RE: Why I am Very Disappointed by the Upcoming V8 Removal of the Magnitude Component of the Gridcoin Staking Weight
'If you are a solo miner with a low balance, you will never stake and therefore never be paid out for your research. If you do not stake research within six months of completing it, payment is lost.' I read that quite often and it could be misleading, you only lose work done not in the six month rolling window. So lets say you staked in 6 months and 2 days, you would lose the first 2 days of rewards owed. As the first month is mined at reduced Magnitude anyway due to RAC calculation, most miners would barely notice the loss of their first weeks rewards.
I agree we need to make Gridcoin as easy and as approachable as possible, and make mining rewards deliver to people quickly, but security comes first.
I dont agree with the statement that doing this makes Gridcoin closer to a PoS coin, you still get mining rewards in V8, you just dont get them quite so often.
I think we can vote on things, and should do, and I agree the Mandatory wasnt as well publicised as it could have been, but ultimately we are in a mode where someone started publishing outdated security issues with the coin and we dont want any more mud thrown in case it starts to stick. Lets patch this hole and find another secure way to mimic its effects.
EDIT: Maybe we should question the 6 month payout window, I dont know why 6 months is a magic number. Perhaps stake weight can be boosted after 5 months or something, Im not a dev so we have to let them think it over.
Good point - I probably did not make that as clear as it should have been. The first month may not be mined at reduced RAC though, as that only goes for brand new miners, which will mainly join pools anyway.
The miners that are going to be hit hardest will be the ones that are going at it solo already, but have not got a large balance of GRC.
but you are a community member, and i agree with some bits of your opinion and comment here and want to point out dev or not , you , me CM and everybody else have the same voice... There is no prez there is no peon , your opinion and views along with everybody else as I want you to know and understand are equal dev or not and its a community coin not just the dev's. Yes security matters but when votes for projects are getting NO's over SSL after the vote and the community spoke and since boinc doesn't use ssl it just uses port 443 for plain text after attaching to a project and a whale telling me people are just worried about their credits ( still not ssl its plain text over port 443 per David Anderson on the boinc forums that some people are security paranoid , you must have missed the #gridcoin accused rain theft ( was not anyone stealing ) and missed #gridcoin-irpg and again more theft accusations because people do not understand irc connections are not single user accounts like facebook. So really man , I would love to hear more of your idea. This isn't going to work this way , I had no idea v8 just caters to investor whales and traders or people whom make their GRC off non mining and understand now why/who is supporting it and who is not. Greed vs Science. I did seti@home free on a k6-2 with 4mb stb riva tnt2 4mb with 4mb edo sodimm addon so i could watch the pretty openGL 3.5mhz frequency spectrum water fall screen saver via my 2 x sli voodoo 2's. 1wu every 72hr to a week for free. The 6mo window thought really sparks my interest if we could look into that , but then again what I want to know is what pepole getting as incentives or kickbacks to force new users to grcpool.com and this again as I keep calling it and now its a monopoly on new users being forced to join the pool in order to ( earn from completed wu's as we dont mine gridcoin ) but if extending past 6mo could change new users being forced to join the pool lets hear more , I am starting to think stake gets used loosely meaning " create a block that you get PoR from " where it was previously staking a block for interest , sorry @ 20k GRC i still get more from rain than I do interest so staking interest is not important to me , along with many other users, it seems to only matter to whales.