It will be okay Simon, the coin may have broken but the idea is priceless. My brother is getting married today, so I'll be busy until next week. Until then cheer up bro! Everything will work out fine.
Thanks man! Have fun!
So. Seems the coin is hashing along okay.
What I'd like to try and you guys have to work with me here (say it's stupid or awesome), is perhaps relaunch the coin. Have had several people tell me they didn't get involved due to the high coin supply. Another thing is: the mining part as distribution mechanism is not correlated at all to the "music making" part. So while PoW is cool for (reasonably) "fair" distribution, it doesn't have anything to do with the music making.
So, here's what I'm thinking. We relaunch the coin and do the following.
We create a pool of money that is for the FUNK1 owners. Anything after a certain block is not valid. Anything before a certain block IS valid. If you BURN the old FUNK (send it an non-usable address to destroy it), and prove you owned that address it was sent from (signing the key), I will distribute from this pool, the amount you are owed. This will be kept open for at least 6 months.
The coin supply will be much lower. Max 4 million (after PoW). After that, it will be moved to PoS with an inflation of 1% - 8%. Proof of Stake has additional incentives in this ecosystem, because 1) those who have FUNK, gets more FUNK. In other words, those musicians who have been tipped the most, will get more over time. It rewards the musicians, not the miners. We will have much more time as we don't have to contend with the inflationary pressures anymore. Music making takes time. Days, weeks, and even months. Pressure from markets need to be more relaxed. Keeping the coin supply lower, means we can hopefully also stay in the BTC markets. It's annoying to have to buy LTC or Doge to buy/sell FUNK.
So. The split will be as follows. 2M will be divided amongst the previous owners. A set exchange rate will be determined once it's decided at which block FUNK1 will end. Then for 4 weeks, we will have a PoW stage, where the rest of the 2M will be mined. From then onwards, it will be pure PoS.
I consider this pretty decent. Those who stuck around. Those who were vested in it have 2M of the new coins (if they burn it). But we want new blood and incentives for new people to mine and get involved and thus release 50% to them.
The PoW stage will hopefully be multi-algo (if we can find a coin that has done in such a way), otherwise we'll find a scrypt or X11 coin and fork from there.
So, at the end, we will hopefully have a much better "coin" part:
1) More time. We don't have to contend with a huge influx of coins the whole time.
2) Musicians can earn more FUNK through staking, not the miners.
3) Less supply so we stay in the BTC markets (not into LTC or Doge).
4) A second go!
Any ideas, or thoughts, or changes you can recommend, please do. I'll try and find time to get around to the technical parts. Once we agree on a roadmap, I will make it official. I will then dev the coin to match the requirements. And from then I will announce at which block the old FUNK won't be able to be exchanged to the new FUNK. Then when the block hits, I will then announce the date of the new coin's launch.
