On the Solidcoin Economic Changes - page 4.

FlipPro

legendary

Activity: 1764

Merit: 1015

Quote from: tacotime on January 30, 2012, 11:34:45 AM

Quote from: film2240 on January 30, 2012, 09:06:37 AM

This could be a revival of SC.If so I'd look forward to it so I can have a go at trading other P2P currencies (SC) as well as BTC as it seems there's a lot more profit for me to be had by trading multiple currencies.I do wish that SC can help me setup shop like BTC did so I can trade between currencies without issue.

Lets see how SCs changes work out in the mid term.

I think a lot of people in the end are going to get shafted and one person is going to walk away with a lot of everyone else's cash.

This..

tacotime

legendary

Activity: 1484

Merit: 1005

Quote from: film2240 on January 30, 2012, 09:06:37 AM

This could be a revival of SC.If so I'd look forward to it so I can have a go at trading other P2P currencies (SC) as well as BTC as it seems there's a lot more profit for me to be had by trading multiple currencies.I do wish that SC can help me setup shop like BTC did so I can trade between currencies without issue.

Lets see how SCs changes work out in the mid term.

It will be the death of SC2. As soon as the currency is worth something it will be shredded by more talented programmers who can find security holes in the trusted node system, or by a simpler sybil attack.

The reason all my money is in LTC is because the system is proven robust as it does not strongly deviate from the original protocol -- with SC2, you're trusting a single person's programming skills with your money. The fact that the trusted node system has already been attacked successfully should be an ominous sign to anyone who wants to invest their money into SC2. I think a lot of people in the end are going to get shafted and one person is going to walk away with a lot of everyone else's cash.

film2240

legendary

Activity: 1022

Merit: 1000

Freelance videographer

This could be a revival of SC.If so I'd look forward to it so I can have a go at trading other P2P currencies (SC) as well as BTC as it seems there's a lot more profit for me to be had by trading multiple currencies.I do wish that SC can help me setup shop like BTC did so I can trade between currencies without issue.

Lets see how SCs changes work out in the mid term.

CoinHunter

sr. member

Activity: 252

Merit: 251

Quote from: Starlightbreaker on January 30, 2012, 12:51:55 AM

i'm suspicious he does this because someone is close being a trusted node, and unwilling to give up the sole power in the currency.

hmm.

No, the biggest reasons were businesses I spoke to wanted a stable value for the currency, that's what basing it on kilowatt hours attempts to do. Businesses also said they preferred if a SolidCoin was worth about $1 so that their prices could be similar across the board instead of "unknown" things like 500 microsoft points. That said because there's 2+ million SolidCoins don't expect the price to be $1+ overnight, it will take some time, basically it depends on which coins hit the market and the average cost to produce + some other variables.

The largest account holder I'm aware of has about 120K, one of the exchanges has a bit more than that in their "use" wallet. If someone did have close to a million they are hiding it rather well.

Starlightbreaker

legendary

Activity: 1764

Merit: 1006

i'm suspicious he does this because someone is close being a trusted node, and unwilling to give up the sole power in the currency.

hmm.

the joint

legendary

Activity: 1834

Merit: 1020

Quote from: t3a on January 27, 2012, 12:33:12 PM

For some reason this thread is locked: https://bitcointalksearch.org/topic/--61372

But I would like to point out that the vast majority of miners will stop mining when the price drops to $0.50, allowing an easy 51% attack.

Miners don't determine the price and a lack of inflation doesn't guarantee a high price.

It's locked because CoinHunter knows people will flame the hell out of his new Solidcoin.

"You're only doing this to make your own SolidCoin investment higher.
If this was true we would be a pyramid scheme like Bitcoin . Firstly the more people that mine the more coins that are produced, this is the opposite of a pyramid scheme, it basically is democracy relating to currency creation. In regards to the existing 2.7 million coins and the average cost only being 1c to create, that is part of the journey that is establishing a working currency. If we didn't have 2.7 million coins our currency would stagnate and not be very liquid. Either way early adopters and businesses do more than later adopters so this is their reward for their work." ~ CoinHunter

No thanks.

film2240

legendary

Activity: 1022

Merit: 1000

Freelance videographer

I wonder how Soidcoin is doing?I haven't been able to keep up with the latest news due to lots of work (job wise/academic).I used to be a miner for SC (very briefly due to poor value of each SC but were easy to get lots of.).I ended up trading SC for BTC as I made more BTC that way than mining BTC directly but thanks to RealSolids changes I can no longer work with that currency (I don't care about trust in SC,I just wanna profit whereas I see BTC as a viable idea)

Can't believe that SC went down the drain so fast.I wonder what an SC is valued at to BTC and USD?

k9quaint

legendary

Activity: 1190

Merit: 1000

Quote from: ?? on ??

ScamCoin says they have "solved the 51% problem" when in reality they have merely created a "0.00001% problem".

That is an unfair characterization of Solidcoin. There is no way there are that many solidcoin users. It is more like a 0.1% problem. Grin

k9quaint

legendary

Activity: 1190

Merit: 1000

Another really weird thing about this: Coinhunter has been claiming he can't make fiat changes to the currency and that we should all "read the code" to see why.

