How would you control cheating? Would the system generate different questions each time it was run?
You add randomness by using a seed node. You take Raven's progressive matrices and if you have enough puzzles and they are shuffled like a deck of cards so that each time we play it's in random order then there is no way to cheat. You either get good at solving these types of puzzles or your IQ isn't high enough in that particular test. I would include all kinds of tests though and not just the obvious type IQ test. Raven's progressive matrices don't include any words or language it's just puzzles so the bias is minimal but I admit there is a bias toward visual thinkers because these are visual questions. So I would include tests which test hearing, or empathy or anything else. The point is to use these tests to generate stakeholders. The higher the score on these tests the larger the stake. The only real kind of cheating which wouldn't be easy to stop would be someone else taking the test on their behalf but honestly it should not be so serious of a test where we have to put people under surveillance as they take it. It should be more of a fun game which rewards highly intelligent highly empathetic or highly talented people (or at least people who are good at solving the puzzles and beating the tests). Sound like a good idea. I wouldn't want to participate because I would just embarrass everyone  Arn't IQ test culturally bias? ie. You need a different IQ test for Americans than you would for the British? It should be treated more like a brain game or brain exercise which rewards you as you gain more points. The points can be redeemed for cryptocoins. Rewarding those which score high on an IQ-test. What for?
To foster the ongoing abuse of IQ-testing to boost the self-esteem of a selected group of high scorers?
Better educate yourself on the history of IQ-testing, the limitations of interpretability of the IQ concept and of any test score per se.
I know what IQ tests are and have scored highly and scored average before. I don't consider the IQ test to be a serious measure of intelligence but more like a game to keep the brain sharp. If you treat it like a game you'll find you'll score much higher than if you treat it like it's something real. The point is to turn IQ testing into a brain training game. http://brainworkshop.sourceforge.net/I'm not interested in politics. Just in giving people a way to earn coins by passing some kind of challenge similar to how Proof of Work allows the CPU to pass a challenge to mine coins. If it works then you'll score as high as you can on any test you take and your highest scores will be turned into shares which are redeemed for coins. |
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We've been losing good members for months now. The post about a dismal level of discourse is telling. If things do not change in these forums we will continue to lose smart contributors like Jason. For those of you who do not know what Jason did for the community let me tell you. He, along with Gusti and a small group of other engineers, tried to develop a public mining asic chip. While they didn't complete their task the effort was nothing short of amazing. When I arrived on the scene almost exactly two years ago it was a small and fun community of computer geeks. Like half of you we came to mine bitcoin. We were mining on deepbit and slush's pool and using the brand new cgminer, it was awesome. People were helpful and kind and it was a community. But things have changed. Part of the problem comes from the traffic. The admins claim they just do not have the time to manage all the noise. With more than 100,000 registered members and sockpuppets their task must be daunting. But that's why people gave them money, right? It recently came to light that Theymos is now paying the moderators and that he is distributing the $600,000 worth of bitcoin the forums have collected from donations in addition to the $130,000 per year the forums generate by running BFL ads. Now I'm not here to tell Theymos what to do with HIS money but I'm tired of the lack of support from he and the team and the fact that they hold more than 1/2 million dollars and are doing little to improve the forums is embarassing so I'm calling them out and starting a new forum. So I am calling for a group of volunteers to help design the next version of this forum, bitcointalk 2.0. If you want to volunteer or you have an idea to improve the forums in the next iteration please post it here. Any and all are welcome to post. If you do not want to reveal your main avatar feel free to create a new account just to post in this thread. With no rules here, no privacy policy, no terms of service, sock puppets are encouraged and that is, imho, half the problem. What would you do different if you were in charge of this forum?(Edit: June 30) Here's the list we've come up with so far: Brand: -Cryptocoin or Bitcoin only??? -Catchy - easy to remember name Possible Platforms: (vote here - https://bitcointalk.org/index.php?topic=246936.0) -Discourse -Xenforo -MyBB -SMF Mandatory Requirements: Good Design - Anonymous or Transparent? > what form of company is the forum? > what country should the forum be hosted in? - The site should be modern - Better mobile platform support > Tapatalk? - Better social media support > Integrate with o - Bitmessage o - Facebook o - other? - Offers two factor authentication o - Google authenticator Rules: - Defined Up Front > Terms of Service > Privacy Policy > Moderation Policy o - deleting spam posts o - only one account per user (sock puppet ban) o - bans on users that are obvious scammers o - qualifications for perma-ban (what constitutes a ban?) > Moderators o - volunteed vs paid o - how selected o - how removed What should be added or removed to/from this list? Invitation only? Support micropayments throughout the site for a permanent funding mechanism to replace ads with fees. |
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The idea here is to take Raven's progressive matrices and other culturally agnostic IQ tests and set it up so the higher the individual scores the more coins they get.
