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vinnylingham re: BIP148 - we will make a decision closer to the time, but we are aware of the options.
It's a bigger issue for Bitcoin than for Civic, tbh.
Civic is not yet open source - eventually one day, it will be. Open sourcing security software in the early days is very risky -- Source: https://www.reddit.com/r/ArkEcosystem/comments/6fw0un/log_of_ama_with_civic_by_vinny_lingham/?st=j3nih9dl&sh=5aacd533Is Civic open source in the meantime? I think it's a huge barrier for people to enter an identidy security platform when it is no open source. I mean that is simply not acceptable from my point of view. I mean you don't know anyway what Mr. validator does with your PII, but that's why you only confirm validators that you trust. But like this I have to trust a startup that writes some software. It's not open source. Team doesn't want competitors to know the source. Maybe some day they will go open source! Store data encrypted in a non open source programm does make not much sense to me. Furthermore non open source identity security is also a big issue. |
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Maybe this is how Fiat money can get onto the blockchain. People pay via payment gateways that Omise already has ans will provide to get Fiat on too OmiseGo. Then they will maybe issue their own tokens that the company has on their exchange against Fiat and making a huge amount of money from which McDonalds in Asia will receive a good portion in order to cooperate.
But that would not clearify all statements that they claim OmiseGo can do. Furthermore this would be pretty bad for the ecosystem I think since this techology would only get adopted in Asia because of money and not about underlying technology.
Is there any channel where they answer questions, because they do not respond via mail?
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thx I've not done so much research on Litecoin so far, because I was not interested. But why you compare GPU mined coins with ASIC mined coins and not Litecoin with Ethereum. You compare Bitcoin THz with Litecoin GHz why not compare Ethereum THz with Litecoin?
Because they are for different algorithms. If everyone in the world with an ETH mining rig switched over to mine Litecoin right now, the power of all their machines together would not even reach 25% hash power for Scrypt. This is why it is not economically viable to mine Litecoin with GPUs. If it was, everyone would be doing it, including me, but it isn't. You mean Litecoin is not GPU mined? What do people use to mine Litecoin? CPU, Asics, RAM? L3+ Antminer ASIC chip https://shop.bitmain.com/antminer_l3_litecoin_asic_scrypt_miner.htmthx |
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thx I've not done so much research on Litecoin so far, because I was not interested. But why you compare GPU mined coins with ASIC mined coins and not Litecoin with Ethereum. You compare Bitcoin THz with Litecoin GHz why not compare Ethereum THz with Litecoin?
Because they are for different algorithms. If everyone in the world with an ETH mining rig switched over to mine Litecoin right now, the power of all their machines together would not even reach 25% hash power for Scrypt. This is why it is not economically viable to mine Litecoin with GPUs. If it was, everyone would be doing it, including me, but it isn't. You mean Litecoin is not GPU mined? What do people use to mine Litecoin? CPU, Asics, RAM? |
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I recently saw that the hashing power of Ethereum is way larger then the hashing power of Litecoin. As far as I know both are GPU mined. Correct me if I'm wrong, then I take everything back  . So my statement: Just one mining-pool of Ethereum can easily destroy Litecoin. So why does Litecoin have any value associated with it at the moment? Let me correct that for you. Ethereum's hashing power is a little bit lower than Litecoin's. The reason for that is that Litecoin uses Scrypt algorithm, which isn't the same as ETH (which uses Keccak or SHA3 and the POW is Ethash). To put things into a little perspective: Litecoin's Scrypt algorithm is about 1000X more difficult to do (more memory intensive) than SHA256D; the Bitcoin POW. So basically 1TH of Bitcoin mining will only translate to about 1Ghz of Litecoin mining within the same chip power. If you would like to test it out yourself, I suggest you take your Ethereum Mining rig and try to get it to mine some Litecoins. You will understand my point very quickly since your GPUs will literally be mining dust if you try to mine Litecoin with it. I suspect the reason why no one has answered you is because this is actually pretty common knowledge and they have far better things to do than me thx I've not done so much research on Litecoin so far, because I was not interested. But why you compare GPU mined coins with ASIC mined coins and not Litecoin with Ethereum. You compare Bitcoin THz with Litecoin GHz why not compare Ethereum THz with Litecoin? |
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vinnylingham re: BIP148 - we will make a decision closer to the time, but we are aware of the options.
It's a bigger issue for Bitcoin than for Civic, tbh.
