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Offline ruletheworld

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Wait what? 1% inflation?
« on: November 23, 2013, 11:23:16 PM »

This is from bter.com, the new PTS exchange:
" POW Hash: Momentum (2^26 / 2^50) with SHA512 Generation,Block target: 5 minutes, total coins: Around 2 million, with 1% inflation after 2 years "
1% inflation? Please tell me that's wrong and I haven't been living under a rock this last month. Putting in off-topic, don't want to raise false alarms or anything :D
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Offline Evan

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Re: Wait what? 1% inflation?
« Reply #1 on: November 24, 2013, 12:29:35 AM »
This is from bter.com, the new PTS exchange:
" POW Hash: Momentum (2^26 / 2^50) with SHA512 Generation,Block target: 5 minutes, total coins: Around 2 million, with 1% inflation after 2 years "
1% inflation? Please tell me that's wrong and I haven't been living under a rock this last month. Putting in off-topic, don't want to raise false alarms or anything :D

It's true, according to one of the ProtoShares developers:

Quote
Specifications
POW Hash: Momentum (2^26 / 2^50) with SHA512 Generation
Block target: 5 minutes
Difficulty Retargeting: 4032 Blocks
Difficulty Retargeting target: 2 Weeks
Port: 3888
Codebase: Bitcoin 0.8.5
No premine.
Block reward: 50 PTS, 5% reduction every 2016 blocks
Total coins: Around 2 million, with 1% inflation after 2 years

Offline bytemaster

Re: Wait what? 1% inflation?
« Reply #2 on: November 24, 2013, 12:36:01 AM »
You are correct, there is 1% inflation after 2 years.    Which is really no different than Bitcoin which will have over 1% inflation for the rest of its useful life :)
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline ruletheworld

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Re: Wait what? 1% inflation?
« Reply #3 on: November 24, 2013, 04:24:01 AM »
You are correct, there is 1% inflation after 2 years.    Which is really no different than Bitcoin which will have over 1% inflation for the rest of its useful life :)
How? Inflation as in there will be more ProtoShares mined/created after 2 million limit has been reached?
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Offline bytemaster

Re: Wait what? 1% inflation?
« Reply #4 on: November 24, 2013, 04:31:18 AM »
You are correct, there is 1% inflation after 2 years.    Which is really no different than Bitcoin which will have over 1% inflation for the rest of its useful life :)
How? Inflation as in there will be more ProtoShares mined/created after 2 million limit has been reached?

There is a minimum block reward which is designed to keep people mining even if there is low transaction volume (and thus low fees).  Remember, ProtoShares were not designed to grow to Bitcoin size volume and fees.

2 Million was just a rough estimate of total shares after which point the growth in the money supply is insignificant.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline ruletheworld

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Re: Wait what? 1% inflation?
« Reply #5 on: November 24, 2013, 04:36:32 AM »
You are correct, there is 1% inflation after 2 years.    Which is really no different than Bitcoin which will have over 1% inflation for the rest of its useful life :)
How? Inflation as in there will be more ProtoShares mined/created after 2 million limit has been reached?

There is a minimum block reward which is designed to keep people mining even if there is low transaction volume (and thus low fees).  Remember, ProtoShares were not designed to grow to Bitcoin size volume and fees.

2 Million was just a rough estimate of total shares after which point the growth in the money supply is insignificant.
Got it. I wonder how many other people weren't aware of this.
Not like Bitcoin then - after 2140, no new Bitcoins are generated by mining and it's only transaction fees going forward.
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Offline Bitstrader

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Re: Wait what? 1% inflation?
« Reply #6 on: November 27, 2013, 10:48:49 PM »
I just read somewhere that Bitcoin will become rare and become like a collectible helping to drive up the price, the cap on amount of coins seems to be a bad thing for the common guy (me), I don't really like to think that any 1 coin in particular could become unreachable in a lifetime for the average Joe, it just kind of strikes me as weird that it will be at that point before I die, the way things are going with Bitcoin.

 

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