I was thinking about Nxt and reading a bit about it. Seems to me they could have come up with a better way to distribute it. I had some thoughts on a coin and wanted to throw it out there and see what other’s thoughts were.
It would be similar to NXT in that it would be mostly a proof of stake coin, but coin generation could be a year or 6 months of POW mining. I guess it could be similar to ppc but with an accelerated phase out of POW. I also think that the mining would be very slow to start with small blocks that increase in size with difficulty. Block size and coin distribution would increase until a specific block, then it would be POS only. I would think a scrypt or cpu only coin so that the most people would have a chance to get in and get a few. POS minting would be a small enough generation of coins to keep a fairly steady number of coins or could be recycled transaction fees.
Increasing block size would encourage people to stay mining throughout the cycle and help to build enthusiasm and hype -then at the peak, POS would take over.
Thoughts? Would price tank at the end of POW or go up? Would people’s interest build and stay?
I know that so many alt’s have come before, but the cycle of boom and bust, pump and dump is interesting to me. It seems to me that the biggest thing for some of the recent alts to survive is good marketing. Perhaps a coin like this could grab some hype and keep it. Perhaps it has been done already? If so, let me know which one, I can’t really keep track any more.
Have been following the scene for a while now and have recently focussed on NXT (and keeping an eye on Emunie).
All crytos are all clearly in the experimental stage and entering space where no-one has gone before (where did I hear that before).
Bitcoin has the advantage of being the first, but with this kind of disruptive technology there is a good chance that something will replace it. The distribution of Bitcoin also took a long while and is still not perfect. Peercoin is also still relatively high, NXT just tried something new. Time will tell, but I don’t think the best way will ever be invented as there will always be better ways. However, at some stage it is good enough.
I like the hybrid model of Peercoin, but wonder how we would be different from e.g. NXT when POW is no longer profitable.
The marketing aspect is also very important as we have seen with Dogecoin recently. However, building on such a hype is very difficult as starts to appear. NXT is probably going to hype in the next few weeks. If they manage to realise the functionality they have been promising within the peer-to-peer model it could be a game changer.
If they are successful and can deliver other functionality on top of a pure currency and with that slowly moving in to DAC space http://invictus-innovations.com/i-dac/ they might beat them all. DAC’s are a game changer in themselves.
Back to where Peercoin stands. I think we’re currently in a good position while this transitioning (or revolution if you believe some) takes place. For many people this is beyond comprehension and they are still getting their head around Bitcoins and cryptos.
So what is important for them now? Peercoin is a stable coin with a good track record in the new world of cryptos. Its creator has clearly thought things through pretty well. I think positioning Peercoin as a backbone currency is a good strategy in what will be an interesting 2014. Especially now Peercoin get’s aboard with payment processor and soon mobile wallets. Peercoin has built on their green image (which is challenged by NXT), but I think the reliability/security is a better differentiator towards NXT. There is something for both, mining for the geeks and minting for geeks and non-geeks.
The next year is for the crypto with good marketing, a reliable image, many exchanges and offering this on a mobile platform. Peercoin is well positioned for that.