We need more proof-of-burn altcoins

[RealBitcoin]

We need more proof-of-burn type altcoins, that transparently and provably burn bitcoins in order to distribute altcoins.

Yes folks, i really want the bitcoin price to go up, so any altcoin people want to create, it should be proof-of-burn, to lock away bitcoins forever.

Any other type of distribution mechanism is a waste, and generally signals a scam coins, since the funds will most likely be stolen by the creator.

So it also adds transparency to the altcoin, and makes the developer more trustable.

[freshman777]

How do you pay for development if seed capital is burned?

[RealBitcoin]

How do you pay for development if seed capital is burned?

You dont burn all of it, but only like 80-90%. The rest of it should be enough to fund the development process.

+The developer will ask for donations after if is needed

[freshman777]

How do you pay for development if seed capital is burned?

You dont burn all of it, but only like 80-90%. The rest of it should be enough to fund the development process.

+The developer will ask for donations after if is needed

What is wrong with NOT burning and having the same distribution ratio and funds locked in a multisig wallet by trustworthy community members/exchanges?

[RealBitcoin]

What is wrong with NOT burning and having the same distribution ratio and funds locked in a multisig wallet by trustworthy community members/exchanges?

Because then we can be sure that the coins wont be moved ever again, and it will make bitcoin more scarce and bitcoin will go up.

From the POV of the altcoin, it signals that the developer is trustworthy and wont just create another pump and dump coin.

[freshman777]

Counterparty did what you propose, nothing spectacular came out of it.

[RealBitcoin]

Counterparty did what you propose, nothing spectacular came out of it.

It's still holding, but it was probably a bad management or they were just unlucky.

However the methodology is still good in my opinion, at least it benefits bitcoin.

[r0ach]

How do you pay for development if seed capital is burned?

The goal of cryptocurrency is not to make scamcoin devs rich.  We already have a decentralized currency, it's called Bitcoin and it was released for free.  No altcoin has improved on it whatsoever.

[freshman777]

How do you pay for development if seed capital is burned?

The goal of cryptocurrency is not to make scamcoin devs rich.  We already have a decentralized currency, it's called Bitcoin and it was released for free.  No altcoin has improved on it whatsoever.

Many coins have improved on Bitcoin.

Bitcoin is not decentralized, it's controlled by three gigantic Chinese mining farms. All of them can be shut down in one hour by their government if Bitcoin gets big. But it won't be big, it is no longer the idea it used to be - one CPU = one vote. Time to move on.

[x13]

The only proof-of-burn coin I currently know is Counterparty. I do not really get the sense behind your statement. Why is it good to have more POB coins? Such coins are highly deflationary what is not good for the spending mentality of their owners.

[tokeweed]

Why not do a proof of burn with Ethereum so that ETH will go up making Roach even more sore.  Hahaha.

[RealBitcoin]

Why not do a proof of burn with Ethereum so that ETH will go up making Roach even more sore.  Hahaha.

Ethereum is hardly good for long term savings , it cant offer the safety that bitcoin can, plus i heard that there were huge pump and dump manipulations lately. Thats not a good sign for long term savings.

Bitcoin is still the best savings currency.

The only proof-of-burn coin I currently know is Counterparty. I do not really get the sense behind your statement. Why is it good to have more POB coins? Such coins are highly deflationary what is not good for the spending mentality of their owners.

Haha that is nonsense, deflationary aspect is what gives value to something.

If you dont believe me, then start using the venezuelan currency and see how well inflation works out.

[MicroGuy]

Bitcoin is not decentralized, it's controlled by three gigantic Chinese mining farms. All of them can be shut down in one hour by their government if Bitcoin gets big. But it won't be big, it is no longer the idea it used to be - one CPU = one vote. Time to move on.

Actually, bitcoin is controlled by a handful of core developers (aka economic majority) not Chinese miners.

The core devs can 'checkpoint' the entire country at anytime with the release of a 'maintenance patch'. hehe

[RealBitcoin]

Bitcoin is not decentralized, it's controlled by three gigantic Chinese mining farms. All of them can be shut down in one hour by their government if Bitcoin gets big. But it won't be big, it is no longer the idea it used to be - one CPU = one vote. Time to move on.

Actually, bitcoin is controlled by a handful of core developers (aka economic majority) not Chinese miners.

The core thugs can 'checkpoint' the entire country at anytime with the release of a 'maintenance patch'. hehe

But they wont because they know that if that happens the bitcoin elite will just sell their coins and move into litecoin or something like that.

Besides the bitcoin elite is becoming decentralized, in the last quarter the top 100 addresses lost 2% share of bitcoin.


So even the rich bitcoiners spend their coins, which gives opportunity for others to get them.

[freshman777]

Actually, bitcoin is controlled by a handful of core developers (aka economic majority) not Chinese miners.

The core thugs can 'checkpoint' the entire country at anytime with the release of a 'maintenance patch'. hehe

Well no, miners control it. Core devs can release whatever they want, users will stick to the petahash network which they believe is decentralized. This of course is nonsense if we check the facts, but this myth is strong. In the end it doesn't matter who is in charge of Bitcoin, it is centralized control that's all we need to know.

