its outlining a digital economy. In some ways I would agree. It is clearly disconnected from real world, because the entire economy exists within cyber space.
Yea, which is why it's confusing you would release something like this while using Satoshi as a source of reference. His work clearly focuses on breaking up centralization of power, while this paper appears to increase it, while tossing in a little corporate fascism into the mix for the hell of it. It's literally vomit inducing the level at which you're trying to play God over people's lives here. If you're going to create a currency, you probably shouldn't make one unless you would be happy with the results if it replaced the dollar. This currency succeeding would create a dystopian nightmare. A movie created about a world using this currency would have the phrase "useless eaters" mentioned at least 9000 times. |
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This may be the most ivory tower solution to a centralization of power issue I've ever seen.
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Vertcoin was premined. Cachecoin was not.
Vertcoin didn't have a premine, I dunno what this guy is smoking. It was a fair launch coin that started with normal, Litecoin diff algo. The first pool operator, Ziga "The French Connection", even could have put something like 100mhash on it himself when difficulty was low but didn't. Most people who mined on the first day didn't even hold their coins and sold them. If you mined right from the opening on http://pool.pm with 3-4mhash or so, and never stopped for a few days, you would have gotten around 3000-4000. Not many people actually did, because what coins blow up and which ones don't is very unpredictable. Out of the few people that did mine it from day 1 and stayed on it, most of them sold off for pennies. It's possible some people could have made lots of money from it, but most people did not hold. VTC distribution is about as good as it gets for an "alt coin" and there are tons of people who are kicking themselves for not having bought some when it was selling for literally pennies. At one point, even when people were noticing the coin had promise and prices started to rise, I remember seeing that you could buy the entire sell wall and get 16,000 for .5 BTC, I think on Coinedup. That means you could have turned $400 into $160,000 without even having mined it at all, and buying during an uptrend. The coin sold for so cheap for over an entire week, that anyone who mined early wasn't even rewarded for doing so when anyone could come along and buy far more than you mined on day 1 for nothing. I had 3-4mhash on it at release on pool.pm and got, I don't remember, 2-3000 the first day. When it was placed on Coinedup, I could have bought the same amount for the cost of a trip to Burger King for the next 3-4 days. Moral of the story is, any coin that has any kind of potential whatsoever, you should buy some near release when its drastically undervalued. |
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Do you think doge coin is being run by more responsible people than the federal reserve?
Yes |
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Entia non sunt multiplicanda praeter necessitatem
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Should probably wipe the forums before some of these people get thrown in insane asylums, this is just one of probably hundreds:  |
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It would probably become the #1 exchange if there was more than 5 coins on it....
Stuff like Dogecoin, is this the only exchange on the entire internet that doesn't have Dogecoins? lol
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Pretty sure I witnessed Keiser himself throwing up large buy walls to prop the price up. He's essentially PAYING YOU to mine his coin, which is the exact opposite of this thread title.
All pump and dumps start with the illusion of support. That is the pump. When you see the buy wall turn into a sell wall that is the dump. Remember that P&Ds can take days weeks, even months to complete. I know what a pump and dump is. My statement revolved around the fact he was most likely doing it to preserve his ego, rather than some form of profit. |
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R0ach, I think we understand that you don't like coins with PoS components. HoboNickels aren't for everyone's appetite. I sure love them, they are fun, have an active community, great dev, and are one of the few small crypto-coins that actually interest me. If you don't like them, simply don't buy them. Problem solved right?
I don't have anything against hobonickels, it's just that in the real world, the more complex a financial instrument is, the more unintended consequences, or potential for abuse there is. PoW just seems like a more honest man's currency where you aren't double rewarded for being a whale. Assuming you got to play god over a country, it would be a horrible economic model to force upon everyone. I believe Sunny King / PPC developers are already pushing this angle that PPC is terrible as a currency and it's place should be as a virtual bank in the future or something... |
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Pretty sure I witnessed Keiser himself throwing up large buy walls to prop the price up. He's essentially PAYING YOU to mine his coin, which is the exact opposite of this thread title.
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People are kind of overreacting. This is a middle of the road launch as far as crypto goes. It was botched release, but there's nothing there to warrant being called "scam".
