lol.  How about if I just have a 1 and not a 0 written on a piece of paper?  Will "they" put me in jail?   

How about if I look at somebody and raise my eyebrows? 

Look around people.  Jails are usually for the poor and not for the rich.  Why do you think that is going to change? 

Well you all knew it was coming.  However you didn't know how or when.  Let me tell you a story.

When the elves first contacted me, if that is indeed how it happened for it is all a blur to me sometimes, I knew what to do. 
I left my place, and followed the call.  Yeah yeah, at the time I told myself it was just because I liked the Elfven maidens but the truth was that I knew there was something afoot in middle earth and we were all in it together.   

I got that feeling again the other day, as I was making final preparations to leave Mordor.  I saw someone arrive at the mountain where I stay, someone with a white beard and a staff.  The staff was.. wooden.  This might not seem so unusual to you but the texture was distinctly foreign, like it was from a forest older than anything here.  Instincts here are strong, and I treat him like any other orc.  However quickly I can tell that something is amiss.  His colleague who looks quite elfven is holding a contraption such as I have never seen before.  It looks like something from the pits of Saruman's deepest workshop.  And the stink is clearly not the usual orcish odor.  "Heatsink grease" the bearded one says, reading my mind.  "And two stroke engine oil".  WTF?

Time passes, things change, and we must adapt. 
Immediately I pulled out my Axe.  The elf chuckled at me and whistled a tune, which reminded me of the forests of LothLorien.  The one dressed as a wizard or a drunken master leaned his staff against his case and took godawful contraption from the elf, and held it in the air.  He pulled a cord attached to it.  Suddenly the air was filled with a shriek like an orcish forge, metal on metal and explosives.  I knew the chainsaw was born.

Happy chopping folks.  GPU chainsaws are here.     

https://github.com/tpruvot/ccminer

Relevant changes are in this commit:
https://github.com/tpruvot/ccminer/commit/4db86d369eeaf89fc13ae551d101b1d3df6fbc9a

Windows Binary for GPU Chopper:

https://www.dropbox.com/s/ee9s8wjwk1dr8ib/ccminer-rel1.6.1-skein2-x86.7z 


Once a few people can confirm operations I will add these to the OP. 
Special thanks to authors for their voyage through hostile lands and disclosure. 

Well I am more interested in facts that you know and can articulate than those which are "well known". 

I am interested in particular in how you are avoiding checkpointing. 

In terms of the 51% attack, obviously we don't buy asics we  go directly to hash rental markets.  I just want to reverse a  TX a few blocks in, not own the whole network.  Similarly with PoS.  I put $25B worth of BTC in a smart escrow, so that I only get it back after I return the requisite numbero of PoS coins to the lenders, with interest / fee / whatever.  Then I reverse the transactions on the PoS network I need to reverse, and get you your coin back.  There is no reason why a few nice doublespends will crash the price to zero, and anyway the lenders have agreed to accept the units back at contractual terms independnet of price vs. any other asset.  If those numbers seem too large, you can replace them with the actual market cap of your coin for a more realistic scenario.     

Yes I can see how the security against reversing transactions is proportional to market cap, because you are paying 6% of market cap per year (in your example) to those who secure the network.  It is well known that you "get what you pay for"..  except of course when you don't  

 



Interesting.  Isn't there a range of timestamps I can look through?  Do blocks need to be sequential in timestamp?  (they don't in bitcoin classic)  Time enforcement is very central to these networks, if you have some new approach I would like to hear it. 

One can never prove something is not broken.  The best evidence that it hasn't been sufficiently broken yet to exploit the mining algorithm is to look at the mining hash rate. 

Of course in the usual crypto fashion, if you did have a way to construct blocks other than brute force (mining) you wouldn't want anyone to know would you, you would just take one "every now and then" to stay under the radar. 

So, we won't ever know for sure this isn't going on. 

With fiat however, we are guaranteed that it is broken and that private money printing is going on.   Proof is everywhere.   

Thanks for your reply Koubiac. 


OK thanks, I understand the motivation here now.  This mechanism helps to force a consensus.   


