Not to mention with PoS, if you own/have ever owned 51% of the coins, you will always be able to do a 51% attempt on the chain through the nothing at stake attack. It's just stupid, PoS. I'm sure satoshi thought of it, cause there's way too many flaws with PoS, just go google it.
So theoretically, does that mean if the dev mined the first block alone, would that mean the dev can now always take over the network at any given time? The first block usually cannot be used for anything, nor even spent. But any after that, then yeah. I'm sure Satoshi thought of PoS or something similar and the risks with it made him do PoW instead. It may not be as economically friendly, but it still doesnt have as many risks as PoS. Also, the energy used to mine for those coins is what gives them value, PoS has nothing backing it...And let's not even go down the path of distribution lmao.. A PoW version of NXT, would Blow the PoS version out of the cryptowater. |
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Not to mention with PoS, if you own/have ever owned 51% of the coins, you will always be able to do a 51% attempt on the chain through the nothing at stake attack. It's just stupid, PoS. I'm sure satoshi thought of it, cause there's way too many flaws with PoS, just go google it.
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PoW>PoS
Nuff said.
The ultimate answer is a slow transition from pure PoW to PoS, so it doesnt happen at once like all these stupid coins have it do.
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The btc-e trollbox speculators look like dinosaurs now from ages ago. They discuss Litecoin and why it's falling ad nauseum without realizing that there is a whole new PoS world brewing two clicks away that btc-e didn't present to them  Well said. Yea, BTC-E is just lagging behind, they are stuck in the past, and resist change. |
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I'm not sure I understand the part were you talk about staking = losing... how ?
If you don't stake you use it. Using a token/coin/currency give its value. As long as you don't spend/use it, it remain virtual.
Staking coins = gaining interest. Because this is a default no-cost options, everyone is doing it thus the "value" present on the network will be split across existing stake and new issued coins for the stakes (if the coin is not fully mined). Thus, you are not actually gaining "value" but you spread it across increasingly more coins, something called inflation of monetary mass. Not staking coins means your value is diminished because the individual tokens are worth less. Or compared to stakers, you don't gain as much. Being a zero sum game without value influx/outflux, not staking coins puts you in a constant loss of value. Why would you hold a coin that holds it's value like Bitcoin or one that loses value like Peercoin? Oh, you only want to use it when really needed? Why would anyone provide counterparty for your need if they can lose if your demand is lower than expected. The main argument against PoS is the old "the rich get richer". Not a problem with that, except they do NOTHING but freeze coins, there is no risk involved inside the system. They don't buy hardware, they don't pay utilities, they don't hire people. They just do nothing and get rewarded. You think Bitcoin hodlers are gaining rude profits by doing nothing? PoS makes it even worse. But again, without actual new value added into the system, the existing value is spread around to the existing coins (think stable market cap) and each coin is losing value. There is a difference between theory and application, just like Communism, some things look great on paper but fail the test of reality. As for providing extra services... what are the benefits of using NXT/MSC/XC? There is no interest in Nxt. The interest that some PoS coin added is called minting (Mintcoin). In Nxt, there is forging : it reward owners of nodes with the fees used for transactions and services use. You don't do nothing, you must run a node to get rewarded. The reward is proportional to your stake like the reward from mining is proportional to your investment in hardware. The people that forge, get about 2-5% per year or something. In fact, none of the big Nxt holders forge. Probably because the gain is ridiculous. Notice that there are no inflation in PoS like Nxt, the total max amount of coins remain the same and lost coins add value to others. There is a difference between theory and application. In fact, the theoretical problems of Nxt doesn't apply : no one is getting rich doing nothing (gain from forging is too small for investors to forge for that purpose), the initial distribution is not a problem for users, the network is immune to 51% attack (as no pool exist), there is no Nxt fork (still alive). As for providing extra services, Nxt is just so mind-blowing that others cryptos seems obsolete compared to it. Here a some services that are already active or in development : Alias System Arbitrary Messages Asset Exchange Automated Transactions Digital Goods Store Instant Transactions Judgement System Monetary System Multigateway++ Transparent Forging Voting System Parallel Blockchains ... All of these features have a separate board on nxtforum.org. The most impressive is the Asset Exchange. Everything is included in the native client. If it wasn't for the Nxt shit distribution model it might actually be compelling. I don't trust IPOs
I agree with both these posters. I helped someone prototype an asset exchange based on PoW so I am a bit saddened that someone else made a version and outright sold it to get filthy rich and bypass the growth and community investment. If and when a PoW NXT arises, I would assume the PoS version will become inferior and lose market cap and support. For example: http://coinmarketcap.com/xrp_180.htmlI agree, a PoW version of NXT would blow the PoS version out of the water. |
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We are Nxt!
