Quote from: tempestb on June 17, 2014, 05:56:45 PM

Doesn't this seem counter productive? If people stop mining, and the remaining miners get less coins, they will have little incentive to continue mining, so they will stop and move to another coin that is more profitable. Hastening the leave of the remaining people mining because they will get less and less as more and more people leave.

The opposite being, that since it produces more coins if you mine on it with more hash, that it will dilute the value further and make the existing coins worth less.

It's the worst solution I can imagine.

I think too much effort is being focused on getting people to mine the coin. The miners don't make the coin valuable. The miners just dump the coins for cash to pay for expenses. If you want to improve the coin, you have to make consumer focused features. Give people a reason to use the coin or hold the coin. Otherwise you have people just mining worthless coins. Might as well just release all of them to everyone in a lottery and save the environment the wasted electricity.

You'd be better off providing the "bonus" to people who hold coins. That will at least improve the scarcity of the coin and make them more valuable.

I can print paper coins on the copier all day, but they are still worthless.

The idea is that when demand for the coin is high (represented by people mining it) the reward is higher as the market is there to take the coins, when demand is low the reward drops so as not to saturate an empty market with more coins. Having it the other way around so that when demand drops more coins are produced seems to be wrong. You would be bringing more coins to market when less people want them.

The demand for this has come from the community. For a long time now the conversation has focused on reducing the coin supply to the market as the supply is out stripping the demand. This dynamic coin reward is us trying to meet the communities requests. To simply reduce the coin supply does nothing to progress crypto. With the dynamic block reward we try something new that could evolve into a popular solution if we get it right and continue to develop it.

My next item was to bring in an API for merchants to use, I think that this is important. If we have a dynamic reward then the next coin reward has to also be returned by the API. The API would give the value of the coin in fiat, generate QR codes and give other coin stats. I think getting merchants to use us in the real world is important. We are also going to work on an Android app, there is enough existing code out there to be able to piece together a working app without much hard work. This is going to be needed for people to pay in Hiro at the counter.