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Regulation will come in the form of monitoring the exchanges cryptocurrencies are traded on. That's how cryptocurrencies will become regulated in a sense.
However, private transactions between individuals can't be regulated. It's only trading on the exchanges that will be regulated, and I don't understand how anyone could find fault with that.
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A single point of failureMintpal was compromised. The attacker gained 30% of the total supply of Vericoin in the attack. Which in turn, led the Vericoin development team to do something unprecedented in cryptocurrency history. They created a mandatory rollback. What is a rollback?A rollback goes back in time from blockheight 100 to blockheight 75. When a rollback is performed, all transactions after a certain point in the blockchain are effectively destroyed. If Bob bought a casacius coin from Sally for 1000 vericoin, Bob would now get the 1000 vericoin back while Sally has nothing. All transactions after blockheight 75 would no longer exist. The necessity of the rollbackIn every single instance of any exchange or service getting hacked, there has never been a rollback implementation. For Vericoin, this was actually very necessary. Vericoin creates it's new blocks by using proof of stake. When the attacker gained 30% of the coins in one go, they effectively gained 30% of the hashing power. You can see how dangerous this is. All it would take is an additional 21% to effectively completely own the network. If Vericoin used a proof of work system, the only danger would be the market price plummeting from the sell off, but the network itself would never be in danger. The unprecedented solutionA rollback is terrible. Every single cryptocurrency relies on the public blockchain ledger. It is the holy grail of the entire currency. Once something is written to it and not orphaned, it's set in stone. When the team decided to initiate the rollback, they decided to use the nuclear option. They broke the entire foundation of crypto and set a new norm where it will be ok to undo transactions if the are large enough. Instead of the developers only being developers, they've now taken the option to also be the federal reserve and the police. Proof of Stake's flawsVericoin only had the nuclear option available because of proof of stake. When an attacker gains coins in a proof of stake currency, they not only gain money, they gain network control. Vericoin was between a rock and a hard place. They either let the attacker have 30% of the total staking power, or set the precedent of rolling back. The reason they took the rollback option was because they could. (for now) Impossible to rollback when bigVericoin is so new that there is not a lot of merchant support. If it was as widely used as Bitcoin with 1000's of transactions a day and tons of merchant support, a rollback would kill the currency. Merchants would of shipped products with no payments and people wouldn't of been payed. Hypothetically, if any proof of stake currency did become as big as Bitcoin and was compromised just like now with 30% of the total coin supply taken, the currency would effectively not be able to rollback and allow a malicious entity to control the network. A large hack would become a death blow creating uncertainty in the integrity of the network. TLDR- None of yesterdays events were Vericoins fault.
- Proof of Stake is not feasible: in a large attack, the attacker gains crypto and network control.
- When a single entity fails (an exchange) no currency should ever undo their mistakes by wiping it from the chain.
- If a proof of stake currency ever becomes huge, it would not be able to rollback and would have to allow a malicious entity to have network control.
I actually agree with these points. I'm sure Satoshi himself thought of PoS, but didn't implement it becuse it would eventually cease to be decentralized, and carries a large degree of risks that PoW doesn't, like Nothing at Stake attack, etc etc. |
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There are ways to regulate "anonymous" cryptocurrencies. Getting adopted into the "mainstream" pop. won't be any harder because a coin is anonymous.
Simply Put: Anonymous currencies can still be regulated to prevent money laundering etc, by the exchanges used to trade them. When/If Bitcoin becames Huge and "mainstream", exchanges will be monitored by governments to stop money laundering. Now, some of you may ask, what's the point of using the crypto currency then?
The answer is, while the government may be able to monitor exchanges, it will be impossible to monitor transactions from person to person, so that's still private and cannot be spied upon. It's also impossible to monitor transactions In real life, like through a localbitcoins.com type thing. Also, along with the fact that cryptos arent controlled by a central entity etc etc etc. Which makes them 10x better to use than Fiat, like the EURO, or USD, etc.
