At first place it was cheap until more and more mining joined to it so price climbed up.
We are not sure really who dumb the coins really is miners or large holdings people.
If a holder dumb the coin, he is no more a holder and cannot dumb the coin again.
If a miner dumb the coin, he is still a miner and can dumb the coin again, and again, and again…
…And to be a hoder it is mandatory to be first a buyer of the coin. A miner can sold the coin and never buy one.
1 Like
what about electricity and hardware cost?
there is a big holdings wallets in rich list that may have their holdings from early coin creation they may be the source of dumping but I’m not sure why they do that now.
Also, the project advertisement about staking abilities is low when I made my 1st master node it was difficult although I’m using ready made service.
As rewards will be reduced in next halving price of FIRO should go higher because of limited supply.
You don’t understand : the issue is when a miner is buying GPU and electricity, he is not buying Firo and don’t participate to the upward pressure of the Firo price.
But miner will not sell with lower than his cost but in stacking cost is very low, honestly I hope the price would go high any way. it is a very good project with well community. it deserve much higher price but I’m very afraid of PoS choice to make more bad result on price I hope at least we wait until Etheruem go fully for PoS and see if coin will get good percentage of hash rate or not. also if there is a way to test that choice before applying it that would be great.
I put all my family money stacking in that project that why low price really kill me.
Attention, I am not saying that PoS is the guarantee of a high price.
I say that PoW is not a guarantee of a high price, contrary to what some have written on this thread.
The high price guarantee is a mix of factors that are hard to anticipate: the only thing that is certain about it is that the more use there is of Firo (and not only the circulation, the use could be to hold), the higher its price will be.
Firo price not depends of the transaction security method, PoW or PoS.
“If a miner dumb the coin, he is still a miner and can dumb the coin again, and again, and again…”
- But not too many ‘agains’ - halvings reduce it
- Firo changes the owner and a new person is closer to either spending this newly acquired Firo or holding it to have enough for MN
Halvings in Bitcoin worked for several reasons:
- There were few other coins to mine
- With the development of ASICs, miners became entrenched into the ecosystem. If you have spent millions of dollars building mining facilities and ASICs that can only mine Bitcoin, you will be a supporter of Bitcoin and will support the Bitcoin price. This isn’t the case for Firo where GPUs have no ‘lock-in’ to the coin.
- Not so long ago, Bitcoin miners/manufacturers such as Bitmain were a forced to be reckoned with price as they earned a substantial part of the new token emission. Big jumps in prices also occurred when new ASICs were coming into the market which made sense for large mining operators and ASIC manufacturers to push the price up to make these ASICs more attractive. This is less so with the halved emission and reduced role of Chinese companies after the ban.
I wanted to make a few things clear.
This is just a proposal and a chance for everyone (including miners) to weigh in. It may or may not pass depending on the feedback we get here. People abandoning the discussion because they didn’t like how the debate was going effectively lose their voice on this. No decision has been made yet! This is first and foremost an opportunity to discuss and while I have laid out my views and rationale, they are there to be debated and challenged.
If miners say, hey what you’re saying is not correct, we do support the coin and this is what I would like to see, these are things that the core team wants to hear! When we analyzed how mining rewards were going, we noticed that the vast majority including large miners were transferring it to exchanges. We are going to be doing an updated analysis of this to see if this is still the case.
This will go off on a bit of a tangent but wanted to address some suggestions here:
I noticed that some said that Firo needs more utility and having more utility leads to more people holding. Note that Firo has until very recently, been focused on being a digital currency for online payments. The core team has gone ahead and gotten various merchant integrations from Travala, Locktrip, Binance Pay, Particl marketplace, Nowpayments and Coinpayments to make it easy for anyone to accept Firo for their business. Yet we haven’t seen many of our community members using this option even when we actively pushed for people to tell us about their business that accepts Firo even when it costs nothing for them to add support. We’ve also seen calls for acceptance in ‘darknet markets’ which helped with XMR adoption. The core team doesn’t have any such contacts and while darknets sell a bunch of things, it also furthers the narrative that privacy coins is for illicit activity so it is best we do not get directly involved.
Given this, we have been recently pivoting to go for the privacy infrastructure route where we provide privacy technology for the crypto ecosystem at large but even then, this is still a gamble but this is part of our efforts to provide additional utility to Firo. You can see our recent efforts such as our DotOracle partnership and our research into Spark assets (soon to be revealed) and our Elysium testnet. These things take time and involve a lot of research and resources such as the best bridge mechanisms and development time.
For the privacy infrastructure role, we are also competing against projects like SCRT that have centralized issuance mechanisms where only 44% of supply go to community compared to 85% of ours. Additionally this supply is available upfront without requiring to be mined and they are able to use these funds to give liquidity incentives to people using their system. They also decided to take shortcuts in their underlying technology abandoning MPC technology and instead relying on proprietary Intel SGX hardware to provide their privacy meaning that they save a bunch of time and just focus on integration and implementation.
So I guess we have to ask the community, what brought you to Firo and what do you want Firo to be? Not just in vision and focus but also on whether this project is owned by the community (and therefore has shared responsibility) or is the core team responsible for everything despite our tokenomics not being setup for it.
2 Likes
At the end of the day there are two things that this proposal is trying to address:
-
Reward community participants that contribute towards the project and identifying who they are!
Are these developers, masternode holders or miners? Support means a lot of things and it can be in the form of:
a) Evangelism and promoting the project. Talk about us, retweet, share our vision, approach your favorite influencers to cover us! Write about us, participate in discussions on our forums or offer to help out here and there!
b) Increasing adoption, utility and use cases, accepting Firo, providing liquidity on exchanges or DEXes or building useful tools that help Firo users (wallets, smart contracts on BSC etc)! Or petition your favorite exchange to add us!
c) Donating to fund raises for the good of the project such as audits etc.
d) Holding and accumulating FIRO rather than just swing trading.
e) Running Firo infrastructure like masternodes or hosting mining pools.
-
Create an incentive mechanism to promote community contribution and shared responsibility.
This is what the Community Matching Fund is for but can also be done via a grant committee instead to begin with before eventually moving to full community governance. This means that our block reward is used to fund other activities by the community and can be used to fund Firo Crowdfunding Proposals. If funds are not used, community can decide whether to burn them or make them into a reserve fund.
1 Like
shared responsibility - does not exist
community participants that contribute - we already can do that
you are just trying last ditch effort to attract stakers to pump your bags
What’s your objection towards the proposal? Want to understand the reasoning behind it. Are you a miner? What do you propose or keep status quo?
Community participants that contribute, if you can already do that, why isn’t that happening?
you would be fundamentally changing the core idea of firo with that change
money is, you pay me x or you go and mine it yourself
to have money you need privacy, no privacy no fungability therefore no money
mining is a good way for coins to be recycled so privacy can exist
opportunistic mining is great because it prevents bubbles, if the price is out of control, miners will come and dump it, ensuring price stability and usability as money
when you have staking you only enter when permitted and correction are not possible, therefore you blow bubbles, therefor this cannot be money
read the white papers again, maybe you will remember what it was all about
Agree, im long term holder and MN owner, but i think add more Community Matching Fund is a better option, we can use Community Matching Fund encourage developers to build more ecology in Firo, like firorunner firopunks,its will increase the use of Firo.
I prefer
35% Masternodes
15% Dev reward
Edit 15% Community Matching Fund
35% Miners
or switch to PoS, I think PoW doesn’t bring security to Firo, it becomes a hidden danger, evil in PoS will pay a greater price
1 Like