The highest scorer should receive a bounty of a basket of various crytocurrencies including Bitcoin, Litecoin, PPcoin, Primecoin, Novacoin etc. Only this bounty should not pay out all at once but at random times and amounts over a period of 1 month similar to how Devcoin receiver shares pay out.
The goal of this site should not be to make people compete with each other but to encourage people to surpass their previous highest score. The goal of the test should also be to provide incentive for people to take the IQ test in such a way that motivation is high prior to taking the test (low motivation can skew the test results). Finally the reward in a basket of cryptocoins would be to make the winners into stakeholders in the future of cryptocurrencies.
Please tear apart my idea. If you think it's a good idea you can tip me
BTC 1MMzmBAJHQogC759fF3xGK4dtbYVn96BgE
LTC LL3p9GnhH8HGtYSbwq6WQ1hSYvjWjAEwyH
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how is iq related to unemployment? if anything it has a negative correlation. please explain your hypothesis.
People with high or low IQ's are equally likely to be unable to find a job in the future. IQ has nothing to do with career success or job performance. But it does have a lot to do with problem solving abilities. as little as I appreciate these societies and less the OP's hypothesis, an endorsement by them, the pirate parties, the think tanks, the presidents, the universities, the Alexa-high-ranks, the … whatever has influence to its direct associates and beyond can only be good for bitcoin, so go for it.
Personally I consider it better to have people that are considered intelligent to consider bitcoin a good idea than to sell the idea of bitcoin to people that themselves consider themselves intelligent more than anybody else.
Do we want Bitcoin to be something only used by drug dealers, prostitutes and conspiracy theorists? The goal should be to attract all the brightest people on the planet to the Bitcoin source. It's for marketing but also because it's better for the world if we get really high IQ people to actually l think about Bitcoin. im gonna disagree with you on this, ever seen idiocracy?
secondly, intelligent people are hardly ever unemployed as they can acquire new skill sets relativley quickly or are in a field that is economy proof.
How about you look at real life instead of movies? Some of the most intelligent people on the planet have to resort to jeopardy to make money. Others basically live off their fame of having scored really high on the IQ test. The rest who didn't score so high to be famous but not so low to be normal, they are more likely to be unemployed than the lower IQ folk. No matter how smart you are, no matter how many skills you can acquire, opportunities are never free. If you don't have a GED or college degree you receive less opportunities than if you did no matter how smart you are. If you're the wrong gender or wrong race you'll have less opportunities no matter how smart you are. If you're an ex convict you'll have less opportunities no matter how smart you are. Having opportunities in life has nothing at all to do with hard work, intelligence, or anything else. If you're a member of these high IQ societies you'd know that they are struggling in this economy just like everyone else, only their suffering is much worse because they have a high enough IQ to see what is wrong with society but no power to fix it. These are the exact people who would understand what Bitcoin can do and who would have the free time and natural ability to contribute. |
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You speak as if IQ is correlated in any way to how well a person will be able to perform in a job or how "smart" he is.