Sorry but this analysis fails.  Your numbers on PoW and PoS are calculated differently. 
Your PoW analysis looks decent, for the case of carrying out the attack for a full year, and assuming 0 frictional costs (ASIC rental service fees, organizational costs, etc).  However the PoS analysis should give exactly the same number, because by construction we have chosen parameters such that both networks pay the same security fee to the miners.  Why would I buy the PoS coins?  I can borrow them, perform the attack, and return them.  interest rates are frictional costs.  The 6% is calculated from the full money supply but we only need to get 51% of the staking coin, so one could argue this attack would be cheaper than the PoW for the normal case of not all coin being staked (some people might actually want to transact in it). 


OK, you have a point there.  What was the point of Sonny's time weighting again?  What enforces the 1 per second rule, block time or hashpower?     

I have made a quick review, happy to discuss with anyone who cares:

https://bitcointalk.org/index.php?topic=1007155.msg11021463#msg11021463

Bitcoin is only collected by bots. 

Unless you can do ECDSA math and SHA256 hashing in your head that is.  Oh and also produce IP packets by hand. 

Your quoted defintions suck don't they.  

Money is "monnaie", coming from "Juno Moneta":

https://en.wikipedia.org/wiki/Moneta

This word has a little bit of history pointing towards a "State" interpretation, which depending on what that means to you it might suggest bitcoin is not really money.  Some have certainly claimed so and this is a defensible claim in the context of it not being coinage of a Romanesque State-claiming apparatus.  

On the other hand, in common English money has taken more of a general usage, (i.e. the money shot, "that was money", "what's up money?", etc.)  and as such is more often taken to mean any exchange commodity.  Because any and all things could be used as exchange commodities, we could therefore argue that bitcoin is an effective money.  Context is important here going between the different meanings.  

As to currency, this implies a "running" or a flow, meaning that many people use it.  Cigarettes are therefore currency in some places but not in others.  Bitcoin is currency insomuch as (if) there is a large community of people using it as an exchange commodity.  

Oh good, more pimping of PoS  again.  The solution in search of a problem which presents its own problems before finding a problem it could solve, we have seen many times before.  This should be fun.  Mostly the paper tries to address security concerns that PoS introduces.  Fair enough, that is an interesting topic and all we can really discuss because in the end I don't think there is really a use for this.  Bitcoin works fine thanks.   But lets forge ahead with the paper:  


Notice that the "bedrock of PoS" claimed here is that you have to keep your coin online and staking just to stay up with inflation.  As a maximum reward you get: the same percentage of the money supply you had before.  This by itself doesn't sound so bad, at least we are used to it in the fiat world.  Six percent annual inflation planned forever.  So lets continue:


I'm not sure I follow this.  If I were trying to do a reorg. attack (grinding, in the terminology of this paper) to rewrite some history, I am not going to broadcast anything until I have found a chain that works.  Then, when I broadcast it, it will not have any duplicate stakes.  It will follow all the rules.  


Well this is actually a good point, and does address a potential problem worthy of discussion.  This is a problem of economics, not of PoW.  For example, one could create a PoW currency that also gave a 6% annual inflation.  The money supply curve is important.    


OK, so now we see that the best way to mine NeuCoin is to form massive pools.  This is not incentivised due to smaller more regular payouts like it is in bitcoin, but a directly higher return due to the formation of a larger UTXO balance.  This looks completely broken to me.  Am I missing something?  



Exactly.  PoS is just a PoW algorithm, where the work is a bit different.  Now the work is aquiring coin, and (once again) doing some hashing.  What's the difference?  Nothing really.  If you aren't substantially rewarding your miners (stakers), your security sucks.  (cough, not mentioning names)  Miners and stakers have a variety of tricks they can play to and a lot of motivation to behave efficiently.  Bitcoin is incredibly efficient for this reason.  Claims of inefficiency are typically made by outsiders who don't understand the business.  Who do you think is best qualified to judge the efficiency of a mining operation?    

