Never mind the technicalities, Proof of Stake is an economically stupid idea. The world already runs on a version of it - take a look outside at where that's got us.
What? You earn more money by... having more money. Instead of doing anything useful with it. Breeding more money out of existing money is an ultimately pointless exercise. No service is provided, no real wealth is ever created. |
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Never mind the technicalities, Proof of Stake is an economically stupid idea. The world already runs on a version of it - take a look outside at where that's got us. While I'm ranting, a lot of the 'features' of the 2.0 currencies that allow the same fuckery that exists in traditional markets are also misguided.
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What is more exciting to me is you're now entering the realm of contracts. While I'm thinking about it, with everyone talking about securing the blockchain, Evan, did you ever look at Fractalcoin with its, "Slingshield". It's a (dead) x11 coin where the developer claimed that Slingshield made 51% attacks into 71% attacks. Digishield is used for difficulty adjustment when mining resembles a typical proof-of-work coin. However, when percentage fees kick in and the static rewards drop, a modified version of digishield will be used, thus named slingshield.
For blocks with no transactions, slingshield is exactly the same as digishield. Low rewards and percentage based fees could put loyal miners at a disadvantage, since multipools could swoop in when a high fee transaction is broadcast, and quickly mine the block, taking all of the fees from loyal miners without contributing significantly to network security or overall hashrate.
Slingshield fixes this problem while helping to enable a multipool's variable contribution to make the network signficantly more secure.
When a transaction is broadcast, and the amount of fees would increase the static block reward by 2%, the difficulty of the block being mined is increased by 1%. When the fee would increase block reward by 3%, difficulty is raised by 2%, etc. This ensures that high reward blocks (when multipools would typically hop on, but soon after leave) have a difficulty reflective of the expected hashrate.
Along with ensuring mining remains fair and block times remain constant, slingshield also increases difficulty in conducting a double spend(or other attack) by leveraging the variable amount of power contributed by multipools. This effectively ensures that to double spend a large amount of coins, you would need not 51% of the hashing power of the network, but rather up to 71% of the network. No idea if such tech would be beneficial to Darkcoin but I thought I'd share just in case. We already have a block reward tied to difficulty. Besides, I don't think we should be changing the rewards anymore. Read the description again. Block reward doesn't change. I see where they are coming from with this, (how do the multipools know in advance though which blocks are going to be juicy?) but it doesn't counter the security problem. While those pools are able for whatever reason to mine DRK (or anything else) they completely negate the whole point of having thousands of individual miners. We need to lock the pools out at a protocol level somehow or make it financially expensive or otherwise disadvantagous for both the pools and the miners that mine via them to keep doing that. There are some very promising ways of doing this, for example: https://darkcointalk.org/threads/croutonrant-237-the-happy-happy-dream-of-decentralised-mining.3038/#post-30522 |
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I never thought I'd say this but I now think that this coin could go to parity with bitcoin (on price that is, not on marketcap)
If DRK can come up with a way to secure the blockchain, and Masternodes give us a variety of options there, DRK will destroy BTC in time. Here's an example of why: Evolution. Whatever BTC zealots would have you believe, there's nothing magical, or special, or worthwhile about BTC. Not anymore. Know anyone who still drives a Model T Ford? But we need a secure blockchain. Big money isn't going to trust 3 dunderheads from the intertubes with their piles of loot. |
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Great work!  |
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DOES IT HAVE ANIMATED GIFS
SHADOWCOIN HAS ANIMATED GIFS
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Some nice masternode purchases appearing in the order book on Cryptsy.
Just had my first 30% payment last night... Nice fat 2.1DRK! Woohoo!  What sort of mining rig one masternode equates to in terms of rewards per day? Last time i looked it was around 30mh/day to earn 0.62 darkcoin(around the amount a masternode earns per day). Spot on, it's about 2 rigs. Masternodes are cheaper to buy and run, it's a bit of a no-brainer. It's not quite that black and white - if the price tanks, your MN is suddenly worth nothing, but your general purpose hardware will always have some resale value. MN's are higher risk in that regard. Do both, if you can. |
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Basic blockchain security is a fundamental issue and I have yet to find any coin that addresses it in a credible way. Or even admits the problem, for that matter.
