And Jaymes does not make money no matter what. He has to be able to dump the coins he collects to the market, just like anyone else, and thats not happening right now. Personally, much as I hate the idea of a hardfork, changing the block time to 2 1/2 minutes would solve a lot of problems right now. There are enough coins on the market for the business to run efficiently and it would stop the mine-n-dumpers right in their tracks. Plus it would raise the difficulty level, psychological only I know, but most miners see a higher difficulty, and they see more value along with it.
Anyways, walt maybe you can talk to Jaymes about this next time you see him (I'm not on IRC enough).
I'm ready to make any code changes to the coin as necessary for this project.
Nothing is unfixable.. we just need to determine the best path forward.
I will certainly pass it along tomorrow, if we could get more input from the community between now and tomorrow afternoon that would be great.
waltsmith
Well you know my position on this. As a miner and IPO investor I see two problems. The ipo value of GPU coin was about 20 satoshi,
and currently it is at 7 satoshi (not good), if it gets much lower it could be game over. Miners can not mine this coin and sell under
20 satoshi and cover electricity anyways. The coin needs to have a higher value. Now obviously it needs more P.R., more miners, more exchanges and traders to thrive. There currently is way too many coins minted in such a short time, which causes the exchanges to have WAY more sellers than buyers. 20,000 coins/block is just a lot of coins. I really think the block reward needs to be halved, and halved again on a much quicker time frame then originally planned. Scarcity causes value. It is very hard to mine a bitcoin, and there will be relatively very few produced (21M), so bitcoin has perceived rarity and value like a diamond. GPU coin is more like DOGE coin, where there is just a shit load of them being produced because they are so easy to mine. The difference that keeps DOGE coin going is the constant marketing, news articles, promos, and community that just makes it go viral, which GPU coin is lacking. Even so, I personally don't mine or buy DOGE because I feel that a coin should be worth a reasonable amount of USD. I can grasp that a bitcoin is worth $468, and a litecoin is worth $13, but I can not grasp (easily) that a GPU coin or Doge coin is worth .000037444 cents! I would much rather have the block reward be 20 instead of 20,000 and a GPU coin worth 37 cents or 8000 satoshi. With a more realistic alt coin price, people would be more interested in it, it is a vicious circle, but now at 8 satoshi we are heading awfully close to the death spiral of 1 satoshi and graveyard. I think a hard fork and block reward reduction with an increased halving time would help a lot, and I can't see it upsetting anyone because it is just a wallet update, the ipo holders investment would go up, and new and current miners would be happy since they could mine a coin that is worth more than the electricity they burn. Plus wouldn't the store rather sell a 280x for 10,000 gpu than 10 Million like it is now? Think about it. And I know coins are made to still be mineable till like 2040, and that is important for the mainstream coins like bitcoin or litecoin, but do you really think the world is going to be paying for everything in GPU coin in 2030? No, that is not what it is designed for, and that is why speeding up the halving is not a bad idea. Who cares if all the coins will be mined in 2030 instead of 2040? CEO shouldn't care, he will either be retired by then, or still selling stuff and re-circulating the coin. And there will always be traders and miners if there is a fee or reward that is worthwhile.