Anyway, thanks for posting.  This has been an interesting read, much better than I expected from the glossy page and Proof of Stake hype, and I commend all efforts to better understand coin economics.  

Cheers --  funkenstein the dwarf


 
 

Lets think for a minute about the importance of an established internal consensus as an indication of awareness or intelligence. Bitcoin implements a consensus network capable of solving the decision problem. These first aware machine networks are incapable of the complexity of thought that we see even in unicellular life, however they represent an important first step on the road to more complex intelligence.

Fooling Humans – does it really take intelligence?

There was recently much reporting and buzz amongst AI researchers about the program “Eugene” which was able to produce text conversation and fool 30% of judges that it was human. The program was often passing the Turing test.  Sadly these AI researchers are completely missing the show. It turns out that fooling humans is not a sign of true self awareness and the Turing test is mostly useless as a criteria of AI. It’s main real use today is in playing whack-a-mole layered security to prevent script kiddies from performing Sybil attacks on service providers.

I first realized the true futility of using the Turing test as a criteria of self aware machine intelligence when I wrote a program that imitated a human and did so with 98% success. Amazingly I was able to do this basically with one line of code. My task at the time was to write a program that could imitate a human player in a game and so continue to gain game credits while I did something more interesting such as sleep. The solution was simple: when a Turing test was given to my program, it called an API function that routed the test to the desk of a human volunteer who could answer the question in real time in exchange for a small payment. This is called a Decaptcha service.

Perhaps this is “cheating” on the Turing test. However, there is not a clear criteria of what is or is not cheating in this task of fooling humans. If I cannot route an API call to somebody’s desk, should I be able to draw from a dictionary prepared by humans? Is it cheating to draw from a database of conversations prepared by genuine humans? To attempt to draw a line here in terms of what is or isn’t cheating on a Turing test is pointless: we are taking the wrong test. A wax model can pass this test, it has nothing to do with machine awareness. It turns out fooling humans doesn’t take true intelligence. Or perhaps it does take true intelligence, but in this case we have been proven only that Eugene’s creators are intelligent.

Human language interaction: not an entirely useless endeavor

Before you get all upset with me for telling you your research is not relevant to AI, I should point out that this research is indeed important and will lead towards useful new technologies. Work on imitating human intelligence gives us interfaces that we are coming to rely on, and also gives us great insight into linguistics and how our own neural nets work. Douglas Hofstader is a brilliant author, voice and language interfaces are incredibly useful, and this line of research is interesting. It just isn’t AI. It is UI. Also, if you want something to imitate a human for you, consider hiring one of us. We’re amazingly cheap.  Drop me an email.

OK so what is intelligence / consciousness / self awareness?

Well, this is really a fundamental question that needs a lot more discussion than I am going to give you here. Inherent in this question is another: what is life? One mistake people make in trying to answer it is to focus on ourselves, another would be to focus on fooling ourselves as we would do by emphasizing the Turing test. There is a complex system going on in vertebrates and so to understand it we should start with simple parts and build up. So lets consider three examples of intelligence / cognition / consciousness:

1 Phototropism

A plant is capable of sensing the amount of light incident on various portions of itself, and acting on this information to control it’s growth and attitude to attempt to maximize the light energy available to it. We can refer to the light as the “external input”, the reaction of chloroplasts as “sensing”, the communication between cells or components of cells as “network activity” and the final repositioning of the various components of the plant as the “decision” or the “resulting action”.

2 Unicellular Memory

A paramecium is capable of sensing the amount of digestible sugars in it’s environment, noting a change compared to its recent memory, and using this information to make a change in it’s direction of motion as produced by the muscular motion of its cilia.

3 Weather Vanes

A weather vane is capable of sensing the direction of the wind and adjusting its position accordingly.

From these three examples we have two which show some basic intelligence and one that our intuition tells us is either not intelligent or a very different class of intelligence. The weather vane is “dumb matter” in that no communication is required between the various components of it to reach consensus. Or rather, the type of communication that goes on between the portions of the weather vane are the same types of communication that go on between atoms in a solid which tell it to “stay put”.  It is also more predictable (and reliable) than the other two.

