Will PPC minning ever end?

Simple questions: When will Peercoin mining stop? who will decide? and why don’t we have a deadline according to total supply or network strength or whatever?!!
Without these questions answered why should i consider mining as a temporary situation while it may continue forever?!

Sorry if my questions seems to be offensive, But it bothers me a lot to see mining causing unnecessary inflation and drawing back peercoin for no reason! 21M ppc seems to be enough distribution!

Mining already plays only a small, and declining, role in inflation. See http://peerchain.net/ for the current inflation rate, and some other interesting charts.

According to the current version of Peercoin, mining will never stop, but with every 16x increase in the hash rate of the network, the mining reward (and hence mining-inflation) drops by half.

EDIT: 500th post! Time to celebrate! :slight_smile:

I am very familiar with Peerchain charts, and it tells me that in the last year mining caused ~90% of the inflation.

This is bad news for me, does the hash rate depend on the total computational mining power? if so this will take too long as peercoin mining is not rapidly growing, also what will happen on the long term if the computational power decreases? will the reward redoubled?!

Congratulations :slight_smile:

The issue when to disable pow and go full pos sound like a fine candidate for a referendum as well, once it is build in peercoin later of course. It feels kinds like how the Swiss operate :wink:

We need inflation in the adoption phase. It is tempting for us early adopters to pull up the ladder behind us, but we need to wait until everyone is up on the roof alongside us.

Yes, the hash rate is the total computational mining power.

The reward does not double and halve suddenly. It’s a gradual curve, following the “16x -> doubling” functional rule. For the exact block reward, see the “Peercoin POW Block Reward” graph at http://peerchain.net/charts.html. The idea is that, as mining technology improves, the block reward (and inflation) shrinks. If the PPC price crashes, miners could leave the network and cause inflation to rise.

For more information on Bitcoin and Peercoin long-term inflation, see this section of the Intro to Peercoin video.

This is too disappointing, Why do the network needs to raise the reward -or give a reward at all- to attract the miners if the main purpose of mining (Distribution) have been achieved already ?!
Why didn’t Sunny king put a total supply limit in which mining reward is set to Zero after we reach that limit?
More importantly, why can’t we do it know? if we did, peercoin inflation will be less than 1% in no time and forever with no future sudden inflation for any reason.

Good distribution is not already achieved if we want Peercoin to be the backbone currency of the world. PoW inflation must run for at least 20 years for that to happen in my opinion.

At the current inflation rate (if mining reward didn’t halved any more) we will have only 40M peercoin after 20 years,
While with only 1% POS inflation we will have 27M peercoin after 20 years, 13M is not that much to help with your purpose,
but it POW inflation will always be an annoying threat.

My 2 bits: while bitcoin is at 11-12% annually, peercoin will be at 4-5% this year. To me this puts ppc already far ahead. While it is hard to see 20 years into the future, Moores law has been correct ever since the existence of computing.
The current hash rate will then be easily achieved with a few single desktop pc’s, while the future hashrate could be a thousand times the current one.
I settle for low threes for the next years but I think voting mechanisms will be in place long before 2020.

remember the 90’s https://i.imgur.com/qGkjScK.jpg

[quote=“teeneagle, post:7, topic:3041”][…]
Why didn’t Sunny king put a total supply limit in which mining reward is set to Zero after we reach that limit?

Because it simply hasn’t been necessary to do that.

And that’s why it hasn’t been necessary to set the PoW to zero from block x on.
Once the demand for ending PoW is high enough there will be a Peercoin client version that cuts out PoW.
This will be a hard fork due to the protocol changes.
Minters will likely be adopting the new client version. They are incentivized to do so, because they limit the diluting of their Peercoins by removing the PoW process.
Minters secure the network and are in terms of security the important party (in differences to the “PoW party”), they decide which way Peercoin goes.

This is the referendum: the majority of minters decides where Peercoin goes.
Other parties (people who simply want to use Peercoin for trading, exchances, etc.) will have no chance but to follow to the client version that has been cut off the PoW (at least if they want to be on the secure fork, which they will want to be…).

I’m not saying that I’m a programmer and could do it myself. But I doubt it’s too hard to set the PoW block reward to 0. Basically that’s all you need to end PoW mining. And as Peercoin is open source, this option is available.

The reason why it has not already been done is - in my (but obviously not only my) opinion - the fact that we still need more distribution of Peercoins.
Taking into regard the PoW reward halving each 16-fold of hash PoW hash rate, there’s a limiter to the PoW inflation (mining needs to generate enough money to operate and pay the mining devices…).

In the end the inflation by PoW of Peercoin is tied to the value of Peercoin.
The more valuable Peercoin is, the more PoW mining will happen and the lesser the PoW reward will be.