Post by ironwill on Nov 2, 2017 22:20:20 GMT -6
First of all, a disclaimer. I'm not a programmer or a college grad. I'm a blue collar worker who has gamed for almost four decades. The following is just my opinion of what I've seen so far.
Okay, with that out of the way... lets look at the subject... difficulty mining.
I've been reading from some people that mining is becoming difficult in just 2 days. That at this rate its going to monumental just to attain 1 ETN in a day. Want to know the truth... you could be right.
Let's take a look at the Electroneum coin. It's purpose, if I'm understanding correctly, is to be an alternate (yet accepted) currency to gaming. I think this is ingenious, if true. Like I have eluded, I'm a 48 year old blue collar worker who has been a gamer since the Atari PONG console came out on my tenth birthday. But games have changed a lot since then.
Today, most games are marketed as FREE (via download). They suck you in with that promise, but inside is an unspoken compromise... game tokens. Most of you have seen it. You get inside the free game, and then realize you can get EXP boost potions, or special armor and weaponry, in trade for game currency. However, the price is indicative of buying that in-game currency with USD. In come the parents' heisted credit cards.
Now, up until this moment... this is my best guess of how it all works. So, how do we change the narrative? Well, not we... Electroneum! Now there is an electronic currency that can replace your parents credit cards. Not only can it do that... it can teach youth how crypto-currency works. And in doing so, help usher in the new age of Cryptocurrency. It allows adults and kids to "MINE" Electroneum, adding currency that can be used to purchase in game specialties (granted that gaming companies agree to terms), with the use of their smartphones.
These kids can now mine with phones 24/7!!! However, there is a problem. Only 21,000,000,000 ETN coins will be made. Forget the ICO! Forget the first week mining! The real terror is what happens when over 2 billion smartphone users are exposed to this opportunity. Now, from my experience and knowledge, about 5% will use the app when its mainstream. That's 100 million users mining 24/7 with phones.
NOW WE GET INTO THE DIFFICULTY ISSUE....
So what's a good "leveled off" price for 1 ETN? $ 0.50 USD? $1.00 USD? $10.00 USD? To "guess" the direction it is going to go... let's look at the sample video provided. It showed a smartphone gathering .45 ETN in 1 hour (more or less). That's around 1 ETN per 2 hours or 12 ETN every 24 hours if in foreground and non interupted. Now, I think we all know, that's BEST CASE SCENARIO. The truth is that there are probably going to be 100 times the amount of people mining. Hence the rewards will reflect that. So in full flourish, let's say 100 million people individually, earn .1 ETN each day.
Why Will?!? Why the hell would it be that low!?? Well, I'm glad you asked! It's because of the flow of miners in relation to the limit of ETN coins. Let me explain in another way. Let's say you had 100 million miners out of 2 billion mobile devices, who got (oh let's have fun) 2 ETN per 24 hours. This is best case scenario, but let's look at it. Well, if that were the case... and ETN were 1 dollar in 105 days, the 21,000,000,000 (21 billion coin limit) would be reached. So... the program difficulty has to account for that. Heck, even .5 ETN per 24 hours with 100 million mining will use up a nothing to max pool of 21 billion in under 18 months. Even .25 ETN per day would end the limit in less than 2 1/2 years.
So... the only possibility is that mining become as redundant as our other alt coins, where we mine .01 ETN per day right? Well that is 3.65 billion per year. Game over in about 6 years. But to be honest, that seems more realistic. Let's say the difficulty puts us at mining .01 (1 % ETN) in 24 hours. Sounds like a waste of time right? Not so fast. Now we have to look at value. What if 1 ETN in 2 years, is worth 500 USD ? Then in that 2 years, you've mined with your mobile phone... 3,650 USD dollars. That's about 1800 bucks per year. Now, none of this is factual yet, just purely speculative. But I see it being difficult to offer ETN at a higher rate or an easier difficulty.