I never said anything of the sort. If you actually read what I said, it was more about marketing than anything you're ranting about. Often times I see the biggest fools get the highest IQ, Benjamin Netanyahu is alleged to have an IQ of 180 which makes him the 8th most intelligent person on earth, now that makes me think either the test was horribly flawed or the organization that issued it is corrupt.
And a lot of people with high IQs want to use it doing something good for the world. What is your point? A lot of people with low IQ's are corrupt. Benjamin Netanyahu is the biggest ice cream eating, war mongering idiot the face of the planet has seen.
What does Benjamin Netanyahu have to do with any of this? Are you against Israel or something? |
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(4) Raw gh/s figures are irrelevant given that only a tiny number of firms have ASICS designs. THESE COMPANIES NOW EFFECTIVELY CONTROL THE NETWORK
AMD is the only manufacturer with a GPU design that has 3,200 ALUs, in addition to having BIT_ALIGN_INT. Therefore, ONE COMPANY (AMD) EFFECTIVELY CONTROLS THE LITECOIN NETWORK [see what I did there?] But that ONE company sells to any and all who want it. No shortages. No taking orders months before availability. AMD is an actual supplier. ASICMiner has kept the vast majority of its output for itself, then spread around a bunch of USB's to even out the rest of the network at a hugely inflated prices. Avalon appears to be very slow in fulfilling promises (i.e. orders) Butterfly Labs... well, I got my Sept 2012 order yesterday, which explains that. And all the other rumored ASIC producers are targetting those who are already wealthy from mining bitcoins already, ramping up production on multi-thousand dollar machines. Face it, the reason that Bitcoin took off the way it has so far was because everyone could participate, profitably, with a minimal investment. Seeing the recent shifts towards Litecoin from Bitcoin (LTC is now 60% more profitable to mine than Bitcoin, and this is after a probable influx of GPU units that have fled BTC do to lack of profitability, that should be the biggest wake up call. Seems everyone with either ASICMiner shares, Avalon miners or the small contingent who have started getting orders from Jalapeños are content so they're quick to defend the status quo and say "of course nothings wrong!", while the populace that created and drove BTC's value is slipping away. And I say that as a new ASIC owner. I'm more than happy to sell, BTW, but not at the prices that get thrown around on here, as running it will be a money losing operation after month two. Until it sells, I'll be using the BTC's generated to: A) buy ASICMiner pass-through shares B) accumulate Litecoin and PPCoin. And the dividends from those shares will be devoted to buying LTC's as well. Greed and ASICs are killing Bitcoin. Litecoin at least attempts to restore the peer-to-peer aspect... my hope being that if Scrypt is as vulnerable to ASIC's as some nay-sayers say, that the developers can stay a step ahead of ASIC hardware if at all possible... How do you complain about avarice when you have an ASIC, Asicminer shares, and a huge stash of LTC and PPC? |
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What a load of nonsense. Seems to be an amazing number of LTC supporters showing up this week talking nonsense. Part of the FUD campaign against BTC in preparation for MtGox's launch of LTC trading I've no doubt. LTC has been pump-and-dump since inception. Please take note everyone.
I disagree. Most of his points are accurate and reflect the people that I know. The price lowering though is coming more from the larger ASIC players not only controlling the supply of BTC's but also selling more of them then a typical small miner would do. A small miner is more likely to spend BTC in the Bitcoin economy while a larger player is most likely selling most coins right into the market. The real failure is that many small miners DID invest in ASIC hardware and they DO NOT HAVE IT. If they had that hardware now, the price would probably be more stable and higher. The largest ASIC player is owned by thousands of shareholders each who receive a relatively small amount of Bitcoins. If Joe Smith average AsicMiner shareholder gets 3 BTC in dividends and sells them how is that any different than Joe mining 3 BTC and selling them. No one average is getting 3 BTC in dividends. That is an early adopter big shot not the average Joe Smith. You probably don't own a single share. |
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Some dumb fuck has hacked my Forum name so its best to ignore any PM's from drwho88888 for now.
