Topic: [POT]PotCoin - Banking for the Legal Cannabis Industry ✦ ✦ ✦Grow With Us ✦ ✦ ✦ - page 218. (Read 920105 times)

I don't see what you are talking about? 1.56 th/s seems like a lot, even for the new asics though.

What's up with the diff and network hashrate right now?

Hashrate    1.56TH/s
Difficulty    14500

Timewarp?

Because, 210 and 105 and so forth is still a lot more than .01 (what are transaction fees anyway?)?

Unlike you, price is not a concern for me? I am not worried about day trading and making a few dollars. I buy when it is low, as i said, scavenger.

How is halving the coin going to push prices lower? Price is based on utility? Or is it based on total network hash? I personally don't look at the network hash and determine my prices off of that, do people?

Your prediction of death only makes sense if no work is done to get the coin more acceptance by vendors. As though things are just going to stagnate at this point for the next 8 months?

You seem to mine completely based on formula. If it isn't profitable, you don't mine it. Which is fine, but that is not how everyone does it.

I don't determine if a coin is worth mining based upon immediate profitability. I like to speculate.

I speculate that the halving is not going to kill the coin. You still don't give any solid foundation for why it is going to kill the coin. I believe my arguments for halving are a bit more compelling than "the price needs to double if the rewards halve, other wise no one will mine the coin"

The price fell what? 300, 400% and the network wasn't decimated by that. People are still mining. That must be solely because they are still getting 420 coins a block, not because they see something about the coin..


Buying the coin doesn't create demand for the coin. Utility creates demand. Being able to buy something exclusively with potcoins creates demand. Making something that people want, and forcing them to get potcoins to get it. The target market is perfect for that, who the fuck wouldn't want a 20 for the little work they had to spend to start mining? The problem is, shit is still illegal. I am a dreamer but i see some type of crypto growing side by side with the emerging industry. I still think we are 3 to 5 years before we see wide spread reform of marijuana laws. The feds take forever to do anything. State level might not be so long but until the feds makes moves, the whole political system blows.

Reduced miner rewards increase scarcity. Price will go up because they are harder to obtain. But this premise is completely dependent on the coin having a demand. People have to be buying the coin to create demand. So we are back to the same issue as before...how do we create more usage?

That being said...halving 4 times in a year is still probably overkill...

Edit: And I just want to add...the price really doesn't matter too much at this point. Its still just a 4 month old coin. If you are mining just stuff the coins in your wallet for now and wait.

That's a viable reason, but I still don't think it's worth killing the coin for right now.  If you want control the flow of coins, extend the time between blocks and/or increase the difficulty calculation.  Halving the rewards 4 times a year will make this coin worthless to mine in 3 months time if there isn't a load of new ways to spend the coin.  Every time the reward halves, you would have to have a proportionate increase in price to keep people mining it.  Sure you have the true believers, but in the end, we're all here to turn a worthless internet coin into something we can use to buy shit with.  Whether that coin is BTC, LTC, DOGE, POT... whatever.  It has to be worth mining, aka profitable.


My point exactly.  How can you argue for block halving 4 times a year and still say this?  Do you honestly think the price will keep up with the reduced rewards, when the potcoin himself is saying "there's not enough uses for it"?

Put the joint down, people... time to sober up a minute and think straight.

-Fuse

You speculate your way, I will speculate my way. In the end, what will be will be.

Why would you mine a coin if you get nothing for it? I wouldn't, not with so many coins out there.

There are always going to be scavengers out there, like my self, who look for opportunity. If the difficulty is 5 because the network is low and i have a nice fat asic for scrypts laying around and i can see the charts and graphs on potcoins history i can make some educated guesses and most likely wouldn't mind mining it for a while to make some a hold in case something happens.

If the coin has no rewards for mining, i am not wasting my time. Anyone who thinks transaction fees are enough to keep miners on the coins with TONS of new coins being released every day, they ain't the sharpest tool in the shed.

Aside from keeping the coin worthwhile for mining. Instead of changing algos, which is a fucking stupid idea solely because of asics. They opt to decrease block rewards over time to achieve the same goal that algo swapping does. The end result is the same, controlling the flow of the coin. Yet by not dropping scrypt they are able to utilize the asics for network support. On going network support thanks to the continuation of mining efforts due to the fact that mining still nets some type of reward.

Let the halving commence 

Halve the coin because if we don't, by this time next year all 420 million coins will be in circulation. Lets see how many miners stick around when they are only making transaction fees.

