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Evaluation of eMunie
CN = consensus node = holds local information regarding the state of the ledger, and likely peripheral repository content.
IN = issuing node = challenges CN to insure they hold the correct data
SN = service nodes = only they can earn trust, and only if they respond to services timely. Thus CN and IN must be SNs.
TXN = transaction creation node = seed the trust earning process for each txn for a chosen service. Unclear how the network reaches consensus on trust awarded.
To start, one nitpick is there is no reliable concept of time in a consensus network, so instead you must base decay on blocks elapsed. If you entrust consensus on time, it adds another complex attack vcctor.
If I understand the general conflict resolution concept (ignoring for the moment possible attack vectors created by the bandwidth optimization that need more study), transactions are propagated over the network and counter signatures (CS) weighted by trust of the SNIDs propogate telling each node which of each set of transactions (amongst each double spend set) are the "first seen" transaction.
The attack vectors are DoS (especially on network propagation), Sybil attacks (spreading trust around to infinite nodes in order to control the transaction propagation order legally in the protocol), and collusion of nodes (legally within the protocol).
You address the Sybil attack due to trying to impart trust to self by creating spam transactions, but you don't address the Sybil attack designed to control propagation order. Additionally your proposed solution to transaction spam is flawed because if the transaction fees are greater than what is earned by any node(s), then eventually the money supply must go to zero (and that is true even if you create new money supply in other ways since the game theory will be holistically connected).
Also what is the financial incentive for these nodes to participate? Game theory can't be analyzed without that information.
You will have a very difficult challenge to beat me in terms of designing a better consensus network. Seriously. Good luck.
P.S. you have decent coin name. Perhaps you may consider abandoning your (what appears to me to be a) faulty design and joining me.
No personal offense intended, and I will not harp on this. Again good luck.
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These are not addressing the block size scaling constraint. They are just referring to how fast nodes can verify transaction signatures. The former is the bandwidth elephant in the room and can't be scaled with existing consensus technology unless the mining is centralized on fiber connected servers.
In fairness there are many fiber connected homes now. Not everyone and not everywhere but it's become fairly common. I can't even get reliable 3 Mbps download with 512 Kbps upload where I am. Many users will be on wireless devices. One of the arguments for being able to withstand the government's documented moves towards controlling Bitcoin[1], is that mining can move to any jurisdiction and any means of internet connection, even low bandwidth shortwave or HAM radio. If we are relegated to the few fiber connections well controlled by the monopolistic telcoms in the G7 or G20, then we've lost the battle. | [1] |
A 51% attack can create as many Bitcoins as it wants to.
I think Bitcoin investors do not really believe it can happen, because they would not invest in inflatacoin.
But it is much more likely than they believe.
Everyone knows that Bitcoin mining MUST become more centralized (in order to scale up transactions) and thus it will likely (almost certainly IMO) eventually become controlled by the G20 that can regulate a few 100s of mining nodes. Will be justified by the G20 doing coordination against terrorism, money laundering, and tax cheating.
And the masses who use Coinbase wallets and other large providers such as the Blockstream.com (3 million wallets) CEO shaking hands with the Prime Minister of the UK upthread, won't care! They are sheep. They follow. They are preoccupied.
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These are not addressing the block size scaling constraint. They are just referring to how fast nodes can verify transaction signatures. The former is the bandwidth elephant in the room and can't be scaled with existing consensus technology unless the mining is centralized on fiber connected servers.
In fairness there are many fiber connected homes now. Not everyone and not everywhere but it's become fairly common. I can't even get reliable 3 Mbps download with 512 Kbps upload where I am. Many users will be on wireless devices. One of the arguments for being able to withstand the government's documented moves towards controlling Bitcoin[1], is that mining can move to any jurisdiction and any means of internet connection, even low bandwidth shortwave or HAM radio. If we are relegated to the few fiber connections well controlled by the monopolistic telcoms in the G7 or G20, then we've lost the battle. | [1] |
A 51% attack can create as many Bitcoins as it wants to.
