Thanks very much for your concern! In this situation the entire reason we propose to swap is because of the low tips value! Fedora is completely at the mercy of ASIC mining and constantly gets hammered in the market.
Our plan is intended to give power back to individual holders and CPU miners - the algorithm guarantees that.
Tips has gotten so low because ordinary people can't trade it with confidence any more. We plan to change that.
Please do not get me wrong, I am not opposing your plans in any way. As long there is no hasty swap-within-3-days-or-lose-all and unlisting of the current POW TIPS from exchanges I am all fine and very thankful for the hard work you all put into Fedoracoin!
But I do not agree with the reasoning you give for TIPS' seemingly low price. IMO we are (again) just at the end of a very bearish season/cycle and ALTs seem to follow BTC with some delay (upwards and downwards). TIPS like many other will most probably pump again, possibly even to new ATHs later this year or early 2019 like many other coins also will.
As for cpu-mineable algos: That works as long as nobody cares about TIPS, but once marketcap shoots up, Bitmain will have their mining-toasters ready within a few months for whatever algos you might fancy. Based on past experiences with coins that thought they had
ASIC-resistant algos, the fact that there will be ASICS at some point has either to be swallowed or you need to fork to a new
ASIC-resistant algo du-jour every few months. One could even go as far as saying that buying a L3+ for ~$250 is way more affordable than buying a high-end state-of-the-art PC for cpu-mining at ~$1500. And yes, with a single L3+ you can still solo mine on TIPS.
Personally my biggest concern is that TIPS in its current state will give 50k block-reward until eternity with no halving scheduled, so it can't ever become scarce, right now this is IMO the largest obstacle for a steady price marketcap growth.
Again, I do appreciate your efforts a lot and I welcome any development on TIPS.
Cheers - psycodad
Ditto that. Although I'm neutral on the swap, I'm concerned a lot of effort will go into the "TIP" swap and wallet with little reward, particularly for those putting the work into it, i.e. the current devs. At least consider some less drastic alternatives. A swap is typically a lot of work.
Looking down the road a year or two, I would hate to see TIPS/"TIP" abandoned again because of little to no profit for those who are putting the time and effort into it.
Hi Psycodad & Cryptoid!
Thanks for your kind words. I hope you don't mind me replying to you both at the same time but I thought it might help to address both comments at once.
Totally understand about the concerns - firstly our proposal (and it's only at the proposal stage) is that the swap is entirely voluntary. Also, we would do it over something like 6 months, in three cycles of one month each. The current thinking (still just a proposal) is:
Cycle 1: 10 to 1 Old/New
Cycle 2: 10 to 1 Old/New
Cycle 3: 25 to 1 Old/New
We have 1 or 2 months between each cycle. I'm suggesting we keep the same swap rate for the 2nd cycle to help make sure people don't miss out. In an ideal world, we will do the swap, and our price will go up. That will get the attention of a lot of people, and possibly existing old Tips holders who have not been reached by us yet. Keeping the second swap cycle at the same rate is a goodwill gesture to ensure people hearing late aren't discriminated against. We are also thinking of airdropping each cycle, with rates diminishing with each round.
In terms of the price - we genuinely believe that it's a result of more than just system wide conditions. When we relaunched in March, markets were very low and yet each relaunch deliverable gave us steady growth for about 2 months, right through the crypto winter. In fact Tips only started dropping significantly when the system wide trend was gradual growth again!
So we're fairly certain that Legacy Tips needs better tech if it's going to deliver growth to the holders who have had the faith to invest, and we are very happy to do that work.
It's entirely possible that Bitmain will respond with a targeted miner for CryptoNight, but we are ready to change the algorithm as required. We genuinely appreciate everyone's thoughts that this may be a bit of work but we have a long term roadmap for Fedora - we're in it for the long haul and happy to do the work!
Thanks again for sharing, please keep chatting!
Cheers,
Robots.
