75% PPC blocks generated by POS minting, thoughts?

[redlee]

According to theseven's network statistics : http://theseven.bounceme.net/~theseven/pool/netstats

Estimated across the last 520 blocks / 59.1 hours:
System   Current hashrate   Number of blocks   51% attack hashrate
Proof of work   2565.2 GH/s   129 (24.8%)   5170.3 GH/s
Proof of stake   364.3 MH/s   391 (75.2%)   242.2 MH/s
That was the statistics about 10 hrs ago.
So 75% blocks are generated out of POS.
Thoughts?
And I got another question: currently 308 ppc per block at 1 million difficulty. at what difficulty can we see 2 digit PPC/block?

[sahkan]

100,000,000 difficulty would give you 99.99PPC block reward. As in this formula: Block Reward = 9999/(difficulty^.25)

[redlee]

100,000,000 difficulty would give you 99.99PPC block reward. As in this formula: Block Reward = 9999/(difficulty^.25)

Many thanks.
So at 100m diff, the hashrate would be like 100*current hashrate of 2.5T=~250T ?

Personally, I am quite impressed with Sunny's keen insight into the gold, that is why there is no cap in PPC supply.

[mhps]

According to theseven's network statistics : http://theseven.bounceme.net/~theseven/pool/netstats


So 75% blocks are generated out of POS.
Thoughts?

My thought is that POW coins are increasingly difficult to mine. Most new coins WILL be from POS. Those who mined early and hold a huge load of PPCs are getting most of the new coins. If you just hold your PPC and not spend it, you will own an increading percentage of PPC money base because of compound interest (i.e. newly minted POS coins will mint new POS coins). So the rich will become richer.

[whifmoi]

My thought is that POW coins are increasingly difficult to mine. Most new coins WILL be from POS. Those who mined early and hold a huge load of PPCs are getting most of the new coins. If you just hold your PPC and not spend it, you will own an increading percentage of PPC money base because of compound interest (i.e. newly minted POS coins will mint new POS coins). So the rich will become richer.

I never did PoW, and doing PoS now with a quite number of coins, that I have bought rather cheap, I believe.

I see the 1% interest for PoS as a very reasonable supplement for lost coins, this stabilizing the price of the coins a little bit.

Regarding the fluctuations in value of this coins, for buying interest somebody needs to wait on a price drop of 10%, to earn the same as for PoS minting after 10 years.

[Bushstar]

This is very interesting. Any attacker is going to find it very hard to reverse transactions with so many PoS blocks in the mix.

If you are worried about the rich getting richer then perhaps 1% demurrage could be introduced

[whifmoi]

This is very interesting. Any attacker is going to find it very hard to reverse transactions with so many PoS blocks in the mix.

If you are worried about the rich getting richer then perhaps 1% demurrage could be introduced

It's worth to consider demurrage in currencies, but it does not work with PoS, because an incentive for PoS is necessary to keep the protection running.

[whifmoi]

One could implement a 1% demurrage for coins that are not used for minting, ok. But nevertheless I feel that 1% inflation is good for lost coins and consumed fees.

[Excelsior]

Agreed, plus a 1% inflation rate is ideal for any currency, and does allow some saving incentive. It's actually perhaps the greatest feature it offers and is profoundly under appreciated. Some day people will flock to it for that reason, largely.

I don't subscribe to the rich getting richer argument. Everyone gets 1% across the board. The wealthy around the world have countless instruments that court their capital with advantages. A steady inflation model as ppc proposes is not one as I see it. It's an advantage for everyone for stability sake.