Basically, some regulation is coming, but it's not going to be as bad as many of you think. The Need for Privacy is here and now.
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XMR is just looking for a reason to go in bubble mode. At this point, anything could trigger it be it cryptsy adding it or an official GUI or whatever announcement they are gonna share with us in today's missive.
Hard to sustain a bubble when 22,000 coins are being mined everyday. A bubble would just invite botnets, who would promptly dump. Better to have 22,000 coins mined per day until the block halves, to ensure a fair distribution, rather than having a 2million coin instamine in the first 24 hours(DRK).... From what I've seen, there aren't that many botnets mining xmr. Since they use 32 bit machines, which mine hardly any coins per day, and the owners almost always sell their coins immediately, not wait for pumps..The highest botnet I've heard someone say was consisting of only 20 cpus...20 32 bit cpu's would mine 2 XMR per day with around 0.1 xmr per cpu...2. The difficulty is too high for botnets. |
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I have carefully read all 500 pages of this thread and I can't understand why so many people here hate members whose native language is not English?
This is one of the dumbest things I have ever read. I loled first at "read all 500 pages", then again at "so many people hate members whos native language is not English" My native language isn't English either, I'm bilingual, and I haven't experienced any hate to members whose native language isn't English.. |
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You can always smell a Bytecoin troll from their Newbie/Sockpuppet Acc status. Ah.
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Banned for not having a foot fetish.
Banned for being judgmental about others' sexual preferences. Banned for not having a Bitcoin fetish. |
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Are you this damn stupid OP. Back then, 1 BTC wasnt even worth $1. Gavin was on no one's payroll. There was NO bitcoin foundation. There were no mining companies. It was simply an error which was fixed back in 2010, and they didnt think btc would get to be this big. This is the most useless, troll, thread ever.
Everyone, stop replying to this thread. vintagetrex is a bought account and this guy is either a troll, or on some heavy drugs.
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Yea after 1 year(not yet 2 years), in relative obscurity with only a few individuals(less than 100) even knowing Bitcoin existed. And satoshi only started working on it in 2007, and it was released in 2009. so 2009-2010 is 1 year.
As I said again, they didnt know Bitcoin would reach this far, and the software did not have a fatal flaw.....Talking to you(a troll) who continues to lie is just pathetic. Im not gonna bother responding to your lies anymore. Pce
BTW, what drugs are you high on right now?
Except you can't point out where I've lied… Not a fatal flaw? Being able to arbitrarily create 184,000,000,000 BTC is not a fatal flaw in your opinion? In case you havent noticed, that problem was already solved...back in fucking 2010. Take your trolling elsewhere. Yes, and the proportions of BTC returned to an even distribution? Oh wait, they didn't. In your mind the community "unanimously democratically elected" to award Satoshi Nakamoto 1,000,000 BTC. Oh wait, Gavin Andresen is on the pay roll of some organization… and he's the one who decided how the BTC would be distributed after the fatal flaw… Are you this damn stupid. Back then, 1 BTC wasnt even worth $1. Gavin was on no one's payroll. There was NO bitcoin foundation. There were no mining companies. It was simply an error, and they didnt think btc would get to be this big. |
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I find it curious that Cryptsy doesn't even have MRO listed under their [Vote] section as a new potential trading pair. Given MRO's current marketcap and the plethora of other crap-coins the Cryptsy supports anyway.
Cryptsy's BitJohn has stated it costs a lot of $ to support the coins they already have. I think they find it easier and cheaper to just add bitcoin clones instead of adding in new software to accept cryptonotes. Though Poloniex's above 1,000 BTC trading for monero on somedays would say otherwise about cheaper^ |
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Yea after 1 year(not yet 2 years), in relative obscurity with only a few individuals(less than 100) even knowing Bitcoin existed. And satoshi only started working on it in 2007, and it was released in 2009. so 2009-2010 is 1 year.
