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Author Topic: Decentralization is a dream  (Read 939 times)
spartak_t
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August 27, 2016, 02:14:15 PM
 #21


Not larger, better. There are ways to create a PoS cryptocurrency with fair interest and supply, which can match (for example) to mined bitcoins per year. 

Maybe when you own some and just hold it, but how will people get that supply if they don't purchase some? That's pretty scammy (ponzi'ish) to me I would say... and yet at the same time, not even remotely close security wise compared to a PoW algorithm. It sounds good to you on paper when you worry about collecting interest like a bank, but the whole point of cryptocurrencies is to get away from a "banking" like system and to create a decentralized currency that (theoretically) anyone can get by running nodes and mining, while also making it secure and decentralized.

Now in my mind, ASIC resistance is the way to go... but could be wrong.

The thread is not about current pros and cons of PoW and PoS. Of course that you have to purchase some in order to take the interest. What matters here is how this interest will be distributed (i.e. currently PoS is making rich richer) between stakeholders. The whole point of cryptocurrencies is to compete with fiat (i.e. to show it is the better way), which means that they are competing with the banks. As far as I know there is nothing decentralized at the moment and that is why I started this thread. I'm not sure if it will be ever achieved. 

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raphma
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August 27, 2016, 02:40:04 PM
 #22


Not larger, better. There are ways to create a PoS cryptocurrency with fair interest and supply, which can match (for example) to mined bitcoins per year. 

but how will people get that supply if they don't purchase some? That's pretty scammy (ponzi'ish) to me I would say...
that apply to pow too... how would you mine without the hardware? and if you can buy the hardware you can buy the coin and stake right? no diference..
but @spartark_t already said this is not the thread subject so i will not continue.

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Monero - secure, private and untraceable currency.


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August 27, 2016, 04:47:48 PM
 #23

Don't buy promises, roadmaps and whitepapers, buy the project's usage!  

Wrong, buying the hype turned out to be the most profitable way out there Wink

Bitshares - advanced decentralized exchange and asset platform.
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August 27, 2016, 05:02:13 PM
 #24

Don't buy promises, roadmaps and whitepapers, buy the project's usage!  

Wrong, buying the hype turned out to be the most profitable way out there Wink

Sure. You also have a better chance to get rich quicker by enslaving few Eastern european girls and force them into prostitution, than working in a fish plant.

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August 27, 2016, 07:02:41 PM
 #25


Not larger, better. There are ways to create a PoS cryptocurrency with fair interest and supply, which can match (for example) to mined bitcoins per year. 

Maybe when you own some and just hold it, but how will people get that supply if they don't purchase some? That's pretty scammy (ponzi'ish) to me I would say... and yet at the same time, not even remotely close security wise compared to a PoW algorithm. It sounds good to you on paper when you worry about collecting interest like a bank, but the whole point of cryptocurrencies is to get away from a "banking" like system and to create a decentralized currency that (theoretically) anyone can get by running nodes and mining, while also making it secure and decentralized.

Now in my mind, ASIC resistance is the way to go... but could be wrong.

The thread is not about current pros and cons of PoW and PoS. Of course that you have to purchase some in order to take the interest. What matters here is how this interest will be distributed (i.e. currently PoS is making rich richer) between stakeholders. The whole point of cryptocurrencies is to compete with fiat (i.e. to show it is the better way), which means that they are competing with the banks. As far as I know there is nothing decentralized at the moment and that is why I started this thread. I'm not sure if it will be ever achieved. 

Without redistribution everything gets centralized roughly along the lines of the Pareto Principle...
80% of sales from 20% of clients, 80% of wealth owned by 20% of population, etc...
Because that's human nature... and you cannot change human nature.

https://en.wikipedia.org/wiki/Pareto_principle

For anything to be differently distributed requires heavy-handed, corrupt central abuse...
So by that standard Bitcoin and most Third World governments are extremely corrupt...
While most Western governments and corporations are are moderately corrupt, but getting worse every year.

I've been waiting for a crypto ecosystem to apply periodic REDISTRIBUTION based on meritocracy...
And Steemit talks a lot about transferring wealth to contributors from non-contributors in their Whitepaper...
Plus only Steemit has the metrics and power to do a periodic redistribution among holders...
If they did a carefully weighted, logarithmic redistribution quarterly to ALL contributors (devs, content, users, voters, traders)...

It would be radical and electrifying.
 
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August 27, 2016, 07:05:21 PM
 #26

fish plant ... LOLZ ... I live in a region total dependent on the fish plant factor ... how many can you gut/hr?  robots will aid!  contigent on raping the local natural resources, of course.


Yes decentralization is a dream.  No coin is near BTC except ETH and ... well ... that project is garbage.

All other contenders are built on the same BTC model of constructing a POW that can be compromised by Chinese tech driven ASIC hardware.

Everything else is dependent on holding BTC to underwrite their project.


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Gaugh
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August 27, 2016, 09:05:48 PM
 #27

I think Monero has got some inbuilt features that Bitcoin does not have, so that means it's not built on the Bitcoin framework.
raphma
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August 27, 2016, 11:25:01 PM
 #28

I think Monero has got some inbuilt features that Bitcoin does not have, so that means it's not built on the Bitcoin framework.

agree. And DNM will probably bring the adoption needed...
but still not even near to decentralization.

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