— SteemCN

bullshark (47) · 7 years ago

You say you didn't sign up to that system but then you must not have read the Gridcoin home page because it's one of the main selling points. Earn 1.5 % APR.

I do agree that inflation could get out of hand and that there should have been some ratchet where the interest gradually decreases to nothing. Either that or fixed block rewards that reduce over time.

However, In order for it to go to nothing, there would need to be a lot more transactions and the fees would need to be higher otherwise there would be no incentive in keeping the wallet running or to secure the network.

$0.48

2 votes

tomasbrod (51) · 7 years ago (edited)

Fixed block reward does not need to reduce over time, cause block per day is constant. It is the "coin*age" interest that is actually increasing: every day, there are more coins and from these coins, even more interest is paid. The "coin*age" interest creates exponential inflation, while BOINC rewards inflate linear, therefore interest is bound to take-over research at some point in the current system.

$0.26

bullshark (47) · 7 years ago (edited)

Yeah, changing to fixed block rewards would be good but it will make it even harder to stake so I thing we need to come up with the best solution for easily rewarding researchers first.

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dutch (61) · 7 years ago (edited)

because it's one of the main selling points. Earn 1.5 % APR.

If that is one of the main selling points, we may as well sell up and leave. The research should be the only main selling point. Everything else is extra. Without BOINC, GRC is utterly worthless.

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bullshark (47) · 7 years ago

Make an announcement to take away all interest in the next release and see what happens to the value of the coin.

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dutch (61) · 7 years ago

It is exactly the model GNT, SPARC, etc operate on. I don't see why GRC, being the only coin with an established research platform, would suddenly fail like that.

I am not saying we should remove POS, but it should not be the focus in either development or marketing.

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bullshark (47) · 7 years ago

It is exactly the model GNT, SPARC, etc operate on. I don't see why GRC, being the only coin with an established research platform, would suddenly fail like that.

Can't argue with that :-)

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tomasbrod (51) · 7 years ago

For the change in interest, I would like to have a poll, please see the task, and the linked thread and add your ideas there.

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4 votes

jringo (63) · 7 years ago (edited)

straight from my response:

In my view, it is FAR too early to even consider an actionable poll. We need opinion and conversation right now. Look in #poll-drafts on slack for an example of that conversation, much of which has to do with this issue.

I think this issue is premature. The conversation should be had on platforms which have greater visibility and less official standing than Github. After some weeks, then we start to create options for a poll. Right now we need to gather input and information.

Instead, I suggest we slow down a minute and have some discussions in the community hubs before considering an actionable poll. Please join #poll-drafts on slack or any channel really and join the conversation. I have posted an example of what an opinion poll might look like in that channel.

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2 votes

tomasbrod (51) · 7 years ago

I know it is early, therefore the poll "task" is marked as "preparation", to make it more clear, I now added a "draft" mark too. On the other hand, I think there is enough info in #106 already. And it is now over a a year old.

$0.32

4 votes

jringo (63) · 7 years ago

@bullshark this is a response to you as well.

The thread is over a year old and the majority of it is general questions and discussion, which is great, however most of the discussion before May is restated afterward, so it's a very long and repetitive thread with weeks at a time of dead-air.

Also, the only real proposal in the thread was posted by dc7dgrid's only 11 days ago. The discussion in general talks about a lot of potential options, politics, philosophy, and intent, but only that one post 11 days ago explores potential paths and their consequences.

I think we should give time for more posts like dc7dgrid and wait for a discussion to take place around detailed protocol proposals. The alternative is to rush into something that is generally agreed upon by a loosely structured discussion between a few people.

If we encourage serious and detailed proposals, and if we create several opinion oriented polls before an actionable poll, more people might join the discussion.

What is your idea of a timeline for addressing the PoS incentive protocol? When do you want to create the actionable poll?

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tomasbrod (51) · 7 years ago (edited)

The opinion poll is a very good idea. I tried one, but failed to make it clean enough. Please have a look: https://github.com/Erkan-Yilmaz/Gridcoin-tasks/issues/151

An we already had a poll about fixed block rewards, but is was not stated there explicitly (PoSv3 = fixed rewards + some other things), see: https://github.com/Erkan-Yilmaz/Gridcoin-tasks/issues/43#issuecomment-325420116

and if you can, please continue the discussion there

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bullshark (47) · 7 years ago

As you know, this discussion has been going on for over a year on GitHub. See GitHub Issue #106. How long before a poll gets made for this topic or do we wait another year?

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jimbo88 (48) · 7 years ago (edited)

Hi jringo, maybe you can help clear up some of my confusion.

I've been under the impression that we try to create 48k DPOR coins per day and coin creation through DPOR is metered via the Magnitude Unit. I've also been told there is a total of 115,000 mag.

Therefore, to hit our target of 48k coins per day, we'd need to see an average magnitude unit of 0.417 (48,000 divided by 115,000).

I'm aware the mag unit moves up and down depending on recent DPOR coin creation, but I've been around since March and I've never seen the Mag Unit above 0.3.

It seems we're only creating ~50% of our target. Why?

Also, what's the point of a moving mag unit? If we haved a fixed magnitude unit, wouldn't we create the target amount of DPOR coins (on a long-term basis)?

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4 votes

tomasbrod (51) · 7 years ago

Mag unit also (wrongly) depends on the total magnitude in superblock. I think the rest of the function is not right as well.

    //7-12-2015 - Calculate GRCMagnitudeUnit (Amount paid per magnitude per day)
    StructCPID network = GetInitializedStructCPID2("NETWORK",mvNetwork);
    double TotalNetworkMagnitude = network.NetworkMagnitude;
    if (TotalNetworkMagnitude < 1000) TotalNetworkMagnitude=1000;
    double MaximumEmission = BLOCKS_PER_DAY*GetMaximumBoincSubsidy(locktime);
    double Kitty = MaximumEmission - (network.payments/14);
    if (Kitty < 1) Kitty = 1;
    double MagnitudeUnit = 0;
    if (AreBinarySuperblocksEnabled(nBestHeight))
    {
        MagnitudeUnit = (Kitty/TotalNetworkMagnitude)*1.25;
    }
    else
    {
        MagnitudeUnit = Kitty/TotalNetworkMagnitude;
    }
    if (MagnitudeUnit > 5) MagnitudeUnit = 5; //Just in case we lose a superblock or something strange happens.
    MagnitudeUnit = SnapToGrid(MagnitudeUnit); //Snaps the value into .025 increments
    return MagnitudeUnit;

$0.05