with the reward change.

If the reward were to be changed, it should be changed before we hit cryptsy. Once DGB gets listed, it should receive some more mining attention!

Or it could just be ignored, but I don't think that will happen... Or hope at least

Everyone seems to be asking for Kimoto and the rest of the cryptos are implementing it, so I think it's a necessary evolution in DGB  
Perhaps it's a necessary innovation in crypto. Multipools seem to be fairly disliked among a lot of people (Specifically miners who get affected by difficulty hikes)

Anyways, I have very high hopes for this coin, and will be sticking around for the long run, and I know most of you will be too  

Seems you get the essence of the concept I was talking about - however increasing the number of blocks means that we all die right around the time DGB finally matures into a stable end-of-life crypto

Very well articulated, as all your posts are Creative.

Basically what you are saying is that the halving rate should be increased?

I don't have an extremely good grasp of the inner workings of cryptocurrencies, so I can't say for sure what is possible or what isn't possible: But what I was suggesting is that the rewards be cut in fourths while adding 4x the amount of blocks to mine. Doing it this way should keep the exact same amount of coins that will ultimately be minted, right?

If that's done, then less coins will circulate in the beginning as the diff goes up. Because of increasing difficulty, and less coins being in circulation, the coin will be worth more in the immediate future: However, the same amount of coins will be minted. The question with this is whether it's good in the short or long term at all, and whether that would attract miners. I personally think that DigiByte would do better if every DGB was worth a little bit more than now, or even it's projected value. People don't want to think of 1000 DGB as a dollar, they'd rather think of 100 DGB as one. It could most likely easily be argued that over time, this will happen naturally. I can see that.

The problem after that is making everyone upgrade they're clients. This is something that will have to happen if Kimoto Gravity Well is implemented anyways, so if a change like this is to be done it should be done with that.

At the very least it's an interesting idea to talk about. 

Once again, I don't have a great grasp of how the blockchain works. So it might not be possible to make 4x the blocks while cutting the rewards into a fourth.

I really should learn up on this stuff
Anyone have any good suggestions on where I can learn about how cryptos work under the hood?

Oh yeah, and how's the pool going? Lots of meticulous work reading through logs, I'd guess. But keep up the good work 

I too am all for implementing the gravity well, but see no need to lower the block reward. The goal is, after all, to increase the difficulty but to do it in a sustainable manner, slowly building over time. Lowering the reward may well drive away a portion of the network we are trying so hard to build up. 

The gravity well should have no effect on price but lowering the reward would put the markets into a state of flux, which is not a good idea in my opinion. So saying, if enough people see Kimoto as the primary means of preserving Digibyte's future then we should see a small but significant price rise upon implementation.

I understand why it is suggested, and in fact it would likely increase the value of DGB in the short term, but reducing the block reward flys in the face of what this coin is meant to represent.

Reducing the block reward in isolation, and thus reducing the total coins to be created, will turn DigiByte into yet another commodity coin.  I do not speak for the Dev team, or the community, in anyway; but it was my understanding that DigiByte was created in order to provide a transactional currency that could function as a general medium of exchange.  Reducing the block reward would cripple that endeavor in the interest of increasing profits for a few early-adopters.  It is bad form, bad business, and self-serving.  I hold a great deal of DigiBytes, and would benefit greatly from this choice, yet I believe that it is the wrong choice for the future of DGB.

The desire you are expressing is understandable, and even reasonable.  You are going about it in the wrong way, however.

As a coin progresses through it's life cycle the block reward is naturally reduced by reward halving.  It is built into the design of crypto-currency.

The desire you are expressing is not that the reward be reduced, but that the coin progresses through the stages of maturity sooner.  A 'mature' coin is through the initial inflationary period of rapid minting and therefore begins to deflate and value increases.

To change the reward without changing other fundamental specifications of the coin, would be irresponsible and essentially convert the coin into another coin entirely.  Your suggestion is not a bad suggestion, you are simply going about it in the wrong way.  The only way to achieve what you desire in a responsible manner is to speed up the rate of halving while at the same time changing other specifications such that the ultimate total coins minted does not change.  Framed in that manner, the idea becomes responsible, prudent, wise, and a great idea.

The thought had nothing to do with increasing resistance from Multipool attacks 
I just think more people would be interested in a coin with a little bit more immediate value, and decreasing the amount you gain from mining is one of the ways to make it more valuable at a quicker pace.

Also, thanks for the response on these thoughts Digibyte. We should probably have another forum poll about all of this, let the community decide and all of that. We are still young enough for changes like this. It's good to get these things worked out sooner than later, afterall.

We are asking about why people are suggesting it, so it is one of the issues I believe most of us know what kimoto does. It will be a super feature in digibyte