Ok so we need to implement a new stringency on coin.
Here is the plan, lets brainstorm this for Excl and Kingscrown.
Excl could implement special Exchange addresses for the coin. Maybe selling to BitCoin burns a portion of Excl back into PoS as it enters the exchange in a network Fee. Inside each wallet we need a function, the Coin Age will not only be determined for PoS but also from an Exchange wallet. This will extrapolate more PoS for coin that stays away from Exchanges. Merchants will be burning coin yes, but they are the reason we use Excl to buy things with. We are safeguarding the money supply from a constant recycling of money at exchanges and simultaneously there will be less coin in circulation if people just keep selling for profit. Eventually making people who hold Excl more money in the long run and if Merchants decide to hold because of this then they complete the stability. These same people who hold now have the advantage in PoS. Freshly minted coin sent to an exchange will not burn Excl since selling needs to occur for people to buy in.
However this type of scenario works out best after we try to Game it and Test the theories then that is the direction needed.
Merchants holding a portion of their Excl make a better profit long run for themselves, it is like playing a stock while making their living. If you create worth by holding and not selling and you can trade for things you need then it may grow exponentially. At that point people will begin to value it more and hold even further.
Things to think about is a new way of dealing with PoS coin at this point. If that PoS coin can not be used until it is bought at the exchange then that is another base to build from. Maybe the buying of the Excl from BitCoin releases the Excl inside the PoS wallet into the exchange. So if no one is buying at a price the Merchants (or anyone for that matter) agree with, the PoS coin stays locked but synced in line of age. Since Excl will not be sold for less than a merchant needs to get out from in order to stay in business and be profitable! So you enable a line behind the merchants sort of. It would be like delineating freshly minted money so that it will not compete with Merchant liquidity. Something to that effect. The standards have to be setup since it is obvious Merchants need Liquidity, so allowing for that, also helps their stability and makes them not have to compete as much for that liquidity. People who buy in would be sold the new coin people who sell out burn a large portion coming into the exchange? This is drastic but it would show an equilibrium and boost the price of the coin close to BitCoin. People could then keep perpetual Excl in the exchange I think as long as it doesn't leave again it is not hit with a fee.
There needs to be a magic ratio here. So that merchants/profiteers/daytraders/whales sell Excl to BitCoin. As soon as the funds hit the exchange wallet they are marked for Burning and the new coin is what is sold to the buyers, there will be less new coin always.
I may have convoluted some of the aspects but again make the ideas work. Having that function in the wallet would be automatic, then any fees going into exchanges even if there is none coming out of exchanges, gets burned into new PoS. Every aspect has to compliment each other.
If we can make this theory work, suddenly you have just stabilized your economy and Merchants may be glad to hold and even buy Excl since they see the stability of it as an investment. The more people talk about it the more it would spread and the buys to get in would overwhelm the sells since most hold and only Liquidity or marginal profit takers leave.
Lets just keep brainstorming the hell out of this...
I love the fact you are thinking outside the box here. Going to need to find a bit of time to really read what you have written (needs some brain power to process). However I wanted to post a quick reply to thank you for this kind of forward thinking ...
i deleted my message because it is obvious thing and dont want to be troll, but i will say that i personally dont like the way you try to bring attention, i bought and sold and i am out for now, i might buy in if it goes under 800 i wish you luck
i doubt EXCL will ever see 800 again and dev asking community if they want code change is imo a decent thing.
And we've just hit 800
lol - it will be back up in due course, things going on in the background
I have no doubt about that. I sincerely think that EXCL is one of those rare coins which is going to florish soon. I am just holding and watching the show but I'd like to see more action, like breaking 5k for once and staying at the 5k-10k range would be nice.
Yea I agree, I have no doubt there are many good times to come with this coin. It has always felt different to others. Got in at the start, never sold a coin and looking forward to the future.
i deleted my message because it is obvious thing and dont want to be troll, but i will say that i personally dont like the way you try to bring attention, i bought and sold and i am out for now, i might buy in if it goes under 800 i wish you luck
i doubt EXCL will ever see 800 again and dev asking community if they want code change is imo a decent thing.
And we've just hit 800
lol - it will be back up in due course, things going on in the background
If a hard-fork is going to happen then a short discussion on any other changes would be appropriate as it would be a good opportunity for other changes. Needs to be kept brief though, we don't want the community falling out about what to change. Whole process needs to be strongly lead which I'm sure you will do. You have my complete support kingscrown.
EXCL + ATOMIC-TRADE = NEW "EBAY" BUILT IN WITH ESCROW
Okay so we were mentioning news since some time and now its right moment to announce them. When EXCL was started we only wanted to have a market where discounted things would be sold for EXCL.
In short time this was live, almost all things were sold right away yet memers started asking if we could go into "ebay mode" where aanybody could sell their things, but there would be escrow on top processed by prominent members of community. Somewhere inbetween bitmit died which was the last alternative market.
