Ninjastic
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Board Altcoin Discussion
Re: MC2 ("Netcoin"): A cryptocurrency based on a hybrid PoW/PoS system
by
thesnoo23
on 15/05/2013, 16:02:21 UTC
Quote from: cunicula on May 15, 2013, 08:24:27 AM
Quote from: thesnoo23 on May 14, 2013, 03:53:01 PM
Quote from: cunicula on May 14, 2013, 01:25:16 PM
Quote from: thesnoo23 on May 13, 2013, 09:54:54 PM
A new coin has come out that addresses the inflation vs dollar valuation issue. Ela coin is going to launch in like, ~8-9 hours from now, and it increases the block reward based on the network hashrate, as more people mine, each block becomes more valuable. It's not a straight 1:1 increase, but I still think it's a bit over the top. But it's nice to see that people are actually trying Smiley


This is a nice idea, but it is a) an extremely resource intensive  b) unlikely to have major effects on price volatility. c) undermines the PoW security model



Obviously a) is true, but could you explain your reasoning behind b) and c)?
Not interested in a prolonged discussion because you could learn this by searching old threads. However, quickly.

(b) You cannot adequately support price against a fall in demand.

(c) Bitcoin's block subsidy is large in the currency's infancy and small once the currency is widely used. This is the exact opposite. Price drops make PoW attacks easier.


You're not supposed to 'support' the price of something. It's supposed to rise and fall on its own merits.

and again, with c) you've just repeated yourself. HOW do price drops make PoW attacks easier? By WHAT MECHANISM do price drops enable PoW attacks easier?