As I said again, they didnt know Bitcoin would reach this far, and the software did not have a fatal flaw.....Talking to you(a troll) who continues to lie is just pathetic. Im not gonna bother responding to your lies anymore. Pce
BTW, what drugs are you high on right now?
Except you can't point out where I've lied… Not a fatal flaw? Being able to arbitrarily create 184,000,000,000 BTC is not a fatal flaw in your opinion? In case you havent noticed, that problem was already solved...back in fucking 2010. Take your trolling elsewhere. |
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vitnage, thats because they didnt think Bitcoin would make it as large as it is today, they cant freaking see the future.
Calm your tits.
No, its because Bitcoin claims to be transparent and democratic, but it has been corrupt from the beginning. Community members have propagated this lie of equality to get open source developers to work on Bitcoin. However, Bitcoin is a rat hole investment scheme that utilized the Winklevoss twins as front men to push prices higher. It is the same scam outlined in "The Wolf of Wall Street." Oh, yea because the first days of Bitcoin, flaws were found as it was the first cryptocurrency ever made, and because it had a few flaws while in early Beta, that means the whole thing is corrupt. Yea your logic makes complete sense...(sarcasm) After 1 year of mining and 2 years of vetting the software had a fatal flaw. The distribution of BTC didn't restart tho… Gavin Andresen stepped in to save the profits of the organization paying him. Yea after 1 year(not yet 2 years), in relative obscurity with only a few individuals(less than 100) even knowing Bitcoin existed. And satoshi only started working on it in 2007, and it was released in 2009. so 2009-2010 is 1 year. As I said again, they didnt know Bitcoin would reach this far, and the software did not have a fatal flaw.....Talking to you(a troll) who continues to lie is just pathetic. Im not gonna bother responding to your lies anymore. Pce BTW, what drugs are you high on right now? |
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vitnage, thats because they didnt think Bitcoin would make it as large as it is today, they cant freaking see the future.
Calm your tits.
No, its because Bitcoin claims to be transparent and democratic, but it has been corrupt from the beginning. Community members have propagated this lie of equality to get open source developers to work on Bitcoin. However, Bitcoin is a rat hole investment scheme that utilized the Winklevoss twins as front men to push prices higher. It is the same scam outlined in "The Wolf of Wall Street." Oh, yea because the first days of Bitcoin, flaws were found as it was the first cryptocurrency ever made, and because it had a few flaws while in early Beta, that means the whole thing is corrupt. Yea your logic makes complete sense...(sarcasm) |
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And don't forget the main problem about POW and this is the most important one.... every investor or long term buyer has to pay to the miner for securing the blockchain. POS coins investor don't they them self are doing their part to secure it and get even PAID!
No one will be a slave to POW coins once they notice how the game is going on.
Imagine if the US dollar was distributed by proof of stake. 1% of Americans would get all the money! Furthermore, money is created with work. If a currency isn't backed by work what gives it value? I feel commitment to the creation of wealth should require some financial backing by each of us (mining equipment and power - just like the US mint and their custom ASIC printers). If you literally have no skin in the game then what is the point? You have no understanding of what money is... Money is debt, it is not created by "work" (whatever that means). Currencies today are not backed by anything that is why the are referred to as fiat (latin for "it shall be"). The top 1% of Americans posses more than 40% of the nations wealth (all the money). If you took a physics class you would realize in a closed system such as the planet Earth.....nothing can be created nor destroyed. Energy is just transfer through a process called work. There is a process of work in creating FIAT. It should be the same for creating digital currency. YOU SIR, Have no idea what you're talking about. You say The U.S Dollar is only one of a handful of currencies backed by "nothing", infact, the USD is backed by something: the ECONOMY! Fiat in all nations are backed by things, whether it be gold, the economy, etc. PoS is backed by literally NOTHING, therefore it won't ever go anywhere. PoW is still by far the best. So you think that the us economy can support $17.5 trillion in funded liabilities and $220 trillion in unfunded liabilities? These currencies are not supported by the economy, because the debt is not supported by the economy. And further analysis of the consumption, debt, service sector based economy demonstrates that that economy in