AnonyMint feels strongly about the issue and also had some ideas about that but he is keeping them to himself for now. He was hinting that the mining should be made unprofitable while at the same time everyone should be able to mine (profitably???). Probably it can't be solved at all, so something else will take over eventually. I'm hoping Darkcoin will eventually move to pure Proof of Service. PoW as it currently exists is nothing but a liability, pure and simple. Pure PoService + InstanTX + anonymity would make a very attractive package. Masternodes have the advantage that since a random subset is chosen each time, a vastly greater percentage of the total number of Masternodes is required to have any worthwhile chance of a successful attack vs. mining, however well distributed that mining is. |
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Wrapping an existing CLI app in a GUI is trivial. Is there some other reason you haven't done it? That has been done. There are at least two of those that we paid for (at least the team largely paid for them -- there may have been some outside donations to the bounties as well). We have a more ambitious GUI development in progress that is independent of those simpler ones that were done within a month or two. Fair enough. What's the degree of centralisation in mining with Monero? Most PoW coins (Darkcoin is no exception) are horribly vulnerable to a few big pools being taken down or subverted, to the point where calling it a decentralised currency is an outright lie. Anywhere I can find stats for Monero pools? Basic blockchain security is a fundamental issue and I have yet to find any coin that addresses it in a credible way. Or even admits the problem, for that matter. |
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Wrapping an existing CLI app in a GUI is trivial. Is there some other reason you haven't done it? |
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LOL, 90% of that list was pure blather.
You've implemented some RPC calls, added checkpointing to try and counter an attack that may or may not exist, because you don't understand your cloned code, and haven't managed to produce an official GUI wallet yet, which would take anyone else about a weekend.
Oh, and argued endlessly about your inflation problem, without actually doing anything about it.
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What have the Monero 'developers' actually achieved in the 7 months or whatever since they cloned someone else's code, renamed it, and changed the logo?
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Situation right now:  2 pools = 48.63% 3 pools = 62.34& 5 pools = 74.95% 10 pools = 91.22% Decentralised cryptocurrency right there.  PoW is a sitting duck. How many darknet servers did the FBI take down a few weeks back? What if they realised it would be 100x cheaper to just subvert 3 Darkcoin pools and tank the currency so we couldn't use it at all? $12,000,000 marketcap destroyed overnight at the taxpayers expense. DEA agent Wendell Campbell for one is on the case - remember this? - https://www.youtube.com/watch?v=9YQnYpc52ks |
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"BolehVPN now accepts Darkcoin"
How is this good?
Is it bad?  |
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OK, but the devil is always in the detail. What's going to be the actual impact of moving to this solution? Thinking of all the moving parts, what is the journey we would need to go on to end up with a scenario such as that?
Is the cost and impact of this journey less than all the benefits gained?
The actual impact is that we would no longer have all our Darkcoin vulnerable to the 'security' of 3 servers. Evan is going the right way I think with the block reward structure, and assuming InstanTX works reliably dependence on miners is going to diminish greatly, but as long as blocks can be generated by centralised pools the coin remains intrinsically insecure. The cost of my proposed solution is a rewrite of the p2pool code to make sure it can cope with the demands placed upon it and to include privkeys for each p2pool node, with a corresponding check on the Masternode side. Whatever that cost is, within reason, it's worth it IMO to have an actually decentralised consensus system with no easily targeted centralised points of failure. What are your DRK going to be worth if those 3 servers ever get compromised? Bugger all, very quickly, I think. Remember not too long ago when the whole PSN got taken down for weeks by a few script kiddies from 4chan? Do you really think a serious adversary is going to struggle with a few shitty mpos servers? Assuming some unpleasant people don't just come physically knocking at the door. |
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Bitcoin Will Bite the Dust featuring Kevin Dowd http://youtu.be/Qlydjg1tisoI don't agree, but always is interesting to listen some reasonable criticism about Bitcoin (Bitcoin mining mainly) And think about in relation to DarkCoin. Wow, I just watched this; lucid, to the point, and impeccable logic! The only point he does not address is the self-interest of the minors as an inhibition to gaining total control. Unfortunately this would not apply to hackers or, more likely, governments absconding with the three to five servers in control of various mining pools. Dowd's gem linking Ghash with Ghostbusters was priceless. Yes, DRK needs to address this issue. Kevin Dowd is absolutely right, centralised mining is the antithesis of Satoshi's vision and renders PoW worthless. Until a solution is found, nobody with a clue is going to trust any PoW coin (or more accurately, trust a few centralised pools) with their money. There will be no serious investment from the big bad and DRK is just going to dwindle away into irrelevance. If it doesn't get taken down by external forces first. Which as I keep pointing out, would cost an attacker peanuts. You seem like a strong enough character, come up with a solution, form a working group, assess the impact to the existing infrastructure and present it to the project team... I have already suggested mandatory p2pool use, having found blocks signed by p2pool nodes and validated by Masternodes as a way of enforcing distributed mining, with unsigned blocks being orphaned. Most of the code for such a scheme already exists, it's how Masternodes validate each other. You could also use Masternodes to verify how much of the total nethash any one pool has and have a cutoff, or do away with PoW altogether and have Masternodes alone maintain the blockchain, there are many potential ways of doing it, but nobody is interested in admitting the problem, let alone discussing and addressing it. |
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Hi everyone, I think I need some help here. I just found my masternode was not running, and this is the last thing I see in the debug log: 2014-11-20 20:11:04 ResendWalletTransactions()
2014-11-20 20:11:27 received block 00000000000afc1e3af7d5546677ef294c39124dfc31a66ac8a5c2c56a1a0b25 peer=349
2014-11-20 20:11:27 *** Error: Disk space is low!
