gustav, I think OpenBazaar may be a valid wide adoption use case, and off the top of my head (without thinking deeply about it), appears we need the block chain to validate each state transition around transactions and listings, so that rules about reputation are enforced and validated by the block chain. Otherwise, the criticisms I levied against CounterParty will seem to apply to OpenBazaar. I do agree those investing in the smart block chain schemes aren't really interesting in mass adoption. They want get-rich-quick money pooling schemes. So some dope-dealers on a tiny black market is your "massadoption", huh? I think they'll choose a more decentralized token than ETH for making their contracts. ETH won't even get the black market usecase. A competitor will snatch that up eventually. |
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Can anyone think of any use cases for smart block chains that has any wide adoption potential  So far, I can't think of any killer app that is enabled by smart block chains. An OpenBazaar market place? Do we need a smart block chain for that? It will enable touring complete and fully automated ponzis. It will be a new era for pyramid schemes. The everyday person does not have demand for smart contracts actually. It's a tool for scammers and a toy for geeks. Nothing else. No banker or businessman in their right mind would run contracts on that chain for financial purposes. |
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You try to negate the reality.
1) It's a FACT that few people can get access to ultra-powerful hash miners
Most of people CANNOT invest tons of money in superminer for speculation, I have a high end home PC pretty expensive and if I compare ,u hashrate to top miners of most popular pools its power i light years distant not even in the same universe.
2) The concept of miners contribute to the currency has sense when the hash power is proportional to the blockchains needs, if there is overmining speculation becames a way to grab as much coins as possible. This concept is very easy to understand. There is monstrous power used in most popular coins mining for few transactions. So say that is only a meritocratic reward is bullshit, It's a gredy game for who has most power.
3) Is for you is fair that few richest people that can affort mining cloud controls most of the money, you have to consider fair also that original developers control most of the coins. To me fairness means a proportional distribution among people... According to you isn't clear what means and what is the "merit concept".
Can you tell me why the next person should pay money for a coin that you got for free? Is that fair for the person that buys that coin from you later? Please explain. |
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 He scammed 167btc with a presale on that coin, then posted pictures of him spending the money. That one was pricelss. lol LOL yes this is the meme picture that was posted by the scammer with a big red 167 Bitcoin below it. So priceless  one of the biggest scams in the history on here I think! Not even close to the biggest scam. Just the most bold one in the aftermath. I think the biggest proven scam so far was paycoin with his 150 million marketcap, right? Also several potential scamcoins are still on high value on CMC. |
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I have noticed that the community pay much attention to the fact a coin is premined but i haven't clearly understand the reason why this is necessarly evil. Satoshi Nakamoto premined over 1,000,000 bitcoins, but you'll NEVER read that on Coindesk. lol The value (pure and simple) of any cryptocurrency is in its network effect. Focus on network effect and forget about these silly notions. ~~ btc wasn't premined. It was just stealthlaunched and ninjamined on very low difficulty. |
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ETH is a centralized baloon of hot air with a bloated chain and it's coming apart really fast. Go all in so we don't have to read your crap in a few weeks when you're washed out of the market.
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What happened for what reason of Eth goes down and far 0.02 lower?
hyperinflation, get ready for the dropppp |
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He scammed 167btc with a presale on that coin, then posted pictures of him spending the money. That one was pricelss. lol |
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To acomplish the task of creating a coin valued at 11 million i only need 1 million to start out and i will not spend or even risk this 1 million in the process, instead i will make huge bucks without risk to myself.
I show you how in this thoughtexperiment:
1st step: announce a presale for the token with a shiny website and lots of promises about future developement here on btctalk (use lots of marketing buzzwords about inovation and sockpuppet accounts confirming your bullshit too)
2nd step: find exchange to list and start the presale
3rd step: buy my own token for my 1 million$. This will create the illusion of demand for my presale to outsiders
4th step: after presale, get my 1 million $ handed back to me plus the tokens i bought from my own presale plus the 100k$ which was "invested" by degenerate gamblers who were misled into giving me money.
5th step: hype it hard!
6th step: pump it up with the 100k$ i got from the gamblers. Since i hold 90% of the coin supply which i got for free and i hold 100k$ which i also got for free i can now safely pump the coin with those 100k$ to exactly 10 times the presale-cap of 1.1 million which is in this case 11 million. If traders buy into the rise we're easily going higher.
Et voila, i just created 11mln$ cap without risk for myself and without spending my own money. I can now start to slowly cash out at the highest possible price my 90% supply.
And the best thing about this is: nobody even has a clue what just happened. If i am smart there won't be any evidence and i can also repeat this process as often as i like. Also i can still aditionally give myself officially a developement-fund on top of it, so i could be holding 95% or 98% in this.
edit: if i even can get an IOU listed on yobit i could pump it up to some unreal number so people will have high expectations. I could come out with a 100 million coin potentially ... all only riding on 100k$ stupid money.
protip: none of it is real when it was distributed with a sale. Now you know where all the big money suddenly comes from to pump these shitcoins to these prices and why the rest of the market doesn't move; because it's not real. That money isn't there.
Keep having fun with presales, people. Good luck with that.
