Quote from: Metatron on August 29, 2013, 08:52:00 PM

I'm no expert in the nitty gritty of these difficulty algos, but I hate it when there is a new coin and big miners jump on it to mine when the difficulty is still very low and then after a few acquired millions they leave to pump-and-dump their coins leaving the real supporters of the coin facing high difficulty! Angry

I think that difficulty retargeting (or balancing) should be incorporated so when the big hashers leave, the difficulty level will balance itself with the remaining hashes - kind of 'supply-demand' ideology. What I mean is that if there is high hashrate = high difficulty; if small hash rate = lower difficulty. IMO this is a needed component for the longevity of the coin to remain in existence.

Now as for the value of the coin, if we look at the real world examples, there's no fiat currency that has its value based on its scarcity (as far as I know). Yes there are other things like diamonds, gold etc. that their value is based on that, but in this case I'm treating 'the coin' as the main currency. So the value of the coin has to come from 'the need to be used'. This you are already taking care of as you mentioned many service where it can be used. One important service is an exchange, although I personally do not agree with the exchange of crypto-currencies to fiat-currencies as it completely defeats the purpose of cryptography, as once it's translated into a fiat currency it becomes traceable Grin

now that's my opinion and a completely different argument. But it seems that the community wants this and so it be...

One thing I haven't seen in the announcement is the total amount of coins. Do you have an idea how much you're going to make it?
I might be dumb as I cannot understand why devs make hard caps and limits for their coins. Is every coin designed for a few number of years only? Why is this? No one envisage their coin being used 20, 50 years from now? Many might argue that it is so because Bitcoin is like that... right, but was bitcoin designed to be an 'eternal' currency or was it an experimental idea that a genius (or a group) came out with and wanted to see if it is possible or not, so it was coded with a cap for that reason? I don't know of any fiat-currency designed for 5 years only for example and thus, coins should be modeled or successful real world fiat-currencies (without the bureaucracy of banks which is taken care by the network and blockchain) ... And I'd like to see what happens when most coins reach their caps and they might become useless and just history... I might be wrong, but as I said, I just can't understand this point.
Anyway, I'm mentioning this so you might research a bit on these ideas / questions and see if there is any way you can increase the longevity of the coin. Maybe this coin can be unique as I'll be able to pass down to my children and they to theirs Wink

Thanks again for the great feedback.

We are adjusting to this by making sure the difficulty adjusts every minute.
This way it's very flexible, and the big guys shoudn't ruin it as easily for the small guys.
Also, that's where we want to be different from most coins. Have many features available asap. Casino's, exchanges, and other things we still have to think of.
Good to hear you're agreeing with us on that one.
The total amount of coins shouldn't make that much of a difference. When there are 2 000 000 coins, the value is simple 10x smaller than when we have 20 000 000 coins. So that wouldn't make much differnse.
However, we don't want to many coins because that would make the coin feel invaluable. And not to few as the coin would then not be fun to mine. Also, we're trying to make sure the coin is minable for a long time. at least 6 years should do. When all coins are mined, the coin should be very stable.
We mainly need idea's for ways to use the coin early on. So if you have any, please do tell us.

Thanks for all the great feedback once more, i'll do my best to keep responding as fully as I can.

Badkamer

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