People that worship POW are people with loads of expensive ascis in their basement.
Nah, we have Unholy Altars of Satoshi where we sacrifice CPUs. |
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PoW: PoS: fixed it for you. I like that. PoS creates no jobs and is owned by only the rich. |
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 PoW PoSOne uses a lot less energy. Which would you rather drive? |
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Not to mention with PoS, if you own/have ever owned 51% of the coins, you will always be able to do a 51% attempt on the chain through the nothing at stake attack. It's just stupid, PoS. I'm sure satoshi thought of it, cause there's way too many flaws with PoS, just go google it.
So theoretically, does that mean if the dev mined the first block alone, would that mean the dev can now always take over the network at any given time? The first block usually cannot be used for anything, nor even spent. But any after that, then yeah. Wow. So the implication is, the currency could never be trusted fully as being secure especially if it becomes valuable enough to implement such an attack. Would it be possible to create such an attack under the radar without affecting the network or raising suspicion that something was up? Well, for ex: The first 50 addresses on NXT's Richlist own over 48% of all coins there is. I would say an attack like that happening is very likely if someone wished to do it, but as you know many people avoid NXT,there aren't many buyers, so buying up the coins and doing an attack like that would just be a waste. PoS is not proof at all. It is really Faith in Stake. There are numerous attack vectors. That's because it is not technology driven, it is sociologically driven. There is much room for human error and malfeasance. There are also ways to mitigate some of them. Just because a network can be attacked, doesn't mean it will. It makes a good fiat currency for just that reason. |
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Not to mention with PoS, if you own/have ever owned 51% of the coins, you will always be able to do a 51% attempt on the chain through the nothing at stake attack. It's just stupid, PoS. I'm sure satoshi thought of it, cause there's way too many flaws with PoS, just go google it.
So theoretically, does that mean if the dev mined the first block alone, would that mean the dev can now always take over the network at any given time? The first block usually cannot be used for anything, nor even spent. But any after that, then yeah. |
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pos > proof of asic
Says the guy using ASIC technology in the computer he trolls with. |
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I guess I just don't take him too seriously. He isn't risking a lot like the rest of us are.
He is worth roughly 140 million dollars. I am guessing he *Might* have around 1 million invested in bit coins.
So less than 1 % of his money is actually invested in bitcoins...Where I know a lot of people have up to 50% of their money on the forums....
I saw a video where one guy sold a kidney to purchase a Monarch. LOL I hope he is enjoying his imaginary monarch It's a nice car, but hardly worth a kidney. |
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Dunno how the Entropy device wasn't already funded by the first few days. Do people even know what it is? It's very cool.
For those who don't know, the Entropy device is a USB dongle that plugs directly into the printer to generate paper wallets that have never connected to the internet or even to a PC. Very clever indeed. https://www.indiegogo.com/projects/mycelium-entropyIs it possible for an entropy device to randomly generate a wallet id that has been generated by another entropy device? You would need it to generate the seed. It would have no entropy. |
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The laws of math are as eternal and immutable as God. Bitcoin is math. Therefore, Bitcoin is the Law of God.
Making up your own rules? Why not refer to the holy bible and find a scripture that backs what you just said? Because you won't find it in the holy bible, that is why. 'the laws of math....etc....' that isn't in the holy bible.... But if I make reference to the word of God, then I am referring to the highest authority, the most high God. I am making references to Gods Living Word. Gods word is alive Nowhere in the Bible does it mention where He created it, yet math is mentioned in Scripture. That means math existed before creation. Of course, I am talking about Scripture, not Gospel. You may interpret His Holy Word any way you wish. |
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The laws of math are as eternal and immutable as God. Bitcoin is math. Therefore, Bitcoin is the Law of God.
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How long before this happens in the US?
When the printing presses break down from the stress. |
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The only thing that will prove Satoshi Nakamoto's existance is a signed message using the receiving address of the genesis block and the few blocks after that.
And a shoe on the head.  |
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Killerstorm,
Could you possibly outline the differences between your implementation and the CoinPrism one?
Also, I've got some trading services I'd like to explore - will you be releasing an API for your colour implementation? That would help me choose between ChromaTokens (?), CoinPrism (no API) and CounterParty (has an API).
Thanks!
Chromawallet is a wallet and a server. It uses JSON instead of an API because it doesn't run on a central server. Others running the client will have to import your short JSON script to see your bids/asks. It would be cool if a central exchange like Counterparty would add Colored Coin to their API to do that for you. Coinprism is like Colored Coin, but runs on an Open Assets server, which is not open source yet. Chromawallet is open source and needs folks to run colored coin servers along with their Bitcoin nodes. |
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 PoW PoS |
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Vitalik Buterin of Ethereum and winner of the Peter Thiel fellowship award ($100k) has an interesting blogpost where he discusses the merits of PoW versus PoS. Check it out here, https://blog.ethereum.org/2014/07/05/stake/He points out Daniel Larimer's TaPos as a promising alternative to PoW. Daniel Larimer recently improved the idea and developed DPOS, illustrated above. This is a kludge. He's trying to solve a complex problem with an even more complex solution. These issues can be done with layers on top of Bitcoin. We don't need to solve all the world's problems today, even if an engineer thinks he can do so. I would really prefer if our best theoreticians and programmers were working on Bitcoin and Colored Coin. Now, having said that, I think it's a great idea to try. There is plenty of room for many more cryptocurrencies. That's a good attitude. What do you think about this quote that it might be a good thing to have different chains having separate fates? Piling every proof-of-work quorum system in the world into one dataset doesn't scale.
