Quote from: cryptofutureis on October 12, 2017, 11:55:38 AM

Quote from: ccminer.net on October 12, 2017, 05:47:49 AM

Quote from: tf2addict on October 12, 2017, 03:39:16 AM

Not mining MUSIC any more, ETH is enough more profitable that there is no point.

I'm waiting a bit more to see if the price will rise else I'll stop mining this coin as well

It will be good if more people dump mining $MUSIC. Miners are too greedy. Dumped price all over from 2000 satoshi. It's sad situation actually, if back in the days miners mined perspective currency to accumulate more, now more miners just take coin from profit per mining to dollar perspective, sell for fiat and help dump more. Its hard to trade with so greedy miners around, since most people bought $MUSIC for over 1000 satoshi. Anyway I think $MUSIC team should partner with Changelly or any other big exchange to spray some big trade % from Bittrex. Main problem with $MUSIC is that miners has more $MUSIC now, and traders and investors couldn't influence on trading much. So this is the strange situation where miners are whales, and people who could invest a lot couldn't do much beside just buying in small portions. Since not all traders are trading with own funds, they couldn't just risk that much, when miners are too greedy. Its a nice opportunity to buy more, but it could be good if miners calm down for a bit.

You're right except that the miners aren't to blame. They're working within the system exactly as it's set up.

The problem is that the inflation model for Musicoin is ludicrous. From an economic perspective the devs are basically giving away the value of the network to miners by rewarding them with huge sums of new coins for their hashrate. Why does Musicoin need a massive amount of hashrate paid for out of the pockets of artists, listeners, and investors through extremely high inflation?

The block reward needs to be reduced to something more appropriate ASAP. My suggestion would be a 25 coin block reward with 50 coins sent to UBI.

Even better would be a system where transactions are confirmed by the listeners with each play. This would eliminate the need for traditional miners completely. All newly-minted coins could be reserved for UBI, or a portion could be given to the listener to be used for tipping. The Musicoin ecosystem would be rebalanced and listeners would help secure the network without even knowing it.

GrayPhoenix

Posts

Merits