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Author Topic: Bitcoin vs other digital currency  (Read 476 times)
HonestAbe
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July 11, 2011, 09:56:18 PM
 #1

BTC is a digital currency right?  Are there other digital currencies out there now or on the horizon?  Threads about others on this board? I remember hearing about something called eagle a few years back but in never took hold.
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botlove
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July 12, 2011, 12:22:31 AM
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What would be interesting is if anybody has a peer reviewed paper of a competitive crypto currency that has various improvements... Personally, I'd like to see a method to eliminate the initial 'gold rush' to reduce valuation volatility in the beginning phase.... and a method for automatic backups of wallets between peers with some kind of strong of encryption of the primary private key using a passphrase.  Maybe there would be a time-to-live set for the backup copy on any given peer, like 2 hours, and then the backup would roll to a new random peer and get purged from the original peer with a handoff transaction record stored in those peers involved, the log would live for a set time, like 3 weeks...  Then a way to poll the network for a count of available copies of backup keys, where certain nodes could delete a few backups if extra nodes respond, request creation of more backups if the count is getting low... blah blah... I don't know... seems like the currency might be better if people could trust that their money won't get erased when their hard drive goes bad without having to trust any one person with their key, and the rolling backup might allow a mechanism to track down anybody dedicated enough to crack a passphrase. Also, I'm not sure what method exists to prevent a node from a DoS attack on all peers, but hopefully the system is/could be really good at identifying malicious activity and temporarily banning the IP address used at the source.

Anyhow, I don't know what the heck I'm talking about, so I'm here to learn and BS until I figure out answers to these questions.
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