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Title: Regarding the fair distribution of a new cryptocurrency. Post by: Jacqul on June 02, 2014, 09:31:38 PM It seems to me like the initial idea of Bitcoin was that the process of mining would secure the network, reward participants and ensure honesty.
The rise of ASICs (although predicted) is a glitch in this plan. With ASICs it is once again a situation of the rich getting richer, money making money. Thanks to ASICs we now have a slew of cryptocurrencies trying to solve this problem. The most innovative solution I have seen is something I think a lot of people have missed, hence me starting this thread. Perhaps this is something that can be built on. Recently there has been the release of a coin that at the moment ensures that a human being is actively engaging in a game of skill and luck to compete with others in finding blocks. Since anyone can mine anywhere in the world (with an internet connection), this is the most egalitarian coin I have come across and I am fascinated by the fact that this has not gained wider attention. Check out this topic: https://bitcointalk.org/index.php?topic=591724.0 Conflict of interest: I have 100 for sale on C-Cex at 0.5 BTC Title: Re: Regarding the fair distribution of a new cryptocurrency. Post by: pedrog on June 03, 2014, 12:00:13 AM The rise of ASICs (although predicted) is a glitch in this plan. With ASICs it is once again a situation of the rich getting richer, money making money. How was it different before ASICs arrive? Recently there has been the release of a coin that at the moment ensures that a human being is actively engaging in a game of skill and luck to compete with others in finding blocks. Ain't nobody got time for that! Title: Re: Regarding the fair distribution of a new cryptocurrency. Post by: Jacqul on June 03, 2014, 01:36:21 AM The rise of ASICs (although predicted) is a glitch in this plan. With ASICs it is once again a situation of the rich getting richer, money making money. How was it different before ASICs arrive? Recently there has been the release of a coin that at the moment ensures that a human being is actively engaging in a game of skill and luck to compete with others in finding blocks. Ain't nobody got time for that! How was it different before ASICs arrive? ->Before ASICS and GPU mining anyone with a PC could mine BTC. This meant it was possible for a widely distributed p2p network without consolidation of power and funds to the people with power and funds. Ain't nobody got time for that! -> If you have something better to do with your time then that is great. If you are a farmer, builder, teacher or something useful then awesome. Hopefully we can use cryptocurrencies to remove all the unnecessary middlemen who shave value from the creators. If you are stuck in a place with nothing better to do with your time and your time is worth less than $10/h, then play the game and secure the network as you do. Hopefully you can then save some money up for training or starting a business and so work yourself up until you "ain't got time for that!". Title: Re: Regarding the fair distribution of a new cryptocurrency. Post by: pedrog on June 03, 2014, 01:51:46 AM ->Before ASICS and GPU mining anyone with a PC could mine BTC. This meant it was possible for a widely distributed p2p network without consolidation of power and funds to the people with power and funds. No, that's because very few people were using bitcoin at the time... Title: Re: Regarding the fair distribution of a new cryptocurrency. Post by: Jacqul on June 03, 2014, 02:55:26 AM ->Before ASICS and GPU mining anyone with a PC could mine BTC. This meant it was possible for a widely distributed p2p network without consolidation of power and funds to the people with power and funds. No, that's because very few people were using bitcoin at the time... Regardless of how many people are mining at any time, it is the method of mining I am talking about. If you need a special machine that costs $10000 to mine, then only people with $10000 to invest will be able to mine and hence they will get more $$ and be able to buy more machines and so get more $$ and so the richer get richer. If anyone with a home PC can mine and compete with anyone else, that inherently is a more fair, safer and stable system. BTC was not designed for ASIC mining, the rise if ASICs is a problem. This is why we have things like Litecoin etc. This is why we have POS systems. This is why I started this thread. Because none of these solutions work as well as the game as far as I know. |