From the Light Paper:
As shown in the figure below, each year the efficiency of the LARYNX Miner Tokens drops slightly in order to mimic the relative efficiency improvement to the latest physical mining rigs in the real world. This creates continuous demand for the latest LARYNX tokens, and encourages additional permanent staking into the SIP.
So no idea what the percentage rate of mining deterioration each year.
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Okay, thanks. From the looks of this diagram it doesn't seem like the initial miners will go to zero. They'll probably just become a smaller and smaller percentage of the overall mining pool.
So I wonder if they'll just sell new miners to cover the deprecation...?
For example, say there are 100M miners (just to make the numbers even) when it comes out. And say they will each mine 1 SPK per year...so 100M SPK at the end of year one. At that point, those 100M miners go down to 80% efficiency so they'll only mine 80M SPK in year two. Will the company then auction off 20M LARYNX2.0 miners that all mine 1 again? And then in year 3 you've got 60M from the initial miners, 16M from the LARYNX2.0, and then another 24M LARYNX3.0 could be sold each mining 1 SPK per year.
It will be interesting to see how they do that...
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We await input from insightful community members such as urself on this. We will propose initial numbers but ultimately members with SPK will be able to set the variables themselves
I guess part of the question will be how many LARYNX you eventually want out there and how long do you want to take to get there?
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Yes. Miner efficiency will fade away to a low fixed level at a certain point. Some will sell to allow for funding of new miners, others will keep them as collectors items just like in the real world, others will keep them staked and mining in the network
What you should do is make every 1000th or even every 10,000th initial LARYNX miner an NFT. Then they could ultimately become tradable as real collectors items. :-)
Put them on HIVE's NFTShowroom and watch them climb in value. Especially considering they'll still be actively mining LARYNX, albeit in very small amounts.
Or, better yet, you could make the NFT ones NEVER DEPRECATE. So you'd always have at least roughly 330k of them out there (33k if you do every 10,000th) that would maintain their mining power.
Obviously this would require more work for you guys, but it's a pretty cool idea if I do say so myself. 😎
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These types of ideas are great! We have tried to gamify the tokenomics of the SPK network as much as possible but ideas out of left field like these are great and worth considering. We would like to think that some point all miners will also be nfts, as well as all content and each account. But that’s later. Gamifying as u suggest can be leveraged to create incentivised positive behaviour with a lottery outcome. One of the best gamification methods out there
Just make sure you call it "The Dagger Effect". lol
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Oh shit, it’s on chain now. It’s gonna have to stick
Yup. No censoring for you. lol
Seriously though, "guaranteeing" an undeprecatable (might not be a word) LARYNX token for every X amount of Hive someone has at the snapshot and then attaching a cool piece of artwork to it (if you really want to get crazy, bring in some famous singers and put pictures of their Larynx's on them--maybe a little overboard) and listing them on the NFTshowroom could be a raging success and a way to build even more excitement around the platform.
You could even auction off 1000 of them in conjunction with the first claimdrop to kickstart and showcase the auction process you'll be doing down the road.
And actually, if you put a new artist (or possibly a current YouTube top influencer?) picture on each edition you could probably create a pretty good buzz. (Hell, get Michael Saylor or Vitalik. He loves HIVE.) Not to mention generating some serious HIVE out of the gate. 10% is all I'm asking.... :-)
lol I'm starting to think this idea actually might have some legs...
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