That would be a game changer. If the graphics cards which are currently carrying out useless hashing operations were rendering instead, then, people would not be able to point the finger at POW as a blight on the environment. Could this be incorporated into the FIRO POW aglo?
It seems to me that there is a big unknown about what will happen when Ethereum makes to the switch to POS, for this reason, maybe it is best not to rock the boat before the dust has settled, to mix metaphors! Even so I am not sure why we need to gain a large hash rate anyway? The majority of the networks security is provided by chainlocks after all, beyond the equitable distribution of the coins, I don’t see why the miners should be rewarded as much as they are? If, as appears to be the case, miners just dump the coin on the market then aiding equitable distribution is a moot point anyway.
People who are long term holders of FIRO are speculating on a price increase. Either vs fiat or vs other crypto coins. Vs fiat is a safe bet because most fiat currencies are being inflated out of existence. Given that you could hold most crypto and expect to out perform fiat there are certainly those that hold FIRO who are doing it for political reasons. I think that there are others who hold it because they see it as a technically superior coin to other crypto and they are speculating that its price will increase against other more famous coins such as BTC or ETH. Whatever peoples motives for holding FIRO these are the people who stand to lose most if the network is hacked, ergo these are the people who should be trusted with securing it. These people should listen when they are told that concentrating master nodes in the hands of one service provider is a risk to the network’s security. The question is how to incentivise individuals to move their nodes away from well run centralised services, beyond the rather nebulous risk that the network might be hacked? Could there be a weighting of masternode rewards to those on a white list of IP addresses not know to be run by the same entity? Something needs to be done to avoid a Sybil attack, clearly, this is the tricky part . . .
For me the solution (not to the Sybil attack conundrum) is to make it possible for people to stake less than 1000 coins and earn some POS reward for doing so. This could be by creating tiers of master nodes each with different collateral amounts, but this seems like quite an agricultural approach to the engineering problem; a more elegant solution would be to allow staking of any number of coins.
I really like the idea of a curated community match funding; supported by a percentage of the block reward. Moving over to full community governance as the project matures. I would like to see POW tapered out over a series of hardforks, with each successive reduction in POW rewards going to the master node operators.
I think all of this problems, is because of PRICE. Not in miners or community
This could be fix if we have other Investors to replace Tim. We need an investor to hold the price.
If we don’t find an investor, we need usecases to use Firo. It is our real problem for all this time. The usecases of Firo today cannot bring massive people to use Firo.
This is quite problematic. Because if all blamed goes to miners and community. There will be no good.
Please reflect for all have we done for this past 4 years after Zcoin/Firo reach All time high. From 2018 to 2022. Does all this stuff that we do bring Firo’s price to all time high? Does changing Zcoin to Firo rebranding is successful? Does kicking Tim from our investor is good for Firo? All of this stuff, reflected in price, i think we are a failure.
My lecturer once said, Big will not beat small anymore.It will be the fast beating the slow
I think we are very SLOW to find our usecases in this broad crypto market. We lose to Monero, Zcash, Decred, even Horizen.
Not to hate the miners or blame the community or change tokenomics. Remember that our community is small. With current Firo price, they also get very bad beating. Their hard earned money is gone. To blame them, it is not wise.
Solution?
a. Find other investors
b. Make usecases as soon as possible and reach people quickly
Who is this Tim?
What did he do to support Firo’s price?
Why doesn’t he do it anymore?
What happened between him and the Firo team?
Who is this Tim?
What did he do to support Firo’s course?
Why doesn’t he do it anymore?
What happened between him and the Firo team?
Notes:
Since the begining of this topic (15 days ago), Firo has gone from 9,500 sats to 7,500 sats, or -21%! What is the use of masternode remuneration at 10-11% per year when the collateral drops by 21% in 15 days?
Worried about miners who might lose money? But everyone loses money with Firo and those who lose the most are those who don’t sell: the masternode owners.
I don’t know the recipe for finding new investors and/or new usecases for Firo. But there is an urgent need to curb the sales of Firos. The first thing to do to reduce these sales is to act on the block-reward by directing it massively on the masternodes and by asking the miners and the team to limit their sales as much as possible.
However, this is what the team has been doing for years (creation of masternodes system, change of algorithm, change of anonymization protocol, change of name, increase in blocks with 200 kb headers etc… )… and this perhaps explains today the absence of a community capable of supporting the project.
But the time is not to look for culprits: it is to seek solutions by not repeating the mistakes of the past.
…and now that this currency is always better and people will continue to get rid of it by selling it: what do we do? Do we bury him?
What’s the point of having the best anonymous currency if no one wants it?
if there is no demand for your product you should do something else
the definition of currency is something that flows, not something you stake
currency and money are not the same, money has to have true value, to have that it needs a method to achieve it
PoW is great at achieving true price of the value
Well - if you don’t know who tim is - then you have been living under a rock for the past two years and don’t know the Firo project at all. This finally confirms my suspicions that you are only here to try and get the MN percentage as high as possible. tim was the angel investor that turned into a devil investor and dumped his coins for at least a year because the community wouldn’t agree to increase the MN collateral amount to 10,000 Firo. You really need to do your research before weighing in on forums like this.
That could be a real big problem, collateral drops 21%, masternode can’t cope with only 10-11% per year. People will leave. No one wants their capital lost.
We need to realize that we are small community and poorer with holding Firo.
Miners actually support PRICE. With their REAL ASSET. GPU, Electricity, Time, etc. Tangible with real world.
If it is stripped down. it could be dangerous to FIRO. It could be sell after sell and sell. It will bring Firo’s price lower and lower. Maybe sometimes fake pump for exit. Sure.
Once again, it is demand. You were right.
I am strongly against this proposal because of that.
But if Team insist to do that and make a vote, i am done with Firo. Whatever the result.
I bought and/or mined my first ZCoins as soon as the project was created and I have not stopped supporting the project since.
No, I don’t know Tim and I haven’t seen anywhere on the website, on the blog, on this forum or even on the previous forum (easy to check, I was posting there with the same nickname), information about Tim. But this information may exist: I don’t remember everything, I don’t read everything.
I hope there is not another Tim and, even more, if there is one, that this one does not decide to massively liquidate his Firo (masternodes?) tired of waiting for the team and the community makes the right decisions.
Why would you want to discredit my interventions and, worse, prejudge my intentions when I am one of the followers of ZCoin/Firo? Your attitude is suspicious: if you think that increasing the masternodes block-reward is inappropriate, rather than attributing malicious intentions to me, explain why my solution is bad and argue for a better solution.
And, as a reminder (I’ve already written it in this topic), I never campaigned for the masternodes creation: when I chose the ZCoin project, it was exclusively PoW and the masternodes were an extension that didn’t brought nothing. But the role of the masternodes has changed and I try to be pragmatic: now the masternodes are there and they are the best lever to try to stop the fall of Firo’s price as long as the uses-cases do not take over.
This is completely wrong : the price is falling since months/years with a 50% block-reward exclusively for the miners.
I’m not criticizing miners: it’s in the nature of their business to seek to maximize earnings, not to be loyal and not to invest in the project (not collateral but GPUs and electricity).
I have already posted multiple times in this forum explaining the potential risks to securing the blockchain if the miner rewards are reduced too much - I will not repost them here - if you are interested you can go back and read them. I don’t have a problem with increasing the MN percentage - but not if the network will be potentially at risk if the miner percentage is too low.