51% attack doesn't take the coin down. It just make attacker able to double/triple/whatever-spend.
Yes, it will take Primecoin down because no one will trust it anymore, just like how PowerCoin got killed. (So taken down in this sense is not by brute forcing, but by destroying support for it)
Vague statement with little proof. Look at TRC and FTC, both have been 51% multiple times yet they are still out there. You need a better arguement.
Due to reward algorithm, these claims can be invalidated given the right variable values, variables being hashing speed of technology being used. It is hard to expect supply increase given there will be hashing speed jump in near future.
Agree, supply will not increase when GPU miners jump in, which will create massive hashing speed jump, but soon after that, it's back to ground 0, because the hashing speed is dictated by demand. So my argument remains valid, until Asics for Primes come out, but then again, soon after their arrival, my argument becomes valid again.
Disagree. As shown on
http://cryptometer.org/primecoin_90_day_charts.html on day 9, 'supply' (better referred to as minting speed) will increase when GPUs are added just as it did when the massive bot-nets jumped in on day 8-9 and minting speed hit almost 900%. It took several days for the difficulty to adjust. Once difficulty stabilizes, minting speed will be much lower than before their implementation, just like the current 10.5 coins per block as compared to Day 3's 19.89/ block avg, day 9's 14.8, and day 20's 11.6.
Your premise is also flawed in that you don't take into account difficulty will inevitably decrease even if 'network hash' remains the same. Why? non-reuseability. Since the program is searching between 255 and 2000 bit length primes, you have a finite number of them, which means even if you have 1,000,000 computers crunching away and say difficulty reaches 20 or higher, you're going to run out fo 20 length chains eventually. Look at any distributed network site and you'll see this. So the developer would either have to alter the search parameters or eventually difficulty decreases.
It is just as much currecny as any other crypto-currency. Now if you name it differently, thats semantics.
I don't think of any existing cryptos as currency, they are pure commodity. To date, only Bitcoin has been declared money by law in Florida.
You are contradicting yourself.
http://ecoinomist.com/xpm-investment-primecoin-useless-doomed-fail, right there under 1) Primecoin is not a Commodity which you follow up with 2) Primecoin is not a Currency. You cannot have it both ways.
A currency (from Middle English curraunt, meaning in circulation) in the most specific use of the word refers to
money in any form when in actual use or circulation, as a medium of exchange, especially circulating paper money.
A commodity is a marketable item produced to satisfy wants or needs.
While most people consider commodities to be tangible, physical goods, in the context here, it works for all crypto currencies.
I can 'purchase' Bitcoins (which is considered money by FL) with primecoins. With this argument, primecoin IS a currency. Conversely, I can 'sell' primecoins for bitcoins. Using this argument, primecoin IS a commodity. As noted by the prior poster, your inference is semantics.
I have not done calculation, but there is a chance we would have to wait many years to reach 20 million coins. At the rate 15000 day, we would have to wait 3.5 years+ to reach 20 million. I am pretty sure that reward will go down so the time required to reach 20 million coins will be much higher. 3.5 years in crypto world is a lot. Most coins either die or flourish by then.
That's not the point of my conclusion though. The mere fact it has no cap, and has no utility purpose, means Primecoin is lost between a Commodity and Currency, and since it belongs to neither category, it's very safe to assume it will die within a year when an alt like I proposed comes out.
By your conclusion, Bitcoin should have died when Namecoin came out. In addition, Litecoin should have died when BBqcoin came out. The fact that there is/isn't a cap doesn't make a difference here, you are making an errorneous assumption.
Is Corn a commodity? Does Corn have a cap? If all farmers produce less Corn, does price increase? If all farmers produce more corn does price decrease?
With the advent of GPUs, Primecoin will become scarcer to get. If they ever create a primecoin ASIC they will become even scarcer. Why would people then STOP mining? By your logic, if we stop, then the coin becomes less scarce and therefore less valuable. Logic would also dictate only a fool would stop mining under these circumstances.
All of that aside, maybe primecoin does have flaws, but it also has a lot going for it. Maybe Sunny should have done an 'inverse difficulty' and started off looking for 20 length chains at 20 or more coins per block. If minting speed is too slow, drop to length 19 and 19 coins and continue. It's a given that difficulty will inevitably go down, but with this if you have only 100 computers searching they may be stuck at 4 or 5 difficulty and getting 4 or 5 coins per block, but you toss in the bot nets and you start getting 7-10 coins per block. Add in the GPUs and maybe you get 13-15 coins per block. IT'S NOT INFINITE THOUGH! Eventually you will run out of primes unless you change the search parameters.
, mine one i5 CPU now mine a block in ~3-4 days, so far i have mined 400+ coins in a month that`s like almost 400$!