Recent coins such as Ultracoin, Mooncoin, and Coinye, combined the qualities of horrific release, plus overt scam all at the same time.
The biggest fear people have, is that through sheer random accident, this coin will make it to the top 5-10, and you'll be forced to look at Keiser's picture every day on the face of a coin, sitting in a throne with a crown on.
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I usually assume every exchange is run by criminals, then evaluate it on functionality alone.
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I had this problem with ADT. The devs refused to increase the PoS %. I told hem that ADT is too high risk to hold and that 1% doesn't make for the fact that the coin could drop 80%in seconds. Until these markets become more stable and liquid, low PoS % wont attract too many investors.
Micromanaging stake return based on market cap and inflation rate does not sound like a valid development option. The whole idea of Bitcoin in the first place, was that it's supposed to be a trust free system. You're...in effect...asking for a central banker. |
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It's people like you who spread this misinformation. It's cute
Contrary to your opinion, there is no "Quark disinformation intelligence plan" in action. Type "Litecoin + scam" in google, how many hits do you get? (people talking about having Litecoin stolen from their wallet does not count) Type "Quark + scam" in google, what do you see now? Quark used a completely invalid block reward system for a proof of work coin, which now results in it being called a pump and dump scam from here to eternity. If you don't want defend your "investment" from the general consensus of the entire internet anytime you post on the forum, find a new coin. |
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I don't see any particular reason that a government would decide to regulate PoS/PoW hybrids different than PoW coins or PoS coins. In the end it is the same concept: the blockchain needs to be confirmed by multiple peers to ensure that transactions cannot be duplicated, faked, etc. so in exchange for adding and confirming transactions to the blockchain the miner receives a reward in the given coin. It really doesn't make a huge conceptual difference if the transaction was confirmed via PoS or PoW, the point is that the miner receives a reward for using their resources to keep the coin running and confirming the blockchain.
You can look at it many different ways. With proof of stake, you're basically encouraged to be a monopoly man and horde capital. There's a large, financial incentive, with little effort involved. You're rewarded for being a whale, in other words. With proof of work, well, just like it sounds, there's a bit of work actually involved in claiming your reward. You have electricity costs, IT issues, you may even have employees that you pay to help run your operation. Operating a business sound like "work" to me. When it comes down to it, you might as well rename proof of stake to "proof of whale", so we can really get a clear picture of what we're dealing with. Factor in that you're double rewarded for holding a hyper deflationary currency, plus the stake claim at the same time, and there's little reason to ever spend the money. Double rewarding for *not* spending anything isn't something you actually want in a currency. Like the guy said, stake coins are "high yield investment programs", and will never be used to buy anything. |
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Just stfu you hypocrite piece of shit. You are the same as Max talking shit on other coins. That was very un-shibe of you. It's not exactly my fault every other week there's some new, community poll that votes Quark the "#1 scam coin of all time". If you want to heavily invest in something that currently has large, technical problems, as documented by the Quark community, and an enormous image problem, I don't really know what to tell you. |
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4) PoS can be used as a financial weapon. If you look at HBN from another angle, its pretty much a High-Yield Investment Program.
If Goldman Sachs came out today and announced a Scrypt-based "digital bond" paying out 100% annually, they would create a billion dollar market overnight. You would get every heavy hitter dumping money into that bond just for a chance to double up.
Exactly. What happens when all tech stocks and real world companies are replaced by nothing but Goldman Sachs, financial vehicle, proof of stake coins? The world collapses. This is obviously not a sustainable model. When government gets involved making Bitcoin laws, they're either going to come down on proof of stake coins hard, or they will have the same relationship how Wall Street currently exists, to enrich insiders and screw over everyone else. "Interest" is not really something I want to see survive in the Bitcoin protocol's future. The idea of trying to replicate the current, broken financial system is outrageous. |
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This thread disappoints in Austrian vs Keynes debate.
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Can't hold a crypto doge in your hands It won't bow to your demands No ceiling it won't break A moon landing to make If you want an autograph Paws aren't good at autographs No autographs today You might have to ask Freetrade He's got doge to give But the price doesn't make sense A wolong dump apocalypse wolong dump apocalypse Gotta dig to Singapore today One day he will pay One day he's going to pay  - the dread shibe r0ach |
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