Civic is not yet open source - eventually one day, it will be. Open sourcing security software in the early days is very risky -- Source: https://www.reddit.com/r/ArkEcosystem/comments/6fw0un/log_of_ama_with_civic_by_vinny_lingham/?st=j3nih9dl&sh=5aacd533Is Civic open source in the meantime? I think it's a huge barrier for people to enter an identidy security platform when it is no open source. I mean that is simply not acceptable from my point of view. I mean you don't know anyway what Mr. validator does with your PII, but that's why you only confirm validators that you trust. But like this I have to trust a startup that writes some software. |
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I was just reading on your Reddit that you are finalizing the full whitepaper right now, any estimated date for that? because I'm really curious to know more about the CIVIC Token and from where It value comes from? In other words, why would someone buy the token and how the investors will benefit from it beside funding the project.
Exactly. This is the most important question. 2. Why should a company switch to civic for identity verification? Simple response to your question - it will be a lot cheaper than to use normal providers. More details in the summary whitepaper: https://tokensale.civic.com/static/images/landing/CivicWhitepaperSummary.pdfWe will release full whitepaper soon and post the link here as well. Why should the validators provide their service more cheap then they do now? And why should they use this platform, they just get less validation requests when this platform does get adopted. |
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1) It seems like the value for the users (I mean the person who wants to register at an service, not the service who purchases attestation from a validator or the validator itself) of Civic is that they get notified when somebody does use their identidy (PII). But how does this notification work? Please keep in mind that "You get notified and you press a button" is not a valid answer to this question  , I'm interested from a technical standpoint. Does this work via a centrlized service or in a decentralized manner and how exactly does it work? 2) When the users PII gets stolen and is already verfied on the blockchain how does it work to mark it as stolen on the blockchain, that it cannot be used anymore? |
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Just like with PayPal you would have a balance on their service. You could continue to use the service as you have in the past or you could choose to instead redeem some or all of your balance for OMG tokens. The token would then hold claim against your balance until it was redeemed by someone else.
The question would remain on if they would value tokens 1:1 with an exchange rate or would instead have some sort of contract instead, i.e. this specific token for this address is worth $500. I do not believe they are expecting the actual deposits and redemption to be made outside of their network though if that is what you are asking.
With paypal you send your fiat money to a centralized company which then will hold your fiat money. In a peer to peer network, who do you send your fiat money to? maybe I did not got your point? Can you explain your sentence with an example? It will not be a pure peer to peer network at first, as it will require some type of centralization, mainly utilizing the existing Omise infrastructure to on-ramp fiat into the blockchain as you keep referencing. ... What are you talking about? The few offices or the Pizza company that will for sure not will give up their business for crypto-gambling. |
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I recently saw that the hashing power of Ethereum is way larger then the hashing power of Litecoin. As far as I know both are GPU mined. Correct me if I'm wrong, then I take everything back . So my statement: Just one mining-pool of Ethereum can easily destroy Litecoin. So why does Litecoin have any value associated with it at the moment? |
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^ It's good to be skeptical - however the same things you raise caution for can be said about a LOT of the new coins that pumped. Hardly any have actual product and the ones that do also take big dips along their journey. At the end of the day all the variables are in place for this to go moon more and more as 2018 approaches, and at the same time yes it can plummet just as easily as any other coin however many other coins are seemingly worthless compared to OMG yet they are skyrocketing.
Sry but releasing a few big eyecatching headlines and giving no information about it is no policy of a company that is valid to gain trust. |
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If it is like this, then it would be only Asia. But I never saw an Omise retailer in Asia, did anyone else? If so they should clearify this, I mean it is a big plus point for them. At the moment it looks like that they only provide online payment gateways. If somebody owns suchs a big plus point they would promote it. So it still looks very suspicious.
Or do I go to the partner Pizza company and give my money to them that they put it on the blockchain?
I contacted them, let's see if they answer. That's usually how it works with money transmitters. They use independent contractors that are already retail establishments so they can earn a little extra gravy. The advantage here is Omise already has that built out so they don't have to start from the ground up unlike other blockchain-based money transmitters. It's not easy. BTW, I don't own any OMG as the price is WAY ahead of reality. It's just Chinese gamblers FOMO again. Some day they will learn how to value a business. But hey, its free tokens! Add it to the shitcoin pile. You never know. I think you miss that Pizza Company will most likely not like to buy more OMG tokens because they would give away their solid company to some kind of rypto gambling. OMG looks highly suspicious. So far also no answer from them. |
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There are currently many cryptocurrencies based on PoS (Proof of Stake). All these PoS algorithms differ from each other. Some or maybe all of them (I don't know) implement some kind of random election of nodes who participate in the "bookkeeping-process"/"block-forging-process" via having some amount of stake.
