Bitcoin Forum

I think it is Gridcoin, the idea of mining by doing research is easy to understand and it is at once obvious why it makes sense.

See for example this thread on reddit right now: https://www.reddit.com/r/Futurology/comments/4b4drk/a_currency_minted_by_doing_science/

Damn, almost 1000 upvotes! That was one kick-ass post Spassbold!

Already much more upvotes :)

 The good thing is that the idea behind Gridcoin is actually that good and that easy to understand, that you do not really have to sell it, just explain the idea behind it.

But it relies on centralization of the proof of BOINC and proof-of-stake, which thus guarantees it won't scale to anything significant, as vested interests will strangle it.


It will perhaps be good for a P&D, because so many fools believe technological nonsense because they don't understand.

I do not see a problem with proof-of-stake really, could you explain further?

I also do not believe that it will be P&D, the good thing is that the miners do it mostly because of science anyway and have no background in the traditional crypto pump&dump.

...

Grid coin just copied cure coin really. Cure coin was okay but they were just very slow to improve upon the way it worked. However lately it has started developing again.

Any alt coin that becomes very profitable in a BIG way will attract people not in crypto. If people hear they can make $ they will be attracted.

Some just love the idea like you say.

Really, and yet investing money into a PoW coin that relies completing on ASICS that are already centralized and will be even more so at the next halfing is ok?  ???

By this conclusion, 99% should Not be investing in BTC either.   ;)

 8)


FYI:
Game theorists use the Nash equilibrium concept to analyze the outcome of the strategic interaction of several decision makers. In other words, it provides a way of predicting what will happen if several people or several institutions are making decisions at the same time, and if the outcome depends on the decisions of the others. The simple insight underlying John Nash's idea is that one cannot predict the result of the choices of multiple decision makers if one analyzes those decisions in isolation. Instead, one must ask what each player would do, taking into account the decision-making of the others.

IMO, Nash equilibrium theory is not that accurate .

I would say the larger the group of people or institutions , the easier it is to predict the outcome.
Kind of what the whole field of Sociology is about.
Sociology is the study of social behavior or society, including its origins, development, organization, networks, and institutions. It is a social science that uses various methods of empirical investigation and critical analysis to develop a body of knowledge about social order, disorder, and change.
Knowing that the majority always choose what is in their individual best interests , would help accurately predict the outcome.

(Individuals are always the wild card and unpredictable , because of their individual & background motivations, so they may not always choose what would be in their best interest.)  

Isaac Asimov Foundation series basically showed how a whole Universe could be controlled using Sociology.

Plus I will tell you Nash's Original Idea , is not Original , it is very Old,
because it is really nothing more than Simple Collusion.

Gridcoin launched before curecoin!

People who are new to Crypto would be better served with Proof of Stake to make profit.

One reason, you can hold the Proof of Stake coins in a local wallet and gain interest, althrough I perfer to call it a Harvest instead of interest.
even if the price of the coin stays exactly the same, you can cash out with more than you started and make a profit.

PoW coins, price stays the same and you gained nothing.
Price has to rise, which why should it except on speculation, as a function of ASICS is to always create more, which will always decrease the price per coin.
Simple Supply & Demand economics.  :)

Where as Proof of Stake coins have intrinsic Value and are their own mining equipment.

 8)

Wow, up to 2200 upvotes, that subreddit has like 5 mil subscribers.

Is this true ??

I'm certain curecoin came first?

Let me check it out.

I heard about curecoin first maybe they announced first but took time to get it off the ground.

Interesting though since I though cure coin came way before.

Both are good.

Almost 3k upvotes and still going strong, many new users in irc and on the forum :0

Yeah but Gridcoin isnt Proof of Stake, its Proof of Research.  The PoS is combined with the BOINC work which changes the way it works, staking a block isnt purely based on the coin age.

I get much more reward from my BOINC contribution in each block than from the PoS interest, so there is no barrier to me overtaking a larger coin holder if I exceed their BOINC contribution.  The last block I got 3-1 BOINC versus PoS.

Proof of BOINC is not centralized. Gridcoin used to use netsoft for credit checking, now every node participates in securing the neural network with verified BOINC statistics gathered directly from the BOINC project sites - so there is no centralization in the POB system.

DPOR generates 50k GRC per day, which is far more than interest rewarded for POS, so really it's perfect to scale out user adoption since there is no market cap. If investors hold and never crunch, they'll experience deflation of their holdings (almost demurrage).

Gridcoin is a permissionless & decentralized system.

Gridcoin is not a finite resource - there is no cap on coin supply, and DPOR rewards more than POS. Better to have BOINC users in control rather than having pool owners or ASIC manufacturers in control of the network (POW is extremely centralized & wasteful).

Doesn't curecoin use SHA256? That's massively wasteful compared to Proof of Stake. It'd be cool if folding@home was ported to BOINC, then we could reward folding@home computation - not out of the realm of possibilities.

GRC had these evolution steps which CURE still would have to undergo. Remembering the old GRC "classic" and it's immense stock of old coins which basically declassified GRC as beeing POW stock up for sale.

The massively wasteful part that will always remain is double BOINC research for recalculating any experiments by some second researcher, comparing results for validity. Each task has to be done twice at least, and more times if these numbers tend to differ way to much.
Some BOINC tasks are providing sensor data like weather related stuff, so "mining GRC on a remote-distant-reading thermometer" is fact and quite extraordinary in comparison to any other coin in existance.

I'm willing to give it a second go again, been abandoning GRC when it has been above 0.00002000 BTC end of 2015. For some time things have been looking to much GPU mining centric which ain't be my cup of tea. More looking for CPU background tasks, idle cycles beeing reused for a purpose.

Science is indeed good advertising! Crypto somewhat missed the advertisement opportunity of combining the DOGE phenomenon with BOINC research, things would have been gone trought the roof straigtways.

i think none of them
because people not in crypto ever before will most probably never hear about any of the altcoins. and if they want to choose they are going to choose the biggest, and oldest technology not just anything with small market that was created new.

May be Doge, because many sites are using it and Doge have fast transaction times too - only some minutes.  ;)

I would go with Doge too. It has a very friendly community - people new to crypto need a lot of hand-holding and that community is great for that.

WELLLLLL - As I understand it there was a time, way back in the mists of crunching history when Folding@Home and BOINC nearly merged, but something didnt 'work out' and the two camps went their own directions... its just what I remember reading on a forum many years ago, perhaps enough time has passed.

Lisk

my guess is Ethereum
even if you're a complete stranger to cryptos you must've heard of it on, technically, any tech news outlet you've been to this past few months!

my 2nd guess would be doge and ltc because once you arrive at cryptos the first things you're going to hear are btc ltc and doge!

i've heard of gridcoin just this past few days (yes i am that uninformed!)
but the idea of allocating computing power to advance science is so appealing to me i might even consider donating some incase the coin fails to deliver!!

Mine.

Definitely BIGUP!

BigUp Life is Worldwide with new people getting involved every day. BiGUp was designed for long-term BIGness as well as being appealing to new users who may be new to crypto altogether!

I tend to agree with this right here.  Most people have no clue what bitcoin really is, much less that there are hundreds of these other coins trying to gain their share of the market.  And even if they knew about the altcoins, making an informed decision as to which would be worth owning...yeah, no.  Not happening.  For lay people, it's bitcoin or nothing.

I found about Gridcoin first, then had to learn about Bitcoin. Since Bitcoin is the default conversion coin on exchanges. After that I got into Diamondcoin, Peercoin, Unobtanium, Namecoin and Dogecoin. In that order :-)