Re: ♘♕♔SWING♚ ♛♞ ▬▬▬▬●Programmatically Fluctuating Miners Cost!●▬▬▬▬ Now On Bittrex!
Yeah I'm not too keen on killing POW just yet either. He did state some good upsides, but there are also downsides to that.
Downsides to removing POW include:
-Decreased blockchain strength
-Less opportunity for miners to get their initial Swing with their rigs
-Fewer pools advertising SWING as a mining option
-No potential swing caused by miners.
I would however be interested in adjusting the miner rewards, maybe favoring POS rewards much more than current rates. Possibly even a significant reduction in POW rewards over POS.
Im interested to hear what you guys think of longer cycles too. Like maybe have POW or POS rewards gradually increase from 0.00 to 9.99 over the course of 1month+, rather than dropping every 1,000 blocks.
I'm also curious how say, increasing rewards linearly over 10 days before dropping from 9.99 to 0.00, would compare to say 30 days. Would one schema produce more coin than the other by the end of the 30 days? etc..
Downsides to removing POW include:
-Decreased blockchain strength
-Less opportunity for miners to get their initial Swing with their rigs
-Fewer pools advertising SWING as a mining option
-No potential swing caused by miners.
I would however be interested in adjusting the miner rewards, maybe favoring POS rewards much more than current rates. Possibly even a significant reduction in POW rewards over POS.
Im interested to hear what you guys think of longer cycles too. Like maybe have POW or POS rewards gradually increase from 0.00 to 9.99 over the course of 1month+, rather than dropping every 1,000 blocks.
I'm also curious how say, increasing rewards linearly over 10 days before dropping from 9.99 to 0.00, would compare to say 30 days. Would one schema produce more coin than the other by the end of the 30 days? etc..
I think POW is important at the beginning for fair distribution, later I'm not so sure. Anybody who wanted to mine could during those 9 months. Who wants to buy now can (and it is pretty cheap too
As for blockchain strength: is POW really more secure or is it other way around? https://en.bitcoin.it/wiki/Proof_of_Stake
Do we know some examples where POS coins security was compromised?
Yes, miners can spread the word and make coin more popular but at they sell right after they mine they just push price lower.
You know what they say: If you wanna make everybody happy, at the end no one will be
You make good points here. I want to address the following though.
As for blockchain strength: is POW really more secure or is it other way around? https://en.bitcoin.it/wiki/Proof_of_Stake
Do we know some examples where POS coins security was compromised?
To me, it's less about security and more about core stability. It's not that one is better, it's more that I feel BOTH is better than one. If something goes wrong with POS, POW can be used as a tool to keep the chain moving, or kickstart a frozen chain even. If one fails, the other is there to keep the chain moving till the issue resolves itself, or gets patched.
That being said, it should be possible to disable mining and end POW if we decide that's best for the coin, or set POW rewards low to nothing. (Although, there are probably concerns about an active POW with no competition.)
Also, if we were to disable POW, how would we setup POS?