Bitcoin rarely checkpoints. PoS checkpoints every block. Bitcoin is phasing out checkpoints completely in next upgrade.
Thanks for reminding me why you are on my ignore list, you like to blatantly lie about PoS facts to suit your own argument. Even when I already told you, a pure PoS system, like Bitshares, has no checkpoints, you still lie about PoS needing checkpoints. Did Bitshares change from DPoS to PoS? |
|
|
|
pretty sure the core devs all agree, pow is the only proven secure method to achieve distributed consensus.
How could they not? since they are entrenched in the PoW mindset, and is confrontational when even someone mentions PoS. But the reality has PROVEN, that PoS is more secure and more community friendly (due to not having to transfer value out of the eco-system). what proof do you speak of? 1. Many PoW altcoin has been 51% attacked, to the point the Dev just given up fighting back. Zero PoS altcoin has been successfully attacked so far. 2. In the altcoin competition, the PoS eco-systems has naturally risen to the top, on coinmarketcap right now, #4,#6,#7 are PoS, and #10 is a subsidiary of #4. #1 Bitcoin, #3 Litecoin has early mover advantage, #2 Ripple is a scam that is non-PoW and non-PoS. I expect Litecoin will soon lose to a PoS eco-system in less than a year. If Bitcoin keeps PoW, it'll be next, in 3-4 years time probably. This is because PoS re-invest in the community and eco-system, PoW transfers value out of the community and eco-system, into the pockets of hardware vendor/electric company. Proof of Stakes rely on central checkpointing, (and therefore aren't distributed. ) And they are vulnerable to nothing at stake attacks. Perhaps PoS haven't been successfully attacked but I don't believe it is scalable. Nope, just the contrary, PoW relies on centralized checkpointing, Bitcoin has checkpointing. PoS does not need centralized checkpointing because it's so hard to attack it, Peercoin is now fading out the checkpointing, because PoS has taken over the network, and PoW is fading out. BitsharesX, a pure PoS system, has no checkpointing. NAS attack against a PoS system is pretty much fictional. When I asked why it haven't happened yet in reality, Gavin's reply was basically "people might not have figured out a good way to attack or built the tools to attack it yet". Well I'll believe it when I see it, so far I haven't seen it happen in reality, though you are welcome to change my mind, go initiate a NAS attack on a PoS system, see how far you could get. I could attack any smaller PoW altcoin right now, with just a handful of ASIC machines. The weakness of PoW security is PROVEN, and exists in reality. All the PoS attack theories are UNPROVEN, and doesn't exist in reality. So I'm not sure why Bitcoin is sticking to a proven insecure system, with $500 million current annual expense. But not adopt a system that have no security issue in reality, and has nearly no expense. Bitcoin rarely checkpoints. PoS checkpoints every block. Bitcoin is phasing out checkpoints completely in next upgrade. |
|
|
|
|
Where are the suicide hotline posts?
|
|
|
|
I never understood why Proof of Work (or Proof of Stake, Transaction, Importance...) should make a crypto a commodity money. There is NO intrisic use of cryptocurrency tokens - even the most " intrinisically useful cryptos" (Primecoin and Riecoin) are still far from commodity money. So, if Proof of Work is not asset-based (commodity), then it is fiat. Period. Tell that to the miners that invested small fortunes in mining equipment that their PoW is not asset based. That's like that song " Money for Nothing" by Dire Straits. Just because you don't understand how it works only makes you sound foolish. |
|
|
|
Ok, this isn't really a revolutionary idea as a way to remove the need for historical checkpoints.Bitcoin will be removing the need for checkpoints with the headers-first sync in the next version. its a replacement for 100% pre-mined, or developer checkpoint centralized PoS blockchains. fyi: PoS coins are now dependent on checkpoints.. unlike Bitcoin. The checkpoints are solving two different issues with PoW vs. PoS. In PoW it prevents faster hashing from rebuilding lower difficulty chains. In PoS they are the duct tape holding everything together which works fine if there is one central major stakeholder. I'm just not sure that Bergstake isn't even more elitist than DPoS. what about proof-of-skill? Proof of Skill as I understand is re-signing old blocks. I don't see how that proves anything. It gives extra permanent stake for miners that develop faster technology mining. It can easily be abused if the developers already have GPU and ASIC mining available and only release CPU mining as open source. no, there is no mining in Satoshi Fantasy , proof-of-skill . its Bergstake earned via fantasy football skills vs via mining in Breakout coin. BRO uses CryptoNote so there already is GPU at launch A coin that is also a game. Now that is interesting. Would it work with Magic the Gathering too? gox! lol. i dont know.. what are the rules? Never played it. I will be curious about any stake based coin game. I've been working on one as well. lets hear Let's just say it's diabolical. |
|
|
|
When you consider that 3600 new bitcoins are being generated every day, the market cap hasn't gone down as much as you think when averaged over the last 8 months since Gox collapsed.
