8th. The potcoin network is releasing coins at rate of approx 600k to 900k and since jan 21 st we have created over 100 million coins and there is only approx 1 year left of mining left. We feel that we need to extend the life of the coin, but we do not want to extend the block time since this will be used for daily transactions that need to be confirmed quickly. We are open to suggestions and we would like to hear your solutions to extended the life of mining the coin.
One good example of a coin with a longer block time: NLG has a block time of 150 seconds. It's being used in Subway sandwich shops in the Netherlands for
daily transactions that need to be confirmed quickly. Daily transactions with coins don't need to be tied to block times. If someone is buying something, are they waiting around for the confirmations to complete, or is the vendor seeing the transaction and completing the sale? By saying you want to extend mining, but you don't want to extend block time, you're basically saying that you're going to do halving.
The other option of course is to increase difficulty, which may help throw off the multipools for a bit.
The third is cutting the network hashrate on purpose by driving miners away from POT. More on this below.
9th. Coinwarz lists Potcoin as profitable and that means multipools will still be wanting to mine our coins then dumping them.. not the best for the price
We are also concerned about ASIC's coming out and the recent time warp attack on the KGW, we would also like to hear about your ideas and solutions from the community members.
Please, please, please, please don't start thinking about changing the algorithm because you're scared of ASICs. Unless you're going to develop your own algorithm, most of the ones out right now will be able to be ASIC mined come Q3/Q4.
However, you could always play this out to your advantage for the next few months, and the foreseeable future, by changing the algo right now. That would probably drive a good percentage of your miners away, and drop the total net hash rate. Thereby extending your mining time for a little bit and save you from the big, bad ASICs... until of course they came out with one that did that algorithm.
TLDR version:Extend the block time and up the difficulty. It's less drastic, and kills two birds with one stone- multipools and mining depletion.
-Fuse
(I know I said I'd keep my mouth shut, but I'm a glutton for punishment)