The Ethereum team promised the switch to PoS as soon as ETH was launched… in January 2016.
For more than 6 years, the promise has been pushed back.
And while this change was scheduled for June, it has just been postponed. The transition from ETH to PoS poses almost insoluble technical problems because of choices made from the design of the project.
If FIRO waits for the transition from ETH to PoS to modify the block reward, this modification will be postponed as much as ETH. No one knows when ETH will transition to PoS, or even if it will ever.
FIRO can’t wait any longer to change its block-reward distribution : its price drops every month, every week and almost every day. The more it drops, the less people want to keep it, because to keep it is to lose money. It is vital and urgent for Firo to regain value.
Firo price has fallen by more than 98% in five years, I let you calculate what this represents per week and deduce what it costs you each week to wait for a possible switch from ETH to PoS… and if ETH never switch to PoS, or make a fork… or several forks ?
Good points, to be honest I do not think eth will go pos this year, but I am sure most of the gpu miners are going to be off it anyways. Most of the hash on eth right now is asics and it will not be long until it will no longer be the most profitable coin, hence why I think miners should be more incentivized to come over sooner than later.
My guess is 2miners themselves is mining FIRO at their own pool. .
Look at FLUX as an example. 2miners doesn’t pay out the additional rewards on Flux costing miners there 50% loss in rewards, but they are still the 4th biggest pool.
I’d assume some other 3rd party service ( maybe, mining rig rentals, etc) is mirroring their pools or 2miners is mining at their own pool.
I think also the slower block time on FIRO makes it more of a penalty when a new miner mines at a pool with less hashrate to miss a block.
Don’t misread the number of unique miners. 2miners might have 10+ wallets setup that they are mining to to hide that it is mostly their hash.
While I understand people are wanting to establish themselves as long term followers of Firo/Zcoin, please let’s not devolve involve into name calling, etc.
Spot on @MeanHash! I can actually back your assumptions with some hard evidence.
The other day I seen 2 miners on Firo’s Solo pool with at-least 1/3 of the total hash power. For those who don’t know, your mining software should report to the pool your local hash-rate (at-least in normal circumstances) but what I found interesting that those 2 miners have a huge gap between their reported hash-rate and average hash-rate vs their current hash-rate.
I actually took screenshots and opened a ticket inquiring about this matter and 2miners confirmed and I quote “That can happen either with a miner that report partial or wrong or doesn’t report, by using a proxy or most hash power rental services.”
The miners don’t deserve so much, we should be decisive and give more to the people who like FIRo, the miners do damage to the community, they don’t do anything for the community, they don’t deserve so much.
Thank you.
What matters is the interest of the community and it is up to everyone to make the difference between someone who only defends his personal interest at all costs, even at the expense of the other players in this community, and someone who tries to even the interest of the community as a whole.
Someone suggested accelerating block rewards. For example we planned to drop the blocktime to 2.5 minutes and similarly half the block reward from 12.5 to 6.25.
What if, in addition to the block reward change, we also accelerated distribution of the coin to be twice as fast? So if we adjusted blocktime to 2.5 minutes but kept block reward to 12.5.
This actually effectively doubles masternode and miner yields and Dev fund at the cost of a higher inflation rate similar to pre halving without affecting total supply.
So even if miners are cut a percentage, their real world gains are the same since they’re also getting it twice as fast.
This would be interesting to see imo as I don’t think Firo needs another hundred years to distribute and to follow Bitcoin’s schedule doesn’t necessarily make sense. This does mean that halving happens every 2 years instead of 4 and we have to ensure the project grows in the right direction but right now it needs confidence and incentives. Block rewards are incentives.
I think this very elegantly solves a lot of the current challenges with Firo. I also don’t think we need another hundred plus years of distribution, especially if it’s at the expense of increased adoption now when it matters.
I don’t think that we should encourage owners to hold their cryptocurrency. There should be incentive to spend, as real-world spending for goods and services is what will ultimately drive mainstream adoption of the system.
Yes, you are absolutely right to specify “spending for goods and services is what will ultimately drive mainstream adoption of the system”.
Because spending to buy FIAT or other crypto is doing the exact opposite of what FIRO needs: taking value away from it.
Well, I’m brand new but not a sockpuppet or anything of the kind. I’ve been a member of bitcointalk since 2015 with the same username and have been growing very interested in privacy-oriented coins with features that appeal to me (like PIVX with its staking and XMR for the ability to mine it with CPUs).
What brought me here was the Youtube video in which this topic was being discussed by Reuben, because it struck me that he seems to want people to have some sort of emotional connection with Firo and seemed almost angry that miners would actually sell any, and surprised that miners jumped in at the protocol change to make a quick buck. On that point I have to say that people are interested in crypto as a means to make money–and that’s the whole point for many miners, MN owners, and everyone else. There’s a bit of naiveté in his attitude toward and perception of miners and what they’re motivated by.
The vibe I got from the discussion was that more of the block rewards should go to the dev team because they “care” about Firo the most, no matter what words Reuben spoke. The bottom line is that this is money we’re talking about, not a loving community centered around a shared affinity for a certain coin.
I just started seriously getting into Firo, and I’m still learning about its machinations. I have yet to learn what the dev team does with the part of the block reward they get (or why part of a block would be reserved for a group of people other than those securing the network, as that tends to tilt the system toward centralization) or what the community fund is.
If I could cast a vote, I’d eliminate dev and community fund rewards altogether and reward only those who are putting their money and time into securing the network so that the coin doesn’t end up in the 1-satoshi graveyard on Yobit.
