Dont understand how Cardano can be mined


#1

Is mining available yet? If so how can it be mined?


#2

You can not mine :ada: because it is a proof of stake protocol and not a proof of work protocol, start of with This video of Charles explaining PoS

If you would like to delve deeper into the matter, the algorithm used to control the PoS protocol is called Ouroboros, you can Read more about it here. I hope this answers your questions, as of now staking is not enabled yet, this will be enabled late Q1 2018 and refined in Q2 2018 when the shelley update goes live.

There is a staking calculator here by a Dr. Ichikawa who is an ADA fan. To the best of my knowledge the staking percentages presented are not yet confirmed by IOHK.

Cheers!


#3

No, you should think very well about investing into Cardano or not. Because the price right now is heavily deflated (since 12 million or so coins are held by ICO investors) and it most likely won’t change until some of them start to sell their shares off.
I suspect that a lot of them are also IOHK developers themselves.


#4

Some notes on your answer, I respectfully don’t really understand how this ties in with the question OP asked.

If the price is heavily deflated it means it’s a good buying opportunity, someone correct me if I’m wrong.

True, but they need buyers to sell, also keep in mind that in March there will be working product with the Shelley release.

Maybe, but this is a good thing because if you own shares of a product you are working on, it is in your best interest to deliver quality work. As you would want the price to go up.


#5

No, it means it is basically “overvalued”. The true price would be much lower, were those 12 billion or something that were ICOed in circulation and not held by certain big parties.

How does that have to do anything with the fact that 12 billion are held by 1. anonymous 2. basically rich individuals ? This is terrible if Cardano wants to be used as an actual currency and not just be treated as a stock.

The largest share holders are most likely not even only the developers themselves, and even then it’s ridiculous to think they should be multi billionaires off the back of some poor and misinofrmed “investors”.


#6

Cardano is not a currency it is a decentralised blockchain platform, ada is the currency, what you are saying goes for all cryptocurrencies, the only difference being that cardano actually had an Audited pre sale, they have provided way more transparency then other ico’s.

This is not the meaning of deflation, deflation means reduction of the general level of prices in an economy.

And yes the price would be lower, but so would every other crypto out there, what your saying only has merit if you assume they will sell all the 12 billion coins. I’m assuming they will be stakeholders to support the network, it’s a more profitable move than selling early.

Yes, the beauty of crypto is that no one has to know how much you hold, it keeps governments from unlawfully seizing assets. You say basically rich individuals, and there will be some, but there were also moderate investors who bought the vouchers.

Maybe, or maybe not.

It seems to me you don’t like ico’s which has some merit to it. But cardano has been way more transparent over the ICO than any other blockchain out there. Saying that you should be careful to invest is common sense, knowing that the price will go up as the blockchain reaches more roadmap goals is also common sense (at least that’s how I see it).

I quite like discussing this with you, may I ask if you have invested? :slightly_smiling_face:


#7

deflation = prices are low, the value of the coin itself is high (you can buy more with one coin than if the prices were inflated)

i don’t really care what you want to call the presale (audited or not, it means nothing), the point is, people were able to buy at a ridiculous price , and they were able to buy insane amounts of coins at that price

this is literally just a quick cash grab from the IOHK (just like every other ICO)

the beauty of crypto is also that it has the possibility to be inherently more fair than the government, and dishing out 12 billion ADA to people at a insanely low price (most likely yourself) is not “the beauty of crypto” that’s just scammish behaviour

transparency means nothing, the only thing that matters is what is being done, and they sold 12 billion coins or so at a value of 0.0024 USD - the logical thing would be to sell ADA at an overpriced value so that only people get invested that are honestly dedicated to the project

and nope, why would i put my faith in a project where a large amount of premined coins sits in the hands of some anonymous investors that will dump and pump however they please


#8

Any crypto can by pumped and dumped, even BTC. 4% of the BTC addresses own 96% of all minded coin. That’s fairly centralized and subject to wales manipulating the market.


#9

I agree again with @Bullishdong … deflated ? If by price deflation you mean something is undervalued , it is currently a spectacular time to buy Ada !

Think of another thing with regards to your inaccurate characterization of Ada as a pyramid scheme . There are QUADRILLIONS of lovelaces to be sold or exchanged away in the future … what that means for Ada , is a lot of inbound value or what is commonly called price appreciation.