Ninjastic
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Re: [ANN] RealCoin [A new e-commerce business platform][Release Date: Feb 10]
by
SgtSpike
on 08/02/2012, 21:27:09 UTC
Quote from: DeathAndTaxes on February 08, 2012, 08:35:52 PM
Quote from: SgtSpike on February 08, 2012, 07:26:33 PM
Quote from: bitlane on February 08, 2012, 07:22:06 PM
Quote from: TheGlobber on February 05, 2012, 10:01:59 AM
The plan is to be fair to all miners. If you are a good helping miner then you dont have to worry about anything. This is just an extra layer of protection for the business nothing more than that and as said in the future it could be removed allowing for a completely decentralized service.


Please explain mining further. What incentive to miners have to give this 'coin' a second thought ?
COMPENSATION ......................HuhHuhHuhHuh?
Transaction fees are the compensation.  It won't bring in a huge number of miners (especially at first), but as the number of RLC transactions build, the number of RLC fees will build as well, slowly bringing in more miners.  If 100 1 RLC transactions are made in a block, then that's $100 of fees that goes to miners.

100 RLC = $10,000 every 10 minutes.
That's $1.4 million daily or ~ half a billion annually.

Yeah sure when (more like IF) transaction volume is ever that high fees are fine.  This is my Satoshi came up w/ the block subsidy and have it decline over time because a larger network can be self supporting.

So the question isn't when RLC gets to the billion dollar range but more when RLC is in the $500 per block range = $5 in fees.
How much $$$ worth of transactions does Paypal do daily?

I do agree with you that unless RLC becomes BIG, miners will be a very small part of it.  But, there is always that possibility.  And if/when it did become big, it would be nice to know that there is built-in protection against DOS attacks (or accidental downtime, maintenance downtime, etc).  The advantage of being able to transact without connecting to a central server could prove to be very important in some cases.

Transaction signing with a central server is going to have some disadvantages, and I think mining could alleviate those disadvantages if it is ever used enough.