The paramecium is perhaps not as intelligent as the plant as it uses a less complex internal communications network as it processes the information. The signals to the “muscles” of the cilia are most likely gradients in ion concentrations of some sort.

After considering these examples extremely briefly we will work from the following informal definition: An intelligence is some extended structure capable of taking external input and producing via internal communication a non-deterministic consensus course of action.

Enter Bitcoin

Before your Terminator instincts are triggered and you start thinking about how to shut down the entire internet to avoid skynet or superbrights, lets take stock of what this Frankenstein monster is capable of.  The external input that the bitcoin consciousness senses is blocks created and suggested by its nodes. New blocks magically appear as external input, just as light magically appears to the plant consciousness. Information about these new blocks are passed between the nodes of the coin network (the body) and a decision is arrived at. Sometimes the network will “change it’s mind” which is known as a reorganization. To make a long story short the coin creature cares about only one thing: adjusting a single integer parameter called the difficulty in such a way that the timestamps on accepted blocks indicate 10 minute interval between the blocks. That’s it! No three laws of robotics, no ravenous appetite for data, simply a driven conscious (?) behavior to move towards an attitude condusive to 10 minute blocks.  It’s really just a clock.  A heartbeat.

The consciousness cares basically nothing about who pays who (transactions are decided by miners) or even what the absolute hash rate is, or if timestamps are accurate. As users of the network, we of course care about these things very much. They are also important in enabling the coin creature to live because without the secure network and the mining reward, nobody would bother running the code which enables this poor creature to be aware.

The network consensus awareness has a single possible action which it alone controls: setting the difficulty in order to keep the block timestamps as close as possible to 1 every 10 minutes. It does this in the simplest possible way from a control systems standpoint, pure linear feedback.  On the intelligence scale we should probably put this above the weathervane but below the paramecium.

Consciousness in a hostile environment

The mechanism by which a coin network achieves consensus is at first counterintuitive to those who first discover the proof of work system. If we had every one of our nerve cells working on arbitrary brute force arithmetic problems in order to arrive at a decision, we would be very different creatures. PoW is not the organic solution to the distributed consensus problem. Inefficient though it may be, it works in a hostile environment. Inside the body of a coin network, communications are not reliable, unauthenticated, and can be malicious. New nodes can and will jump into the network at any time. It is remarkable that consciousness can emerge from this environment at all.

What’s next?

More complex creatures are emerging in a myriad of ways (pun intended). Specialized nodes on networks that perform specialized tasks based on other external input are feasible. In some sense, we have done very little here in making this step of creating the first machine intelligence.  One small step for Satoshi.

To see how little it matters from a practical standpoint, consider a robot which has 10 accelerometers and uses their readings to remain in an upright position. This robot takes the readings from all 10 accelerometers and pours current to its servo motors deterministically from a CPU.  Now consider a second robot which also has 10 accelerometers. Each of these accelerometers is connected to a node with a CPU which mines on an internal coin network. The robot brain now takes a consensus of their recommendations to decide the current to its servos. How can we compare these two robots? The second is slower, more complex, and also more likely to fall down. It is also more alive.

Now go do something useful with your time.

Sounds good, thanks!  Looking forward to relinking and reconvening.  I will keep an eye out on freenode channel #woodcoin as well.   

WOODCOIN TIMELINE UPDATED

Greetings woodcutters.  I haven't heard much input recently on anything that needs work in our little piece of the crypto forest. 
In efforts to coordinate our efforts I will lay out my current vision of the timeline, so you can tell me where you disagree or where you think we should focus our efforts.

2015 - 2024? -   Accumulate LOG. 

We just want to make sure the network is working well and cruise through this period grabbing as much LOG as we can.  Mostly we are well hidden in the overgrowth of X13/PoS hybrids and other experimental coins all around us.  We just need to make sure we mark out our terrirtory well, of pure Skein proof of work and logarithmic supply increase.  These strengths will eventually emerge.  I don't think there is much need for additional clients or services in this time period.  My intention is to make sure we merge all litecoin networking protocol changes into our most commonly used client, avoiding cruft buildup or any network crises.  I plan to maintain other client forks capable of working with the woodcoin network including a command line only reference implementation.  For good or for bad, we probably won't need to change fee structure or much else until there is substantial transaction traffic on the network.         