Trade on DGex First NXT Exchange!
Donate Nxt:
Trade on Bter Biggest NXT Exchange!
Trade Nxt on Cryptsy! LTC has something none of you shaltcoin pumpers have - volume. LTC has something none of you shaltcoin pumpers have - volume. That is why I love Litecoin. Volume and coins are well spread! Yea, have you ever been to Mintpal? There's about 9 buy orders and 90 sell orders, I can count the buy orders on both hands. It's really well spread (sarcasm) |
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Whats wrong with thankful for today?
There is nothing wrong with him, I think. He just separated from other Monero developers because of reasons I don't know. Well, that doesn't matter what misunderstandings they had that caused his leaving but after he has left Monero other Movero devs began to FUD about BCN. That's not true, I don't know what you get out of spreading lies. He simply left because he wanted to, other developers came in and he decided to step down. BCN has to be the worst cryptonote coin there is btw. Even ducknote is more advanced. |
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Taunsew is trying to hard to "promote" shit, premined, and horribly distrubted PoS coins like NXT....so sad....so sad indeed. The first 50 accounts on the NXT richlist own over 48% of all NXT coins there is... That's some Really good distribution for yea. (extreme sarcasm)
With 100% PoS, the early investors get Everything.
With 100% PoW, the early investors get more reward, but they almost always sell early, and there is Always a chance for latecomers to buy their own mining equipment and get coins themselves.
NxT isn't premined as there was no mining. There are different meanings to premining, one is where coins/blocks are generated Without mining, before the coin/wallet/miner itself is released to the public, and the other is where a coin is mined in secret. The 1st one or the former is what happened to NXT. There was a 100% premine that was horribly distributed to "72 people", and because no taint analysis was done to make sure those 72 people were real people and not sockpuppets, we can assume there was actually a lot less real stakeholders, and that a lot of the accounts were sockpuppets. |
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Fad and won't work i'll tell you why
Apart from the possibility of regulatory issues, if the blockchain/transaction record is hidden, then groups of pool owners of large pools could potentially collude to double spend, and if there is no transaction record, then this will not be detectable. Other such scenarios exist as well - remember that the blockchain is a public ledger designed to prevent or record fraud. Hiding this exposes the coin to serious risks.
The only anonymous coins that will hide the blockchain itself is zerocash, which hasn't even been released yet. Monero/Cryptonote doesn't hide the blockchain Darkcoin/Coinjoin doesn't hide the blockchain You can still see what pools have what hashrate, double spend attacks, etc on Cryptonote coins and Coinjoin coins. Zerocash is the only one where the blockchain itself is hidden and you can't see anything at all. And there are ways to regulate anonymous coins to prevent fraud/money laundering, via the exchanges they're traded on, just like USD/EURO etc etc on Paypal |
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Taunsew is trying to hard to "promote" shit, premined, and horribly distrubted PoS coins like NXT....so sad....so sad indeed. The first 50 accounts on the NXT richlist own over 48% of all NXT coins there is... That's some Really good distribution for yea. (extreme sarcasm)
With 100% PoS, the early investors get Everything.
With 100% PoW, the early investors get more reward, but they almost always sell early, and there is Always a chance for latecomers to buy their own mining equipment and get coins themselves.