How can a random election work in an trustless decentralized environment? Mr. Vitalik claims that he found a solution. Is there anything published so far that there is a solution to this or how do other PoS cryptocurrencies or cryptocurrencies that do random election in a decentralized environment realize this in a working and fair way?
NEO is the new ETH NEO also has some random election (node who is allowed to broadcast) as far as I know (I'm not entirely sure) |
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Just like with PayPal you would have a balance on their service. You could continue to use the service as you have in the past or you could choose to instead redeem some or all of your balance for OMG tokens. The token would then hold claim against your balance until it was redeemed by someone else.
The question would remain on if they would value tokens 1:1 with an exchange rate or would instead have some sort of contract instead, i.e. this specific token for this address is worth $500. I do not believe they are expecting the actual deposits and redemption to be made outside of their network though if that is what you are asking.
With paypal you send your fiat money to a centralized company which then will hold your fiat money. In a peer to peer network, who do you send your fiat money to? maybe I did not got your point? Can you explain your sentence with an example? |
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I've watched now every video on youtube about omisego and what the f*** are they talking about. Nobody answers the main question. They say that you don't even need a bank account to get money on omisego (a decentralized exchange).
1) Please how should this work?
2) Even if you have a bank account you would need to use an centralized exchange to put money on a peer to peer network, so it doesen't solve a problem. Am I right?
It has only one good feature and that is providing more transaction-speed too for example given bitcoin and that is in my opinion not so valuable.
Here's my take: Fiat will be represented by tokens within the OmiseGo network. It's basically an alternative payment network to fiat and cryptocurrency. Hence the airdrop so people have OmiseGo to spend and receive as well as to stake nodes to process the transactions. Chicken and egg. It seems to be be uniquely aimed at the unbanked poor and can be co-branded by local businesses. I guess if you're poor and have little fiat, then its not such a huge leap to get free OmiseGo via an airdrop or some other manner and learn the ropes. It may all just be a clever tactic to get the next generation onto cryptocurrencies before they're invested too heavily into legacy fiat. I don't think the technical achievements here mean much... it seems more of a marketing and cultural issue as well as being the first to offer more shovel-ready options than other blockchains. But those don't have the experience and existing network of Omise behind them. But somebody has to have the actual Fiat currency that represents the token and that the token on the network appears and receives value. I don't see that this can be relized without centralized exchanges. I mean they know that people will ask themeselves this question "How is fiat on a decentralized exchange possible, if I claim that people do not need bank or even with banks". I mean they simply do not answer that question in their promotion website or videos. This makes me suspicious. If I have something valueable I try to explain that to people and do not hide the goods via totally weird senteces that do not come to the point. Think of Omise as PayPal, or basically a money transmitter. Think if Paypal created a token with a blockchain that allowed you to utilize PayPal's normal functionality, maybe PaypalGo. This is basically what Omise is going to do with their new OmiseGo tokens. Perhaps read more about how the parent company processes payments rather than just focus on one product they offer. https://www.omise.co/docs That's what I was saying. They are a company for online payment gateways and in conclusion online payment. You did not say anything about the problem that we are talking about. How does the Fiat money get on the blockchain. If they continue to use centralized exchanges the value of the product is not so big in my opinion. |
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As far as I know we haven't seen anything yet and the coin is going pretty well. I bought a small amount at 200k satoshi but im not worried at all, I can see it surpassing that price by a long run.
Yeah this is crypto 99% of all investors have no clue. People without no clue invest and even the people who say "This techoologiy is flawed" or "They have proven nothing so far" have no invest anyway because the folk does boost the price anyway, because the marketing of the startup is good. Crypto in the short term is not about underlying technolgy. You see it in the ICO market. There were ICOs for startups who never released a working product in years. I suspect that this company will release something (because they have already proven that they have the competence to release an other working product) and maybe something good but so far they rely on something that is not there and maybe will never be solid. Imagine Ethereum never works with PoS how much bad impact that would have on really rock solid products. Crypto in the short term is just Marketing. People with no clue see the marketing. Think "wow that sounds good, I invest". |
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I mean they know that people will ask themeselves this question "How is fiat on a decentralized exchange possible, if I claim that people do not need bank or even with banks". I mean they simply do not answer that question in their promotion website or videos. This makes me suspicious. If I have something valueable I try to explain that to people and do not hide the goods via totally weird senteces that do not come to the point.