thats because not every new coin gets sold and there is of course some new fiat coming in just not enough to keep pace with coin generation im picking numbers out of thin air but lets say 100million new fiat came in in 2014, this was perhaps 10% of what was needed to keep the price at 1k and so the price naturally crashed,but without mining going on that 100 million may have exceeded the total value of coins on exchanges and been enough to double the market cap and give us 2k btc by xmas 2014, the numbers may be very far off but you see the reasoning btc is meant to be be a deflationary store of value but mining process stops it from being that, im seriously fucked off because i want to retire on 10k btc in a couple of years and probably could if it wasnt for miners dumping When you say that you need 10k BTC to retire, what do you intend to do with them, dump them? I'm curious why you think you need X amount. |
|
|
|
The mining farmers are the first geniuses to figure out how to outcompete other miners. To the victor go the spoils. This is a celebration of capitalism!
it is also destroying the value of btc, we need about a million new dollars daily to buy all the coins being generated assuming they all get sold, if that money is not found the price will keep collapsing, of course you dont care you've been here since 2011 and hopefully cashed out enough to live on forever, for the rest of us the pow system has been a disaster When you consider that 3600 new bitcoins are being generated every day, the market cap hasn't gone down as much as you think when averaged over the last 8 months since Gox collapsed. |
|
|
|
|
This concept is much bigger than a traditional CU. Private key management schemes can be secure and scalable to any size. I would like to see families learn to manage their own Bitcoin CU that is not under any jurisdiction. They would form the foundation of a Bitcoin economy. I think the Philippines is a good place to try it because families are quite large and close.
|
|
|
|
What would you do if you would live there. Barricade and fight it or get the hell out of Texas.
I wouldn't do much. It's not all that easy to get. I see a lot of media fear mongering going on and I see alot of people commenting on facebook and other forums about how scared they are. Basically to get ebola, you have to be in direct contact with an infected persons blood, feces, urine, vomit, and/or semen. Look at Africa, a very small number are dying from the "epidemic"  If you still have doubts that you might have it, there is this simple test you can take: http://www.deathandtaxesmag.com/228818/quiz-do-you-have-ebola/  Ebola is spread by monkeys and bats. Don't think it causes a real threat to the western world.
Ebola starts from bats but when it is in humans it spreads extremely easily from human to human. No, it doesn't. It isn't air born, so unless you are in direct physical contact with their bodily fluids, you're safe. diyng for diarrhea?  It's s crappy way to die. |
|
|
|
the market is bleeding out cash slowly but surely .
everyone is hoping for a new late november pump but im afraid this year bitcoin is going to get dumped and dumped again.
btc will be dumped to 200 $ or even less by the end of the year.
waiting for the final capitulation of BTC and rise of a new coin.
Me too  But it was fun  Price has nothing to do with Bitcoin development. Bitcoin development is leaving jurisdictions where progress is oppressed. Trading cycles have more to do with price. Sure, there were shenanigans teasing the market, but the market isn't that stupid. If government bureaucrats had not been manipulating sentiment, there wouldn't have been such a panic sell-off in the first place. Hostile governments will be bypassed. Volume has been nothing compared to last winter. New markets are emerging that are friendlier. Winter is coming. Price has everything to do with bitcoin development . You couldnt be more wrong ! If bitcoin goes down mining becomes unprofitable. Network goes down also . If bitcoin goes down interest from the merchants goes down . If bitcoin goes down markets will blow their nose in bitcoin and toss it on the sidewalk like a used napkin . The idealisitic suckers who believed in a better world , in a bitcoin world , well... if they havent been ruined in trades , because they have no idea what they are doing , they will be left with some digital bits in their pc. Its all about the money , the fiat . That gives value to bitcoin. If fiat faith in bitcoin disapears from the people with the full pockets then bitcoin will disapear also. Bitcoin is highly volatile and highly risky and still feels like a wild ride . If there is no money to be made in bitcoin there is no bitcoin. Untill there is some stability there is no chance for bitcoin to rise trully and be recognised as having value into itself . Right now bitcoin is directly dependant on other curencies giving it value . This is why i state that bitcoin is like a child , it cannot survive on its own . Because im feeling generous this morning im going to tell you how bitcoin can get stability. Check this out : A country , anywhere in the world , needs to dump its national fiat curency and go full crypto. When that will happen crypto , any crypto , will have the much desired stability and evolution. Personaly i dont see bitcoin as the coin adopted . We will have to wait and see because the natural reaction of goverments is to ban first ask questions later. As it has already happened. |
|
|
|
Ok, this isn't really a revolutionary idea as a way to remove the need for historical checkpoints.Bitcoin will be removing the need for checkpoints with the headers-first sync in the next version. its a replacement for 100% pre-mined, or developer checkpoint centralized PoS blockchains. fyi: PoS coins are now dependent on checkpoints.. unlike Bitcoin. The checkpoints are solving two different issues with PoW vs. PoS. In PoW it prevents faster hashing from rebuilding lower difficulty chains. In PoS they are the duct tape holding everything together which works fine if there is one central major stakeholder. I'm just not sure that Bergstake isn't even more elitist than DPoS. what about proof-of-skill? Proof of Skill as I understand is re-signing old blocks. I don't see how that proves anything. It gives extra permanent stake for miners that develop faster technology mining. It can easily be abused if the developers already have GPU and ASIC mining available and only release CPU mining as open source. no, there is no mining in Satoshi Fantasy , proof-of-skill . its Bergstake earned via fantasy football skills vs via mining in Breakout coin. BRO uses CryptoNote so there already is GPU at launch A coin that is also a game. Now that is interesting. Would it work with Magic the Gathering too? gox! lol. i dont know.. what are the rules? Never played it. I will be curious about any stake based coin game. I've been working on one as well. |
|
|
|
|
I'm expecting another Gox type event when the panic buying starts. I never recommend bulk buying or selling. Use cost averaging incremental trading always. The profits are not as much, but you don't kick yourself for getting burned.