I think Bitcoin investors do not really believe it can happen, because they would not invest in inflatacoin.
But it is much more likely than they believe.
Everyone knows that Bitcoin mining MUST become more centralized (in order to scale up transactions) and thus it will likely (almost certainly IMO) eventually become controlled by the G20 that can regulate a few 100s of mining nodes. Will be justified by the G20 doing coordination against terrorism, money laundering, and tax cheating.
And the masses who use Coinbase wallets and other large providers such as the Blockstream.com (3 million wallets) CEO shaking hands with the Prime Minister of the UK upthread, won't care! They are sheep. They follow. They are preoccupied.
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So the the whole 2015.75 (sept/oct) predictions of another financial collapse are now slated for 2018?
It just seems like these predictions constantly get thrown around, and every time nothign comes of them, they are ust pushed out a year or two
You want sound bites instead of actually studying in detail that is why you misunderstand. We have explained many times that the model is the contagion outside the USA starts to accelerate as of Oct 1. This will cause stampede of capital into the USA, with rising dollar and interest rates in the USA, while the rest of the world falls off the cliff. By 2017.9, this will force the USA over the cliff. By 2018, we'll in the global contagion hell (USA was the final straw holding up the global economy) yet by 2020 Asia will bottom. Yet the West will continue to collapse. As some point a political axis power-sharing global monetary reset into a NWO one-world reserve currency (by 2032 at the latest), and then we'll see some tenuous global stability, but that political morass will be a parasite that must die. And the West will continue to decline in relative networth for decades. The strong dollar and rising interest rates (as well the prior dollar QE caused via ZIRP carry trade the $9 trillion dollar-short debt in the developing world) while rest of the world collapses will be one of the political justifications for the one-world reserve currency. Also it will be Asia's rising relative networth after 2020. A radical change to the world begins in earnest this Oct. 1. It is a decades long turbulence. This is a 309.6 year confluence of cycles event (Civilization change cycle, Public/Private cycle, War Cycle, Pandemic Cycle, etc). Very rare. Happened only a few times in recorded history of the world. |
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1. TPTB have no conception of themselves benefiting from a Knowledge Age if they don't expand their monopolies. They are fighting over a smaller pie and have even stated that is their goal, e.g. Georgia Guidestones et al. Individual members may avail of anonymous means of hiding wealth and as anonymous competition within their ranks.
2. Boomers are philosophically against self-control and survival without a State. The State and hedonism are their glorious creation. They'll abandon it only when they're dead. The boomers drove the education and culture of the society of the generation after the X gen (my generation observed the transition and the State breaking the family unit so we rebelled, at least in the USA and I don't know about Europe). It is only the X gen (my generation) would are somewhat prepared en masse. From the latter generations in the West, there are a some exceptions on an individual basis and especially in the USA. Outside the West, the people are more prepared in the sense that many grew up surviving in difficult circumstances, even agrarian; and they have lower debt and State unfunded actuarial social welfare liabilities. But most in the developing world even though they didn't have the State take care of them, are very much socialist and want to copy the Western socialism asap.
3. So the likely outcome is very similar to Rome's fall. First the waterfall collapse, then as Constantine did, a renewed socialism religion towards global socialistic contract via a one world reserve currency with all axis powers sharing a vote in its global central bank. The youth of the world will follow starry-eyed into the NWO eugenics. The Knowledge Age will marching ahead growing much faster than that political morass. The political morass will be attempting to parasite the Knowledge Age with expropriation and taxation. I think in the end, that unproductive old world economy dies. But it will die hard because TPTB and boomers did such a glorious job of indoctrinating the world into socialism.
