Seems like the ideas discussed here, here, and here do not solve the issue of allowing elders to create new DBCs. The August 18th post recognized “[w]e still need to figure out how to . . . make mining SNTs uneconomic for rogue sections.”
And in a post I made just last week, @dirvine said “[i]deally, we look to a solution where Elders cannot steal, I,e. they cannot create money.” He also explained, “[i]f elders created DBCs then they would not go back to genesis and not be valid.”
Something is not adding up for me. I need a clearer description of how the network will autonomously distribute 70% of SNT over time without creating a vector for a sybil attack.
EDIT: and will the supply still be auditable if there are Genesis events occurring frequently rather than once at network launch?
Yes there are many questions here. I wish the 70% reserve could just be rethought, but I guess they want to stick to the original plan as much as is technically feasible. In any case, I hope that issuance is very low or at least on a curve that decline with time. It will be in competition with every other token out there, plus without a reducing release curve the network itself could be at risk of a large farmer shock at the end of it - which could literally destroy the network value proposition – perpetual data.
Many questions need to be answered, but I think they are still more focused on node communication and bugs at the moment.
I’m glad to see that one other soul actually read/understood the suggestion. I don’t recall receiving any other feedback either for/against my recommendation. Seems like such a simple fix that would be obvious to everyone, but the the current RFC went out of its way to complicate the matter and make a mess of things imo. I’m quietly hoping for a revised RFC, call it RFC 0061A, that will arrive and describe an unchanged hardcap.
