The community fund

fcs-proposals
21

So I just want to weigh in myself, personally - I am not speaking or representing the team with this post. Just plain old Lucas.

I agree with Nrsimha’s first suggestion. PDFs, images, etc I think could really go a long way as they can be made as short or as long as deemed necessary, they’re easy to share, etc. “A picture is worth a thousand words”. They can be used and shared over and over again. The videos I think would be a bit harder than one might think as it requires scripts and such. However, that is a potential avenue and could help increase the content on Firo’s YouTube channel, it is easy to share, and if the channel can get into the algorithm that could go a good ways as well. Potentially these could be affordable avenues to pursue but provide a considerable benefit.

Regarding Ledger integration and all, if I recall correctly, I remember reading from Reuben that they wanted around 250k for Ledger Live.

Regarding the Firo faucet, there actually is a faucet created by a community member: Firo Faucet - CryptoCore Explorer

Mining:
It’s apparent that the majority of current Firo miners are in it for the profits and aren’t going to move their hash for the sake of the project. I wonder if we can incentivize decentralized hash by developing an efficient Firominer for Nvidia and AMD. At least one that is efficient enough to generally beat out fees associated with using common miners and pools.

This is an interesting idea. That being said, it seems like it would be rather time and cost-intensive? I personally don’t have a lot of knowledge, but I do know the person making the miner really needs to know the ins and outs of GPUs, and I would believe it would require maintenance so it wouldn’t be a one-off. I do like the idea of providing another avenue to decentralize, but would enough people solo mine to justify the potential costs? I am also unsure if this method could create a service to compete with, if not win, against a pool that is more user-friendly and whose sole purpose is to provide that service. What do you think @chrysanthemyl? Or perhaps, is there another avenue? Are there potential baby steps that can be done to build up to it?

While this portion of my post will deviate a little bit from the main topic, I do want to talk about it a little bit since it was brought up and I think it needs to be addressed a little bit. As I explained to many individuals - miners and masternode holders alike - over on Reddit miners are not a monolithic group. Just as with masternode holders, miners will vary in their backgrounds, perceptions, opinions, and beliefs. Just as with @chrysanthemyl, I have grown very weary of this topic.

While I understand the point, Firo is a PoW coin, with hybrid security, and a centralization issue. We cannot judge all Firo miners by YouTube miners (who need to appease their audience, get their likes, get their clicks, etc), or commenters who come from Lord knows where, and there’s a certain point where the past needs to remain in the past.

While it is true that in the future mining will become very turbulent for miners, that doesn’t mean we shouldn’t attempt to solve our current problems and provide a better future or should simply ignore miners. While it was not the majority of hashrate, there were plenty of Firo miners that DID heed the call and changed pools, and they should not be lumped in with those that didn’t or get ostracized because of said group. We should keep our minds open to suggestions.

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22

This faucet exists but is not usable because there is no fund to feed it: the last transaction was a year ago.
From where my idea to like such a tap with the community fund, for example 10 FIRO per day out of the 360 received each day, that is to say 1/36° of the fund (or even less if the 10 FIRO are not distributed each day).
What seems important to me, on the other hand, is to capitalize on the website of the firo.org project, so the faucet must be integrated into this website, just like the explorer: it’s really the minimum that anyone interested in FIRO can access these services without leaving our website.

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23

On improving official miner software efficiency: I feel this would be spent resources for no gain.

Realistically improving the official code would only yield about a 3% benefit to miners (about 2% software ‘donation’ fee, and ~1% pool fee for those electing to solo mine).

3% is 3%, but even assuming the official code could be improved to be competitive I don’t see this making miners any more interested in contributing responsibly.

Mind: I WANT the official code to be dramatically improved. I’m not thrilled viable options for AMD are closed source, but unfortunately I don’t see improving the official mining code having any impact at all on network centralization. At best it just might make a few jilted miners feel vaguely accommodated while they continue to mine Ethereum.

I don’t even fault them - GPU miners are overwhelmingly in it for the money today. Just see the video linked above: “Miners don’t owe networks anything” Correct. Miners already have their reward. If the pay isn’t good enough, goodbye. So if we’re looking at around a 3% improvement in FIRO returns for miners? Given a substantial portion of miner rewards will be sold, 3% can be just as well facilitated by improving the network in other ways which ideally increase FIRO exchange rates.

Hashrate is still a problem, and needs to be addressed. Maybe not a truly pressing matter, but putting the community fund toward avenues which improve utility, accessibility, and mindshare of FIRO will all probably benefit miners individually in share price more so than improving the miner codebase. And boy would I love an efficient 0 fee AMD mining software.

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24

Just a mere opinion. Since community fund are being parked why don’t we consider to let it generates more profits by engaging market makers or community leads with specific authorised amount of community funds to carry on trading. This will definitely increase the overall daily trading volume ranking in short terms and it certainly may brings positive impact towards the price growth for long term.

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25

Since I have observed the FIRO/ZCoin price, I do not see anything that allows me to think that a market maker can push the price up.
There have been several (big) market making tests with HummingBot and here is what emerges from my observation:
1 - market making does not raise the price,
2 - market making only slightly increases volumes (the goal being to fill the order book without being executed),
3 - the increase in volumes does not necessarily increase the price: it can also lower it or let it stagnate.

FIRO’s real need is for fewer people to sell and more people to buy: this is a usecase that FIRO needs and, if nothing else, for the moment, its best use is masternodes (the last increase in masternode remuneration stopped the long fall of FIRO).

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26

Yes I agreed on your point. Market making itself wouldn’t raise the price, but the total traded volume could potentially raise Firo to the eyes of traders. For coin information site like coingeck or coinmarket cap. Today day trade volume is one of the key factor for a trader to decide whether to trade or not to trade.

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27

If a coin or token itself could not gain enough attention I can’t see the possibility that it can’t creates value out of itself. Where do crypto earns its value? The answer is notable projects that are able to stir up investors or traders to keep on hand and lastly we can’t get away from trade. Every tokens pushes hard to get listed on exchanges not only liquidation but also the exposure to a larger community base. Increasing infrastructure can promise a steady return that i have to agree with you but masternodes own by a project community to validate its own project native token… I’m not sure but it just doesn’t seems right to me.

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28

I’m not convinced that FIRO needs more traders/speculation.
And, I remind you, market making (the HummingBot campaigns) is not intended to increase the transactions volume, but to fill the order book, preferably without being executed (because fees), then whitout transaction volume increase.

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29

Yes I do understand. But could you please share me a little for what you’re referring “Hummingbot campaign” Wasn’t quite sure about the recent or ongoing campaign or direction.

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30

I tried to share my experience on these liquidity/market making campaigns here:HummingBot campaign.

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31

Thank you.

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32

Trading isn’t always profitable. No such thing as no loss chance with trading.

Market makers’ job shouldn’t be to make a profit on trading, it’s to be market neutral while providing liquidity.

If a market maker is making profit, it might actually have a negative effect on the project’s price performance and also raises ethical questions if let’s say shorting the project is the profitable move to do. Pure arbitrage is another way but Firo’s primary market is Binance and market making that’s arbitrage based wouldn’t really help liquidity as much.

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