Quote from: 4thKind on May 13, 2014, 03:04:25 PM

Quote from: vesperwillow on May 13, 2014, 01:23:04 PM

Quote from: 4thKind on May 13, 2014, 12:57:44 PM

Tell me why its a bad idea.

Quote from: vesperwillow on May 13, 2014, 04:15:38 AM

Quote from: Chronikka on May 13, 2014, 01:24:37 AM

They are halving the coin because it needs to be done. All 420 million coins mined in a year of existence is too fast.

With respect, can you scientifically and mathematically prove 'why it needs to be done'. Use references from the past 2 year's worth of currency data, and especially cross-reference coins which have changed rewards, including the ones which survived and the ones which didn't, and show correlation as to their end result.

Because it doesn't "need" to be done. Whether you're at maturity now, next week, or 5 years from now, there's one constant: no use for the coin.

You can't prove it scientifically or mathematically with reference to other coins because it's apples and oranges. Almost every coin including bitcoin and litecoin have halving schedules that were coded in from the genesis block. Potcoin's block reward schedule was flawed at its creation. Show me a coin that is all mined out that isn't proof of stake. Halving the coin is about giving us more time for adoption so there are uses for the coin by the time its all mined out. The only other alternative I can think of is to increase the total coin supply and implement proof of stake so people holding up until now can retain their positions. Either way, the mining phase must be extended or it's toast.

The unfortunate reality is that we are having this conversation. This conversation should have never had to happen.

The block time is 40 seconds ... who thought that was a good idea -- its one of the shortest out there.
420,000,000 coins ... again .... who thought that was a good idea 00 one of the largest out there.

420,000,000 coins is more than LTC, DRK and VTC -- all of which I find pretty solid and reputable -- POT is larger than all of them combined !!!! So lots of bad choices were made at the beginning for sake of novelty and the use of 420 ?? At this point water long under the bridge.

How does it get back on track ..... and can it get back on track? There are a finite set of possibilities and options.

IDEAS:

Increase blocktime to 80 seconds 2x
Halve the reward to 210
Get radical change the reward to 42 instead of 420
Do some combniation of the above

Some of the above will deter the miners a bit. That's OK .... slow things down a bit. In the end .. adoption is EVERYTHING .... miners and trading is not the end game we need to be playing. But in order to keep playing, and in order to provide time for adoption, the coin has to serve miners too and give hope for it growing into what it hope to be.

NOW-- DEVS need to listen up

You can continue down this path of dictating direction and policy; you can continue to put out ideas that never materialize; you can continue to OWN this coin and try to control its every wish. Go for it !!! If you do, I bet my life savings, it will fail and fail quickly.

Crypto lives and breathes based on Communication, Transparency and Community ..... the community can as easily burn it to the ground with words and bad PR as it can take it to the moon with words and great PR.