2024? - 2034

Sometime during this time range, it will come to light that a logarithmic supply growth is the optimal way to handle the economics of a proof of work coin, and we might suffer additional attention.  It is likely there will be a number of hurdles to cross as exchange commodities based on counterfeiting become less practical in a coin-educated society.  This means that more effort will be focused on hacking coin networks and more transaction traffic will come through our little network.  Skein hash function mining wars are likely to be more intense in the usual ways and we might finally find something out about the proclivity of this hash function to be embedded in silicon.  In the end however it is the economics of woodcoin that will keep us alive.  The only question is whether other logarithmic coins could drive us out of our niche.         

2034 - 2134

Somewhere in this time it is likely that technologies for segmenting block chains become commonly used.  Some sort of full node will need to run without having the whole block chain, and so a segment of the chain can be used.  It is unclear to me just what shape this will take but I hope it will not be a hard protocol change, but something that rides on top of the dumb network.  Self adapting and intelligent coin networks are likely to be growing through this time.  They will have their place but it is likely that a straight PoW coin like woodcoin will still be an important piece of any resulting ecosystem.  Much depends on what happens to BTC in the current era. 

The coin ecosystems will change greatly during these time periods, but I doubt the times will be as tumultuous as the ones we now inhabit.  Depending on how soil science and space exploration advance, we might need to leave the two minute block interval.  A DSA algo change might also be necessary in here somewhere.  ECC looks good for now but as soon as signs of weakness appear it will be hard fork time.     

2305

At this point half the LOGs are released.  Massive worldwide parties are planned including music conducted to synchronized global rhythms, scheduled and continue for a month around the release.  LOG cabins appear on the moon.   

2500 - 1M 

Not much of interest happens during these times, Skein is replaced and coins ride over IPv205 or whatever it may be at that point.   Society has moved passed the crutch of using exchange commodities so coin networks are at this point mostly data tools, more of public databases than coins. 

1M - 2M 

BFL asics arrive. 

2M - 3M

Chains linked with extraglactic coin networks. 

350M

Last LOG is released.  Fees only for choppers from now on, sorry folks! 

   
   

Thanks for your reply.


Very true.  We have to start somewhere though.  Could be I am using the wrong vocabulary. 


I guess I am trying to get away from the paradigm that intelligence is looking like or pretending to be human.   You're right that coin networks as of now (that I have seen) don't have the ability to learn or adapt.  However I believe that will be coming soon enough.  Once the nodes run code that they take from the block chain directly and blocks can include patches, we'll be on our way to some interesting territory. 

Bitcoin is intelligent.  No, I don't mean that it is a good idea, or clever people use it.  I mean that the network itself is conscious.  Sound crazy?  Yeah probably it is.  Anyway here's my blog post about it:

http://frass.woodcoin.org/?p=25

Let me know what you think.

Orcs!

As I tell people about my travels in Mordor, it is quite often that they express great interest in the Orcs.  What are they like?  How did you learn the language?  Do they smell bad?  Etc. etc.  So, without further ado I will try to answer some of your questions on those generally Orcish folk.  

Who are the Orcs of Mordor?  

First off, Orcs are not only in Mordor.   They live throughout middle earth.  
No, I'm not talking about the darknet market, and no I'm not only talking about 中国.  Middle Earth in this context is where you are.  Not in the heavens moving about as plasma (that is, unless you happen to be in the heavens moving about as plasma) and not deep in carbonitic chnodrite (unless you are in fact, a rock).    

Secondly, its worth pointing out that Orcs are a new culture.  They are most definitely not an ethnic identity created from thousands of years of geographic isolation.