This project was bigger than EXCL so we needed to cooperate with somebody and a person interested in the project was ByronP founder of Atomic-Trade exchange.
So now we can officialy say that we are working together on making current EXCL outlet into big structure that will allow anybod yto buy/sell products for BTC or EXCL.
Until its done - which may take some time - Exclusive Coin market will be running like it used too, so get ready - we have alot of new things to sell for Your belowed cryptos!
Great news, thanks kingscrown. Coins tucked up in my wallet as usual, staking and mining the pool
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BoardAnnouncements (Altcoins)
Re: [ANN] Exclusive Coin - Cryptsy/Bittrex, Big Multipool, Friendly Community
NEW WALLETS AVAILABLE update is not mandatory, this ones are just more fancy and have more options than our previous: - block exlorer - irc chat - coin control - bittrex trading - nodes autosync
We made a CryptoCommunity slack group. It's like IRC on steroids. The EXCL dev just joined making #exclusivecoin a default channel for all new members. Get in here and show your support for EXCL!
I'm thinking of buying my very first full BTC and buying as much EXCL with it as I can. I'm putting most of eggs in this basket, for obvious reasons, it's the most pretty basket I just want this sell pressure to go away before I do.
I'm also not looking forward to paying an extra 10% TAX. Bloody Australia.
1. its hard to mine so theres little coins around there, which makes them worth more than ICO price - way more 2. there is miners mining - for which tchem the coin is worth more than 500 sat ICO price 3. price keeps raising since theres no miner dumpers 3a. if price doesnt raise like this at some point we add EXPENSIVE things to the market that HAVE TO make person buy out expensive [over 2k satoshi] coins to buy it in the first place 4. price raises and stays there 5. rinse repeat 6. blockchain bload = adding electrum [like LTC/BTC have] and downloadable blockchain [like ie HBN does] fixes this issues
If really after long time this doesnt happen [i cant see how it wouldnt tho!] we could fork it. But ie look at DRK or VIA - miners dont make much but mine it, just it needs time to get to right price. And to get to right price - its money to be made by early supporters holding no dropping.
This is not get rich overnight project but also not get rich in a year. Just needs 2-3 weeks of stability. Market just started.
Hope that makes sense for you guys.
Works for me, if there is anything I can do to help let me know. Long term holder, long term miner ...
What is the projected end or reduction in POW mining? Proof of Stake only is the way to go IMO but has to be done right. If you have POW mining you have constant sell pressure but if it is POS only, along with a solid fee structure, it can be proportionally more rewarding to be an early adopter. Also, have you thought of the idea of possibly swapping the Blockchain for a new one at some point in the future in order to trim off a large portion of Blocks?
40 second Block time is fast and also will carry alot of bloat, Mintcoin has this problem with a 30 second Block time, what can be done in order to eliminate or reduce the amount of data within the Blockchain over time?
There is a long time to go on the POW phase yet but there are not many coins created (relative to other coins). 8 per block which is 17,280 coins per day.
Possible approach: end POW phase early meaning sell pressure off plus fewer coins that ever exist. Requires a fork though I'm guessing. Could trim the blockchain at the same time. Not sure if any of this is necessary though.
Thoughts anyone else?
Hmm, was looking at your math which is a bit off because you are assuming that every block is a POW block so you would have approximately 3,150,000 coins generated through POW a year for half the blocks, plus up to a maximum of 2% a year for the other half so over 10 years, it should produce around 31.5 million POW coins plus around 1-2 million POS coins plus the 30 million current supply (the unspendable address counts to supply) for an estimated total of 60 million max supply after approximately 7-7.5 years (36.9 Million real supply).
The last POW Block and the 31 million generated is more than the max money? I am under the impression max money is more used only as an upper limit never to be reached?
Yes I did just take into account the POW blocks to get a broadly accurate idea of the supply. I assumed that MAX_MONEY would act as a cap within the code but I don't know that for sure. Might take a look around the code but coin code seems pretty hard to follow.
I also didn't take the unspendable into account, not sure why you are? Could you explain?
This coin has a relatively low reward for a relatively long POW period which in my view is much better than most coins which create masses of coins in a short time period. The important question you raised is the one regarding sell pressure from mining. Do you think 17,280 coins per day is too much in that it will be enough to maintain sell pressure for a long period of time?
It's both good and bad, it would be better to mine as you would gain more coins from Stake, plus more from holding and fees but sell pressure is too much IMO and would be better to go into POS only much sooner and focus more on fees.
Well lets see if Kingscrown wants to join in this conversation. In general I think its early days yet for this coin and I'm patient. I think the marketplace has legs if it can be developed further. The fact that its up and running is great. But if the consensus is that the current rate of minting new coins is enough to maintain sell pressure for a long time then perhaps some thought should go into changing it.