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I know how fast things escalate (according to history et al) in a down-wards spiral - but spurred by your recent posts about the fall of Rome, I was contemplating that the real suffering in Europe/west likely won't come before a generational shift. Yes, we will likely see a waterfall event - and fall down very fast - however, we still have a two generations that have a lot of know-how. However, the young generation seems to largely have lost that - for several reasons. One being they never learned to take care of themselves (in many ways, physically, mentally, growing food, repairing things, hedonism, innovate etc) because the state does that for them. The older generations still have some of all that knowledge inherent in them. Secondly the thought is that the large rates of unemployment escalates this issue, where most young people in their most productive and years, where they should learn the most, are not learning anything new. They are not being handed any knowledge - in fact many places we see them being handed inferior knowledge (purposefully or not, e.g. Common Core).. And many are not seeking it themselves either.(i.e your point about Westerners being fucking lazy... most of them..)
By saying all that, I'm not disregarding things turning to shit real fast. I'm probably arguing why it will continue to keep falling down.
I am also thinking that if TPTP are smart(er) and not just self-propagandized to believe that top-down control rules everything, then they should allow for a knowledge age to flourish in which they themselves can benefit. If they tread too hard and too much they suffer themselves (in what's available etc.)
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Aug 23
Armstrong's computer predicts that political divide in the USA but it might take longer than a few years. Looks like the USA will swing hard to the right politically this Nov 2016 election, then riding the up to the 2017.9 peak and then after fall into the economic abyss. 2018 forward is going to probably pandemic, war, chaotic shift in personal financial status every where.
So if I were you, I'd be preparing a plan B bug out for 2018ish, just in case you need it. If you don't need it, then great. But better to be prepared than not.
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EDIT: If we act as optimists (to a degree anyway), there is a case for PLATINUM, as its use is likely to increase with an increase in world GDP (as a catalyst -- much needed in China for example). But, being optimistic seems to be dangerous now (DJIA down 1000 points last week).
After 2020 or maybe not until 2032. Not now. |
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1. TPTB have no conception of themselves benefiting from a Knowledge Age if they don't expand their monopolies. They are fighting over a smaller pie and have even stated that is their goal, e.g. Georgia Guidestones et al. Individual members may avail of anonymous means of hiding wealth and as anonymous competition within their ranks.
2. Boomers are philosophically against self-control and survival without a State. The State and hedonism are their glorious creation. They'll abandon it only when they're dead. The boomers drove the education and culture of the society of the generation after the X gen (my generation observed the transition and the State breaking the family unit so we rebelled, at least in the USA and I don't know about Europe). It is only the X gen (my generation) would are somewhat prepared en masse. From the latter generations in the West, there are a some exceptions on an individual basis and especially in the USA. Outside the West, the people are more prepared in the sense that many grew up surviving in difficult circumstances, even agrarian; and they have lower debt and State unfunded actuarial social welfare liabilities. But most in the developing world even though they didn't have the State take care of them, are very much socialist and want to copy the Western socialism asap.
3. So the likely outcome is very similar to Rome's fall. First the waterfall collapse, then as Constantine did, a renewed socialism religion towards global socialistic contract via a one world reserve currency with all axis powers sharing a vote in its global central bank. The youth of the world will follow starry-eyed into the NWO eugenics. The Knowledge Age will marching ahead growing much faster than that political morass. The political morass will be attempting to parasite the Knowledge Age with expropriation and taxation. I think in the end, that unproductive old world economy dies. But it will die hard because TPTB and boomers did such a glorious job of indoctrinating the world into socialism.
------------------------------------------------------
I know how fast things escalate (according to history et al) in a down-wards spiral - but spurred by your recent posts about the fall of Rome, I was contemplating that the real suffering in Europe/west likely won't come before a generational shift. Yes, we will likely see a waterfall event - and fall down very fast - however, we still have a two generations that have a lot of know-how. However, the young generation seems to largely have lost that - for several reasons. One being they never learned to take care of themselves (in many ways, physically, mentally, growing food, repairing things, hedonism, innovate etc) because the state does that for them. The older generations still have some of all that knowledge inherent in them. Secondly the thought is that the large rates of unemployment escalates this issue, where most young people in their most productive and years, where they should learn the most, are not learning anything new. They are not being handed any knowledge - in fact many places we see them being handed inferior knowledge (purposefully or not, e.g. Common Core).. And many are not seeking it themselves either.(i.e your point about Westerners being fucking lazy... most of them..)
