Is this the reason the bitcoin price is not exploding right now?
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I was only make a case for DPoS.
I’m not suggesting changing the inflation model, I tried that, it didn’t go down so well…
I’ll be launching my own coin soon using the diffusion of innovation as the coin release schedule. It’s also gonna have a few other unique features too.
I’ll be able to experiment with inflation model stuff soon, but I did try push to kill ftc’s production and realised very quickly that some of the biggest investors of ftc are actually relying on that inflation model to stay the same.
I have no qualms with changing it and no qualms with keeping it the same. I’ll just add that theres a very good chance that ftc might loose its biggest investors and then the price could really fall through the floor.
We probably have more to loose then to gain, BUT, with that said, this is crypto’s.
Anything could happen.
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This is a very lively debate…
Some new and some old voices, I like that.
Ok, so lets just entertain the idea of stopping the inflation. (As mentioned above we will drive away our No.1 investor potentially by changing the Inf Mod (Inflation Model / Coin Distribution rate))
Here’s the scenario…
I’m assuming a 0%DPoS solution with TX fees and also a change in the way TX fees are calculated. The higher the TX size, the lower the tx fee is proportionally [1ftc tx induces 0.1% fee | 100000 ftc tx induces 0.05% fee]
So, hypothetically, it would induce instant scarcity. Those who wish to generate ftc, will need to do so by means of collecting TX fees via delegation. Cost to mint becomes trivial but the right to mint becomes a privilege that can be taken away and given to the next inline.
Dumping would slow to a near halt and people buying would have to start paying a higher rate if they want to buy sooner rather then sitting on a buy order that may never fill.
Logically I believe this would push the price up without a doubt in my mind provided it is also coupled with some innovative tools. SX, Multisig, Escrow.
Feathercoin lacks what 99% of all coins lack. Intrinsic value. There is no use for the alts as Bitcoin is doing a damn fine job of been money, for now…
The biggest question we need to be asking ourselves is this though.
If we are trying to be money, what makes you think that we wont be dropped in a heartbeat when another coin comes along to assist in yet more wealth creation?
Are we aiming for a world with money and government, or are we looking to achieve an autonomous society built on the blockchain where money and government actually loose their meaning and value?
Are we trying to perpetuate the current paradigm and wedge ourselves at the top of the newly created “top 1%”?
Don’t get me wrong, I want to make a lot of money too, but what are your plans when you get your 50 Million dollars?
I’ll tell you what i’ll be doing with mine, but I think it would make me a target amongst 90% of all crypto “enthusiasts”…
So on a final note, “Money” and “Government” will end this century.
Yet all the Alt’s are relying on the fact that in 50 years, everything will still essentially be the same, but they hope that crypto’s will replace fiat…
I feel like I’m a Killer Whale swimming amongst a school of hypocritical hipster Hammerheads. (Referring to the cryptosphere as a whole) -
This is all heading towards Contracts. We are confident that by the end of the year, we could have a decentralised escrow service built into the BC/Qt.
The plethora of tools been introduced soon will enable us to pull all of this off. There’s just 1 missing piece to the puzzle and I think that is op_checklocktimeverify
But yes. The focus is on usability in my opinion as well. I can’t keep pushing the idea of stopping production of coins or even modifying the inflation rate/model as it caused a lot of grief even just talking about it in the background.
That drama then spilled out into the public domain here. I really don’t know to be honest. What I do know is that our primary dev Lizhi, see’s promise in DPoS. Once he is done researching the topic he will report back and give us an idea of what he thinks is best.
The problem here, is gaining consensus, much like like how Mr Todd pointed out with btc and checklocktimeverify.
If someone pushes out a version of ftc that stops inflation, we could very well fork the coin potentially and that’s no good.
I’ll need to speak in depth with the primary holder about all this again if the community starts to lean on the side of stopping inflation as there are a few on the team who believe changing inflation will destroy trust. A lot of us argue though, that trust was already lost multiple times.
It’s a very sensitive and touchy subject but in time, we will arrive at some sort of consensus I’m sure of it.
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It’s a very sensitive and touchy subject but in time, we will arrive at some sort of consensus I’m sure of it.
