After reviewing the facts, and listening to all sides of the argument, I have to conclude that I will throw in my vote as against changing to POS at this time. To me, the risks do not justify the benefits. I plainly do not see how changing to POS increases the LONG-TERM viability of Earthcoin as an elite Cryptocurrency. There are clearly some folks here smarter than me in economics, mining, etc, and I think the debate that has been had the past few days is indeed healthy and positive for the Earthcoin community. Hard fought debates about the future of the coin shows the passion underlying the revolutionary belief in the possibilities to change the world that Earthcoin represents.
Particularly impressed with the dialogue from BioMech & 24Kilo. Both are awesome members of the the community and are truly proving their value with the dissemination of valuable information to enlighten me and others.
TestBitCoiner had valid points as well and I can see his argument. I would say to ease up on the personal attacks, and focus on the argument, not the individual. Always makes me think one is defensive or knows they are arguing from a point of weakness when they start the personal attacks. POS and other innovations yet to be discovered, can still be pondered and decided upon going forward. This movement is evolving and as an 'open' forum anything can be discussed and decided upon in a civilized manner.
One thing I have been pondering doing myself is offering an EarthCoin shareholder rewards program. I am still brainstorming but any feedback y'all want to provide is certainly appreciated. What I am considering would be similar to a dividend paying stock, rewarding long-term Earthcoin investors by providing a monthly 'EarthSilver Dividend' based on the # of coins you hold in your personal wallet on a certain date/ time period.
"ATX Silver Announces EarthCoin Dividend Plan - Disbursing Precious Metals 'Dividends' On a Monthly Basis'
1 Unit of Silver 'Dividend' per 20 Million EarthCoins held - Decided Monthly on the 25th
Have holders send me a screen shot of the coins in their wallet, as well as the unique wallet address so I could double check the balance the day after the ex-dividend date(IE the 25th), when packaging up the dividends.
This would indeed incentivize both miners & investors to 'hold' their coins, and I feel basically solves the POS solution without having to open up the 'code' to exploits and weaknesses.
Plus, as word spreads about my revolutionary idea, people would flee from 'ponzi scheme' coins and recognize real value when they see it.
Owning a crpyto that pays you a monthly 'physical silver dividend' certainly offers a certain amount of downside protection. As the price of the crypto goes down, the # of 'silver dividends' you would obtain by purchasing more shares would increase, therefore effectively incentivizing people to BUY BUY BUY a crypto that has TRUE VALUE.
Of course starting off as I would be bootstrapping this by myself, the dividends would not be extravagant, but even $10-$20 worth of silver monthly for your 20-30 million Earthcoins would certainly be much more attractive than what 99% of what other coins offer IMO.
Alternatively, we could talk the DEV team/ remaining holders of the Premine/ Wealthy Earthcoin holders into offering this same program but in EarthCoins. IE take 50 million of the premine and make an announcement that you will pay out 5,000 EAC 'rewards dividends' based on the amount of shares individual owners can prove they own at a certain point in time. You would probably need a relatively high starting point to 'earn' the rewards dividends, maybe 5-10 million minimum EarthCoins to qualify for the initial 5,000 EAC Dividend, with 5,000 EAC additional for each additional 5-10 million Earthcoins held. Maybe a max of 25,000 EAC per user per month.
Just thoughts that I think people would get really excited about if announced. Maybe even create an announcement thread when finalized to blast this out to the whole ALT COIN community and recruit new blood to buy into this 'Shareholder friendly' initiative, that I personally feel is more beneficial a choice than what POS represents.
Ideas? Thoughts? Suggestions? Just brainstorming but I think I may be on to something.