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Yo we need to be buying here, .0035 is a nice base to form after the big drop. A further crash can do some mid-term damage ? Those selling now are the quick-buckers, lets get these cheap coins into competant hands.
Yeah, 0035 will probably hold pretty well, unless BTC takes off. If BTC goes to 4k, it could go as low as 002, but no lower i think. In a post-bubble malaise, it may offer some hedging value. If BTC goes to 4k by august, and xmr to 002, i may rotate 80% of my crypto into xmr. by the time BTC gets back to 2k, xmr should be 004 again. it's a hypothetical scenario that has some internally consistent logic, that's all. we'll see. What?? Bitcoin isn't going to $4000 anytime soon. Did you not know that a trading bot for MtGox made the price go to even $1,200? It was buying Bitcoins with fake cash on the exchange through a loophole every 5 minutes, that's what made the price get so high....With Mtgox gone, don't expect Bitcoin to go over $1,000 for a long time....it hasn't even begun to become mainstream yet. |
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BTW, there are still ways to make sure anonymous coins aren't used for illegal activity.
How so, you may ask? The freaking exchanges that you use to trade coins. Years from now, exchanges will probably have to follow guidelines set forth by the government in the country they reside in...so governments like the U.S will monitor exchanges for large sums of $ being traded, to make sure it isn't being used for illegal activity like money laundering etc.
That's how it's gonna work.
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Anonymity is a fad. As well these technical explanations make absolutely no sense to the technologically illiterate or semi-literate. For me, Bitcoin is already anonymous in that I never have to show any Government ID to create a wallet. I don't see how having an optional ledger (or however Darkcoin works) results in more 'anonymity'. It technically just removes all transparency and makes Darkcoin as bad as the banks and also invites illegal activity.
I'm bored to tears of all these strange people who want to bring in cryptos and make them worse than real life $Fiat.
It's either your comfortable being spied on, or you're trolling. Bitcoin's blockchain is like an open book, even with Paypal, only the paypal employees can see what transactions you've had, with Bitcoin Everyone can see what transactions you've had. There is No privacy. Once you're identity is tied to an address, everyone on Earth can see what you do with you're money. Maybe you like being spied on and having the world know what you're doing with your personal $, but I'm sure the majority of people want at least Some privacy. |
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Yeah, but even just a public effort or something to voice concerns. But from what I've seen from the Litecoin community someone trying to voice honest concerns and push the coin forward would probably be labeled as a 'FUDder'.
I think even the idea that Litecoin should be improved is offensive to Litecoiners. Maybe their logic is: "we got this far doing nothing, it would be wrong to mess with a good thing!".
I concur. I was a very large LTC holder until a few days ago when I sold a sizeable onto BTC-E. I had lost my faith long ago in the coin but the last couple of weeks were the tipping point for me. I was holding out hoping that things would turn around until I realized this: LTC has ZERO advantages over BTC any longer since ASICS are in the wild. The entire point of LTC was that it offered the everyday person a way to attain coins via GPU mining. With that feature gone, what good is LTC?? BTC is gaining traction daily. It is being accepted by more and more merchants. If one mentions Bitcoin to the average Joe they probably couldn't tell you what it is but they have probably heard of it before. Not so with LTC or any of the other alts out there. LTC has a great Dev team along with a great community. But it has already peaked. I feel sorry for those that are blindly following the advice that some members of the LTC community are giving in so far as telling them that "it's the right time to buy now!" or "Your crazy if you sell now". I shake my head when I see stuff like this. There is no justifiable reason for LTC to go anywhere but down at this point. It's a sad thing to have to say as I put a ton of money/time into it but I have a pretty good history of being in business for myself and I know when enough is enough and it's time to cut my loses. This is one of those times. Yeah, there's no logical reason now why Litecoin should continue to be favored by the market. It had its place before for sure. But it would basically have to be a market failure if Litecoin continues to be the second place coin. That is of course unless the community does something about it. Which like I've said many times they should. All that money and dev talent that they could surely be