08 Jul '13, 10am

Primecoin: The Cryptocurrency Whose Mining is Actually Useful #bitcoin

Primecoin: The Cryptocurrency Whose Mining is Actually Useful #bitcoin

There are some places where Primecoin missed some serious opportunities for improvement. First of all, the self-adjusting block reward was intended to be a “more natural simulation of gold’s scarcity”. However, in practice it does the exact opposite. The desirable property that gold has is that its supply at least somewhat increases with its value; if the gold price shoots past $5,000, mining opportunities will become profitable that were not profitable before, increasing the rate at which new gold is mined and eventually making the supply go up, partially counteracting the price shock. Here, if the price goes up by a factor of ten, the difficulty will shoot up significantly as well as more miners move in, leading to… a reduction in the Primecoin generation rate. Thus, instead of adding the negative feedback mechanism inherent in gold, Primecoin instead creates a positive ...

Full article: http://bitcoinmagazine.com/primecoin-the-cryptocurrency-w...

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