[BitcoinNational]

Bitcoin is not decentralized, it's controlled by three gigantic Chinese mining farms. All of them can be shut down in one hour by their government if Bitcoin gets big. But it won't be big, it is no longer the idea it used to be - one CPU = one vote. Time to move on.

Actually, bitcoin is controlled by a handful of core developers (aka economic majority) not Chinese miners.

The core thugs can 'checkpoint' the entire country at anytime with the release of a 'maintenance patch'. hehe

But they wont because they know that if that happens the bitcoin elite will just sell their coins and move into litecoin or something like that.

Besides the bitcoin elite is becoming decentralized, in the last quarter the top 100 addresses lost 2% share of bitcoin.


So even the rich bitcoiners spend their coins, which gives opportunity for others to get them.

your infringing on the patented trademarked watermarked registered sloaganistic alias brandname of UNO ... aka ... bitcoin elite^tm

--
can anyone explain more
" 'checkpoint' the entire country "
the pool ip could be anywhere

[RealBitcoin]

Actually, bitcoin is controlled by a handful of core developers (aka economic majority) not Chinese miners.

The core thugs can 'checkpoint' the entire country at anytime with the release of a 'maintenance patch'. hehe

Well no, miners control it. Core devs can release whatever they want, users will stick to the petahash network which they believe is decentralized. This of course is nonsense if we check the facts, but this myth is strong. In the end it doesn't matter who is in charge of Bitcoin, it is centralized control that's all we need to know.

No read my post above, its always the people with the capital that are in power. Miners are worthless if the bitcoin elite dumps their coins.

Of course the mining farms have some stash too, but they mostly operate in their native currency, and invest in equipment.

Most coins are held in early adopters wallets, and they are the real power behind.

[freshman777]

Actually, bitcoin is controlled by a handful of core developers (aka economic majority) not Chinese miners.

The core thugs can 'checkpoint' the entire country at anytime with the release of a 'maintenance patch'. hehe

Well no, miners control it. Core devs can release whatever they want, users will stick to the petahash network which they believe is decentralized. This of course is nonsense if we check the facts, but this myth is strong. In the end it doesn't matter who is in charge of Bitcoin, it is centralized control that's all we need to know.

No read my post above, its always the people with the capital that are in power. Miners are worthless if the bitcoin elite dumps their coins.

Of course the mining farms have some stash too, but they mostly operate in their native currency, and invest in equipment.

Most coins are held in early adopters wallets, and they are the real power behind.

Can the whales escape what miners can impose on them validating transactions and not lose a shirt? No they can't. They have to stick to the dictatorship of miners or switch to a fork running on a different POW algo. The latter option would reduce network security by orders of magnitude and Bitcoin to $45 if we're lucky. The irony is the current network security is a myth too when three farms are in charge.

[RealBitcoin]

Can the whales escape what miners can impose on them validating transactions and not lose a shirt? No they can't. They have to stick to the dictatorship of miners or switch to a fork running on a different POW algo. The latter option would reduce network security by orders of magnitude and Bitcoin to $45 if we're lucky. The irony is the current network security is a myth too when three farms are in charge.

The miners would lose their business if they mess around with the protocol, plus many influential miners might be stock holders in some mining pools.

And then we have the individual miners that also care about bitcoin's long term success.

You talk of those 3 mining farms as if only 3 people would count, but actually the farm is made up of many thousands of individual miners.

[freshman777]

Can the whales escape what miners can impose on them validating transactions and not lose a shirt? No they can't. They have to stick to the dictatorship of miners or switch to a fork running on a different POW algo. The latter option would reduce network security by orders of magnitude and Bitcoin to $45 if we're lucky. The irony is the current network security is a myth too when three farms are in charge.

The miners would lose their business if they mess around with the protocol, plus many influential miners might be stock holders in some mining pools.

And then we have the individual miners that also care about bitcoin's long term success.

You talk of those 3 mining farms as if only 3 people would count, but actually the farm is made up of many thousands of individual miners.

It's not about an economic attack on Bitcoin. Miners can be ordered by the government to shut down and will be unable to do anything about it.

A pool is made of many miners, not a farm. A pool IS a farm in the industrial scale mining environment.

As a garage miner since 2011 (and veteran of the last halving) the impending doom of the reward drop to 12.5 from 25 BTC every 10 minutes is only weeks away. While everyone says "we don't really know whats going to happen" I can say with confidence we DO know a few things if the current variables stay the same!

I have 2x Antminer S7, and make about 0.023 BTC/day. That is 0.69 coins per month, or $310 at today's BTC/$ price.

But to run that requires 2600 watts of continuous power draw. So at $0.10/KWH (pretty low power rate) it costs $187 in power!

In 8 weeks?

I'll be spending $187 to make $155 in bitcoin per month if everything holds. And I have the most efficient gear publicly available purchased at the end of last year!

Something will have to give. For sure miners will drop out, and difficulty will decrease. The price could go up to make up the loss. Miners could move gear to cheaper power rates. Or even more efficient gear could be released (rumor has it the Antminer S9 is right around the corner).

I bet is a little of all of the above happens. But mostly the bloodbath!

https://www.reddit.com/r/Bitcoin/comments/4jmzgl/psa_the_miner_bloodbath_is_8_weeks_away/