+1 BrightAnarchist
Smooth transaction!
+1 to Immuzikation, thanks for being accommodating  |
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I think what bitcoin's honest users need is not a system of following taint but a system of following and ensuring reputation. Something better then btc-otc ratings or following users on this board.
What I would propose is a site with both proof of stake, proof of past transactions and proof of digital identity. Basically it would be btc-otc ratings on steroids.
We need DROs ( Dispute Resolution Organizations ) in the Bitcoin world. They would provide a form of law and order yet do it in an anarchist and decentralized manner. |
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Why don't you just keep paying it so that those not as fortunate as you will have a little bit of something when they can no longer work?
Do you know the basic principle of insurance? Some people mistakenly believe it's so that over time, the amount of insurance premiums you pay will on average equal the amount you might need to cover that rare accident you have. But that's not right. It's so that the few (we don't know who they will be) will be able to deal with that $100,000 claim. It might be you one day.
When you're twenty, nobody knows where you'll be when you're 70. If you're wealthy, great. If not, then at least you'll have a little something from social security.
Do you know how to smooth your equity curve from investing? The method is called diversification. It might be diversification into different assets, or diversification of different investing strategies. The point is to smooth the equity curve, which reduces risk. Social security is a smoothing function, applied in aggregate, to the country's citizens' retirement income.
You may not know this (I suspect you don't), but if there were enough individuals like you who could opt out of social security, then there would probably be a lot of economic problems revolving around the older generation. Actually, I don't just suspect you don't know that. It's blatantly obvious from your post that you don't.
You obviously don't have a clue about the US social security system. First of all it is already paying out more than is coming in since 2010. Second, by the time he retires THERE WILL BE NOTHING LEFT FOR ANYONE. Additionally they are already talking about taking not just public, but PRIVATE retirement pensions to help pay for "austerity measures". The US government uses social security money as if they own it. They use it to fund other government projects, and to feed their thief crony buddies retiree's money. He worked hard for his pay, he should get to keep every penny if he wants instead of paying it to some bloated bureaucracy infested by fascists and parasites. +1000 Thanks for saying it so I didn't have to. |
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Damn Matt, this is the BEST magazine I have ever read! LOVE it! Technology, cryptography, finance, business, freedom... it has everything. Amazing work.
I am going to sign up for a subscription ASAP
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Looks like Mr Obama received his copy and is showing it off to his advisers:  Oh man that's hilarious. I love this forum  BTW mag arrived in Vegas today wooohhooooo! |
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I got my issue (for real this time)!
Sooo jelly! Still waiting... |
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Hey thanks for the feedback, I am learning a lot more about Bitcoin just by thinking about this stuff ( and realizing how little I really understand! ).
Ideally yes a test altchain is the way to go.
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+1 grue
+1 Kluge
+1 Maged
+1 OgNasty
+1 zhoutong
+1 TangibleCryptography
Great dealings and transactions with all of the above!
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Hmm the more I think about this the more I think it could work.
In reality, you only need to store the most recent balance block and subsequent transaction blocks. As long as you have block headers for all previous balance blocks, you can be assured that noone can cheaply spoof a fake balance chain due to the high cost of each proof of work. You wouldn't even need old transaction block headers, and you could easily bootstrap a new node just by sending them (1) the balance block headers (2) the most recent balance block (3) all transaction blocks that occurred after the most recent balance block.
This would cut storage requirements massively.
I just need to find some free time so I can code this up
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Nice thanks, I'll take a read.
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Still no love in Vegas.  Seconded |
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FYI I made a few edits to the OP ( using strikethrough ) based on the suggestions made thus far
I think it needs to be analyze but it has merit. The reality is Bitcoin will never change to that but it would be a good concept to test in an alt chain. It puts a max limit on how "old" the block chain is. Rather than "from genesis" to now the blockchain becomes more a rolling 10,000 (or 50,000, or 100,000 ) blocks. True, it should be tested as an alt-chain. Maybe "rollcoin" or something. I'm sure there are a million problems with this approach that just aren't immediately apparent |
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FYI I made a few edits to the OP ( using strikethrough ) based on the suggestions made thus far
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Here is what I propose: - In this manner, over time old transaction blocks can be forgotten since the most recent balance block plus the most recent transaction blocks are all that are needed to verify transactions. To keep the integrity of the network, of course, more history should be saved, but we probablly don't need more than a few thousand balance blocks while still being very secure.
Do you think this scheme could work? I'm not even remotely an expert on this stuff, so forgive any glaring errors. Thanks! If you want to be able to verify transactions from "most recent balance block + transactions since this balance block", this "balance block" does not only need to record the balance of each bitcoin address, but in fact (the full details of) each "non-spent" transaction. Some data around block height 181185: there are 659574 bitcoin addresses with a non-zero balance, and 1591739 "non-spent" transactions. This is at least 391 Mb of data you need to include in the balance block (at least 258 bytes per transaction), if my math is correct. Or at least a 1 hour download on a decent DSL line (not taking into account other nodes will want to get the data too). So this can reduce storage space requirements (Mbytes instead of GBytes) and transaction lookup times, but network load will be higher (peers need also to relay the second chain). At the current transaction volume (1100 transactions/h = 400 kb/h or 9.6Mb a day), it is definitely not a good solution: 1 balance block a day = 400 Mb a day (390Mb for that 1 block + 9.6Mb of new transactions), or an increase of 40 times the network load ! Why would the balance chain need to be shared on the network? It can easily be computed using the transaction chain, since each balance block specifically covers "up to" a certain transaction block. Only the nonce values would have to be shared on the network for the balance blocks. |
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Here is what I propose: - Every block in the block chain only pays out
90% 99.9% of its block reward. The other 10% 0.1% is kept on reserve in the block. - A second "balance" chain is created, which consists of transaction chain blocks hashed in a tree along with the usual nonce and a hash of the previous balance chain block.
- Each balance chain block holds the balance of every non-empty bitcoin address up to the point of the last transaction block included.
- The balance chain difficulty is
100X 1000X the transaction chain difficulty. - The node that solves a balance chain block recieves all of the reserved block rewards from the included transaction blocks.
In this manner, over time old transaction blocks can be forgotten since the most recent balance block plus the most recent transaction blocks are all that are needed to verify transactions. To keep the integrity of the network, of course, more history should be saved, but we probablly don't need more than a few thousand balance blocks while still being very secure.
In this manner, the only data required for each full node would be: (1) block headers for all balance blocks (2) the most recent balance block (3) transaction blocks that occurred after the most recent balance block.
Do you think this scheme could work? I'm not even remotely an expert on this stuff, so forgive any glaring errors. Thanks! |
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Don't forget to leave one at UsrLib.. Why haven't we had a beer yet?
We will. I'm just not quite well enough yet to go out. Dealing with my myofascial pain problem is a bitch, but I'm slowly getting better every month w/ physical therapy. |
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I think that this discussion is not very relevant, because general public will decide which option is the best anyway because of Network Effects. After one option is selected by the most of people, there will be no stopping it. This. True. BTW just realized than denominatons of 10K BTC could be called "pizzas" |
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I am ready to order more copies if I like this first one... I plan to "accidentally" leave them all over Las Vegas, whereever magazines are to be found ( hair salons, doctor's offices, etc. )
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WOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO I can't wait until I get mine!! Jealous...  |
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