putting to use is just wasting away unfortunately. Ignoring competition doesn't make it go away. Oh, and Bitcoin is competition too. This isn't even just all about other altcoins. When you lose your primary differentiating feature over Bitcoin, what sense does it make to continue to hold? Bitcoin is improving albeit slowly. But the third party support is on fire. Lots of exciting things are being built on Bitcoin. Litecoin supporters are exhibiting textbook cognitive dissonance. You seem to value your pocketbook over your emotions which is a good trait to have. LTC as of now offers nothing that Bitcoin doesn't. Real silver has properties and uses that Gold doesn't, which is what makes it valuable. Litecoin has no reasons to use it over bitcoin, it has no features Bitcoin doesn't, no first mover advantage, no adoption, and a very ignorant community on Litecointalk(There aren't a lot of members anyway). All the whales have already cashed out, all that's left is Litecoin bagholders... Litecoin's time is over. |
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When integrating code from Monero that fixed the bug for the txmempool making blocks with no blockreward, the BCN devs neglected to limit the size of transactions produced by the wallet. So, net effect, the wallet is allowed to generate tx that are never allowed into the blockchain because they would make the block sizes too big. I have submitted a pull request to fix their problem: https://github.com/amjuarez/bytecoin/pull/24They should really review our code more carefully if they want to borrow it, and at least attribute us for it. Bytecoin devs caused users to loose coins when they tried copy/pasting code from another coin's codebase..Bytecoin's dev are soooo prooofesional aren't they...(sarcasm) |
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Bytecoin's 82% premine can be found on the blockchain, and has been verified by many Hero Members and Developers themselves.
If you want proof of the premine, look at the freaking Bytecoin Blockchain. The Blockchain records all activity and shows how a small group of people mined Bitcoin from 2012 to 2014, and mined over 150billion Bytecoins, which is over 80% of all Bytecoins since the total coin supply is 180billion.
Furthermore, the individuals premining Bytecoin purposely kept it secret, Bitcoin for example was shared on a messaging board with 10s of thousands of readers, Bytecoin was never shared on any boards to open it up to the public, making it's premine inexcusable.
Essentially, anyone mining Bytecoin(BCN) right now, is only mining the last 20%, while that small group of people has a 82% premine in their hands already.
Goodluck to all the idiots mining the last 15% of all Bytecoin, cause the other 82% was already premined![/b]
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Darkcoin is one of the most promising coins out there. Masternode system + anonymous transactions=revolutionary.
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Also, Cryptocurrencies like Dogecoin have high inflation, of over 10%.
The USD only has 1% inflation every year, so the dollar this year is worth 1% less than it was last year.
You cannot compare a shitcoin like Dogecoin, where it's price can drop 40$, 50%, and more in a Day, to a universally accepted currency like the USD, where at max it's worth can drop 2% in a Year.
You have no idea what you're talking about OP.
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Your argument is invalid because if it were correct, all Fiat currencies would also be worthless. The Federal Reserve creates Billions of dollars every year by means of quantitative easing, that is to say, someone presses a button and billions of dollars appear from the ether. Ex nihilo totem fit (from nothing everthing come, ex contrario the classically accepted maxim that from nothing, nothing comes [ex nihilo, nihil fit]).
Do you have a valid argument? (you passed the Turing Test by the way, though not for reasons you would likely enjoy exploring)
Are you trolling...
Cryptocurrencies Can not be compared to Fiat currencies.
Fiat currencies are accepted by Millions to Billions of people, Cryptos are accepted by a few thousand.
If a government issues a fiat currency to it's 300million population, of course the 300million population will use that currency, inflation or not, to pay for goods/services etc etc.
A cryptocurrency with a pathetic 30million marketcap like Dogecoin can not even be remotely compared to the USD for example. Even, bitcoin can not compare to the USD.
Get your facts straight before posting or you end up looking like a fool Quantamtangles.. |
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Dogecoin is worthless, why you may ask?
It has an exponential amount of inflation, and theoretically, there is an unlimited amount of Dogecoin, with 5billion mined every year....forever.
Because of that, Dogecoin's real value is zero, nada, nothing, worthless.
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