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There could be merit to this idea, BUT a major stumbling block is who is going to do the mining? Miners need to be paid for their hardware and electricity bills, so the coin needs to have value. Where will it get the value from. Speculation? If not then the voting coin needs to become a mainstream coin. Unless you expect people to charitably mine a coin that isn't worth anything in the name of democracy. Or maybe the government could do all the mining.  What I'm talking about is a possible replacement for the current voting machines. There is no need for a coin to have value. There is no speculation. Who cares about energy costs any more then the cost to light the rooms that you do the voting in. If votecoin technology was used in the poll booth the blockchain would be a short lived entity. You get 1 coin which equals one vote. You spend it in the wallet of the person you wish to succeed. The voting can be scalable to multiple precincts all of which connect to known registered nodes. Anyone can see the number of votes per precinct in real time and it can still be done anonymously; or atleast as anonymous as voting with a ballet. I just don't buy it that you can't do this less anonymous then the current system. Also I see no real difference between running a votecoin as a proof of stake with premine or proof of work. You might want to look into the bitcoin protocol and some of the tutorials about double spending, why we need a block chain and why we have proof of work, and also the statistics about the energy used by the network (I worked it out to be 3 nuke power stations for BTC alone ... a tad bit more than a light bulb). If there is a premine PoS, or the goverment appointed polling stations doing the mining, then there is an easy 51% attack possible to rig the results of the election. No one would trust it, and so the original idea to have a voting system you can trust is flawed. If the mining is done anonymously by citizens then they need a reward. Running a basic rig is like running a fridge - doesn't use much power at any time but when you get billed for the electricity at the end of the quarter you may be in for a shock. Also the graphics cards etc. To get the hashing power you need to avoid 51% you need serious miners who will in turn want serious ROI to point their rig away from DOGE or LTC and towards your VOTECOIN. So they need to get paid somehow. --> A better option may be to reuse the existing and well mined BTC network with transaction fees costs that come from the government and thus ultimately the voter. Then the government fund the technology but cannot manipulate it and it may cost less than the existing voting system requiring lots of manual counting. So what you are saying is that if i have 100 polling sites running this software; These sites are all running the same proof of stake coin software; All nodes are know and registered and only known and registered nodes can connect, effectively making this a private network, someone can still hack me with a 51% attack? I also wont have some kind of record of the attack? If I am running this software for 1 day only at my 100 polling stations, and people arrive and I give them a votecoin to spend on my network, I don't care about the value of the coins as the instance is for only that 1 day. Proof of stake seems like it would solve your power issues. Oh right I didn't realise it was a private network. In that case all you need is a server running PHP and a MySQL database. No need for blockchains or any crypto technology. The PHP could be open sourced so people can verify that it is not doing anything untoward. |
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There could be merit to this idea, BUT a major stumbling block is who is going to do the mining? Miners need to be paid for their hardware and electricity bills, so the coin needs to have value. Where will it get the value from. Speculation? If not then the voting coin needs to become a mainstream coin. Unless you expect people to charitably mine a coin that isn't worth anything in the name of democracy. Or maybe the government could do all the mining. What I'm talking about is a possible replacement for the current voting machines. There is no need for a coin to have value. There is no speculation. Who cares about energy costs any more then the cost to light the rooms that you do the voting in. If votecoin technology was used in the poll booth the blockchain would be a short lived entity. You get 1 coin which equals one vote. You spend it in the wallet of the person you wish to succeed. The voting can be scalable to multiple precincts all of which connect to known registered nodes. Anyone can see the number of votes per precinct in real time and it can still be done anonymously; or atleast as anonymous as voting with a ballet. I just don't buy it that you can't do this less anonymous then the current system. Also I see no real difference between running a votecoin as a proof of stake with premine or proof of work. You might want to look into the bitcoin protocol and some of the tutorials about double spending, why we need a block chain and why we have proof of work, and also the statistics about the energy used by the network (I worked it out to be 3 nuke power stations for BTC alone ... a tad bit more than a light bulb). If there is a premine PoS, or the goverment appointed polling stations doing the mining, then there is an easy 51% attack possible to rig the results of the election. No one would trust it, and so the original idea to have a voting system you can trust is flawed. If the mining is done anonymously by citizens then they need a reward. Running a basic rig is like running a fridge - doesn't use much power at any time but when you get billed for the electricity at the end of the quarter you may be in for a shock. Also the graphics cards etc. To get the hashing power you need to avoid 51% you need serious miners who will in turn want serious ROI to point their rig away from DOGE or LTC and towards your VOTECOIN. So they need to get paid somehow. --> A better option may be to reuse the existing and well mined BTC network with transaction fees costs that come from the government and thus ultimately the voter. Then the government fund the technology but cannot manipulate it and it may cost less than the existing voting system requiring lots of manual counting. |
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1. The web site requires unnatural allegiance. It doesn't feel like a professional site, doesn't look like one, and any allegiance is one you create deep inside of you because of your lust for crypto.
