Ok here is what Goldcoin did when they lowered their block reward from 500 to 50. A couple weeks later instant surge to the moon. Of course it dropped back down aftwards but the new baseline was still 10-30x higher. Mind you, this was with a coin most of the community hated. Everyone LOVES Digibyte.
I'm up for a decrease in block rewards. Maybe 2000 or less a block?
Increasing the difficulty of obtaining DGB would certainly increase it's value. I think it would be better that way.
Also, everyone seems to want Kimoto Gravity Well, so I don't see why not. I need to look up on what exactly it does, but it seems like it makes it easier to recover from multipool attacks somehow.
Decreasing the block reward will make DGB more scarce and price will adjust to this. How will this help against multipools? Or am I missing somehting
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.
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.
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
