Once POW is disabled and checkpoints are removed will the current mint reward of 1% be enough to get enough people to mint? Currently only about 10% of peercoins are minting which shows that either the reward is not enough of a incentive or people just cant be bothered to mint. Down the track when there is no pow and checkpoints this could pose a security risk to the blockchain. Do you think the POS reward should be increased to get more people to mint and hence better secure the network?
Till cold storage minting is live I don’t think we should change anything or read into the % of coins being used to mint right now.
If u increase the pos reward, all you are doing is fueling the argument for the rich get richer. And putting now coins on the market that have to be bought up to maintain current price.
I think education on minting may get more people minting and securing the network.
Fuzzybear
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Would Love too see %2.2 >:D
No.
Boundary conditions are set.
The have not been tried out without cold miting and they make sence
We want zero changes to boundary conditions in the current condition
If we want people to use Peercoin as a volatile savings account backbone currency, then the minting reward has to remain very low.
For a backbone currency, it needs to be possible that at least some people just throw small amounts of money in, say $20 or $50, and accept minting-inflation to pay for the security of their coins. Meanwhile, bigger investors who together hold say some 30-60% of the total coins secure the blockchain by minting. I think that is Sunny’s vision.
The higher the minting reward, the less attractive will Peercoin be for small investors!
The extreme opposite are cryptocurrencies with high minting reward or constant reward (like Hobonickels, Bottlecaps, Tekcoin, Hyperstake, Orbitcoin, Clams) to name just a few. When you buy these coins, you need to buy a relativly large amount of coins and mint 24/7 to not fall behind the other holders.
These currencies are just about the minting as some kind of hobby, so anybody who buys Peercoin just for the minting itself should better go for these cryptocurrencies (like I do as well besides my Peercoin holdings) just to have some fun.
While buying say 10 PPC and holding them for 10 years without minting could make sence, buying 10 Bottlecaps and holding them for 10 years without minting will definitely not make any sense, because you miss out on 200% reward each year.