By saying all that, I'm not disregarding things turning to shit real fast. I'm probably arguing why it will continue to keep falling down.
I am also thinking that if TPTP are smart(er) and not just self-propagandized to believe that top-down control rules everything, then they should allow for a knowledge age to flourish in which they themselves can benefit. If they tread too hard and too much they suffer themselves (in what's available etc.)
------------------------------------------------------
Aug 23
Armstrong's computer predicts that political divide in the USA but it might take longer than a few years. Looks like the USA will swing hard to the right politically this Nov 2016 election, then riding the up to the 2017.9 peak and then after fall into the economic abyss. 2018 forward is going to probably pandemic, war, chaotic shift in personal financial status every where.
So if I were you, I'd be preparing a plan B bug out for 2018ish, just in case you need it. If you don't need it, then great. But better to be prepared than not.
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1. TPTB have no conception of themselves benefiting from a Knowledge Age if they don't expand their monopolies. They are fighting over a smaller pie and have even stated that is their goal, e.g. Georgia Guidestones et al. Individual members may avail of anonymous means of hiding wealth and as anonymous competition within their ranks.
2. Boomers are philosophically against self-control and survival without a State. The State and hedonism are their glorious creation. They'll abandon it only when they're dead. The boomers drove the education and culture of the society of the generation after the X gen (my generation observed the transition and the State breaking the family unit so we rebelled, at least in the USA and I don't know about Europe). It is only the X gen (my generation) would are somewhat prepared en masse. From the latter generations in the West, there are a some exceptions on an individual basis and especially in the USA. Outside the West, the people are more prepared in the sense that many grew up surviving in difficult circumstances, even agrarian; and they have lower debt and State unfunded actuarial social welfare liabilities. But most in the developing world even though they didn't have the State take care of them, are very much socialist and want to copy the Western socialism asap.
3. So the likely outcome is very similar to Rome's fall. First the waterfall collapse, then as Constantine did, a renewed socialism religion towards global socialistic contract via a one world reserve currency with all axis powers sharing a vote in its global central bank. The youth of the world will follow starry-eyed into the NWO eugenics. The Knowledge Age will marching ahead growing much faster than that political morass. The political morass will be attempting to parasite the Knowledge Age with expropriation and taxation. I think in the end, that unproductive old world economy dies. But it will die hard because TPTB and boomers did such a glorious job of indoctrinating the world into socialism.
------------------------------------------------------
I know how fast things escalate (according to history et al) in a down-wards spiral - but spurred by your recent posts about the fall of Rome, I was contemplating that the real suffering in Europe/west likely won't come before a generational shift. Yes, we will likely see a waterfall event - and fall down very fast - however, we still have a two generations that have a lot of know-how. However, the young generation seems to largely have lost that - for several reasons. One being they never learned to take care of themselves (in many ways, physically, mentally, growing food, repairing things, hedonism, innovate etc) because the state does that for them. The older generations still have some of all that knowledge inherent in them. Secondly the thought is that the large rates of unemployment escalates this issue, where most young people in their most productive and years, where they should learn the most, are not learning anything new. They are not being handed any knowledge - in fact many places we see them being handed inferior knowledge (purposefully or not, e.g. Common Core).. And many are not seeking it themselves either.(i.e your point about Westerners being fucking lazy... most of them..)
By saying all that, I'm not disregarding things turning to shit real fast. I'm probably arguing why it will continue to keep falling down.
I am also thinking that if TPTP are smart(er) and not just self-propagandized to believe that top-down control rules everything, then they should allow for a knowledge age to flourish in which they themselves can benefit. If they tread too hard and too much they suffer themselves (in what's available etc.)
------------------------------------------------------
Aug 23
Armstrong's computer predicts that political divide in the USA but it might take longer than a few years. Looks like the USA will swing hard to the right politically this Nov 2016 election, then riding the up to the 2017.9 peak and then after fall into the economic abyss. 2018 forward is going to probably pandemic, war, chaotic shift in personal financial status every where.
