Hypothetically assuming a Peercoin price of 8000 $ like Bitcoin’s, would the transaction fee still be the fixed 0.01 PPC? This thread confuses me. Shouldn’t it always stay possible to “buy pizza” (i.e. do relatively small transactions) with Peercoin?
Typical answer is that fee can be adjusted at any time at will of stakeholders, and this is true.
However I do not think Peercoin was ever meant to be something you buy pizza with and I don’t think it should ever be something to buy pizza with. There are coins more fit for this purpose out there.
Peercoin was designed with different use cases in mind, more akin to what is Bitcoin becoming today - a secure p2p immutable database used to mediate disputes (source of truth) aka “settlements”.
Look it’s very simple.
If PPC price is $8000, you won’t be buying pizzas with it.
if PPC price is $1, yeah why not buy pizza? Or a piece of candy.
So a strong Peercoin would also need a Lightning Network.
Just a thought: It came to my mind that perhaps at some time Bitcoin itself might hard-fork to PoS (like Ethereum’s plan), maybe even taking Peercoins algorithm? But probably not - there are too many different groups of Bitcoin developers around nowadays.
We are far from needing lightning, but it won’t be too hard to add as we go. The devs have discussed it in depth, and it has et to be hashed out more completely in btc and ltc anyway.
It is unlikely bitcoin will fork to PoS, and even less likely that it will fork to Peercoin. Still, it would be interesting, and the hybrid nature of Peercoin makes it somewhat viable. You could always go ahead and fork it yourself, there would be lots of people with mintable coins (any bitcoin holders), so who knows, maybe you’d get a reasonable mint difficulty if you advertise it properly.
No, that’s not the case, you assume you need a way to buy for pizzas with peercoin. It might be wanted to be able to do so, but it doesn’t have to.
Many people like to believe the price goes up magically, which is the case during this cryptomania, but it won’t be true forever. In their believe of the price going up magically they fear it would become to expensive to transact. But they have never understood the mechanism of supply and demand.
More and higher value use of the chain will drive the price up and not the opposite like hodlers like to believe. So ultimately the price will adapt to the usage.