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Lol, this coin goes faster to zero than a i-got-spots-coin. lmao!
And the drama, stupidness in scamming and resulting comedy is A++
They should relaunch it for the lulz.
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Currencies aren't issued in a presale. It's a token. Basepairs don't change that. Just sayin'
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Don't even need to look at it. The name signals 'trash' already. edit: ah, i see, presale. Here we go  |
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As I have said there are tons of way to prevent same people claims coins more times using the blockchain, way more ways than you have to avoid few powerfull rich people grab the biggest slice of monetary base with unruled mining.
You really are new here. Make some research. There were all kinds of distribution mechanisms, i have really seen a lot. I watched at least 600 or more coins launch. I do know. Read my lips: you. can. not. prevent. multi-claim. And sure as hell, you're a socialist. Also there is no such thing as "unruled mining" as all mining is ruled by code. You are proposing a centralized trustbased method instead of using a decentralized trustless method just because you envy the miner for his rig that you don't have. lol Rent your hash then. further edit: also if you would launch a coin why would you waste moneysupply on air? Coins are the reward for securing the chain. A premine does not produce any security. By creating moneysupply out of thin air you take away future security of the chain but that's probably too much for you to wrap the head around. If mining is fair for all the miners and the competition amongst them is real, then pow-distribution is superior to all other methods and i'm happy to buy from the miners in these circumstances all day. You think fairness means you get something for nothing. I think fairness is equal opportunity and when someone gets something for nothing someone else gets nothing for something. |
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If I start to annunce the currency as public and put all these premined coins in a reserve wallet that cannot be used by me but is used by a service where each user can get freely a fixed amount of these coins.
It's not a fair distribution because there will be people claiming coins more than once. Basically the one figuring out how to successfully multi-claim is coming out on top. Also since you, who launched the coin will have made the claiming-mechanism you can cheat it too. It's just a whacky game too. I still prefer buying from a miner where i have blockchain evidence when and how the coin was created with what difficulty and how hashrate is distributed and so on  Pow distribution is superior in transparency. Also mining takes knowledge and costs money. It's not like the miner is getting it for free. Maybe you better look for karl-marx-coin, i think. Here, have some free tits and be happy: https://bitcointalk.org/index.php?topic=1502314.0 |
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Obviously if you premine a coin to have most of the monetary base for yourself or cheating the other users this is bad and the currency has no future. But my point is that premining used with a fair transparent distribution policy could be more fair than let the monetary base in the hands of big boys of cluster mining that can easily grab the largest part of the monetary base for personal speculation crushing the possibilities of all others normal users that with their little home pc cannot compete.
There is no such thing as a "fair transparent distribution policy". Coins come from mining. Mining is necessary to run a blockchain. I'm not a miner but i prefer buying coins from a miner instead of hoping for "fair transparent distribution policy" because that's just some scam-artistery normally. I've seen enough of these "fair distributions" over other avenues than mining. None of it was fair. Pow mining is the fairest distribution possible even if you're not a miner. Remember: the miner did not create the coin. Letting the creator distribute his own coin "fairly" is an hilarious idea. You obviously have no clue about human nature. In my humble opinion longterm pow-mining (no flash-mine or ninjalaunch bullshit) is the only fair way of distribution. Blockrewards should slowly fade away, not abruptly. Until 50% of supply is mined, should be at least 4 mionths or more. I'm talking currency (valid money) here, not tokens. Just my personal minimum requirements to even look at a market .... everyone is free to buy into a premined coin and make some experiences themselves |
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I just went ALL-IN Ethereum... anybody else did the same? Do I trust Ethereum too much? Yep, too much trust and poor math skills. I'm loooking to enter a short soon. Possibly the top was in already. If not, then it'll be soon. Set your stop loss! |
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A premined coin isn't a scam, but when the premine dumps on the market and the coin is abandoned the same day, then it's a scam and experience has shown that the premine dumps more often than not. Sometimes the premine is traded out in a civilised manner or dumps months after release which doesn't make it better. A sensible investor would stay away from premine because it only ads risk and there is options for the devs available to pay themselves over time like in the code of devcoin or freicoin so a premine can actually not be justified. Exactly because these other options exist a premine is a red flag. Honest devs have other options to raise funds.
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ETH = two decades of hyperinflation.
haha. Have fun holding that.
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edited. Thanks for the aditions, BitcoinNational.
Some intriguing thoughts you have there regarding MM.
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I don't consider DAO as fail, give it few more months it will surely come back stronger and better after all known issues have been fixed.
You can't fix humans. Even if all technicals were resolved (which they won't be) you still have the errors and loopholes in the democratic process. It takes a few people and a good understanding about the inherent weaknesses of majority-votes to let a small group of knowing people steer this to their liking. Most people lack basic knowledge about democracy to understand it's failing either way. You just don't consider it a fail because you don't have all relevant info. Sorrry, i don't have time to discuss democratic weaknesses and exploits in all depth currently but the dao is cerrtainly open to more attacks than one could count. There are so many angles from which to attack this, it's totally incredible. People throwing such huge money at it shows how massive the amount of stupid money in crypto really is. Boggles the mind. |
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