Was Proof of Stake the Right Move for Potcoin?


I have followed Potcoin since its inception. I was among the first to mine it. I minted a few dozen of the first blocks, using a not-very-powerful Scrypt miner that I had spent a significant sum on. It felt very “easy” to mine, and the price of it was over 600 Satoshi at a time when Bitcoin itself was still way over $600, daily.

Mining Potcoin

I had a somewhat forced “break” with cryptographic stuff in general for several months. I came back to it all in November or so of last year. Mining with the little Gridseed I had previously used was not feasible, so I used MiningRigRentals.com and mined with much more powerful hardware.

Medical marijuana is shown in a jar at The Joint Cooperative in SeattleEarlier this year, at my last job, I did an interview with two of the guys who have taken over Potcoin. They were very clear on the fact that they had not founded Potcoin, but knew the guys who had. They seemed genuine – even about their decision to go PoS – proof-of-stake, not the other meaning of the acronym, although, it kind of feels that way.

Where once I could invest a little bit of money and get plentiful coins with some guarantee that they would later be worth more, now I must buy coins and earn a form of interest. I’m not sure I like this. They’re not the first coin to do it to me, either. Netcoin is another that comes to mind. But I’ve done it anyway, and what are the results?

Price Slump

Not so impressive. The price is not performing, although it’s relatively stable. Large holders have dumped via ShapeShift.io so heavily that occasionally Potcoin has been “offline” there. Then there is the drama with the other cannabis-related coins. All of it seems to push me in one direction: out.

But can I get out at a reasonable profit or loss? It’s hard to calculate anymore. My affair with Potcoin goes too far back.

So it is that I have a PC running directly next to my main driver, running Potcoin and one other wallet (Woodcoin), which is proof-of-work and ASIC-resistant. If I didn’t have levelized billing with my electric company, this would not be sustainable. If I didn’t know how to properly run a server, this would not be stable.

Could it be that Potcoin’s switch to proof-of-stake was the beginning of the end for it? Is endless, albeit controlled, inflation really a feature we want in cryptocurrencies? Time will tell.

wallet_address: ‘1Pagkvzv1EfnoFp6nzpuNEZHWCeyvbJriB’,
currency: ‘bitcoin’,
counter: ‘hide’,
lbl_button: ‘Tip us’,
lbl_count: ‘donations’,
lbl_amount: ‘BTC’,
lbl_address: ‘Use address below to donate. Thanks!’,
qrcode: true,
alignment: ‘bl’,
decimals: 2,
size: “small”,
color: “dark”,
countdownFrom: “20”,
element: “#coinwidget-bitcoin-1Pagkvzv1EfnoFp6nzpuNEZHWCeyvbJriB”,
onShow: function(){},
onHide: function(){}


from Latest Bitcoin News | Crypto News | Mining Reviews – Bitcoins Channel http://ift.tt/1KdbQO0


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s