How does halving the coin promote long term mining in relation to ASICs?  What do the two have to do with each other?  If the people with ASICs want to mine potcoin, they are going to mine potcoin.  But they aren't going to mine if it's less profitable than all the other coins.  So not only will it become extremely unprofitable for GPU miners, but ASIC miners will ditch it as well because they turn a better profit with something else.  When they jump ship, you lose a large portion of your network hash rate.

I'm still waiting to hear one good reason that the coin should halve it's reward.

If you halve the coin, I guarantee that you're going to see things get worse in terms of price and network hashrate.

But you guys do whatever you want. 

-Fuse

I was strongly against halving the coin before 4/20. I felt it would be very unfair to those who were just hearing about it then.

Everyone acts like they KNOW what will happen. No one knows for certain. We all look at the same data and extrapolate from it what we will.

At the current moment, I am for the halving of potcoin.

With the recent rush of the Asics for scrypt, i think the halving will provide longer term motivation for people to continue mining Potcoin.

I do not think the devs are doing it hoping the price will rise (or fall for that matter). It is much more long term.

In all honesty, i can't see it hurting the coin or dropping the price any lower than it currently is. The price has been ridiculously low as of late, sure shit could always go worse, but then no one would mine the coin.

What reasons are there to NOT halve the coin now?

LOL... there aren't enough uses yet, so you're going to limit the amount of coins being generated.  Why not push harder on finding uses for the coin?  This seems completely backwards in thinking.  Halving the reward will make the coin unprofitable until the price goes up to balance things out.  The price won't go up until there are more uses for the coin and there is a higher demand for it.  You are absolutely dense if you think this block halving is a good idea... especially if it's "because there aren't enough uses for the coin".

You say you asked the community... so where's the poll?  Where is the community vote?  Did some 2 week old account tell you "you should halve the reward so it'll go to the moonz!"?  This is idiotic, at best.

Plenty of long time miners and supporters have already come forward and said this was a stupid idea.  You failed to listen to the voice of reason in support of false profit.

-Fuse

Im sorry you feel that way but, we asked the community all over and all.networks and here and everyone feels that their are to many coins be mined daily and not enough use yet so the best solution is to halve the block reward.

Im sorry we cant please everyone

Why would this even be on the radar?  There is no need for a block halving.

You say "... we have all been waiting for...", but who is "we"?  The reddit folks?  I'm guessing you really forget where your core supporters are.  You halve the reward, you kill the miner's interest in the coin.  You kill the miner's interest, and the network hashrate drops to a fraction of what it is now.

I'm going to go on record as saying I don't support this change at all.  First you pretty much ignore this community for Reddit, and now this... what a shame.

-Fuse

Everyone is forgetting how new the crypto world is. It's going to be years before all the markets are stable, not weeks or months. Don't focus on the price it's irrelevant if there aren't people using it. This ATM is the first step in getting some of the billions of dollars flowing through the coin and getting people to actually use the coin at a brick and mortar store. Outside of Bitcoin, I can't really think of any other alts that can make this claim.

Guys, has anyone noticed the TXfee on the webwallet is messed up. Everytime I try to send potcoins it wants to charge 126.6 potcoins when it should only be a few potcoins in TXfees. Something is very very wrong with the webwallet :/

I'd rather tell it to a brick of milk, than to argue with that troll again.

Dogecoin comparisons, really? Dogecoin collapsed because its growth was rampant. The price skyrocketed right before the halving (Feb 14th). Or did you forget?




What would changing the algorithm do? Please tell me.

You must be another fool who bought $400 GPUs and doesn't want to take a loss on them.

Ah really? The DOGE experience tells us a different story. Halving supply meant halving the exchange rate.
Thats your plan? Great outlook! I'll dump this coin on the next leg up.

You got a good idea and seem to work on it, but as for real world applications you're stoner delusional.
If you are not intervening, somebody else will, to their liking, and do with your coin however they feel suit.
And I bet you will intervene, alone to compensate for the ATMs and to the people running them.
Can't wait for the next big pump to occur.

And sure its too late now to change the algo. If you'd had done it early, you'd have much better control of the supply now.

This coin is directed at a pretty niche market. I think you can expect volume to be lower simply because fewer people are using the coin.

As for intervention...I'm not of the belief we should intervene in a free market. The price is what it is. Changing the algorithm was not going to do much, but halving the coin certainly will. You can expect a spike in volume and price right before the halving.

There is only marginal volume and interest in the coin.
With a couple of 100 BTC you could manipulate the exchange rate to your liking in minutes.
This is a bad foundation for a currency in general.

Without any intervention I only see it declining further, due to the crazy amount of coins already available, and the amount of coins mined daily.
As I mentioned before, I think sticking to Scrypt was a major mistake... but there seems to be a private internal interest in doing so, what to say.