|
|
|
|
Ok, this isn't really a revolutionary idea as a way to remove the need for historical checkpoints.Bitcoin will be removing the need for checkpoints with the headers-first sync in the next version. its a replacement for 100% pre-mined, or developer checkpoint centralized PoS blockchains. fyi: PoS coins are now dependent on checkpoints.. unlike Bitcoin. The checkpoints are solving two different issues with PoW vs. PoS. In PoW it prevents faster hashing from rebuilding lower difficulty chains. In PoS they are the duct tape holding everything together which works fine if there is one central major stakeholder. I'm just not sure that Bergstake isn't even more elitist than DPoS. what about proof-of-skill? Proof of Skill as I understand is re-signing old blocks. I don't see how that proves anything. It gives extra permanent stake for miners that develop faster technology mining. It can easily be abused if the developers already have GPU and ASIC mining available and only release CPU mining as open source. no, there is no mining in Satoshi Fantasy , proof-of-skill . its Bergstake earned via fantasy football skills vs via mining in Breakout coin. BRO uses CryptoNote so there already is GPU at launch A coin that is also a game. Now that is interesting. Would it work with Magic the Gathering too? |
|
|
|
Ok, this isn't really a revolutionary idea as a way to remove the need for historical checkpoints.Bitcoin will be removing the need for checkpoints with the headers-first sync in the next version. its a replacement for 100% pre-mined, or developer checkpoint centralized PoS blockchains. fyi: PoS coins are now dependent on checkpoints.. unlike Bitcoin. The checkpoints are solving two different issues with PoW vs. PoS. In PoW it prevents faster hashing from rebuilding lower difficulty chains. In PoS they are the duct tape holding everything together which works fine if there is one central major stakeholder. I'm just not sure that Bergstake isn't even more elitist than DPoS. what about proof-of-skill? Proof of Skill as I understand is re-signing old blocks. I don't see how that proves anything. It gives extra permanent stake for miners that develop faster technology mining. It can easily be abused if the developers already have GPU and ASIC mining available and only release CPU mining as open source. |
|
|
|
Ok, this isn't really a revolutionary idea as a way to remove the need for historical checkpoints.Bitcoin will be removing the need for checkpoints with the headers-first sync in the next version. its a replacement for 100% pre-mined, or developer checkpoint centralized PoS blockchains. fyi: PoS coins are now dependent on checkpoints.. unlike Bitcoin. The checkpoints are solving two different issues with PoW vs. PoS. In PoW it prevents faster hashing from rebuilding lower difficulty chains. In PoS they are the duct tape holding everything together which works fine if there is one central major stakeholder. I'm just not sure that Bergstake isn't even more elitist than DPoS. |
|
|
|
Ok, this isn't really a revolutionary idea as a way to remove the need for historical checkpoints.Bitcoin will be removing the need for checkpoints with the headers-first sync in the next version. |
|
|
|
Whatever model you used, don't adjust it. Burn it with fire.
Respectfully, intangible things do not combust. Nor would I destroy it if that is your meaning, rather I plan to adjust it given more data. Please share when you do. I can't imagine that anyone can come up with a reasonable story about Bitcoin growth at this point. the Log Log chart is now a thing of comedy in bitcoin history. I would like to see a log chart with volume over time factored in as weight. Such a chart would put things in better perspective. This low volume activity dumping price is suspicious. |
|
|
|
has anyone looked at Bergstake or BRO or Breakout Coin? its PoS without checkpoints
Do you have a link to the Bergstake white paper? |
|
|
|
yo, its just a CryptoNote clone.. so its as CPU mined at CryptoNote is. his point is about Proof-of-Bergstake. which is innovative and new.. and fixes Nxt and peercoin issues. BRO  but anyway I can already see holes in the Proof of I-was-an-early-adopter-because-I-had-a-GPU-miner scheme. The fact that stake comes from proof that you were a miner is just as fallible as pure stakeholders. It has many other weaknesses, but I'll wait until it's fleshed out more so I don't keep getting "oh, we already fixed that so it will be in the next version." |
|
|
|
|
Show Posts