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I’m torn. The inflation model is wrong, but a ‘group’ of people changing the inflation model sets a precedence. it’s central bank like. Handing the reins over to maths and having it entirely automated is the beauty of crypto. We would have to tread carefully IMO
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The dress is clearly Pink… I don’t know what all the fuss is about…
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I’m torn. The inflation model is wrong, but a ‘group’ of people changing the inflation model sets a precedence. it’s central bank like. Handing the reins over to maths and having it entirely automated is the beauty of crypto. We would have to tread carefully IMO
There’s a difference between been a central bank and not learning from the past.
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I live by that philosophy. It’s always better to stand up and say you got something wrong. But it’s a much bigger issue than I encounter in everyday life.
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I’m torn. The inflation model is wrong, but a ‘group’ of people changing the inflation model sets a precedence. it’s central bank like. Handing the reins over to maths and having it entirely automated is the beauty of crypto. We would have to tread carefully IMO
You actually got the argument backwards: A ‘group’ of people breaking away from the ‘main currency’ and changing the inflation model by creating an ‘alternate currency’ which is traded along side is exactly the opposite of being ‘central bank like’.
With a central bank, groups of people aren’t allowed to do that, because the central bank is the only authority sanctioned to do so. What you’re describing is a free market where people are free to create competing currencies and allow them to vie for popularity.
And the time for ‘treading carefully’ has long past us. We should have ‘treaded carefully’ with UNOCS, we should have pushed back against ACP, we should have denied NeoScrypt… and we should have ‘treaded carefully’ when accepting direction from someone so horribly unqualified to lead us it’s the point of regular jokes.
Now is the time to be bold, empowered, and show strength, not hide in the corner and be afraid. MrWyrm has made it clear he’s not a fan of disruption or controversy, but that’s exactly what’s required here if we’re going to upset the status quo and make some serious waves moving forward.
Come on, let’s explore together! I don’t want to tread lightly, I want to make a tsunami, and those who remain treading on the beach will wish they had decided to ride the wave!
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I wish I could unedit my post and undelete the other one. I feel as though I made a really good point but rage censored myself.
If anyone managed to snag a copy of my posts in your email, I would like it if it could be pasted in here as a quote.
I would like it if I could no longer edit my posts or delete my own posts. If someone can take all my access away it would be awesome.
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I’m going to lock this thread. I made it so I can lock it :P
Points were made and things are going in the direction they always have been. We have Core to testnet still and after that we can begun the livly debate of PoS/DPoS/*shudders*inflation
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Oh no you don’t haha
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Fair game
Its a hot topic.
I bet this will bring randoms to the forum I suppose.
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So, PTS mining is the way to go? I’m confused. What is the bottom line to all of this…?
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So, PTS mining is the way to go? I’m confused. What is the bottom line to all of this…?
The bottom line? It’s BTC/USD:294, FTC/BTC: 0.00001034.
Is PoS mining the way to go? I don’t know about “the way to go”, but it is one solution to the blockchain security issue.
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DPoS allows for a high amount of tx’s per second without compromising network security. It’s highly scalable and is the best thing we have for long term sustainability It seems. With or without changing the inflation model.
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DPoS allows for a high amount of tx’s per second without compromising network security. It’s highly scalable and is the best thing we have for long term sustainability It seems. With or without changing the inflation model.
If you define long term sustainability as simply having Blockchain Security, you’re probably right. If you define it as a healthy renewal of resources and fresh market appeal for the coin, then you gotta do something about inflation. You just can’t ignore it any longer.
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Cryptos and the ol inflationary argument >:D
You can paint inflation (like a statistic) anyway you want,
eg
Ask anyone how many bitcoin there are and most will reply 21 million…no? So therefore the market values bitcoin based on the fact that there be a possible 21 million of them.
In any game where the price is determined by the market the market is the only truth.
If you in ftc where to change any fundamental aspect of ftc you’d be again making the same mistake of the past, in other thread someone reply to me that the code is the truth, how could anyone trust ftc code if its funamentals are changed on a whim?
ftc problem is not inflation its market liquidity (tis even why ur main exchange dumped u).
(hell at the beginning wasn’t ftc pumping coins out so quick most accused it of instamine, yet tis price was higher for periods after that).
i’m not saying change of algos was a mistake, u guys where in a damned if u do damned if you dont place with that, the mistake was going scrypt in the first place, did your dev even know the real reason litecoin went scrypt (and no it wasn’t to avoid asics)?
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I agree Kelsey. In terms of economics you can paint any number of “truths”.
If we think that we have more knowledge than all of the economists in the world who could not for see the future then this is exactly when a mistake will be made.
