Post
Topic
Board Announcements (Altcoins)
Re: [ANN][MINT] Mintcoin Earth Friendly Lighting Fast 15% PoS Rewards - NewPodcast!
by
Derek492
on 03/07/2015, 06:25:49 UTC

Before selling all my Mintcoin before they go on to reach 200 Sat or whatever I did think that someone should demonstrate this attack before hard forking and changing the fast confirming parameters of Mintcoin.  But regardless let's look at strategy first in terms of how Mintcoin co-exists with other cryptos. Let's say Bitcoin is your 'Reserve Crypto' which is a standard bearer for cryptos as a usable and practical currency alternative in a 21st century environment. The scheme I proposed for http://poisonedchalice.io for instance, supposes that a stable currency with a 4 billion dollar market cap is mature enough to leverage for some fixed term investment over a four year period. You want Bitcoin to be relatively stable as the lynchpin to this kind of financial product (stable after a 2015 Q4 correction, that is).

Mintcoin on the other hand, can adopt a slower confirmation time, IF it is leaning more towards the investment side of things, and less towards the Point of Sale transactions/merchant space. This space is better filled by something like Zetacoin or Quark, which are superior alternatives to Bitcoin in this instance, held back only by a lack of productive community output and shallow trading volumes at this stage. But these are not POS coins, maybe you want to stick a percentage of savings into a POS coin and security becomes much more important.  So if an answer to timedrift is to increase the confirmation time, that means you are making a trade off where Mintcoin becomes more secure at the loss of 30, 60, 90 seconds on average (or whatever it is) each time you shift it around. I think that's a trade off most community members would be happy to make.  Personally I have just got 4 BTC out of Mintcoin, but, that's after buying and holding over the space of a year or so (I'll buy back under 29 Sat and before another rate drop) so as you can see fast confirmation times haven't really been all that important so far.
We are not talking about changing the confirmation time. Just the number of confirmations. Confirmation time will stay at 30 seconds which is still 20x faster than Bitcoin. You don't personally have to wait for all of the confirmations to know that it's going through, often after the first couple you know it's probably going to be all good and you can move along. Example, you initiate a transaction and in 30 seconds it is confirmed. Even with 40 confirmations, all 40 will complete in 20 minutes, which is still 3x faster than Bitcoin.