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RE: Why I am Very Disappointed by the Upcoming V8 Removal of the Magnitude Component of the Gridcoin Staking Weight

in #gridcoin7 years ago

Security in this world (unfortunately) has to always be the top concern. I don't love the concept of losing out on my magnitude stake weight, but if that's the price that must be paid to avoid security FUD dragging Gridcoin down, that's acceptable to me.

I think there are some really good ideas being tossed around that I believe we should be strongly considering. I've heard that one option is to basically pay everybody their mining rewards at the SuperBlock. IMO, this is a crucial change if magnitude is no longer part of stake weight. Think about it: if there's no relationship between magnitude and stake weight, then why should mining rewards only be paid when someone stakes a block? Makes no sense. Instead, just have the neural network track everyone's owed mining rewards and if you're owed at least 100GRC, you get a payment at the next SuperBlock. Basically along with a SuperBlock being minted would be hundreds of mining payments. It would be doable, especially if you limited the minimum payment to 100 GRC which means very few miners would be getting paid daily but most would be paid at least once every couple weeks.

Bump the threshold up to 500GRC if you want to really minimize those payments and keep an incentive for people to join pools if they still want daily payouts.

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You could as well pay out after a certain amount of time instead of coins. More predictable and fair for everyone.

I would probably vote yes on the ideas in your second paragraph, and even mostly agree with bumping it to 500. Hell, I've got pools now that pay out only at much more (they are also more profitable) as a minimum. It should though be voted on I think after the proposal was hashed out.

IMO I don't think we should have a threshold for payout. I would prefer something like STEEM where you can click claim rewards.

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