Then he makes a fiat change to the currency.

Artforz nailed it earlier in the thread. "Solidcoin has always been at war with Eurasia."

steelhouse

hero member

Activity: 717

Merit: 501

Looks like a cross between Brad Pitt and George Michael.

Blind

full member

Activity: 235

Merit: 100

Quote from: CoinHunter

> You're only doing this to make your own SolidCoin investment higher.
If this was true we would be a pyramid scheme like Bitcoin.

Heh, whenever I see ReallySoiled's avatar on solidcoin forums (Bratt Pitt), all I can think of is Ocean's Eleven.

cunicula

legendary

Activity: 1050

Merit: 1003

Quote from: Gavin Andresen on January 27, 2012, 02:29:30 PM

(channelling my inner CoinHunter):

It is SIMPLE ECONOMICS, people!

price = function(supply,demand)

So to create more demand, just fix the price and the supply! Easy-peasy!

(ok, done, back to reality)

Coinhunter's basic premises are correct in Gavin's (facetious) outline, but the problems he faces aren't touched on.

If he has a price of $0.02 then, he needs to commit to destroy 49 out of every 50 solidcoins to get to dollar parity. So far so good, easy-peasy.

The non-Easy-peasy parts are:

1) He can't commit to do anything because no one trusts him. He can reduce the block reward to zero and everyone will expect him to increase it again if price rises. Given this expectation, there is no reason to anticipate that price will rise due to his rule change.

2) There are already lots of solidcoins out there, so there is no way solidcoin will reach dollar parity given current demand even if the block reward is credibly and permanently reduced to zero.

tacotime

legendary

Activity: 1484

Merit: 1005

Code:

    double dDifficulty = GetDifficulty(dwWorkBits);

    //We need to work out how many years it has been running to calculate estimated
    //electricity price increases and hardware improvements
    double dYearsPassed = ( (double)(nHeight-179999) /(60*24*365));

    //moores law type adjustment. Assume 50% better efficiency per year
    double dKH_Per_Watt = 3.0 * pow(1.50,dYearsPassed);

    //We start at 8c per kilowatt hour, compound increase it 10% per year
    //this is the estimated increased cost of electricity per year
    double dCostPerKiloWattHour = 0.08*pow(1.10,dYearsPassed);
    double dTotalKWh = ((dDifficulty*131)/dKH_Per_Watt) / (3600*1000);

    double dBaseValue = dTotalKWh*dCostPerKiloWattHour;

lol??

Syke

legendary

Activity: 3878

Merit: 1193

Sounds like CoinHunter has enough coins in his personal wallet from the CPF transfers, and now he wants to pump the price up so that he can dump the coins. What a joke!

markm

legendary

Activity: 2940

Merit: 1090

So sheeple get fleeced?

Its not as if they don't have a choice, is it? Isn't it simply their nature to get themselves fleeced, and in fact trying to deny them their right to be fleeced might well even offend them?

I wonder if sheeple actually are generically sheeple, as in maybe there would tend to be high overlap between folks who would chose the highest-fee, most potential danger to the network pool over other pools and people who would choose SolidCoin over other coins - were it not for the unfortunate-for-them problem of that pool not happening to be mining SolidCoin?

Or it is more a kind of sheeple in this matter, non-sheeple in other matters kind of thing so the same folk who seem like sheeple in one matter might well not be in other matters that other sheeple find irresistible?

-MarkM-

dree12

legendary

Activity: 1246

Merit: 1077

Quote from: Gavin Andresen on January 27, 2012, 02:29:30 PM

It is SIMPLE ECONOMICS, people!

price = function(supply,demand)

So to create more demand, just fix the price and the supply! Easy-peasy!

Aha! So Gavin = CoinHunter, just as the rumour told.

On topic, I think his purpose in dropping the reward is to stop other millionaires from forming and liberating the SC network...

markm

legendary

Activity: 2940

Merit: 1090

Exactly. You don't even need huge capital up front if you

(a) Only issue coins in return for capital to hold as reserves; and

(b) Don't make an accessible blockchain until you have sufficient transaction volume for the transaction fees to sufficiently motivate merged mining.

Welcome to the current "in the absence of freely available high power merged mining" plan of the various Galactic Milieu "national currencies" currently being operated on the Digitalis Open Transactions Server pending solution of the 'how to afford enough merged mining to make release of the blockchains feasible" question.

-MarkM-

unabridged

newbie

Activity: 31

Merit: 0

theres another way to reach dollar parity, just offer to buy all solidcoins at $1

coblee

donator

Activity: 1654

Merit: 1351

Creator of Litecoin. Cryptocurrency enthusiast.

Here's a wild idea. If you really wanted dollar parity, why not just move the decimal point over by 2 places. Just make each SC be worth 100 of the old SCs. Name it NSC if you prefer. That way, it doesn't unfairly benefit the early adopters. And right away, NSC will be worth more than a dollar.

FlipPro

legendary

Activity: 1764

Merit: 1015

Viper IDK why you put your neck out the way you do...

Either way I like you buddy..

-_-...

Topic: On the Solidcoin Economic Changes - page 4. (Read 7833 times)