The inflation is now 118% pa, or 10% per month, not counting POS.
The inflation decreases over time as the number of mined coins over time becomes a smaller and smaller amount relative to the overall number of coins in existence. Look at what it will be a few years down the road.
There is no guarantee that mined coins will decrease. I hope YAC is till there in a few years. One and one miner can 51% any day. More about security below.
The top miner at coinmin.pl is getting 84k YAC per day. If the community doesn't do anything YAC will get the reputation that saver's value will be wiped out by a few miners when diff is low.
The top miner at coinmine.pl is investing a large amount of hardware resources and power to get those coins. The block reward they're receiving isn't vastly greater than the block reward was during YAC's hash rate peak.
The community has changed a lot since the early days of YAC. In those days there weren't many investors, just speculators and miners. I care more about what adopters and investors see YAC in the long term. There are already 27m YACs. A lot of newly mined coins aren't that important for YAC economy any more.
Your proposal is to slash their return by more than 1/2 and just cross your fingers that price of YAC rises by an equivalent to compensate, for the purpose of increasing the value of early investors?
Correction:
for the purpose of preserving the value of all investors. In the three functions of a currency: medium of exchange, unit of account, store of value, YAC is FAILing in the store of value part with its 120% inflation rate. It's current parameter is such that in the low hash days inflation goes through the roof. This, if not fixed, will happen again and again, driving future potential adopters away.
Sounds more like a recipe to drive away more miners, who are already in short supply. Note, I hold a pretty large quantity of YAC at this point (not quite a million YAC yet though), and even I would be opposed to this change because I've seen numerous other alts try to change their block reward to enrichen the early investors / hodlers and/or penalize miners that came later. I have yet to see that work out particularly well..
Miners are not many because reward is low. The reward is low mostly because the price is low. The price is low because the selling pressure by miner-sellers. I think if we slash the reward the number of miners will INCREASE.
Hard forks and changes to the basic parameters of a coin should be a last resort reserved for extreme circumstances. Note that the YAC community is still alive even though we still have the same basic reward parameters that the coin started with. We prosper by knowing when to keep our hands off the basic parameters of the coin for the purpose of favoring a select part of the community's participants.
C'mon designing of a coin (or anything) is always about favoring part of the community.
The current parameters favors late miners.The way the reward calculation works and is capped wasn't a mystery that was suddenly sprung on everyone recently, it is the same as it has been since the beginning and anyone choosing to participate in YAC should have known what those parameters were when they became involved.
OK, why not be honest and write this on yacion.org "
Yacoin has a maximum inflation rate of 200% when hash rate is low. 100+% inflation has happened often since its creation. And we like it."
YAC survives to this day was not because someone stuck to the original release, but because someone went ahead to keep working and improving.
Was me? The very first thing I did after forking the YACoin source was not to go changing the reward parameters.
It was you and thanks for that. Many contributors, too. I have heard you profitted nicely in the deal. Hope you contribute more.
For a starter, I suggest we change the cap to 25 which effectively sets the index to 0 when diff<=1. The cap is reached when diff<1 . Maximum inflation will be 49% pa. It's still pretty bad but if it is too low the miners aren't too happy. That said if a miner likes YAK YAC, he/she should like low inflation; if she/he doesn't care, then feel free to mine something else.
Translation: "I'd like to hard fork your coin to change the block reward so early investors and miners have a larger advantage over current miners.
And if you don't like it, feel free to mine something else."
Is that a fair translation?
It's a narrow minded motivation guess. You are not in the shoes of potential
future adopters who mainly look at YAC to see if it is a good store of value. For medium of exchange, unit of account, and network security many other cryptocurrencies are doing just as well.
What is the point of a fancy ASIC-resistant algorithm to avoid hash power concentration when one of today's miners or the dominant mining pool constantly has more than 60% network hash power?