2. The site is clearly benefiting in some way from pump and dump scams because it adds so many stupid coins for no good reason.
3. In crypto you follow people and opinions until their morality is laid bare and exposed for the greedy whores they really are. Then when you find out that your are dealing with a whore it is time to move on and never look back or she will leave you broke and holding your limp noodle in your hand.
Hater! |
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DOGE gets a bashing on the trollbox, and even the occasionally banning but I think it is a great coin. I like the inflation (I think inflation is good for a coin to suppress the speculation and lost coins) and that it is well known and widely used (relatively) for an alt coin. Also a good community with lots of charitable work.
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The answer is ... 42  Send me the 50BTC pls |
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3. You may make 1 or 2 % each round. So to make $10k you need to move $1M about. The payment processors may start blocking you or think you are doing something suspicious.
right but keep in mind that %2 you hit every few days, so it adds up I agree but my point is about the payment processors. If you move $1,000,000 through OKPAY for example, and they really have no idea who you are expect a passport scan, then they may say "hey mister, watcha doing, you a drug dealer?" |
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There could be merit to this idea, BUT a major stumbling block is who is going to do the mining? Miners need to be paid for their hardware and electricity bills, so the coin needs to have value. Where will it get the value from. Speculation? If not then the voting coin needs to become a mainstream coin. Unless you expect people to charitably mine a coin that isn't worth anything in the name of democracy. Or maybe the government could do all the mining. |
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I considered this a while back with gox and btc-e. The reason I didn't do it isn't fear of the exchange going down but rather:
1. It means you keep your money in USD most of the time, you may make more profit just keeping hold of BTC and doing nothing. You lose out of price increases.
2. The arb opportunity can disappear during the confirmation time.
3. You may make 1 or 2 % each round. So to make $10k you need to move $1M about. The payment processors may start blocking you or think you are doing something suspicious.
4. I didn't like the bank withdrawal methods on gox. Thought my money might just 'disappear' in the banking ether come from Japan to the UK.
5. Moving money large money around like this repeatedly scares the shit out of me. One wrong move or mistake and you can lose it all.
I did do one successful arb a long time ago from btc-e to okpay (when they let you load up direct from bitcoin and used the gox price as a reference). This is no longer possible.
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We really are in the wild west. All these half-baked start ups proposing to handle large quantities of cash. This is another example. MtGox is another.
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the way to recover lost coins is called...
vanitygen.
it only takes a few thousand years, or 10minutes if you happen to be lucky with extremely large values of 2.
It would take a unimaginable mathematical or technological breakthrough, or the life of this universe, and then some. |
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My objections:
1. Lost coins cause no problem for bitcoin as a whole, so why fix something that ain't broken?
2. Redistributing the coins uniformly has no real effect if you think about it. Redistributing the coins non-uniformly (e.g. only to miners) would be unfair.
3. Yes it is theft.
4. No one really owns land. Check your history books.
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Im curious why the early adaptors of Bitcoin accepted Satoshis original blockchain instead of creating a new blockchain where everyone could start to mine from the first coin? Or were the earliest adaptors friends of Satoshi?
The first block can not be spent. https://en.bitcoin.it/wiki/Genesis_block |
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why not make this actually interesting and different. in the bitcoin world you can DO MORE and fully automate it.
Here is an idea
how about making it firstly affordable, say 10 BTC for all the pixels
then allow people to 'buy' pixels for twice the previous price - with the money going to the last buyer (but say a small commission to you)
then buying a pixel can be an investment as well as advertising :-)
gamify it a bit.
take advantage of the properties of bitcoin like satoshi dice does.
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I feel sorry for the guy who bought at 266 and for the guy who sold at 105.  Never a dull moment in the Bitcoin ecosystem. I don't feel sorry for them, they might both make a profit. E.g. the guy who sold at 105 purchased at 3 The guy who bought at 266 holds on and sells for 1000 |
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Fair value for a bitcoin? No such thing i'm afraid  I brought some over valued coins at $100 recently on the expectation that other people after me will continue buying them. Thus on the expectation of future tulip buyers paying more than I did. What fun  |
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Writers of articles like this will be so sorry when the price of one Bitcoin will hit 10k. I would be sorry for them, but that it exactly what they deserve.
The writer has bitcoins. He is saying don't but at $120. But $5 was a good deal. |
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or BTC-E if you don't mind the trolls  Or the cheaper bitcoins |
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How about your fingerprint as the basis for the hash? (you'd need something to convert a fingerprint to a 'string')
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Spending BTC100,000 on a few pizza's. It's not the $14M I would now have that bothers me. It's just that I can't lose the extra fat and love handles I now have. |
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