It does seem a little weird, but my guess is you don't need a bank account because Omise is a money transmitter which means they have retail locations where people can receive and send fiat to the OmiseGo wallet. So the centralization is already at the legacy Omise network. If it is like this, then it would be only Asia. But I never saw an Omise retailer in Asia, did anyone else? If so they should clearify this, I mean it is a big plus point for them. At the moment it looks like that they only provide online payment gateways. If somebody owns suchs a big plus point they would promote it. So it still looks very suspicious. Or do I go to the partner Pizza company and give my money to them that they put it on the blockchain? I contacted them, let's see if they answer. I mean they know that people will ask themeselves this question "How is fiat on a decentralized exchange possible, if I claim that people do not need bank or even with banks". I mean they simply do not answer that question in their promotion website or videos. This makes me suspicious. If I have something valueable I try to explain that to people and do not hide the goods via totally weird senteces that do not come to the point.
It does seem a little weird, but my guess is you don't need a bank account because Omise is a money transmitter which means they have retail locations where people can receive and send fiat to the OmiseGo wallet. So the centralization is already at the legacy Omise network. it is what a millions people are waiting from blokchain! An office for peoples which computer skills are not so good where you can just give your money and another human can receive it. in a seconds with a minimal commision. It is a MUST BE! also you using new technology. everyone will like it. specialy when you can send just 10$ not paying another 10$ for commision. These things are already existing in a small amount for Bitcoin. Problem is that they are far too slow. PoS would save the problem maybe, but problem is that PoS is not proven and many people doubt that it is possible to do it fair and working. And that is also a thing that is very bad for crypto that maybe everything builts on something that will never be released as a working product. A retailer with fast confirmation times sounds nice, but as mentioned before Ethereum has at the moment no working PoS product. |
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I've watched now every video on youtube about omisego and what the f*** are they talking about. Nobody answers the main question. They say that you don't even need a bank account to get money on omisego (a decentralized exchange).
1) Please how should this work?
2) Even if you have a bank account you would need to use an centralized exchange to put money on a peer to peer network, so it doesen't solve a problem. Am I right?
It has only one good feature and that is providing more transaction-speed too for example given bitcoin and that is in my opinion not so valuable.
Here's my take: Fiat will be represented by tokens within the OmiseGo network. It's basically an alternative payment network to fiat and cryptocurrency. Hence the airdrop so people have OmiseGo to spend and receive as well as to stake nodes to process the transactions. Chicken and egg. It seems to be be uniquely aimed at the unbanked poor and can be co-branded by local businesses. I guess if you're poor and have little fiat, then its not such a huge leap to get free OmiseGo via an airdrop or some other manner and learn the ropes. It may all just be a clever tactic to get the next generation onto cryptocurrencies before they're invested too heavily into legacy fiat. I don't think the technical achievements here mean much... it seems more of a marketing and cultural issue as well as being the first to offer more shovel-ready options than other blockchains. But those don't have the experience and existing network of Omise behind them. But somebody has to have the actual Fiat currency that represents the token and that the token on the network appears and receives value. I don't see that this can be relized without centralized exchanges. I mean they know that people will ask themeselves this question "How is fiat on a decentralized exchange possible, if I claim that people do not need bank or even with banks". I mean they simply do not answer that question in their promotion website or videos. This makes me suspicious. If I have something valueable I try to explain that to people and do not hide the goods via totally weird senteces that do not come to the point. |
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I've watched now every video on youtube about omisego and what the f*** are they talking about. Nobody answers the main question. They say that you don't even need a bank account to get money on omisego (a decentralized exchange).
1) Please how should this work?
2) Even if you have a bank account you would need to use an centralized exchange to put money on a peer to peer network, so it doesen't solve a problem. Am I right?
It has only one good feature and that is providing more transaction-speed too for example given bitcoin and that is in my opinion not so valuable.
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There are currently many cryptocurrencies based on PoS (Proof of Stake). All these PoS algorithms differ from each other. Some or maybe all of them (I don't know) implement some kind of random election of nodes who participate in the "bookkeeping-process"/"block-forging-process" via having some amount of stake.
How can a random election work in an trustless decentralized environment? Mr. Vitalik claims that he found a solution. Is there anything published so far that there is a solution to this or how do other PoS cryptocurrencies or cryptocurrencies that do random election in a decentralized environment realize this in a working and fair way?
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