Re: [ANN][FLT] Fluttercoin Ƹ̵̡Ӝ̵̨̄Ʒ | Proof of Transaction 3.0 | Update v0.7.5.18
My thoughts on the coin and how to drive interest back into it would be for us to move to a system like most are after when they look to a coin for currency purposes. That is a system that drives some sort of deflationary aspect to the coin. As i can not lie getting the amount from staking is amazing, i can also see why the coin could over time die if it does not fix its inflationary aspect. (or find its purpose in the world of alt coins)
Though I am not here just to fret on the problems of the coin (in my opinion) .... but to talk to the community about an idea for fluttercoin 2.0 so to say....
One I wish to message the community about the idea to make sure it is embraced by all (or at least the vast majority)
Secondly to ask Ofeefee if one he agrees my idea is good for the coin, and also if he could possibly work to implement it!
Lastly, my idea.....
Well the coin has been out for almost 2 and 1/2 years, and is still trading so that is good... but as more coins are created... more coins are created, if you catch my drift. To combat the inflation in the coin that we would see if this is not addressed, I suggest implementing a deflationary aspect to the POS algorithm, Basically a block having the would see the amount staked halfed in increments doubling in time after implementation.
So to put it in information that is basic and easier to understand what i mean by all this.....
Flutter pos 2.0 would start on the 1,000,000th block... starting at 2.5% (doubling in difficulty) (2.5ish years into creation)
First halfing (second really, first of flutter 2.0) block 2,000,000th... 1.25%(doubling in difficulty) (2.5 years later)
(3,000,000th block... this is when the doubling in time will first be noticed as 1.25% will continue till the 4,000,000th block)
2nd halfing block 4,000,000th .... 0.625%(*******) (5 years after that)
3rd halfing block 8,000,000th ...... 0.3125% (10 years after)
4th halfing block 16,000,000th ..... 0.15625% (20 years after)
5th halfing block 32,000,000th ..... 0.078125% (40 years after) (this would be 80 years after the first coin was minted roughly)
And so on
Please share how you all feel about this idea!?
Though I am not here just to fret on the problems of the coin (in my opinion) .... but to talk to the community about an idea for fluttercoin 2.0 so to say....
One I wish to message the community about the idea to make sure it is embraced by all (or at least the vast majority)
Secondly to ask Ofeefee if one he agrees my idea is good for the coin, and also if he could possibly work to implement it!
Lastly, my idea.....
Well the coin has been out for almost 2 and 1/2 years, and is still trading so that is good... but as more coins are created... more coins are created, if you catch my drift. To combat the inflation in the coin that we would see if this is not addressed, I suggest implementing a deflationary aspect to the POS algorithm, Basically a block having the would see the amount staked halfed in increments doubling in time after implementation.
So to put it in information that is basic and easier to understand what i mean by all this.....
Flutter pos 2.0 would start on the 1,000,000th block... starting at 2.5% (doubling in difficulty) (2.5ish years into creation)
First halfing (second really, first of flutter 2.0) block 2,000,000th... 1.25%(doubling in difficulty) (2.5 years later)
(3,000,000th block... this is when the doubling in time will first be noticed as 1.25% will continue till the 4,000,000th block)
2nd halfing block 4,000,000th .... 0.625%(*******) (5 years after that)
3rd halfing block 8,000,000th ...... 0.3125% (10 years after)
4th halfing block 16,000,000th ..... 0.15625% (20 years after)
5th halfing block 32,000,000th ..... 0.078125% (40 years after) (this would be 80 years after the first coin was minted roughly)
And so on
Please share how you all feel about this idea!?
I do find that it penalizes new members of the community because there are less coins for them to generated to play with. Constant rate of inflation allows all parties to have the same playing field. This is one reason I think a lot of coins die. Why involve yourself in the coin now 2 years later if you can only make 50% now that you could have made earlier. This benefits the existing holders who have accumulated coins. It does work for the bitcoin model though.
It does have a direct influence on the price. But with Bitcoin at increased highs, our price has been stable, which considering the other alts are taking a beating.
It also hurts the PoT system that pays out 5% of stake. As the stake reward lowers this is going to go down.
We have close to 300 million coins and current annual stake rate if all coins were participating is 75 million, sometimes this gets down to 30-40 million, stake fluctuates with the diff, but real world numbers are lower than this. From block 700000 to 800000 we produced about 10 million new coins in a little over 3 months.
Some things I have been thinking about related to coin production
PoW reward is a little low, I know it's there just for some security, but should we adjust this while doing some balancing?