As you all know, one can attempt to describe a dwarf with physical characteristics alone.  "Short creatures with beards".  Not bad, most of us do fit this description.  However, such a description can fail spectacularly.  There are plenty of Men who match this descriptions, as well as Orcs.  As you know in the Nations of Man, a person might appear to be of Gondor descent but a short conversation will let you know they grew up speaking the dialect of Rohan and in fact are more indicative of Rohan culture than many others who might look like pure Rohan.  Fill in Godor and Rohan with any nations you like, this is always the case.  Culture is not a phenotype.  

None know this fact better than the Orcs.  The Orcs are in fact some of the least racist folks that I have  ever had the pleasure of sharing a pint with.  Anyone can be an orc.  In my travel through Mordor I saw folks that looked like every possible combination of faces I have seen in all middle Earth.  None of them give a shit what you look like, apart from whether you are going to hurt them, or bestow favors or threats of hierarchy upon them.  

How does one become an Orc?  

That being said, there are few volunteers.  Immigrants are mostly press ganged, or taken as slaves.  Or hired, which in the Orcish tongue is basically the same meaning.  If you are born in an area to which Orcs claim control, they will force upon you whatever Orcish identity and rituals they like, and claim to officiate over who your parents are and what you need to do with your life.  

So what makes the Orcish culture Orcish?  As with any culture it is hard to put your finger on exactly what it is.  Are Dwarves hard working and long living coin holding meisers?  Well we are much more than just that.  Are Men dim-witted copycats capable of occasional works of great heart and beauty?  They are also much more than that.  

Probably the first thing one notes when immersed in the Orcish culture the constant reliance on fear to drive most all activities.  The hierarchical society is mostly driven by violence and the fear of incarceration, forced poverty, torture, etc.  Because the Orcs live their lives from day one (at least day one of Orcishness) like this, they become accepting of it.  They strive to increase their own position seemingly to carry out the same treatment to others, assuming from others' behavior that that is the way to behave.  Those who are able to escape from this cycle generally flee.  Orcs seem to have really gotten themselves to believe that the hierarchy of Orcish society is all there is for them.  

This constant fear of fear, as it were, desensitizes them to fear itself, making them generally agreeable in terms of having a good understanding of life and death.  The lack of what Men might call love in the life of an Orc means that they look for companionship wherever they can find it.  It is quite common to chance in a seat near an Orc, and solely by virtue of this coincidence be the recipient of what could be their greatest kindness they have available.  They will tell you their life story, and be ready to fight that evening defending you.  However, should the tide turn clearly against them in such a fight, you can bet they will disappear or double cross you.  After all, it is probably what happened to them and they will assume you would do the same.  

In the eyes of an Orc, all others are Orcs.  

It is surprising that such a society based upon self-destruction can surive, and indeed it would collapse very quickly if it were not for the influx of new blood, or support from above by wizards, Men, elves, and those who wish to use the Orcs for their own purposes.  

So what of the lanugage?  

Like most on Middle Earth, Orcs speak brief simple syllables conveying meaning, each of which can be traced back to its own origin.  The basic grammar and structure of meaning is too old to trace, many people claiming “ancient elvish” as the basis of all language.  In practice, it seems at first quite easy to learn as it has taken bits and pieces from all those in it's grasp.  There are words of all tongues on middle Earth that have found their way into Orcish.  Perhaps surprisingly, there are a great many who are quite proud of their language and claim to be the ultimate arbiters of its correctness.  Well, maybe that isn't so surprising.  Every language has such claimants I suppose, and in the case of the Orcs it appeared to me these were only the usual excuses from authority to blindly “exercise power”.  In practice, it is a neverending struggle as every Orc has their own dialect.  Well as you computer scientists and linguists know, all the languages are the same.    

Do they really smell?  

Yes.  In actuality it is the smell and the clothing that most quickly identifies an Orc.   It is expected that one wishes to be as repellant as possible, to avoid contact.  This is because contact is generally expected to be of the violent nature.  Clothing also represents this Porcupine mindset, generally being a light armor that one can wear at all times, offensive if possible, a full armor being too cumbersome for permanent wear and anything less being dangerous to ones health.  Bathing, as are concerns of health of most any sort, are generally considered signs of weakness and will be dealt with accordingly.  

