Can someone explain RaiBlocks?

[thejaytiesto]

Does RaiBlocks have any substance or is another hype machine? it's performance is awesome on the market, what a pump, nice and clear 1:1 price profit against BTC following the dollar increase too unlike Ethereum and others which have only lost you money if you bought them in the past months.

This is how a good pumps looks like guys:



And this is how a shit pump looks like:



The volume of 24h trading on RaiBlocks is 2,829 BTC, very nice, enough to unload 100+ worth of BTC gains, you could have become rich from this one. Ahhhrrg fucking hate missing on all these moon missions. The graph always looks sweet when you zoom it out after the pump, nice and flat for a while which is where one should have bought, not now. Cardano and Tron have also delivered pretty solid gains.

So what is the next RaiBlocks which is currently flat?

[JollySkipper]

https://www.youtube.com/watch?v=CrkiVcxXfI4

Doesn't sound very secure for me..

[thejaytiesto]

https://www.youtube.com/watch?v=CrkiVcxXfI4

Doesn't sound very secure for me..

I'll look into it later, but I predict it suffers from some really exploitable game theory like all of these non PoW, non-blockchain coins.

The last addition of the hype before RaiBlocks that I saw was Hashgraph, which is being sold now as "the bitcoin killer" by youtuber-pumpers:



I mean the thing isn't even open source.. unbelievable.

[christianb35]

The post above is a scam.

It is easy to think that RaiBlocks is too good to be right and that it must either be not secure or broken. But it does work and it does take into consideration all possible attacks: https://github.com/clemahieu/raiblocks/wiki/Attacks
It is fully open source, developer more transparent than for any other coin, the Blockchain is not anonymous at all so you can exactly trace what is happening. This coin is about doing only one thing: being mass adopted as a world wide currency. It fixes all Bitcoin issues and more:
- 0 transaction fees
- Instant transactions
- 7000+ transaction per seconds (probably much more, the only limit is the network, not the Blockchain)
- 0 inflation (there's 133,248,289 XRB and there wont be more)

[thejaytiesto]

Okay, so I did some more research, and it seems (once again) similarly to what I remember reading with Decred, when there is lack of consensus, there are some, someway appointed "regulators" that will lead to a consensus. The moment I heard "representatives" and "voting" my alarms went ringing for scam. Looks like once again, coin claims to solve bitcoin's problems, coin fails to solve bitcoin's problems, coin ends up adding back what bitcoin is trying to solve (politics, human intervention, etc).

Still a joke compared to bitcoin, wouldn't hold this long term, but man do I regret not buying this thing a couple weeks ago... the gains have been insane. I wish I could get on the bottom of some of these hypejobs.

[cryptopusa]

Does RaiBlocks have any substance or is another hype machine? it's performance is awesome on the market, what a pump, nice and clear 1:1 price profit against BTC following the dollar increase too unlike Ethereum and others which have only lost you money if you bought them in the past months.

This is how a good pumps looks like guys:



And this is how a shit pump looks like:



The volume of 24h trading on RaiBlocks is 2,829 BTC, very nice, enough to unload 100+ worth of BTC gains, you could have become rich from this one. Ahhhrrg fucking hate missing on all these moon missions. The graph always looks sweet when you zoom it out after the pump, nice and flat for a while which is where one should have bought, not now. Cardano and Tron have also delivered pretty solid gains.

So what is the next RaiBlocks which is currently flat?

The only thing why people are loving this coin is because it has no tx fee and the blocktime confirmation is miles faster than BTC and ETH,

[christianb35]

Looks like once again, coin claims to solve bitcoin's problems, coin fails to solve bitcoin's problems, coin ends up adding back what bitcoin is trying to solve (politics, human intervention, etc).

Its true that RaiBlocks story look like so many other coins, Time will tell as it is getting more an more used, what I recommend is that people look at its design give it a try.

The only thing why people are loving this coin is because it has no tx fee and the blocktime confirmation is miles faster than BTC and ETH,

Also and the main thing that people don't want to believe: It can scale, it can handle at least 7000 of transactions per seconds: https://i.imgur.com/oRpO8lc.gif

[thejaytiesto]

Looks like once again, coin claims to solve bitcoin's problems, coin fails to solve bitcoin's problems, coin ends up adding back what bitcoin is trying to solve (politics, human intervention, etc).

Its true that RaiBlocks story look like so many other coins, Time will tell as it is getting more an more used, what I recommend is that people look at its design give it a try.

The only thing why people are loving this coin is because it has no tx fee and the blocktime confirmation is miles faster than BTC and ETH,

Also and the main thing that people don't want to believe: It can scale, it can handle at least 7000 of transactions per seconds: https://i.imgur.com/oRpO8lc.gif

A lot of other coins are really fast, that means nothing. Ripple is fast and cheap, Dogecoin is fast and cheap... it really means nothing without taking into account the rest of factors. Im tired of people saying "this coin is cheap and fast in it's transaction... moon time fuckerss!!" it doesn't work like that.

