Re: [ANN][MINT] Mintcoin Earth Friendly Lighting Fast 15% PoS Rewards - NewPodcast!
@coolbeans
Your whole argument is that people with small amount of coins can never stake. This is incorrect. With POS 2.0 staking becomes like solo mining, you are guaranteed a stake but it will take much longer if you have less coin. Also as you accumulate coin age by being online the longer it takes for you to stake, bigger the reward. Its just that it will be less frequent with small amount of coins. Also with POS 1.0 people arent securing the network but still getting the rewards. You get rewards for processing transactions & securing the network, that happens only when you are actively staking.
Also one of the argument for POS 2.0 was that those who are investing large sums of money to back the coin are trumped in staking by others who just come online to collect reward but provide no service for 99% of the time. Although i am not at all for big investors so this is not something i am worried about.
For those who are worried about keeping their PC on all the time, people are running nodes & minting PCs on Raspberry PI like computers which could be a good investment if you stake more than one coin.
Another way around low staking % is to create dedicated staking group from community members who create some reasonable weight say, 20-30% all the time during the 20 day staking cycle. This might not seem like a problem right now as we are in our infancy but if MINT goes big people will have incentive to fork the network.
Fluttercoin created a good scheme by paying people to keep their wallets open via a bounty fund. That is another way to incentivize people to stake. Thanks for keeping the discussion going.
Your whole argument is that people with small amount of coins can never stake. This is incorrect. With POS 2.0 staking becomes like solo mining, you are guaranteed a stake but it will take much longer if you have less coin. Also as you accumulate coin age by being online the longer it takes for you to stake, bigger the reward. Its just that it will be less frequent with small amount of coins. Also with POS 1.0 people arent securing the network but still getting the rewards. You get rewards for processing transactions & securing the network, that happens only when you are actively staking.
Also one of the argument for POS 2.0 was that those who are investing large sums of money to back the coin are trumped in staking by others who just come online to collect reward but provide no service for 99% of the time. Although i am not at all for big investors so this is not something i am worried about.
For those who are worried about keeping their PC on all the time, people are running nodes & minting PCs on Raspberry PI like computers which could be a good investment if you stake more than one coin.
Another way around low staking % is to create dedicated staking group from community members who create some reasonable weight say, 20-30% all the time during the 20 day staking cycle. This might not seem like a problem right now as we are in our infancy but if MINT goes big people will have incentive to fork the network.
Fluttercoin created a good scheme by paying people to keep their wallets open via a bounty fund. That is another way to incentivize people to stake. Thanks for keeping the discussion going.
Just to chip in, keeping 24/7 wallet uptime is not a hardware limitation for me, it is due to circumstances that frankly need no elaboration save to say that they render it an impossibility, even if that were not the case the mere suggestion of having to buy dedicated hardware to leave running constantly is huge turn off, and will be for a lot of people.
You say "but if MINT goes big" however a system that requires constant uptime will be a good reason why for an "average" or "uneducated" user it will not, because most will not care about security considerations but will focus more on convenience and practicality. There has to be a certain amount of pragmatism involved in considering this.