GEP Farming v3 Start Price June 2022 and v2 Minting!

GEP Farming Start Price May 2022 - DAO - ThreeFold Forum

This is a extension of the May thread, I think the discussion for June needs to the start a lot sooner to give enough people time to vote and the team to consider a response a changes, I have added 2 polls here as I think both topics are related.

  • Continue with 8cts
  • Do Not Continue

0 voters

  • Continue Minting TFT for V2
  • Do Not Continue Minting TFT for V2

0 voters

3 Likes

I’m not sure about continuing 0.08.
Could somebody elaborate cons and pros of it?

The two main ones I could think are the following.
Pros:
attracts new farmers and grows the network for the betterment of the project.

Cons:
too many tokens being minted, early adaptors who were quick to support the new grid may feel hard done by as the entry price has remained the same for 4 to 5 months!

1 Like

Cons. No one will start a node with the price set above 8 cents when TFT is below 8 cents.

9 Likes

I understand your position, and I agree mostly, but at the same time, the TFT price for farming simply translates to how much TFT you farm per month. The higher the TFT price, the less your farm TFT, etc.

So technically, it simply reduces the ROI of the 3node if the TFT farming entry price is above the real TFT price.

As the V2 minting is based on emails, could we sent a V2 to V3 migration email at the same time that we send V2 minting emails, for the month of April, usually sent around early May?

Thus we can announce that, in June, V2 will not mint any more TFT. Farmers would have 1 month to migrate to V3.
Also, it seems like the TF community has decided to keep the 8 cents price for May. All the best for the V2 farmers going to V3!

It’s thus a perfect time for V2 farmers to go into V3 and they would have 1 month to do the transition.
What do you guys think?


*Reminder for V2: You can create a V3 farm with portal.grid.tf or use the Threefold Connect App (section Farmer Migration).

… But if the TFT price is higher the return in USD is the same or higher… So we all know that now is the time to join as the token price will appreciate :wink:

5 Likes

Couldn’t say it better @weynandkuijpers!

Now is always the time to build more 3nodes! :partying_face:

2 Likes

Interesting topic!
We voted on keeping the 0.08 for June.
The price is 0.055 at the moment.
I hope it will change.

(I am less motivated for building more nodes at the moment)

What do you guys think?

I’m more motivated than ever before, built 3 servers this week.

1 Like

Price goes up and down during the week… it’s 5.9 cts, then 7.5, then back to 6, etc…
Short term price swings are never a good argument to build or not build nodes - trust in the project, availability of (spare) capital, etc is a lot more important I would say.

We need to think about the price two years from now when the grid is actually utilized…

4 Likes

Price goes up and down during the week… it’s 5.9 cts, then 7.5, then back to 6, etc…
Short term price swings are never a good argument to build or not build nodes

exactly, welcome to crypto currency! these fluctuation will be noise in a few years to come. Should be farming for the future price not the an a hourly chart, this isn’t day trading its farming.

1 Like

Thanks @reignmack for taking the lead on this. Looks like we’ll maintain .08, but %40 supporting a change is pretty substantial.

Regarding the second poll, I totally understand the sentiment of wanting to end v2 minting, and again, thanks to everyone who’s migrated to v3. At the same time, we have an obligation to honor the original terms that v2 farmers agreed to when they started farming. This was my personal inclination at the beginning, and it’s also the opinion of legal counsel to the ThreeFold team.

That said, v2 works according to a “difficulty adjustment” that diminishes rewards as the supply of TFT grows, in order to eventually cap the supply. Moving the majority of the nodes to the v3 farm/burn model does open room for discussion around how the v2 difficulty adjustment should work going forward. If we can make a case that difficulty adjustments should accelerate, I think that’s a good middle ground approach to achieving the same goal as ending v2 minting abruptly.

1 Like

Well that’s interesting.


Is there any workload on V2?


If there is no use there, it means it’s only used to farm TFT. And V2 farms, as of now, more TFT than V3 for the same 3node resource. Thus some farmers will most likely stay on V2, or even revert from V3 to V2 while it’s more profitable there.
This is not effective if we start with the premise that V3 is the future of Threefold.

It looks obvious that we need to prioritize V3 and close V2 as soon as possible if there is no workload there and all the activities and upgrades are being done on V3. If there are some workloads, I guess it’s another story and the situation is more nuanced.


Would changing the difficulty adjustments to accelerate the closing of V2 respect the original terms of V2 farming? (increase difficulty --> decrease incentive for v2 farmers to stay on v2)

  • If the answer is no, this solution is as “unethical” as simply closing V2.

  • If yes, then the poll number 2 suggests that the community would agree with this solution.


It’s clearly a tricky situation and we need to respect the original terms of V2 farming while thinking about what is best for the future of Threefold.

As of now, farmers on V3 seeing this situation might simply revert to V2, since TFT entry price of V3 stays at 0.08$ and V2 is more profitable than V3 as of now. In short, farmers can go back to V2 to farm more TFT for the same resources, and migrate to V3 before the TFT entry price for V3 increases.


What do you guys think?

2 Likes

Very good point here, if I go back to V2 (I migrated in February to V3, because that was supposed to be the way forward), I will earn 80% more tokens for no use at all from the Threefold point of view.
If nothing keeps me from doing that, why wouldn’t I?
So a first thing to do would be to block any new registrations on V2
For the farmers still on V2, the only reason they remain on V2 is because of the higher pay, and they couldn’t care less about the project itself. Understandable from an investor point of view, but not quite what we had in mind…
Maybe giving this some more thought before signing any kind of agreement would have helped, but this situation is very detrimental to the evolution of the whole project.
Not only is this frustrating for farmers on V3, but there is a HUGE capacity (over 40 petabyte) still on V2, which is unusable and consuming loads of energy just to generate a lot of TFT for the farmers refusing to migrate to V3

5 Likes

This has to stop!!!

4 Likes

The vote was 91 to 9 saying exactly that.

1 Like

Those are percentages. Only 64 people voted.
Some good points have be raised on both sides

I do think that if 60 out of a given group of 66 believe we should close V2 minting then that’s a very good representation of the overall population. I really can’t imagine what good point the opposing side may have on this issue when V2 minting brings no benefit for threefold. It feels like it should’ve already been stopped.

imo this is a good point from the opposing point of view.

^^^
If 12 months from now the terms were suddenly changed for V3 minting when you built your farm under the premise that those terms would remain the same for 5 years then you may see it from their point of view.