Its amazing how many small minded twats there are in the world
Next time choose a password which isn't 88888. |
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The Zerocoin people are going to release a library in a couple days that any Bitcoin protocol-based currency can implement. The problem with Bitcoin implementing it directly is that it's very cumbersome - transactions are large and verifying them is CPU intensive. The result would be that Bitcoin would have a much harder time staying decentralized while it scales up. However, alt-coins will undoubtedly implement it, and compete with Bitcoin for market share. In anticipation of this, I'd like to describe a way that a Zerocoin alt-chain could be implemented that would reinforce Bitcoin, rather than destabilize it, as well as the incentives that the existence of Zerocoin alt-chains creates for Bitcoin miners. Symbiotic Zerocoin alt-chain:Zerocoin could be implemented on an alt-chain that's merge-mined on the Bitcoin blockchain, where new currency units are allowed to be created (perhaps at a limited rate) by anyone who has provably destroyed an equivalent number of bitcoins (using OP_RETURN), and mining the Zerocoin chain is incentivized by transaction fees and the value that a strong symbiotic Zerocoin chain would add to Bitcoin. The market would determine the amount of bitcoins that move over to the Zerocoin chain; if the value of a zerocoin rises much beyond that of a bitcoin, then people would tend to turn bitcoins into zerocoins and profit off of the difference. By functioning symbiotically, the bitcoin unit of account would be reinforced instead of destabilized - the Zerocoin chain would act like "a rising tide that lifts all boats" instead of only its own at the expense of bitcoiners'. Zerocoin mining revenues would go toward strengthening the combined mining network. Users wouldn't have to speculate on how many of their bitcoins they need to trade for zerocoins, and at what price, in order to retain their purchasing power. If Zerocoin turns out to have seriously damaging bugs or scalability issues, then conservative users that keep their long-term value parked on the Bitcoin chain won't have to worry about going down with the ship. This would also set a nice precedent that new coins can be adopted without threatening the stability of their predecessors. Incentives faced by Bitcoin miners:If the demand for a Zerocoin chain is large, then Bitcoin miners collectively have an equally large incentive to provide one in order to avoid losing market share, and they are in a position to provide by far the most secure one. They could mine an alt-chain that competes with Bitcoin, but I hope they see that the correct collective strategy ( https://en.wikipedia.org/wiki/Nash_equilibrium) is to mine a symbiotic one like I described above, and only that one. By mining a competing one, a miner might earn more immediate inflation revenues (though profitability will in any case be driven down to a minimum in the long run due to stiff mining competition), but they would do so by reducing the utility of Bitcoin as a store of value, and thus cryptocurrencies in general: if the flagship one can't preserve this functionality in the face of new innovations, then people will recognize that likely none of them will be able to. In turn they would detract from the future value of their own hardware. To get a sense of the incentive of a miner to preserve the store of value function, consider that a single person storing $100,000 in value for a year contributes to the overall valuation of the currency during that time as much as a thousand people that casually use it for transactions and only keep on average $100 stored in it at any given time. It thus strikes me as potentially important enough of an issue in some cases for miners to actively discourage the merged-mining of alt-chains that detract from Bitcoin's store of value functionality, by refusing to build on blocks that do this, and by merged-mining symbiotic alternatives. Bitcoin miners who mine the Zerocoin chain would also have to expect to face scrutiny by government agencies. I think for the most part the Bitcoin community is not an insecure community and is okay with that possibility but it should be you mine at your own risk here. If there is a situation where someone does something wrong then it's like running the Tor node. Make both the risks and incentives known to miners. List them out. List out how the good guys and bad guys can use Zerocoin. But do not expect the media to get this right. The community must explain this to the media properly with a press kit. |
