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On the subject of withdrawals. Don't allow instant withdrawal. Schedule it for once per day.
In addition, do auditing of withdrawals. So, if you have an exchange, for example, is the withdrawing user withdrawing more than they should be able to going by the sum of their deposit amount and total p/l? If so, block it.
edit: Altcoins are always being updated by their creators; be vigilant about updating for hardforks, or you will end up with users depositing and trading deprecated coins.
And, of course, never store private keys on a server connected to the internet.
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You'll never get it back, Theymos doesn't care about hacked accounts, even with proof
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Anyone can provide many confirms to those signals, but he can't fake the fastest confirm to most of them, because the network latency and the physical distance between nodes.
What is the cost of a VPS? If you wanted to dominate voting by having the fastest ping times, wouldn't that be trivially achievable by renting VPSs? |
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Till date, the continuous development of the blockchain consensus protocol is broadly divided
into three systems: Proof of Work (PoW), Proof of Stake (PoS), and Byzantine Fault Tolerant This is incorrect. Byzantine Generals is the problem statement for all cryptocurrencies, not a class of crypto currencies itself. ..although the PoS system does not have some of the BFT’s characteristics like high throughput and low commissions, has more advantages in terms of code complexity, the degree of decentralization, and objectivity Again, totally incorrect. PoS is one of the hardest consensus designs to get 'right' in the first place. Moreover, the majority of PoS designs completely lack any form of objectivity and the commission structure of a cryptocurrency is entirely orthogonal to the consensus design. I'm afraid I stopped reading there. |
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Please host this on a non-scammy file sharing site, I cannot download it
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I know some good engineers that believe blockchain is just a linked list and Merkle tree is just a binary tree, mixed with hash algorithms. That's like saying an aeroplane is just a bunch of aluminium, silicon, plastic and some engines. |
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PoC is not a replacement for PoW; there is nothing at risk of loss during block generation. At best it is an alternative to PoS.
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It should be obvious that you cannot solve the 51% attack problem.
Greater than 50% is the smallest amount required for a majority. If your selection rule doesn't follow the majority vote, the process has broken down completely.
This leads us to the natural conclusion that 50% adversary proof is the best you can ever hope for in the byzantine generals problem - it is the theoretical maximum.
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That isn't the case. You can make holding a long position less/more attractive by paying/reeving interest on said position. That directly controls demand.
This is control of supply. You supply something(high interest rates) you think people will demand more and hope they do so. The demand is how much people want something, IMO you've got that backwards, but it doesn't matter. Terminology aside, this mechanism is how the real world pegs currencies to the USD. https://www.thebalance.com/what-is-a-peg-to-the-dollar-3305925 |
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There is no reliable way of controlling demand. It makes no sense to try to control demand. No one outside a dictatorship has ever controlled demand and even they can't force people to buy things at a price for very long. You can only control supply and wait for demand to adjust.
That isn't the case. You can make holding a long position less/more attractive by paying/reeving interest on said position. That directly controls demand. |
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OP, I'm not sure if you're aware of bitmex.com? They run a 'fixed' version of bitUSD on their centralised exchange where both shorts AND longs pay/receive interest based on the deviation of the price from the peg.
Essentially, a 1x leverage short on bitmex is a bitUSD equivalent.
I know this cannot feature in your list of decentralised coins, because its neither decentralised, nor a coin, but for purely academic purposes I find this very interesting indeed.
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You can control price through supply only. For each point in the demand curve that the market assumes you adjust the supply to smooth price variation. But yes, if the demand drops to zero so does the price.
Note that:
1. it's impossible to have a 100% value stable currency, you can only smooth price variations;
2. "stable" is within quotes on the thread title because it's not really a stable price, it's a smooth price.
'Adjust' is a two sided coin (pun unintended). You cannot reduce supply under this model, only increase it. Burning transaction fees is not enough control. I don't think you will attain a 'smooth' price because the value of either coin on your chain will be determined not by hash rate estimate, but though supply/demand when it gets listed on real exchanges. |
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I took a look in your GitHub, and I was thinking about it.
As you said in the paper, the price is controlled by supply and demand. You proposed methods to control the supply, by mining rewards and using two coins... But, what about the demand? You cannot control it.wjy should this coin be worth 0.000001 USD? Or one less or more zero?
Mining two coins is not a way of controlling supply. The paper presents two different and unrelated ideas and only the later manipulates supply through block rewards and destroyed fees. You don't need to control supply and demand, by changing supply for a certain demand you can variate the price. I do not try to fix a certain exchange ratio for the coin only to smooth price variations, that's why stable in the title is quoted. Gold also does not have a fixed exchange ratio and it's price is fairly stable. bitmover is correct here. You are only proposing a control over one side of the supply/demand equation. Without a control over both you will not be able to stabiise the value of your coin. If demand drops to zero so will the price of your coins. If you really want to control demand, you need to incentivise it. See interest rates. Look at bitmex.com. |
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Just mine them - they're easy to mine
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There is a good deal of work that will need to be done to make colored coins a viable alternative for storing physical assets on the blockchain.
Tether has over $1B stored as coloured coins on BTC network. |
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monsterer lack of understanding of what is required is mind blowing.
Long range attacks are more complicated that what has been mentioned.
Have you even read the OP? This attack is not long range, its short range - below your precious reorg depth limit. Even the most pessimistic cost assessment puts this attack at 3% stake. |
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Look into omnilayer. That's probably the biggest coloured coin provider on BTC - tether is an omni asset.
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In this case, if the checkpoint is included before the attacker "liberates" his attack chain, it's still not a hard fork. It's simply a typical "weak subjectivity" scenario.
But if he was successful and the reorganization to the attacker's chain would have taken place, then it is. This would be similar to Ethereum's ETH/ETC fork.
I agree with everything you've written, apart from the fact that it gives validation to the idea that having the community vote to create a hard fork is in any way acceptable for a currency that's supposed to be decentralised. |
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PoS user informs the PoS Dev of sold keys, before the attacker can launch his attack , PoS Dev updates checkpoint thru program update, making the attacker purchase of old keys useless. Now the attacker has the useless keys and lost his payment , and the PoS User & Dev are Laughing at the attacker's attempt. *What is funny is the attacker whom is attempting to do harm with a dishonest heart, thinks the PoS User will be honest with him.*  This might be the primary reason , no one ever tries to buy old keys.  Because it is so easy to turn the attacker into the Chump.What is funny is trusting any form of money where you have to rely on a hard fork in order to retain any sense of security. |
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Looks like there are a lot of shills in this thread.
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