I dont care about premine, hashes, reward , merchants, etc.
What EAC NEEDS is...big innovation, all Litecoin based is doomed, people will naturally(if they smart enough) choose Litecoin as their main battletank , so what EAC need is innovation like NXT coin (known as second generation cryptocurrencies) , first generation will be replaced by second/even thrid generation later, even Bitcoin, regardless its mineable or not, and if you think hard/ have knowledge in Economy, large business will prefer NXT or the like type for all of this.
Think what EAC need the most at the moment is stablility, and changing to POS is the oppositie. Im mostly concerned in getting new people into Crypto, both retailers & there customers. They do not care about the underlaying tech, they just need to know it is secure.
Yes, a agree the underlaying tech will need work in the future but just changing this in hope you will get a some more sat?
Forget BTC & exchanges, i want to pay for my hosting with EAC, order Fyverr jobs, get a cup of coffee or order a book.
We need to exchange EAC for products, not BTC
what a tremendously stupid post.
stability is exactly what POS stands for... and POW creates more and more and more coins every day. it is the opposite of stability.
in 3 months we will have twice as much eac as we have now. even if we get twice as many merchants accepting eac, even if twice as many people for some strange reason buy into eac, we will still be at close to 1 satoshi. why? cause there is no perspective.
in 3 months we know that come december there will again be double the eac.
1) with POS this would stop NOW.
2) every
holder of EAC would be rewarded. you'd earn more coins by HOLDING them. that means people have no incentive to sell. interest would be created after let's say 4 days of holding coins and trickle in slowly, or be a random reward in big blocks.
basically you'd mine by holding, not mine and sell.
3) people would not hold millions of eac on cryptsy or the next mtgox because they want interest. this would prevent a situation like cryptorush being hacked, xxx mil eac stolen and then instantly sold on cryptsy to not be tracked.
4) eac has a very fast transaction time. there is no reason to hold it on exchanges anyway
5) POS will give merchants more reason to accept eac, because it is more stable by limiting the amount of eac produced each day.
now a merchant has to run a script or adjust prices manually every time eac takes a dive on cryptsy (=daily)
6) proof of stake is OLD. it is not a "new thing". it is not buggy or has problems like the gravity well algo
7) credibility of eac: this coin screams earth and it should also scream "cares about earth". personally, I think this is utter bullshit. I do not believe in this idea of saving a piece of rock that could not care less about us. but it sells.
and it is not inconsistent.
POS costs a tiny fraction of computer power and thus energy that POW does.
this is unfortunately a problem in these threads.. the echo chamber effect. a large amount of "believers" who'd praise the devs even if they had sex with their mom and a small amount of people who have completely unreasonable expectations and criticism.
few people actually want to improve the coin. some trashers have financial interests, so have some "praisers".
some are just pissed off and some are clueless.
I suggest stopping all that and look at what the competition does, and imitate that: Blackcoin had
1400 BTC volume on one day. on mintpal. not even cryptsy. it still is not on cryptsy. it was POW for a week, then switched completely to POS.
yes, this was pre planned, and not directly comparable.
but BC will never sink to 1 satoshi cause there is no new supply. 1 week of mining. that was it.
Zeitcoin does the same. it's 6 weeks and a few minute differences.
both coins have just ONE huge disadvantage. they are not spread out like EAC.
EAC is superiour cause more different people hold eac. that is the crux with POS, the spreading of the currency.
EAC could combine the benefits of POW and POS by drastically limiting new production, creating new coins only by giving people EAC that have held eac in their wallet for many days.
9) the last point is psychological: for many here, change is bad. why? cause they are still here. only those who can stand standstill are continuing to post in an environment that seems to lack any change.
change in the real world, especially in business, is always seen as good. even if it is catastrophic, and it would have been better not to do anything.
in this case, I made my case and there are valid reasons to DO something, not to hope and collect change... which is what eac would become.
the public eye will see this as a good thing. especially since POS is old, yet a new trend, one that has been very successful in times of asic miners and so on.
POS is independent of asics, multipools, exchange hacks (relatively) and other problems POW has.
I think many who do not approve of this idea are just not very well informed.
to make it clear again: I think eac has TREMENDOUS potential, but not in its current form.
we have the chance to combine the proliferation and the spread that our POW scheme has created with the incentive to hold, to buy more and to "invest" that POS does.
if we do this, eac could be the new protein in the primordial soup of scrypt alts
You saved me a ton of typing.
PoW and PoS together in well though out proportion would be the best thing possible. So much EAC is already out there, it would be ideal to implement at this point more than any.
