MC2: A cryptocurrency based on a hybrid PoW/PoS system

[tacotime]

Hey if you are talking to the guys from Conformal Systems.

tell them I sent them two emails and they never replied, I'll come back and show them what they missed out on soon, pity.

Sure.

How would you prevent someone from messing around with the democratic voting system? Would they be able to game it using multiple clients/computers/VMs?

No, it's by stake or PoW block.

Will be one to watch. Would it be Scrypt-based, or an offshoot of scrypt?

Not sure yet, but it'll be GPU mineable from the get go.

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[master-P]

Will it be ASIC resistant?

[tacotime]

Well it be ASIC resistant?

Depends on what the demand is for that at launch.

[TheUniporn]

Well it be ASIC resistant?

Depends on what the demand is for that at launch.

I think the greatest demand would be for a useful (to society) PoW and while I do agree with you when you said it's "unlikely at the current time" I really believe that this would be the most important thing to make MC2 really great. I know it's way way easier for me to cheer for you on the sidelines than actually doing it.

[Lordoftherigs]

Well it be ASIC resistant?

Depends on what the demand is for that at launch.

I would prefer decentralized mining so +1 for X11 or N-adaptive

[_ingsoc]

Hey if you are talking to the guys from Conformal Systems.

tell them I sent them two emails and they never replied, I'll come back and show them what they missed out on soon, pity.

Can you let me know what this is about so I can follow-up and figure out why you didn't get a response?

[Arbitrageur]

what has emc2 got to do with this mc2?

[_ingsoc]

what has emc2 got to do with this mc2?

Nothing, really. MC2 was (and to an extent still is) a project name. Development is happening under a different name, which I don't think is public yet. tacotime is working on the code, and I need to set up the wiki this week to collect progress and developments in the field. That will be accessible under the new name.

[tacotime]

Just a head's up; no newsletter this week.  Still dealing with irl issues beyond my control.

Should be back on track by the month end or shorter.

[David Latapie]

Not sure yet, but it'll be GPU mineable from the get go.

I find it a big concern that a coin requires an expensive graphic card to be mined. Sorry, but "democracy" and "you need to have expensive hardware" don't mix well together.

For me, everything that requires more than 25 dollars of hardware cannot be democratic. 25 dollars is the price of an Arduino, by the way.

My rant is not targeted toward MC2 (which looks interesting, if not I would not even bother posting this) - it is targeted toward any PoW coin. Fair distribution is hard enough by itself, no need to add an extra barrier to entry.
OTOH, the closest to a fair distribution than I can think of it countrycoins's airdrop. It did not work out, I give you that, but still, at least on paper, it is much more democratic than any other coin model.

In the end, the Gini index shall be the judge.

[mhps]

Not sure yet, but it'll be GPU mineable from the get go.

I find it a big concern that a coin requires an expensive graphic card to be mined. Sorry, but "democracy" and "you need to have expensive hardware" don't mix well together.

CPU coins will be dogged by botnets that access huge computation power with little cost. They mine and dump the coin and drive the price of the coin to the ground, driving individual miners away because it is not profitable to mine if you have to pay electricity. If you want democracy, you need to workout a one man one vote system.

[Zisef]

  Patiently waiting my dear friends.

[tacotime]

Patiently waiting my dear friends.

Stuff is mostly finished up with what I had to take care of.  Returning to full time work on this and part time work on Bitmonero this week.  Should have some updates on code by Sunday/Monday over BitMessage if all goes well.

[kstar]

Isn't this like phs?

[kstar]

I wonder when all of this will come crashing down.

[David Latapie]

I was wondering when someone would come around and implement all of the cool features we are seeing in other alt-currencies at once, yet you seemed to have taken it another step further. How much of the code do you plan on borrowing directly from BTC using their stable base? Without trying to pick on an obvious influence for your current model, it's nice how your are already showing the inner working of the math involved within the original alpha white paper. Something that PPC is still lacking in my opinion.

Tacotime, now that you are big on cryptnote, why not using Cryptonote instead of bitcoin as a base? If you plan to take the best of all altcoin, cryptonote would fit in particularly well, don't you think?

[tacotime]

I wonder when all of this will come crashing down.

I was delayed due to government issues. Don't want to discuss it. Work is continuing. No one had given me any money, so it's no ones loss.

[tacotime]

I was wondering when someone would come around and implement all of the cool features we are seeing in other alt-currencies at once, yet you seemed to have taken it another step further. How much of the code do you plan on borrowing directly from BTC using their stable base? Without trying to pick on an obvious influence for your current model, it's nice how your are already showing the inner working of the math involved within the original alpha white paper. Something that PPC is still lacking in my opinion.

Tacotime, now that you are big on cryptnote, why not using Cryptonote instead of bitcoin as a base? If you plan to take the best of all altcoin, cryptonote would fit in particularly well, don't you think?

The large transaction size for privacy is too cumbersome for my PoS system. Also, the btcd refactor is much more easy to code in (and I'm less likely to break things horribly if it's not C). Stealth addresses I could probably integrate.

[tacotime]

Isn't this like phs?

No, different pos system.

[David Latapie]

tacotime and others, you could be interested into this:

Context is NEM and PoS.

How the BitCoin network becomes centralized?

Google translate original russian post from Sasha PortMan : http://mmgp.ru/showpost.php?p=6543233&postcount=2136

The first stage - it was possible mining at home on videocards.
The second stage - it was possible mining at home on farms from ten videocards.
The third stage - mining it is possible was at home on tens farms from hundred videocards.
The fourth stage - the whole industrial pavilions, from hundred ASIC of mayner.
The fifth stage - tens mega constructions from thousands of ASIC of mayner.
The sixth stage - mega the corporations which are engaged in a mining which will have huge territories on the areas which will be specially adapted under a mining.

And the seventh stage, final - the strongest corporations from corporations will survive. They will be then not only to control the prices, but also to carry out all transactions. If the price of a coin is low, the network and any transaction will simply stop won't be carried out while the price doesn't become favorable to a mining. But it will be already in the most final phase when all mining one or two mega will control corporations on the mining, under control certainly to the government. Because probably you know if someone starts controlling that not in power was to control before to the governments within the corporation, the governments shortly will start controlling the one who controls the uncontrollable.

In general, I consider a mining - an error of decentralization. All computing capacities once will appear in hands of one mega corporations that conducts to centralization and control from the governments. Satoshi when I created it, I he think knew and guessed to what at the end everything leads it. Freedom is given only in the beginning when everyone can мaйнить at home on videocards, thereby forming the decentralized network. But here its complexity grows and grows that finally leads to centralization and to total control, up to even before network destruction if supervisory authorities of it want. And most likely they will want because yet time will find as someone sold for BitCoins drugs or sponsored terrorism, and so on. BitCoin for them at present as a splinter which just like that can't be pulled out. But Satoshi created it everything temporary, as a result a ball one will govern mega corporation and sure to appear over it will rule the governments. It will be the beginning of the end of a network BitCoin.