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

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

in gridcoin •  2 years ago  (edited)

Look up my username on gridcoinstats about 6 months ago, you'll see how this can affect. At my highest point of holding I only ever had around 10k in my balance, and to me as a casual researcher, that was a lot, I have less now, my own choice, sure, but even at 10k balance I was staking 150 GRC at a shot. That simply is not happening now, and will not be happening in the future as things stand and I understood @dutch's explanation correctly.
I don't consider myself a casual researcher now, as I routinely remain in the top 200's in some projects and have a higher "rank" in them thatn some names I recognize from here, yet, I never stake, or stake at terms longer than a week. V8 isn't active yet, it's gonna be a rough change to see.

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I have less now, my own choice, sure

And that is your choice. By holding less coins, you stake less frequently. Welcome to Proof of Stake coins.

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  ·  2 years ago (edited)

sighs That could have probably been stated better.

From scalextrix - "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."

A few comments down from that, from barton26 - "Welcome to Proof of Stake coins."

These little snips show how things devolve, imo. GRC has always been both PoW and PoS (PoR), and my question posted on the forum is still out there.

barton26, not making a big deal, but also being entirely honest, that came across a little snide sounding in my head. Meh, I take for granted that may be my issue, but if you don't know I took it that way, and it wasn't your intent and I let you know, then no harm no foul, I hope.

I still haven't seen much to dissuade me from taking @dutch's analysis at face value, perhaps I could get someone to actually define small miner, medium miner, etc., since these terms are being used to describe hypotheticals. I'm sure we're closer in numbers than this, but, it could be that I think a small miner is someone holding 1k balance or less and you consider it to be 100k or less. Let me know what it's to be considered and we can go from there.

Of course, holding less coins means staking fewer times - I'm currently involved in another coin that I stake eight to ten times a day, it's been good and I have significantly, as in years less, time in it than GRC. So I feel a baseline for defining these terms is good for conversation and information.

If I could, I'd put it up for a vote, before V8 went live, whether to leave it to activate, or to alter it asap so it activates but does so in a way that doesn't hinder new-solo and older/smaller solo miners.

The entire mechanism of Gridcoin was supposed to be to encourage research, I feel V8 moves us farther away from that and it should be altered before being allowed to activate.

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  ·  2 years ago (edited)

If I could, I'd put it up for a vote, before V8 went live, whether to leave it to activate, or to alter it asap so it activates but does so in a way that doesn't hinder new-solo and older/smaller solo miners.

The v8 changes were required due to critical network security risks associated with providing magnitude a stake weight. Once v8 is implemented and stable we can certainly prioritize the topic of POR payout prioritization on github/steemit/etc.

You should check out the github wiki's proposed incompatible changes, there are many proposed improvements which will directly benefit POR users.

The entire mechanism of Gridcoin was supposed to be to encourage research, I feel V8 moves us farther away from that and it should be altered before being allowed to activate.

Given the network security risk of sticking with the current staking mechanism (which includes mag in the staking mechanism), maintaining the network/blockchain on pre-mandatory versions (forked blockchain) will likely experience malicious network consensus interference.

Once the mandatory has passed, we can transparently discuss improvements for the POR mechanisms as a community & assign an appropriate priority (and bounty via dev program) for development (considering the other high priority development items in the pipeline).

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I'm very interested in the we/community/... discussions. Where should I look to know what the communities priority list is. Point to issues lists (who decides on priorities?) and saying things will change is pointless. You're saying it will be worked on. But I have no idea if it will be first second or never. It's the opposite of fud.

Look up my username on gridcoinstats about 6 months ago
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at 10k balance I was staking 150 GRC at a shot. That simply is not happening now, and will not be happening in the future as things stand and I understood @dutch's explanation correctly.

Reductions in POR rewards are likely due to the substantial growth in team Gridcoin this year; thousands of more users have joined through pools or solo so the difficulty and competition to earn large magnitudes has increased. You need to competitively crunch, picking the projects with most compatibility with your machines and the least user participation/competition (crunch less popular projects).

The changes won't affect your payment amounts, rather the frequency at which you are paid will potentially decrease.

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  ·  2 years ago (edited)

Be prepared, I honestly believe that you are about to see the first "I ain't been paid in 6 months", complaint, and the time to address that, imo, is before the complaint has a chance.

I have spent a, my wife wants to kill me, vast amount of time since...a certain incident, poring over Team Gridcoins members stats, looking at what they do, how they do it, etc. I am unconvinced that we can say it's due to a large influx of new users, sure, that's a factor, but not the entirety.

Please, take a moment to look at my recent stats, then ask me if I think I am competitively crunching, lol.