The road to making Peercoin No.1 Altcoin

General
1

Hi all!

Why are Litecoin and Dogecoin so successful?
They are uninnovative coins, but they could be mined for a long time by anybody with a GPU.
They have got a much better distribution than any other alts.

==> Why not increase the PoW reward of Peercoin to follow a Bitcoin-like schedule?

If Sunny King were to admit that he underestimated the difficulty increase caused by the Sha256-ASICs, which lead to roughly 21 million Peercoins mined in 2012 and 2013 and only like one quarter of a million coins mined per year over the years to come, it would be a great move.

With Sunny King’s permission, we could change the Hashing algorithm of Peercoin to one that can only be mined with CPUs, possibly the same that Ethereum will choose. With a reward halfing every four years. We could for example target a number of 84 million Peercoins like Litecoin, plus 1% Inflation from Staking. Some other coins like Feathercoin have already proven that Hashing algorithms can be changed.

People are much more likely to buy Peercoin, when there is a decent amount of mining. Personally, I never buy coins that have got no inflation from mining, because I would have to buy them from a non-miner. And if that non-miner has a reason to sell the coins, why should I buy them?

With ppcman’s marketing plan being discussed in the other thread, we would have something really big for him to offer to the public during his campaign.

Properly executed and marketed, such a move will make Peercoin number 1 coin behind Bitcoin within weeks after the hardfork. We need to get Bitcoin-enthusiasts mine Peercoin with their home computer. They will then buy additional Peercoins to the ones they mine.

It would be great if Sunny king could at least briefly say his opinion about such a move, in order to not hold the community back if the majority like my idea.

Note:
I will be away over Christmas/New year, just wanted to get this discussion started.

EDIT:
Added poll, since this is a very controversial topic. Poll will run for 14 days. We should consider a change in core protocol only if the “yes” vote is well above 50%, something like 52% or so should not suffice because we may not override early Peercoin investors. This is a strong argument indeed. We also need to monitor that the poll will not be spammed with votes from Fake accounts to harm Peercoin.

2

interesting :wink:
it could be just merged mined with primecoin, at least for POW.
but then primecoin would not have any meaning, both coins could be merged somehow into one. a new one, or into PPC.
just some random thoughts

3

I don’t think so, also it will alienate peercoins core base of support i think.

POW peercoin mining works just fine…

We need marketing based on our core values, not a gimmick.

4

my 2 satoshis:
well as a hodler, I did not had such dramatic change in mind. When I was buying I expect a inflation rate of low 4 or threes. If a coin cant stick to its core properties, a lost of trust will occur, including mine

5

Low inflation is generally touted as a feature of Peercoin. I don’t think this change, which significantly increases the inflation rate, would be popular.

6

Change nothing or pump n dump. I vote change not.

7

Added poll, since this is a very controversial topic. Poll will run for 14 days.

We should consider a change in core protocol only if the “yes” vote is well above 50%, something like 52% or so should not suffice because we may not override early Peercoin investors. This is a strong argument indeed.

We also need to monitor that the poll will not be spammed with votes from Fake accounts to harm Peercoin.

8

Hey, nice idea, we should use those polls more often :slight_smile:

9

+1, voted.

10

[quote=“thehuntergames, post:4, topic:3183”]my 2 satoshis:
well as a hodler, I did not had such dramatic change in mind. When I was buying I expect a inflation rate of low 4 or threes. If a coin cant stick to its core properties, a lost of trust will occur, including mine[/quote]

This pretty much sums up my feelings.

11

I personally think that Litecoin and Dogecoin are doomed in the long term.

I don’t want Peercoin to go the same way. Sadly, it looks like it’s where it’s aimed at.

12

[quote=“Sentinelrv, post:10, topic:3183”][quote=“thehuntergames, post:4, topic:3183”]my 2 satoshis:
well as a hodler, I did not had such dramatic change in mind. When I was buying I expect a inflation rate of low 4 or threes. If a coin cant stick to its core properties, a lost of trust will occur, including mine[/quote]

This pretty much sums up my feelings.[/quote]
Same here, although I think we need something which draws back the attention to the coin. This is not the right way as it will alienate exisiting holders.

13

GPU friendly POW+POS coin? Long history? Not dead? Yeah, that is Yacoin. You like mining? Go for it. Yacoin has 100% inflaiton rate because the protocol is miner friendly. POS reward is 5% pa.

Well if you can accept its being stuck 250 satoshi value and a tiny hobbists community that is.

No. Peercoin is not to lose its identity of a secure, POS, low inflation coin (170000 satoshi).

14

+1, voted. :slight_smile:

15

voted.
success of a coin is not so about its design and technology but its adoption,security,easy and simple handling and ofcourse its large community.

16

Based on the results of the poll, I think there are not many Peercoin miners posting here. ;D

17

Increasing the PoW reward will just bring more mining power on PPC, nothing else. Miners will still dump their PPC on the market like they are doing now, either for FIAT or BTC because it’s profitable to them (http://www.coinwarz.com/cryptocurrency).

PoW only helps the coins’ distribution, I think the market now is telling us there are enough coins for everyone… and probably too much (check the order depth chart: https://cryptrader.com/charts/btce/ppc/usd)…

18

Mining Peercoin PoW blocks is feasible only with specialized ASIC hardware, so fair distribution is no longer possible.

My suggestion is:

  1. Switch off PoW
  2. Variable PoS block reward, which depends of the total money supply. We need to achieve one percent inflation per year and attract people with low and very low amount of Peercoins.

Math:

The average length of the year in the Gregorian (modern) calendar is 365.2425 days (taking account of the century rule for leap years).

         AVGLY (average length of the year) :        365.2425 days
               ABPY (average blocks per year) :    52594.92 = (24 * 6 * AVGLY) = (24 * 6 * 365.2425)

BRMC (block reward manipulation constant) : (1.01 ^ (1/ABPY)) - 1 = 1.8918807737344281234481581941758e-7

                     BN (block number) :     150512
                     MS (moneysupply) : 21966625.38081000

BR_150512 (reward for block 150512) = MS * BRMC = 21966625.38081 * 1.8918807737344281234481581941758e-7 = 4.155823622178114962304697168243 Peercoins

                     BN (block number) :     150523
                     MS (moneysupply) : 21966729.96081000

BR_150523 (reward for block 150523) = MS * BRMC = 21966729.96081 * 1.8918807737344281234481581941758e-7 = 4.1558434074672466769540121890814 Peercoins

I’m not shure how to deal with rounding. Need to look in the source.

19

This has been discussed before. The problem with near constant reward is that it greatly increase incentive to attack the network with small stakes.

20

This has been discussed before. The problem with near constant reward is that it greatly increase incentive to attack the network with small stakes.[/quote]

You can spread your coins in many small stakes and now. Probability to solve a block is the same. I do not understand what the difference is and why near constant reward will greatly increase incentive to attack the network.