So if I were you, I'd be preparing a plan B bug out for 2018ish, just in case you need it. If you don't need it, then great. But better to be prepared than not.
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You astutely describe my design for eliminating commercial mining. But I don't rely on them caring about decentralization.
So what incentive do you have in mind? My white paper will be published. |
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You did say that but small is unqualified and often people include their illiquid assets in the calculation.
I thought you might have 5% of total networth in gold, thus perhaps up 20% of liquid networth. At those levels, I sense goldbug fever.
If you are safely within reasonable diversification, then my apology for prying into your personal matters.
I just get offended by "gold price manipulated" and other tinfoil hat-speak because I allowed myself to get suckered into that and held 80% of my liquid networth in silver and ended up being destitute by now partially because of that decision. Not because I didn't issue sell orders per my prediction of top at $45, but because in order for my physical silver to follow me to the Philippines it had to be placed with a local dealer who then ... I'd rather not say...
Silver and gold are fine as long as you don't really expect to ever sell them, which sounds like your case.
I found them to be a major hassle. I couldn't even transport them without having to pay bribes.
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I am not pushing CC. It was just a request based on a desire to conserve my time. He responded indicating that it is not necessary for me to defend my prior work. I assume that means he won't let it run amok there while I am gone.
Ahem. Gold was useless when bronze slabs were money in the earlier times. Please don't get fooled by the gold promoters. They want you to believe gold was perennial.
Marriage to an investment is the sign of irrationality. You can get twice as much gold for your money in Spring.
If you are truly using gold as a hedge, then you should reduce it to standard advice which is about 1% of LIQUID networth, meaning don't count any real estate.
Then you can buy more on the low when it has dropped to a lower % of liquid networth.
Every asset should be rebalanced when it rises in price. That is good portfolio management.
That is why holding all gold as physical is not wise. Some should be held as paper gold so you can trade it, at least while there is no danger yet in the USA of confiscation until at least 2018.
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This is just an idea which I would like to get feedback on. I am thinking the fundamental flaw in any consensus algorithm that relies on some asset, is that the economic game theory is such that the asset will concentrate towards a winner take all over time. For example in proof-of-stake or proof-of-importance (reputation+stake) the miner with sufficient stake and/or reputation can keep the minority chain sufficiently paced but more often behind the other chain such that most vote on the other chain, but ultimately he uses his power to vote the minority chain to the permanent lead thus orphaning all the rewards of the lesser stakes who were fooled into voting for what they thought was statistically the more likely longer chain. There are other variants of this strategy. In proof-of-work selfish mining works in general when the adversary has at least 33% of the hashrate, and 25% under some network configurations. One potential solution I see to this problem is to make mining an unprofitable asset burning operation. But if this is accomplished by burning coins, eventually end up with 0 money supply. Or I did I think show it might be possible to eliminate the selfish mining strategy in proof-of-work but at the cost of penalizing the honest party to a double-spend, by paying all chains proportionally. I am not clear how this could work for non-proof-of-work. |
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It is possible but be completely pointless since each participantt would be getting a few satoshis which would be worthless unless the price goes up a lot.
Unless they were mining for spending on microtransactions. But Bitcoin's PoW hash is too favorable to ASICs versus CPUs to make this viable as you say only a few satoshis in relative hashrate. It's not completely pointless at all! If sufficiently many users are willing to run a microminer at a small monetary loss, then it becomes practically impossible to run a commercial mining farm. I think we're quite far away from that scenario, but it's a theoretical possibility. I hope that eventually a hundred million people will care enough about decentralisation, and in that case it might happen.
You astutely describe my design for eliminating commercial mining. But I don't rely on them caring about decentralization. |
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Bitshares is a vertical scale and it'll never be able to process 100,000 tx/s on commodity hardware let alone expensive server boxes. Even the very fastest CPUs at the moment will struggle to validate 30,000+ signatures per second and that is before doing anything else with regard to transactions like verifying outputs, read/writes to the DB etc...
