BitShares Forum

Other => Graveyard => BitShares PTS => Topic started by: ruletheworld on November 23, 2013, 11:23:16 pm

Title: Wait what? 1% inflation?
Post by: ruletheworld 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
Title: Re: Wait what? 1% inflation?
Post by: Evan 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 (https://bitcointalk.org/index.php?topic=325261.0), 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
Title: Re: Wait what? 1% inflation?
Post by: bytemaster 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 :)
Title: Re: Wait what? 1% inflation?
Post by: ruletheworld 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?
Title: Re: Wait what? 1% inflation?
Post by: bytemaster 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.
Title: Re: Wait what? 1% inflation?
Post by: ruletheworld 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.
Title: Re: Wait what? 1% inflation?
Post by: Bitstrader 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.