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It is predicted by me that as unemployment continues to rise the IQ of those who are unemployed will also continue to rise in correlation. It is time to approach the high IQ societies and get them to accept Bitcoin as payment for membership dues. http://www.highiqsociety.org/http://www.us.mensa.org/http://www.megasociety.com/http://prometheussociety.org/cms/I ask those among the cryptocurrency community who are active members of these societies to also mention Bitcoin and cryptocurrencies to any member who is unemployed or bored. Also please add to the list of societies if I've missed any. |
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The qualifying round is now over in the Peercoin logo design contest. Before we can move to the final round, we'll need to select six designers to move on in the contest. Please read the following voting restrictions before posting in this thread. Voting will last about 2-3 days depending upon participation, so vote now and get it out of the way. Click Here to View Contest EntriesVoting Restrictions:- You must have joined Bitcointalk at least one week ago. - You must have at least 20 posts. A Note on the Logo's Theme: Before anyone complains about the logos that were submitted in the contest, we all agreed upon a set of rules before starting this. For the theme of the logo, we honored what Sunny King (Developer of PPC) wanted to see. Sunny King wanted the theme to be Gold + eco-friendly. Below is rule #4 in the contest. It explains what we were looking for in the logo... "Rule #4: Gold + eco-friendly. That sums up what we're looking for. The design needs to convey somehow that Peercoin is environmentally friendly. The primary color also needs to be gold. Silver and bronze coin designs will not be accepted. Other colors can be mixed into the design, but the coin must primarily be gold. So to be clear, either the coin needs to be all gold, or primarily gold with some other colors mixed in and it also needs to convey eco-friendliness." Copy & Paste Voting Format:Select up to six designers to move onto the final round: 1. 2. 3. 4. 5. 6. (Note: You can vote for less than six if you want to.) What are the submission numbers of your favorite designs so far? 1. 2. 3. (Note: Add more if you want. Not counted in voting. Only a guage of interest.) Please add any comments, feedback or suggestions here: 1. Lightning 2. Wolf Rainer 3. Art Zone A. #109 or #48 B. # 148 C. #147 I think 109 or 48 are the best. Next best is 148. 147 is okay too. The rest look terrible to me. |
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Obviously BTC is not the first and the last successful CC we see. Therefore I frequently select a bunch of cool alt coins to invest in. I did this with LTC and it brought me 1200% ROI. I have also invested in PPC and NMC for their innovation.
However, seems that NVC is quite similar to PPC and therefore competing? Why would you prefer PPC over NVC?
PPC is SHA256 which means you can mine it with block erupters and get a ROI that you wont get from BTC. Novacoin is SCRYPT. If you're gonna mine SCRYPT why not just mine Litecoin of Feathercoin? Miners will prefer PPC over Novacoin. Miners will prefer LTC and FTC over Novacoin. Prediction? PPC will surpass Novacoin. As difficulty goes up and independent miners get pushed out of Bitcoin miner they can only choose between TRC and PPC. PPC will win because it's got a larger market cap and name recognition but also because it's got a difficulty algorithm perfectly designed for ASICs. Go look at my posts in the PPcoin thread. Confirm that I predicted the fall of PPC and the current rise. If the trend we are seeing continues PPC is headed to $1 in weeks to months depending on how fast difficulty rises and depending on how many miners switch to PPC from BTC. |
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It will be very intersting to see, if the ASICs are mass delivered and the price crashed hard so that they can not make back the electricity, what will people do?  Mine PPC or even TRC. |
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BTC $66, seems everyone is dumping? Anyone has an idea about why? I don't understand, people are not trusting bitcoin anymore? or it's because people are rushing for the BFL boxes?
How many of bitcointalkers having deep knowledge of bitcoin network design, especially network difficulties changes and block chain protocols AND STILL think ASIC, BFL, Avalon mining are good investment?
