I often thought that it may be a security Problem for a POW-Cryptocurrency if the Marketcap is much higher than the Replacement cost. For Bitcoin the Factor (Marketcap)/(Replacement cost) tends to get higher and higher. If it gets to high I expect a real asset whale to short sell to the Replacement cost an then come around with a new blockchain that has more work but was cheaper to mine. So I think for a healthy POW-blockchain the factor should not get much bigger then 1. It could get achieved if significant of work is done by the incentive of the fees or if the emition rate grows with time.
For grin I think it could be possible to stay at relative low coin price but have most of the mining incentive by the fees. Because of the infinite supply there’s less incentive in hording grin, instead just using it.
But for the fading Ming algorithm, I have not fully understood if it could be an other kind of Kill-switch, Factor (Marketcap)/(Replacement cost) in the Future. Or is it a brilliant Idea to keep the Factor low forever.
I could not find what I read month ago, about technical details, pros and cons about the Ming algorithm changes.