Wanted: Mining pool to take out alt block chains

[c4n10]

But they won't. You should have to give up some resources to destroy something. It shouldn't be free.

Wait... What...? What are we destroying here...?

[cunicula]

But they won't. You should have to give up some resources to destroy something. It shouldn't be free.

Wait... What...? What are we destroying here...?

Destroy wasn't the right word. I meant control.

[bruj0]

I see a much better way for you ALL to ensure that bitcoin isnt marginalised......

Instead of pumping the coin round and round start getting your local merchants to accept it! Start creating the economy. You cant eat an asic, a gpu or a fpga. You can convince the local pizza /coffee / late night store to accept payments. Acceptance always begins at ground level when all the little stores start accepting it, only once the bigger stores have seen a working model will they get involved. In this way demand for BTC will outstrip demand for the alts.

Watching all the debates in this and other forums reminds me sadly of the gold currencies of the last decade, a very good idea destroyed by infighting and profiteering. Crypto currency is in its infancy and each currency created will rise or fail depending on popularity. This thread seeks to destroy all other by waving the biggest stick in the playground..... Isn't this what we need to get past? Isn't it the same philosophy that has led to the creation of trillions of fictional bank notes which become more worthless by the day? At the moment i see a lot of argument about how to make the most "x" coin so that we can sell it for "y" coin and then dump it to a bank account in dollars yen shekels whatever. Isn't that ultimately the biggest threat to crypto currency?

How much is 12 dollars worth today in terms of its worth in 2009? Look at your shopping basket and work it out. Stop wasting time trying to protect our favourite currencies and start spending that time trying to make them into a currency. If mastercard and visa can do it (not officially a currency I know but the same idea) surely the creative people in this realm can do much better

[cunicula]

Isn't this what we need to get past? Isn't it the same philosophy that has led to the creation of trillions of fictional bank notes which become more worthless by the day? At the moment i see a lot of argument about how to make the most "x" coin so that we can sell it for "y" coin and then dump it to a bank account in dollars yen shekels whatever. Isn't that ultimately the biggest threat to crypto currency?

No. The biggest threat to cryptocurrency is bad design choices.

[bruj0]

True, but then those badly chosen designs will fail wont they?

[cunicula]

True, but then those badly chosen designs will fail wont they?

Yes, the bad design choices will fail. It may take many years for this to occur, however. Failure of a widely trusted system could inflict lasting damage on the reputation of all similar technologies. It would be best if we produce something that is secure at the outset before going around screaming how wonderful it is.

This thread aims to accelerate the testing process. If we can't destroy something ourselves, then anyone else who tries will find it difficult too.

[bruj0]

But I thought bitcoin was invincible? 

Another illusion shattered.....

How big a test team do you need? There's 7 bn potentially out there?

Fiat is fallable, it decreases in value daily
Cash is fallable it burns gets stolen
Plastic is fallable you decrease in value every day
Bitcoin is fallable because (at the moment) it buys you nothing but more of the above 3 and some legendary socks and pizza if you live in new york.

[Icoin]

Yes, the bad design choices will fail. It may take many years for this to occur, however. Failure of a widely trusted system could inflict lasting damage on the reputation of all similar technologies. It would be best if we produce something that is secure at the outset before going around screaming how wonderful it is.

This thread aims to accelerate the testing process. If we can't destroy something ourselves, then anyone else who tries will find it difficult too.

I agree and exactly thats the reason why using alt chains, they fasten the speed of developments up and we can discover failures allready now not when it would become critical.

But I thought bitcoin was invincible?  Shocked

Bitcoin is still standing very well, and even bolder with the help of the merged minined alts.

[cunicula]

Yes, the bad design choices will fail. It may take many years for this to occur, however. Failure of a widely trusted system could inflict lasting damage on the reputation of all similar technologies. It would be best if we produce something that is secure at the outset before going around screaming how wonderful it is.

This thread aims to accelerate the testing process. If we can't destroy something ourselves, then anyone else who tries will find it difficult too.

I agree and exactly thats the reason why using alt chains, they fasten speed up and we can discover failures allready now not when it would become critical.

We already have one. Altcoins are vulnerable to 51% attack, so is bitcoin. Now act on it.

[Icoin]

We already have one. Altcoins are vulnerable to 51% attack, so is bitcoin.

Thats common knowledge since 2009 - Not realy something to worry about.

http://blockchain.info/pools look at the unknown block list, this one looks more diversified then ever. Besides that, legal institutions mine for bitcoins, there are a lot of single blocks that wasnt present a year ago. We would not be the devs if we would act only upon request, in fact that process you demand for,  was iniciated as deepbit was allmost reaching 51%. At this time pool software became public domain and a lot of new mines and miners with various hardware appeared on the btc scene, FPGA was developed and p2pool started to rise. The cryptochains worked early this year flawless until a certain individual made a chain and a certain pool operator did not like that, this guy caused to a small alt chain prior it even could realy start a 51% attack, a image thing nothing realy dangerous. But today people keep saying since then that 51% is dangerous.. You can beleve me the situation with deepbit was more critical then the small alt chain that was killed by reputation destruction, not by harming the chain in any way.

But you see we are still here stronger then before. Diversification is the key to security.

[markm]

Actually all luke really did to CoiLedCoin was grab all the coins (refusing to build on other people's blocks, orphaning them) while requiring high transaction fees, supposedly.

He didn't keep it up for long, and the coin has chugged along fine ever since as one of the under-the-radar "sleeper" coins.

When the masses think a coin is "dead" that is the window of opportunity for the little people to "post-mine" it, basically it simply goes into "early adopter mode" and the longer it stays in that mode the more coins the early adopters of the 'late' coin are able to quietly pick up.

A far more egalitarian distribution of initial coins can happen that way, in principle, at least until those who hate and oppose egalitarianism decide egalitarianism has gone too for or gone on too long and it is time to assert their superiority again by bullying someone...

-MarkM-

[FelicityWubwell]

The FUD is strong in you annette...

You are a fake...

G.I.R.L = Guy In Real Life

#LitecoinsPwn
#PPCoinsPwn
#iXCoinsPwn
#NamecoinsPwn

I think you just need a hug girlfriend

http://guycodeblog.mtv.com//wp-content/uploads/clutch/2012/07/Hillbilly-Jim-Loves-You-11.jpg

[SaltySpitoon]

Watches, and waits for the hundreds of rage induced reports to come in.

[andrew12]

So, like SolidCoin Mafia (now defunct), but for other cryptocurrencies?

[CoinHoarder]

Annette must of been successful in finding friends to take out the ALTs. They are starting with LTC! OH noes!