Mining Bitcoin isn't profitable anymore. Most of the people backing Bitcoin were making money from mining. They are switching to LTC and PPC. |
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I am happy to announce that the primecoin project is now close to beta quality and will be released to public soon. Please keep in mind this is experimental technology and we reserve the rights to rollback or restart the blockchain should severe bug/vulnerability require such actions. However we would try our best to avoid such scenarios and further develop it into reliable public infrastructure. Introducing primecoin- First non-hashcash proof-of-work in cryptocurrency, pure prime number based proof-of-work
- Cpu mining at launch, gpu mining to be developed by market participants
- Pure proof-of-work, no proof-of-stake (unlike ppcoin), not energy efficient, but with additional potential scientific value derived from proof-of-work energy consumption (energy multiuse)
- Scarcity enforced by Moore's Law similar to ppcoin, mint rate gradually drops as difficulty rises, without sudden halving shock
- Security model similar to bitcoin
- Continuous difficulty adjustment like ppcoin
- Reasonably high starting difficulty to limit instamining
- 1 minute target block spacing
- Zero premine, zero tax
ppcoin + primecoin- Sharing the same goal of real innovations, moving cryptocurrency technology forward and demonstrating our technical capabilities
- Sharing the same value, open source, no premine, no tax, advancing cryptocurrency technology for humanity
- Cpu mining initially for primecoin to cater to a larger mining community, now covering all mining hardwares with both ppcoin (gpu+fpga+asic) and primecoin (cpu)
- New innovations in primecoin catering to a wider audience including the mathematical and other scientific computing community, and users who prefer pure proof-of-work cryptocurrencies.
- Sharing development resources and infrastructures
- Different innovative cryptocurrency designs provide cryptocurrency investors with diversified advanced technology portfolio
- Strategic positioning for the next 5 years in cryptocurrency market
ppcoin vs primecoin- ppcoin is our first innovative cryptocurrency design to focus on energy efficiency. Almost a year after its release ppcoin's design remains the only proof-of-stake design on the market, with seven forks/clones (NVC, BTB, YAC, BTG, BOT, CGB, YAB). primecoin is our second innovative design to focus on alternative proof-of-work system producing additional scientific values. The two networks would work in synergy to achieve our long-term cryptocurrency strategy.
- Cryptocurrency market has now split into two sectors, energy intensive sector and energy efficient sector. In the longer term (5+ years) I believe the energy efficient sector would begin to challenge the energy intensive sector due to its cost advantage. In the shorter term though energy intensive market would likely remain dominant and we would like to have an innovative and competitive offering in this sector as well. The innovations in primecoin give us this opportunity, and would complement ppcoin to strengthen our strategic position in the market.
- The energy intensive sector currently has two major types of proof-of-work, both of the hashcash type, one is SHA-256, the other is scrypt. There have been some new variations of the hash functions recently, with modified scrypt and SHA-3 series hash functions as well, or even compositions of different hash functions. Though existing cryptocurrencies are all still based on hashcash proof-of-work. primecoin introduces the first non-hashcash proof-of-work in cryptocurrency, the first type of proof-of-work that not only secures the block chain, but also provides additional potential scientific value, paving the way for future proof-of-work types with more diverse scientific interests and uses.
- Both ppcoin and primecoin demonstrate our design prowess and capability in real innovations. We are fully dedicated to provide long term support and further development to both cryptocurrencies.
- For existing ppcoin users our dedication to the continued development of ppcoin and its market has not changed. ppcoin's advanced proof-of-stake technology has long-term advantage over pure proof-of-work designs, and is an innovative environmental-friendly solution to the escalating energy consumption on cryptocurrency. In my opinion the energy intensive sector will fragment into many different types of proof-of-work, a single type of proof-of-work is unlikely to maintain dominance. More fragmentation is likely even within a single type of proof-of-work. Meanwhile the energy efficient sector would rise to challege the energy intensive sector, and ppcoin is among the leading contenders in the energy efficient sector. So in terms of our long term strategy ppcoin is of more importance than primecoin.