Also like I said before, RaiBlocks employs human interaction when there's lack of consensus, this is a fatal mistake. Anyone could bribe these "representatives" and then you are fucked.

[christianb35]

Also like I said before, RaiBlocks employs human interaction when there's lack of consensus, this is a fatal mistake. Anyone could bribe these "representatives" and then you are fucked.

There's no human interaction. A representative is just like a miner except that instead of doing a proof of work, it votes with a weight base on the amount of XRB that they represent. Anyone can be a representative, there will easily be even more representatives than there's Bitcoin miners, so no representative alone has power and as oppose to Bitcoin miners, most representatives will be known and respected businesses.
RaiBlocks "Delgated Proof of Stake" consensus mechanism is fully decentralized, require no fees or inflation, the fastest and it is more decentralized than "Proof of Work" : https://raiblocks.net/media/RaiBlocks_Whitepaper__English.pdf
The missing part is: "How are representatives paid" : They are not, they get something more valuable: "trust votes", businesses will want to be a representative just to this recognition, it is much more valuable than "facebook likes" because it can't be faked.

A lot of other coins are really fast, that means nothing. Ripple is fast and cheap, Dogecoin is fast and cheap... it really means nothing without taking into account the rest of factors. Im tired of people saying "this coin is cheap and fast in it's transaction... moon time fuckerss!!" it doesn't work like that.

There's no other coin that currently have the transaction -and- confirmation speed as RaiBlocks. This is because representatives are only needed when there's a conflict and because when there's a conflict, it involves all representatives at the same time on every block, so you don't need to wait for multiple blocks (~6) to have a full confirmation, one vote involving all representatives = the block is confirmed.
But there's much more nice things about RaiBlocks, read my post above.

[thejaytiesto]

Also like I said before, RaiBlocks employs human interaction when there's lack of consensus, this is a fatal mistake. Anyone could bribe these "representatives" and then you are fucked.

There's no human interaction. A representative is just like a miner except that instead of doing a proof of work, it votes with a weight base on the amount of XRB that they represent. Anyone can be a representative, there will easily be even more representatives than there's Bitcoin miners, so no representative alone has power and as oppose to Bitcoin miners, most representatives will be known and respected businesses.
RaiBlocks "Delgated Proof of Stake" consensus mechanism is fully decentralized, require no fees or inflation, the fastest and it is more decentralized than "Proof of Work" : https://raiblocks.net/media/RaiBlocks_Whitepaper__English.pdf
The missing part is: "How are representatives paid" : They are not, they get something more valuable: "trust votes", businesses will want to be a representative just to this recognition, it is much more valuable than "facebook likes" because it can't be faked.

A lot of other coins are really fast, that means nothing. Ripple is fast and cheap, Dogecoin is fast and cheap... it really means nothing without taking into account the rest of factors. Im tired of people saying "this coin is cheap and fast in it's transaction... moon time fuckerss!!" it doesn't work like that.

There's no other coin that currently have the transaction -and- confirmation speed as RaiBlocks. This is because representatives are only needed when there's a conflict and because when there's a conflict, it involves all representatives at the same time on every block, so you don't need to wait for multiple blocks (~6) to have a full confirmation, one vote involving all representatives = the block is confirmed.
But there's much more nice things about RaiBlocks, read my post above.

This all sounds nice and good on paper, let's see how RaiBlocks does in the real world as it gets tested attacked and twisted in a million angles. A lot of people aren't being realistic I think, and aren't considering all the possible game theoretical exploits possible in all these models that don't rely on the original PoW model of Bitcoin (which sure, has it's own problems, but has been the most solid thus far).

RaiBlocks would need to get as big as Bitcoin to get the attention of a global attacker (triple letter agencies) in order to really test it's strength, until then you are living under the illusion that it will survive. I wouldn't trust big money on this thing, speculating with some is fun but that's all. I just don't believe the delegates model will cut it once it gets attacked for real.

[CRED.me]

@thejaytiesto, since you asked me in a private message then here is what you need to know:

RaiBlocks is a highly flawed design that was debunked by experts (including @gmaxwell Gregory Maxwell Core Bitcoin developer) in 2015:

https://bitcointalk.org/index.php?topic=2672512.msg28733469#msg28733469

Several old timers have been messaging me asking for AnonyMint’s analysis. It’s linked above from 2015.

The last addition of the hype before RaiBlocks that I saw was Hashgraph, which is being sold now as "the bitcoin killer" by youtuber-pumpers:

They’re all trying to capitalize on the theme of thread you started about AnonyMint’s project a year ago:

Do you think "iamnotback" really has the" Bitcoin killer"?

But none of them have the design that AnonyMint has up his sleeve.