Bitcoin and BitDNS can be used separately. Users shouldn't have to download all of both to use one or the other. BitDNS users may not want to download everything the next several unrelated networks decide to pile in either.
The networks need to have separate fates. BitDNS users might be completely liberal about adding any large data features since relatively few domain registrars are needed, while Bitcoin users might get increasingly tyrannical about limiting the size of the chain so it's easy for lots of users and small devices.
I see this as a sociological issue "getting increasingly tyrannical" and such. This is why I see Bitcoin itself becoming the de facto reserve currency, and not so much a local one. The blockchain will be constrained by miners by simply making the fees exorbitant for local users. My father used to say "Price, Quality, Service. Pick any two if you want to stay in business." Bitcoin is the DNA building blocks that can be fashioned into things that are wondrous and monstrous. I suspect the nations and states will choose an alternate cryptocurrency or derivative coin that best serves its political ideologies, but if they want to play the global economics game, they will use bitcoins. |
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Vitalik Buterin of Ethereum and winner of the Peter Thiel fellowship award ($100k) has an interesting blogpost where he discusses the merits of PoW versus PoS. Check it out here, https://blog.ethereum.org/2014/07/05/stake/He points out Daniel Larimer's TaPos as a promising alternative to PoW. Daniel Larimer recently improved the idea and developed DPOS, illustrated above. This is a kludge. He's trying to solve a complex problem with an even more complex solution. These issues can be done with layers on top of Bitcoin. We don't need to solve all the world's problems today, even if an engineer thinks he can do so. I would really prefer if our best theoreticians and programmers were working on Bitcoin and Colored Coin. Now, having said that, I think it's a great idea to try. There is plenty of room for many more cryptocurrencies. |
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they're so knee-deep in shit that there's not really much else they can do. It's really time that people see the benefit of Bitcoin.
it's not like bitcoin is the only other alternative option though. What are alternatives besides Bitcoin? |
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while reading all comments and usefulness.. im also trying to find solutions to the ability to make duplicates.
so lets say that there was a new version of zip encryption that could lock data inside. the main password was the privkey, and the zip program generated a thumbnail if someone entered the publickey.
so now the privkey is obviously of the address that contains the coloured coin. and anyone in the world can have a copy of the zipped up file and know the coloured coin public address. to verify it as being real and valid, by seeing a thumbnail using the public address of the coloured coin
the owner can write a signed message (as he is the only one with the privkey) to show he is the owner of the privkey and ultimately the only one with access to the true high quality 'print'.
ok i think im on the same page as cbeast...
so the owner using the privkey can sign messages announcing the sell of the art and include an auction site or email to contact him for the sell)
in a ethical world that cbeast wants the art world to be. once the buyer hands him the bitcoin. the owner gives the buyer the privkey. now the new owner, can make a new privkey, move the coloured coin from old address to the new address and rezip the image under his new privkey, announcing that all he now has control of the coloured coin.
even if millions of copies of the zip file spread the planet. all people would have access to is the thumbnail
now then....
whats stopping the old owner from then giving away the original privkey to 1000 people so they can open version one zipfile (old password) that have thousands of version1 copies around the internet, thus giving everyone access to the high quality image.
I'm not talking about that at all, but I'm glad you are brainstorming. I'm not against the idea, but I'm not a security expert. whats stopping the owner from not selling the privkey to just one person but to 20 people simultaneously, knowing it will take 10 minutes for the coloured coin to move. giving him a nice 10 mile head start with 20 peoples money. simply because he didnt want to sell it to just one. i know in the end only 1 person will have the privkey for the coloured coin.
Use escrow. but in both scenario's unlike canvass painting. if 20, 1000 or millions people have a high quality image.. they dont care about the coin.. thus making the coin useless..
This is a moral question. Do you donate to shareware? Again for the third time, I'm not trying to defend copyright. The coin gives you bragging rights. It is a collectible. If an art piece ever becomes legendary, people might value the coins. .... i think cbeast is trying to make it that the coin is the true value of the digital art.. but once people have the image in a quality resolution they want, the coin is useless and valueless to everyone. and yes a few people may b butt hurt that the first owner scammed them..
but how would you stop it!
It's art speculation in the digital age. |
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why we need girls??
Because we can't procreate alone? Because without girls who's going to tell us when we are wrong? JUST KIDDINGYou wouldn't be "just kidding" if you didn't think you might be wrong. Remember the Red Green man's prayer: I'm a man, but I can change, if I have to, I guess. |
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People need to stop caring about Bitcoin as a currency, virtual or otherwise. It is far more valuable as a protocol.
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