Release SchedulePrimecoin release is tentatively scheduled for 2013 July 7th 18:00 UTCWhen an exchange is made will someone allow me to purchase PPcoin with Primecoin? I think this is critical so whoever is making the exchanges, we will need this ability to exchange back and forth between PPcoin and Primecoin because many of us are going to be mining one or the other but not both. |
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Not quite. PPC is deflationary because although there is no cap on the supply, the supply is controlled by Moore's law which basically caps the supply by lowing the inflation rate so low that it's even lower than Litecoin. Essentially the inflation rate determines scarcity not just the total supply. The total supply is at 19 million which is equal to Litecoin but the price isn't equal to Litecoin yet. That means there is a lot of room for profit if you buy at these prices and it reaches $3.
Because PPC will be mined with ASICs, GPU miners will have to switch to Litecoin. Basically PPC's market cap and difficulty determine the price. Difficulty determines the scarcity while the market cap shows the demand. If it's scarce and in high demand the price rises.
What happens when ASIC miners drive difficulty up so high and quit, making the next retarget never come? Remember Namecoin before it was merge mined? Why would difficulty be any factor for price? Scarcity is apparently a non-issue currently so that is irrelevant. Why would they quit? They'll mine with Bitcoin and when Bitcoin isn't profitable anymore because of the vastly steep difficulty rise then they'll switch their ASICS to PPC and when PPC isn't profitable anymore they'll go to the next SHA256 coin. The point is they have no choice but to go from Bitcoin to PPC and all those USB BlockErupters have to mine something and it sure as hell won't be Bitcoin. What about the little singles coming out which will probably already be obsolete for Bitcoin by the time people receive them? More hash for PPC. The ASICs from BFL will end up hashing PPC if people are smart. If people aren't so smart they'll mine BTC at a loss. I say buy PPC now and bet on them mining PPC. When there is a critical mass of miners behind PPC the market cap will go up just as it has with LTC because it seems mining is the key to developing an economy. Once stuff is mined then people start looking for places to spend their mined coins and then people realize their 1000 coins worth @$0.20 could be worth $3000 @$3 if they just built a few sites. |
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Apple had a better operating system than Microsoft, but Windows took 90% of the market.
Betamax was better than VCR, but Betamax wasn't widely adopted.
Bitcoin is the brand name in the space. The coins have no intrinsic value except market acceptance. So being in the leader position is huge. Most of the ecosystem is being built for bitcoin, not the alt currencies.
Perhaps LTC stands a chance of being a complementary currency.
And do you know the reason WHY ms-dos/windows took more market share than mac? They didnt try to take the hardware as well, and thus had THIRD PARTIES selling their OS for them. Do you know how I learned about bitcoin? Not by meeting a bitcoin miner, not by visiting btc-e and checking the exchange rate, but by needing an alternative to libertyreserve, visiting a Third Party merchant website, and seeing that they gave a discount if you bought with bitcoins. All the alt coins are crap because they arent the standard. As if it isnt hard enough to start a fucking currency with no government or traditional financial support people have to go around bickering over whether to use scrypt or sha. Really? Its practically the same, just take the first one so cryptocurrency critics cant turn around when litecoin or whatever coin and say "itll die out just like bitcoin" and work together for once in our fucking lives and make something actually happen. Dont bitch and try to be hipsters among a group of hipsters and use an alt coin just for the sake of being a hipster. If ANYTHING can kill cryptocurrencies as a concept, its the introduction of too many of them. Plz stop it already and try to aid the one cryptocurrency that has the greatest chance od success because its actually, you know, USED. how many Bitcoins do you have? it is funny when I see Bitcoiners bitching about LTC, just because you do not own them this doesn't mean they are likely a scam or they will die, let the market decides, the same as it did with Bitcoin. and yes If i see any coin that brings some innovation I will support it. at least I have choices. Bitcoiners are becoming communist, with this ideology of one thing and nothing else, it was the same in my country, if you wanted to buy a car you had only one model, buy it or shut up because other brands were evil, we had only one thing of everything and now you are pushing this ideology over which will lead to killing all coins. let people chose what to use. I own 32 bitcoins if you must know. I fail to see how this is at all relevant. I don't have anything against