2014-11-20 20:11:28 Error: Error: Disk space is low!
2014-11-20 20:11:28 ERROR: AcceptBlock() : AddToBlockIndex failed
2014-11-20 20:11:28 ERROR: ProcessBlock() : AcceptBlock FAILED
2014-11-20 20:11:28 send last getblocks for 00000000000afc1e3af7d5546677ef294c39124dfc31a66ac8a5c2c56a1a0b25 peer=362
2014-11-20 20:11:28 mnw - winning vote CTxIn(COutPoint(a800224b5cbe03c436a45779abbf795d3308a39ae4b6ddb7554af2c72598a8e5, 0), scriptSig=) Height 172986 bestHeight 172975
2014-11-20 20:11:28 send last getblocks for 00000000000afc1e3af7d5546677ef294c39124dfc31a66ac8a5c2c56a1a0b25 peer=36
2014-11-20 20:11:28 send last getblocks for 00000000000afc1e3af7d5546677ef294c39124dfc31a66ac8a5c2c56a1a0b25 peer=145
2014-11-20 20:11:28 Shutdown : In progress...
2014-11-20 20:11:28 Flush(false)
2014-11-20 20:11:28 DBFlush(false) ended 0ms
2014-11-20 20:11:28 StopNode()
2014-11-20 20:11:28 opencon thread interrupt
2014-11-20 20:11:28 addcon thread interrupt
2014-11-20 20:11:28 dumpaddr thread stop
2014-11-20 20:11:28 net thread interrupt
2014-11-20 20:11:28 msghand thread interrupt
2014-11-20 20:11:28 Flushed 10462 addresses to peers.dat 55ms
2014-11-20 20:11:28 Committing 1122 changed transactions to coin database...
2014-11-20 20:11:28 Flush(true)
2014-11-20 20:11:28 wallet.dat refcount=0
2014-11-20 20:11:28 wallet.dat checkpoint
2014-11-20 20:11:28 wallet.dat detach
2014-11-20 20:11:28 wallet.dat closed
2014-11-20 20:11:28 DBFlush(true) ended 21ms
2014-11-20 20:11:28 Shutdown : done
2014-11-23 01:18:19
Do I not have enough disk space? Or did I turn it off without remembering? I would be so thankful for any help Tante, yeah it's probably your debug.log file. Try stopping darkcoind, deleting debug.log, restarting. Also, I think the version on github now has fixed this issue, so even better compile and use that after deleting your debug.log. |
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Bitcoin Will Bite the Dust featuring Kevin Dowd http://youtu.be/Qlydjg1tisoI don't agree, but always is interesting to listen some reasonable criticism about Bitcoin (Bitcoin mining mainly) And think about in relation to DarkCoin. Wow, I just watched this; lucid, to the point, and impeccable logic! The only point he does not address is the self-interest of the minors as an inhibition to gaining total control. Unfortunately this would not apply to hackers or, more likely, governments absconding with the three to five servers in control of various mining pools. Dowd's gem linking Ghash with Ghostbusters was priceless. Yes, DRK needs to address this issue. Kevin Dowd is absolutely right, centralised mining is the antithesis of Satoshi's vision and renders PoW worthless. Until a solution is found, nobody with a clue is going to trust any PoW coin (or more accurately, trust a few centralised pools) with their money. There will be no serious investment from the big bad and DRK is just going to dwindle away into irrelevance. If it doesn't get taken down by external forces first. Which as I keep pointing out, would cost an attacker peanuts. |
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In the trash can of history, yes, probably.
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