I haven't seen any evidence of stress testing that proves BitShares's claim or the claims of any other crypto, and until we do, it should be taken as false advertising.
Monero can handle 1600 tps Speaking of block size...what's Monero's capacity in terms of txs per second?
Monero has a very scalable block size solution. It is "adaptive" as it changes with the amount of information going through the Monero network. Okay, thanks. I'd prefer a number, but what you wrote will do.  What he said was right. There is no hard limit in the protocol. Noodle Doodle's recent benchmarks on an i7-2600K show 2.5 ms average tx verification time (per core) so that would max out at 1600 tx/second. Usage at that level would require a lot of bandwidth and CPUs slower than a 2011 quad core desktop would not be able to keep up and would need to drop off. These are not addressing the block size scaling constraint. They are just referring to how fast nodes can verify transaction signatures. The former is the bandwidth elephant in the room and can't be scaled with existing consensus technology unless the mining is centralized on fiber connected servers. |
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also, the Poelstra PoS criticism is deranged
Vitalik Buterin provided a strong counter argument. But regardless of whether PoS has more gameable entropy or not, for sure PoW can distribute new coins (and redistribute existing wealth...a necessary requirement of all money since dawn of mankind) and PoS can not. Why necessary to redistribute money (at slow rates of debasement)? Because otherwise the macroeconomic incentives to invest with risk to produce more instead of save in deflation are not balanced. |
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Will the physical economy collapse with a global debt bubble bursting in 2018? Let assume for the moment that such a collapse occurs. This does not indicate an immediate transition of the physical economy into insignificance. Presumably the physical economy would bottom at some (much lower) level and then gradually start to grow once more. One would expect finance and financial instruments to follow a similar trajectory.
Agree but words do not tell the true mathematical reality. 3325 times larger = Knowledge Age growing at 50% per annum (1/2 of doubling) for 20 years (1.5^20) 3 times larger = old world economy growing a 5% per annum for 20 years (1.05^20) Humans can't visualize exponential growth. They have myopia when conceiving relative size. This argues strongly that only the very dumb people will pursue the physical economy. And this it argues it will waterfall into irrelevance rapidly. The physical economy will become subsumed by the Knowledge Age in ways that we still get our physical production, e.g. a 3D printer will create all your products and customized just how you want them. The value added won't be in the raw materials any more (the stuff that requires big capital investment). I already explained that someone I know went from being a moderately paid car mechanic who was attacked by the USG and lost everything to a highly paid 3D printer of custom pistons with a $600 3D CNC mill he built from spare used parts. Where is JP Morgan in this  Who built a factory with their weekly income in the 20th century before the personal computer? BitAssHole deceives himself (and went from someone who I was cordially trying to teach the concept with my limited attention span these days, to ...). If you are going to come into a long-standing thread and attack all the work that was done, do your homework first. Don't just present myopic Dunning-Kruger crap that shows how much you haven't understood. If a challenger has hard data, then present it. |
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if we should really go down to like 50$ or something and ethereum manages to decouple, we could really see the end of store of value of cryptocurrencies.
The talk of strong hands. I see a classic case of the smart money leeching away the capital of the greater fools. And who are the new fools coming in given Bitcoin is not "to da mooo" any more in the media. Once dey capital done gone where dey gonna get der strong hands? |
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CoinCube, I request you lock this thread. You are not obligated to of course. But I contributed more than 50% of the effort to this thread, and I have important work to do. I don't have time to waste on these idiots who are polluting the thread now, in my effort to try to retain the original high quality of the discussions that we had.
Everything comes to end. The ideal time to close this thread is now.
You are welcome to blame it on my request. I take full responsibility for any backlash.
Time will prove who was correct, and I know who that will be.
The tailcoat clingers will be coming out in exhausting waves now that I've gained some stature. They will play mindless games designed to suck the valuable production away from those who create in the Knowledge Age.
P.S. There is amble empirical evidence. I am not just not going to take the time to write it all down. Challengers can do their homework or not. It is their problem, not mine.
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