a free market, I'm all for a free market, yet in a free market I am allowed to tell the truth, nor does a free market mandate being stupid. Moreover, at the present the market isn't free, and the way people are using alt coins, it won't ever be free, because of all the alt coins undermining the standard that is Bitcoin. There is a difference between supporting a large company or brand over competition vs. supporting the established open-source protocol vs. other similar protocols. An open-source protocol doesn't go around abusing a monopoly. All these 'innovations' in the alt coins are just an alternate way of fixing the same problem, which would be fine and dandy, if those alternate coins were the standard. But they aren't. So by using them you undermine the standard and force a system where there isn't a standard at all and Cryptos die to the pseudo-inflation ridiculous amounts of coin types. But yes, this is a free market. You're perfect free to support alt coins. Last time I checked a free market doesn't mandate acting stupid simply because you have the freedom to do so. The alt-coins are necessary to defend against a 1% attack. What stops millionaires and billionaires from starting VCs and buying all the critical Bitcoin companies so that we have to make them even richer while giving them indirect control over the infrastructure? Having multiple crypto-currencies is another form of decentralization only in this case it's decentralization of the infrastructure so that if Bitcoin does go down or does get corrupted then there are other coins. |
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Isn't PPC one of those coins, like Freicoin, that are based on failed Keynesian principles, something about deflating currency not promoting rampant consumerism, and hoarding being bad rather than a natural liquidity provision/removal mechanism?
Correct me if I'm wrong. I'm not too familiar with the concept of this one.
Not quite. PPC is deflationary because although there is no cap on the supply, the supply is controlled by Moore's law which basically caps the supply by lowing the inflation rate so low that it's even lower than Litecoin. Essentially the inflation rate determines scarcity not just the total supply. The total supply is at 19 million which is equal to Litecoin but the price isn't equal to Litecoin yet. That means there is a lot of room for profit if you buy at these prices and it reaches $3. Because PPC will be mined with ASICs, GPU miners will have to switch to Litecoin. Basically PPC's market cap and difficulty determine the price. Difficulty determines the scarcity while the market cap shows the demand. If it's scarce and in high demand the price rises. It's in higher demand because Bitcoin prices fall and people use PPC as a store of value because it's better at that than Bitcoin or Litecoin. Not quite sure on the truth of that bolded statement; i thought LTC was something like 80 M total supply? The supply right now for both coins is 19 million. The total cap for LTC is 80 million and there is no cap on PPC because difficulty will rise so high that the inflation rate will slow it so it may not ever get over 100 million. |
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It hasn't stood out by itself like what LTC did in the past. The recent rise is because btc price drops. Other useless coins like TRC, FC are rising along with PPC too, looks more like typical btc-e pump-dump scheme.
The difference is PPC stays up while those other coins swing back and forth within the same day. PPC price is very stable over a period of weeks. The only thing to worry about with PPC is creating more ways to invest it and more reasons to buy it so demand stays high without having it be based on Bitcoin prices dropping. |
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Isn't PPC one of those coins, like Freicoin, that are based on failed Keynesian principles, something about deflating currency not promoting rampant consumerism, and hoarding being bad rather than a natural liquidity provision/removal mechanism?
Correct me if I'm wrong. I'm not too familiar with the concept of this one.
Not quite. PPC is deflationary because although there is no cap on the supply, the supply is controlled by Moore's law which basically caps the supply by lowing the inflation rate so low that it's even lower than Litecoin. Essentially the inflation rate determines scarcity not just the total supply. The total supply is at 19 million which is equal to Litecoin but the price isn't equal to Litecoin yet. That means there is a lot of room for profit if you buy at these prices and it reaches $3. Because PPC will be mined with ASICs, GPU miners will have to switch to Litecoin. Basically PPC's market cap and difficulty determine the price. Difficulty determines the scarcity while the market cap shows the demand. If it's scarce and in high demand the price rises. It's in higher demand because Bitcoin prices fall and people use PPC as a store of value because it's better at that than Bitcoin or Litecoin. |
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