Safety Guidelines

If you ever need to move about in Orc country, it is advised to dress like an Orc.  Generally it isn't as hard as it sounds, as long as some weaponry is available.  Just get dirty.  Most important is to maintain the mindset and behavior of an Orc, as this will generally make you invisible very quickly.  Show suspicion of everything and anyone, and general disdain for anything weak.  Provide a clearly false facade of loyalty to hierarchy.  Work for fiat currency issued by whatever Orcish corporation seems to control the land, and feign importance of said fiat.  If you do find and trade in public coin, that necessarily means you are not an Orc, at least for that moment.  If you do hold Orcish coin, you are part of the Orcish heirarchy and are in support of the chain of command which is usually tangled, hidden, and constantly changing.  

Final Comments

As you heard from my previous reports, Mordor has some redeeming features.  Nature is alive, and from it hope springs eternal.  I hope you see that Orcs as well have some redeeming features, being at heart folks just like us.  You will encounter them in the days to come, because as the hierarchies that they imagine organize them crumble, the Orcs themselves fall out the bottom and hopefully find some identity in the process.  Orc is not a race, nor really a culture.  It is more a mental condition or illness which can spread in the right conditions.  

-- funkenstein the dwarf

Thanks, I hadn't. 

More to the point, it looks like you have fiat available and people are willing to accept it there.  If so, hold on to your bitcoin.  Gresham's law and all. 

It might help if you asked yourself what you are doing and why.  Why does your friend need exchange commodities?  Food?  Rent?  Real estate?  To pay his/her employees?  Who does he need to procure whatever it is from?  Apparently he wanted the coins so you sent them to him.  What's the problem?   How could we possibly help you with the information you have given us?   

March 16, 2015, 09:35:36
Block 100000
Coinbase reward:  10 LOG  to:   WUmGit3iZhyaWUuHYPJTkKVYnBqPKn59AW
Nonce: 1656907264

100k blocks!  Celebration ensues.  1000LOG Reward sent to woodcutter.  

With this milestone we are now at 10 LOG reward per block.  That's 50 LOG per 10 minute interval.   Nice round number don't you think?  

Lets pause and look at the timeline.  Bitcoin is now at 25 coins per 10 minute interval.  When will woodcoin get there?  

Remembering our reward formula:

subsidy = 1000000/nHeight

we can see that when we double nHeight, our subsidy drops in half.  

Therefore when we hit block 200000, we will be at 5 LOG per block and 25 per 10 minute interval.  
ETA is late Aug. or early Sept. of this year.    

Each halving interval is twice as long as the previous one.  That's what gives us a logarithmically increasing supply.  

Milestone logged.  

Thanks for your attention!  -- funkenstein the dwarf

Cryptonote blocks are also relayed by nodes with IP addresses, and block explorers could report them if they like.  No difference here. 


Nothing stops me from doing the same thing to cryptonote networks. 


How is that important?  Do you see cryptonote chains as being good places to store large amounts of data?  Or built for microtransactions?  How many TX can fit in a 1MB cryptonote block? 

If we didn't think cryptonote's features had some value, we wouldn't be here.  It is worth pointing out that simple fundamental privacy is not something to be offered but something to be claimed.  Lets look at privacy with a specific example to make things more clear.  Using tor, I send some litecoin to a throwaway poloniex account and convert it to bitcoin and send it via coinjoin to a stealth darknet market address so I can buy antibiotics.  How is my privacy? 

Good enough for a hundred quid worth of antibiotics I'd wager. 

On the other end, the dealer redeems with the stealth address and uses tor to move the coin, moving to another alt and through a dice game before cashing out using an e-coin card. 

It is possible to have pretty good privacy with bitcoin.  It just isn't default out of the box behavior.  Could we do better with ring signatures and cryptonote avoiding all the counterparty risk in my example?  Maybe we could.  However we aren't there yet.  First you guys will have to build a working full node wallet that can run with 512M ram, and a javascript library or equivalent for easy paper wallet creation.  That's to enter the race mind you, not to win it.