and of itself is unsustainable. POS is backed by the network. Do you think that these crypto-currency networks have value? Then by that estimation the fractional ownership of these networks reflected by each individuals stake must also have value. Given that you are using the U.S as an example....Well, you can't really use the U.S as an example!!! USD is really created out of Debt, which differs largely from Cryptocurrencies.... Try before 1913, where the U.S relied on Gold. Or try other countries today, like Saudi Arabia, etc etc, that rely on oil and exports, to back their money. The Point still remains, that PoS is backed by nothing. And do not tell me that PoS is backed by the network Lmao....that doesn't even make sense. how does that not make sense? All these networks offer different services. Demand creates all value and there is clearly demand for proof of stake crypto currency networks, as exhibited by nxt. Clearly the market thinks you are wrong. How can you tell me not to use the largest economy in the world as an example. That truly makes no sense. Because America's monertary system is the worst example you can use. You must obviously know that money is created out of debt in the usa, and thats why the USD will crash eventually... That's why I say, use a better example. Your entire post made no sense. how does that not make sense? All these networks offer different services. Demand creates all value and there is clearly demand for proof of stake crypto currency networks, as exhibited by nxt. Clearly the market thinks you are wrong. In case you didnt know, Demand is not the only thing that creates value.."all these networks offer different services" What??? |
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vitnage, thats because they didnt think Bitcoin would make it as large as it is today, they cant freaking see the future.
Calm your tits.
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Not sure you will get a lot of support for your new found "project". Or are you just looking for views?
He's just looking for views. Bitcoin takes central power out of the control of governments. It puts the power IN THE PEOPLE. Bitcoin is the god damn definition of democracy.Satoshi's original code was hacked and 184 billion BTC were created. What happened? Gavin Andresen deleted the additional coins and restarted the network from a previous point. In a democracy, if a rich guy has all the gold until one day it begins raining gold, and the rich guy says "hey that gold isn't supposed to be there!!!" Would the community gather up all the gold and bury it so the rich guy could keep his position in society? Do you enjoy your enslavement to the wealthy that much??THIS HAPPENED IN BITCOIN Ok your a troll/hacked account, your stupid lies are not even remotely amusing. Go back to your troll cave. |
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Not sure you will get a lot of support for your new found "project". Or are you just looking for views?
He's just looking for views. Bitcoin takes central power out of the control of governments. It puts the power IN THE PEOPLE. Bitcoin is the god damn definition of democracy. |
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What is the sentiment about POS here?
Personally i think POS is deeply flawed and its just a matter of time (and money) until they all get washed away (because of the "nothing at stake"-problem and the logic flaw: "you cannot lock something with itself".
But i am very curious to here your opinions!
PoW transitioning into PoS(or something similar to PoS without all the flaws) slowly over a number of years is the best Imo, it ensures a good distribution. I'm not a fan of 100% PoS coins from the start at all....I'm also very worried over what exactly "backs" PoS coins. I've heard answers such as the network backs the value of PoS coins and such, but that doesnt fit well. PoW coins are backed by the resources(energy, time etc) required to make coins(excluding demand,supply etc) |
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I've also looked at Zerocoin, it looked promising Until I saw that you have to place your trust in a entity to destroy a key, or theyll otherwise be able to see every transaction as clear as day. It frankly goes against everything Satoshi wanted, to have a trustless application.
This is not my understanding. They can't see the transactions but they can create fake transactions (i.e. create coins out of thin air) in a way that can't ever be detected. Yea, you're right. They could essentially "doublespend" without anyone ever knowing. I got that mixed up. |
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Bytecoin has a large group of miners. Just BCN developers doesn't spend much time to promote coin as they are more interested in improving it technically
LOL  Look at the right-hand column and rethink your fucking strategy. You know how people say rofl. I literally almost fell off my chair laughing. |
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