So in closing, for those that think 50 ETN/day mining... is too little... think about the possibilities of value in the future. It has to work out. That's the nature of mathematics.
Will
Okay, with that out of the way... lets look at the subject... difficulty mining.
I've been reading from some people that mining is becoming difficult in just 2 days. That at this rate its going to monumental just to attain 1 ETN in a day. Want to know the truth... you could be right.
Let's take a look at the Electroneum coin. It's purpose, if I'm understanding correctly, is to be an alternate (yet accepted) currency to gaming. I think this is ingenious, if true. Like I have eluded, I'm a 48 year old blue collar worker who has been a gamer since the Atari PONG console came out on my tenth birthday. But games have changed a lot since then.
Today, most games are marketed as FREE (via download). They suck you in with that promise, but inside is an unspoken compromise... game tokens. Most of you have seen it. You get inside the free game, and then realize you can get EXP boost potions, or special armor and weaponry, in trade for game currency. However, the price is indicative of buying that in-game currency with USD. In come the parents' heisted credit cards.
Now, up until this moment... this is my best guess of how it all works. So, how do we change the narrative? Well, not we... Electroneum! Now there is an electronic currency that can replace your parents credit cards. Not only can it do that... it can teach youth how crypto-currency works. And in doing so, help usher in the new age of Cryptocurrency. It allows adults and kids to "MINE" Electroneum, adding currency that can be used to purchase in game specialties (granted that gaming companies agree to terms), with the use of their smartphones. These kids can now mine with phones 24/7!!! However, there is a problem. Only 21,000,000,000 ETN coins will be made. Forget the ICO! Forget the first week mining! The real terror is what happens when over 2 billion smartphone users are exposed to this opportunity. Now, from my experience and knowledge, about 5% will use the app when its mainstream. That's 100 million users mining 24/7 with phones.
NOW WE GET INTO THE DIFFICULTY ISSUE....
So what's a good "leveled off" price for 1 ETN? $ 0.50 USD? $1.00 USD? $10.00 USD? To "guess" the direction it is going to go... let's look at the sample video provided. It showed a smartphone gathering .45 ETN in 1 hour (more or less). That's around 1 ETN per 2 hours or 12 ETN every 24 hours if in foreground and non interupted. Now, I think we all know, that's BEST CASE SCENARIO. The truth is that there are probably going to be 100 times the amount of people mining. Hence the rewards will reflect that. So in full flourish, let's say 100 million people individually, earn .1 ETN each day.
Why Will?!? Why the hell would it be that low!?? Well, I'm glad you asked! It's because of the flow of miners in relation to the limit of ETN coins. Let me explain in another way. Let's say you had 100 million miners out of 2 billion mobile devices, who got (oh let's have fun) 2 ETN per 24 hours. This is best case scenario, but let's look at it. Well, if that were the case... and ETN were 1 dollar in 105 days, the 21,000,000,000 (21 billion coin limit) would be reached. So... the program difficulty has to account for that. Heck, even .5 ETN per 24 hours with 100 million mining will use up a nothing to max pool of 21 billion in under 18 months. Even .25 ETN per day would end the limit in less than 2 1/2 years.
So... the only possibility is that mining become as redundant as our other alt coins, where we mine .01 ETN per day right? Well that is 3.65 billion per year. Game over in about 6 years. But to be honest, that seems more realistic. Let's say the difficulty puts us at mining .01 (1 % ETN) in 24 hours. Sounds like a waste of time right? Not so fast. Now we have to look at value. What if 1 ETN in 2 years, is worth 500 USD ? Then in that 2 years, you've mined with your mobile phone... 3,650 USD dollars. That's about 1800 bucks per year. Now, none of this is factual yet, just purely speculative. But I see it being difficult to offer ETN at a higher rate or an easier difficulty.
So in closing, for those that think 50 ETN/day mining... is too little... think about the possibilities of value in the future. It has to work out. That's the nature of mathematics.
Will
