From the beginng of this pool, the winning votet is the 15/60/10/15 split. This vote takes up the most important (allocating 60% of the block-reward to thoses who support the price of FIRO by buying FIRO on the exchanges and not reselling them). The only difference (with the 20/60/5/15 distribution) is a personal choice between the allocation of 5% of the block-reward between miners (15% vs. 20%) and community fund (10% vs. 5%).
The end of PoW on ETH will blow up the GPU mining world. There is going to be so much hashing power available and so few valuable coins to mine, that FIRO will definitely continue to attract miners with 20% of the block-reward, and probably even 15% (especially if the allocation of 60% of the boc-reward to the masternodes makes it possible to raise the price of FIRO). As a reminder, miners also receive transaction fees.
There remains the question of the community fund: it all depends on how it will be managed: it may be in vain or on the contrary very beneficial. We have to choose between assigning it 5 or 10%ā¦
Remark:
Today, animation actions around FIRO are financed by the dev-fund. By creating a community fund, we relieve the dev-fund of these expenses. So, even keeping the dev-fund at 15% of the block-reward, the creation of the community fund amounts to increasing the resources devoted to the dev-fund.
āfor the momentā
this is pivotal for Firo
there cannot be āmomentsā, firo cannot just change the tokenomics
whatever the change or no change is, it better be the final one
I think that tokenomics should indeed be as stable as possible, or even never change.
But FIROās history shows that they have changed several times, so Iām cautious and thatās why I said āfor the momentā.
And letās remember that the definitive tokenomic should be the removal of development funding by the block-reward (in accordance with the original project, in accordance with what Poramin again recalled here: https://forum.firo.org/t/tokenomics-and-funding-division-of-block-reward-discussion-and-community-matching-fund/2061/258?u=zen). The block-reward must in the end only be used to finance the security of the blockchain, therefore the masternodes and/or the miners.
What is the role of miners, waste electricity, they will only be suppressed, now Ethereum is also making changes, moving in the direction of nodes, this is the mainstream of the future, you are only saying this for your own interests.
Normally I would agree to do things gently, but there is urgency.
FIRO price has been collapsing for more 5 years (98% drop): if we do not react quickly and strongly, the risk it is the delisting of the exchanges and the disappearance of the project.
The end of Ethereum PoW mining will be a game-changer in the GPU mining world : allocating 30%, 20% or even 15% of the FIRO block-reward to miners will be completely negligible as a difference compared to the tsunami that the end of Ethereum GPU mining will represent.
Some miners claim that the power consumption of mining determines the FIRO price. By decreasing the share of the block-reward allocated to mining, we increase the amount of electricity needed to mine FIRO, and therefore the price of FIRO: miners will not sell until FIRO price compensates for their electricity cost. And miners who donāt sell off their FIROs at ever lower prices, thatās exactly what we want.
For being with firo by 5years, I vote to option 1, because most of miners just chasing profits (they chose firo only due to its high profits), some who addicted to firo can also make main nodes for more benefits. Therefore, I think it is meaningful to enlarge the benefits for main node holders, which are the main supporter for firo !And this is a goog contempt for changing from pow to pos !
I will change my choice to 30% mining in the end. I just want to warn miners: Itās unpopular for you to do so. Focusing on one point like this is harmful to FIRO. Your own practice has told everyone that mining does not help FIRO at all, and even hurts FIRO. Although the price of this project is low, you canāt tease it like this. You have completely handed over the security of FIRO to the master node.
After several years in FIRO I believe that we should bring miner rewards to 10%, the price of FIRO will rise to account for this and the difficulty settings will change to keep miners in profit. I donāt think it is as big of a deal as everyone thinks. We are overpaying for miner security so drop it to 10%, but do it in stages over a 4 month period. on the 1st of each month for 4 months reduce the reward by 10%
month 1 reduce to 40%
month 2 reduce to 30%
month 3 reduce to 20%
month 4 reduce to 10%
This will make it so the system is not shocked and it is gradual. I think this is the best way to change the rewards. Thanks!
Thanks for asking! For next time, perhaps uses sliders - this way everybody has their have their super-personalized happiness equilibrium Something like Humble Bundle does for pricing
This is NOT about money to me but about freedom!
I would encourage everyone to keep in mind that one of the most important elements in any form of government, community, state, decentralized blockchain or planet for that matter is BALANCE. Without balance, destruction becomes inevitableā¦ Plenty of examples in society today if one takes the time to simply look at our current world.
We all need to love one another and inspire other to join our project through our actionsā¦ A community who is United, Bold, and Brave because it will not be easy doing what is right going forward. That said in my opinion anything less than 30% miners is and unbalance form of gov as is anything higher than 30% miners.
I would like to end by recommending that EVERYONE read Permeant Record by Edward Snowden. You will see the world through new eyes and it will become abundantly clear that Privacy is paramount for a free society because the alternative is a future world which was written about in books such as Orwellās 1984. Inflation is coming and assets will rise, especially does which can provide Privacy.
I think of it this way, 100 people in a boat trying to get to the same destination with 60 rowing from port and 10 starboard with 30% not rowing, it will not go anywhere. Go anywhere = security achieved.
Let us unite behind a balanced and focused direction in which we all prosper.
I agree that privacy is important, but Permanent Record is a boring book. Felt it was just a biography of Edward Snowden, and to be honest he has lived a boring life. The only interesting thing was the last few years that we all know about.
My point is the surveillance, privacy violations which are becoming a form of control on the masses Like China to itās people, which NOT everyone knows or understands the extent of which are now being applied to the world. It seem you may have missed the point of the book and simply came to the conclusion that that book is about the authors āboring lifeā instead of the moment in which he realized something needed too be done and why.
I personally agree with Poramin I think, I mine and wouldnt like 10%, but even jsut 20% and id just live with the result, i also agree with Reuben that i dont think masternodes being compensating 20% moves the needle, but the community fund could make it feel more like monero and certainly trying something new seems valuableā¦it feels like a hard decision because whatever will surely upset the apple cart, but I dont like the idea of being so conservative either while we spin in placeā¦super in favor of trying something new.
I personally would benefit to a great extent from 60% MN, however this is not in the best interest of everyone including those who can not afford a MN. Short sightedness is a detriment to any form of sustainable gov/security. It lacks vastly on the decentralize notion and centralizes it to the benefit of MN over every other sideā¦ Unbalanced. Miner help with decentralization of coins.
No, you are wrong: mining at 80% on the same pool amounts to completely canceling decentralization. A single entity has power over 80% of the mining (pool and solo): letās all pray that this entity will never be malicious (2Miners).
As for the notion of balance, you put in it what suits you. Where is this balance in 100% PoW systems, where is the balance in 100% PoS systems, where is the balance in 100% masternode systems?
The balance must be in the offer to sell and the offer to buy from FIRO. We have suffered for too long from an excessive FIRO sell offer and a deficient buy offer: miners are the biggest players who sell FIRO on the exchanges without buying it. The only players to buy FIROs on the exchanges and not to sell them are the owners of masternodes.
Something like Humble Bundle does for pricing 