Re: [ANN][CLAM] CLAMs, Proof-Of-Chain, Proof-Of-Working-Stake, a.k.a. "Clamcoin"
The speculation "A whale is dumping down the price" which I saw in many posts and yours too, seems purely dictated by fear and not by rational thinking. If a whale is really 'forcing' the price, then no problem, in few time the price will recover.
There is no question that someone with access to a lot of old BTC private keys is systematically digging and dumping distribution CLAMs. He is doing it in reverse order of the block the outputs were created in, just to be sure we know it's a single entity doing it.
I think the concern is that we don't have two or three years. If the price continues dropping for another year will anyone still be interested in the coin?
Please convince me this is not fearmongering, in that case I doubt the 'right' decisions will be taken.
I can try to convince you of the timescales. At 2015-11-13 22:51:23 the digger dug the following addresses: [x9NXaGSz] [xA9338mM] [xPWEDmTS] [xEZKQHEU] [xPosuwLa] [xNNwmVoL] [xXL7bZ5s], all of which were funded in block 5763. Click each link and check which block the addresses were funded in, and which block they were emptied in. Before that he was working on block 5764, and so on back up to the newest distribution block. If you were to dig from block 9999 back to block 5764, you would have dug 38.32% of all the distribution CLAMs. Since the whale digger's CLAMs are uniformly distributed through the initial distribution we can say with pretty good certainty that he is around 38% of the way through digging the wallet he's currently working on.
This chart shows global digging (click to enlarge):
The 'whale digger' started around Aug 21st, so it has taken him 3 months to dig 200k, representing 38% of his wallet, but note that after the first 10 days or so he slowed down a lot. In the last 77 days he has dug 135k, representing 25.8% of his wallet. Since he has 100-38.32 = 61.68% left to dig of the current wallet, and he's digging 25.8/77 = 0.335% of his wallet per day, the remaining 61.68% should take him 184 days, or 6 more months.
And that's just for the wallet he's currently digging through. We don't know if he has others. We do know that the wallet he's digging represents something like 3 to 5% of all the distribution CLAMs and so it is entirely possible that there are 10 more out there of the same size or bigger.
I really do think that if the rules were changed to stop new CLAMs being dug up then there would be less supply, more demand, and an increase in price. I'm surprised you don't. As I understand it, nobody is claiming that stopping the digging wouldn't cause the price to rise. The objection is only whether it is fair to do such a thing.
More demand? Surely you can stop supply, but this doesn't mean you'll have more demand, and so you don't necessarily have an increase in price. But I can think of a way for having more demand: a low price so that people can 'buy and play on JD'
I have stopped buying CLAMs. It makes no sense to buy them when the price is going nowhere but down. I'm sure I'm not alone in that. I'm sure that stopping the digger would stop the downward price pressure and remove the only reason I and others stopped buying CLAMs.
Price is a function of supply and demand. The price adjusts until the supply at that price is equal to the demand at that price.
This seems to be a common misconception:
"Staking is like inflation, and inflation is bad"
"Staking is like inflation, and inflation is bad"
I like the inflation of CLAMs, I am just saying that currently is "too much".
Can you expand on that? If it's not bad, how can it be too much? Since it theoretically has no net effect on the value of your holdings what does it matter how high the staking reward is?