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It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
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AnonyMint (OP)
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October 17, 2013, 07:44:09 AM |
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Answering because I was asked to in the prior post.
The value is not rising because of money supply deflation, because in fact Bitcoin money supply is still inflating at roughly 11%.
Rather it is the demand for the currency is outstripping the 11% rise in supply. Do you really think the demand for a digital currency that was superior to Bitcoin in every way, would not also rise much more than any small perpetual debasement needed to keep the currency decentralized and viable long-term.
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AnonyMint (OP)
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October 17, 2013, 08:13:22 AM |
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Excellent point and very well understood. Apologies we were not able to reach mutual comprehension in the past and it was very frustrating. Hopefully you understand my theories now. Do they speculate on their coming tax avoidance convictions and jail time? Someone would have to be crazy to write s/w that prematurely* destroyed the Bitcoin honeypot, they will surely have an unpleasant life thereafter.
* The lack of debasement after 2024 or 2033, indicates it is designed to be destroyed (or morphed into a centrally controlled digital currency), but not until after hoodwinking all those freedom lovers and goldbugs into mixing their wealth with illegal activity, not declaring capital gains, using an asset as a currency without declaring each transaction as a capital gain, etc..
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AnonyMint (OP)
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October 17, 2013, 08:35:41 AM |
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System-wide mix-net anonymity along with sourcing small coins seems like the only solution that really works: https://bitcointalk.org/index.php?topic=286536.msg3347932#msg3347932Meanwhile most everyone is laying their tracks in public (even when they use a coin mixer) so it will be easier to prosecute. Faucets redistribute coins away from you to anybody who can visit a site. |
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AnonyMint (OP)
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October 17, 2013, 09:00:10 AM |
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Oic. I thought you were suggesting faucets as a way to anonymize ownership of your coins.
Isn't mining from PCs (i.e. no advantage for GPUs and ASICs) with a initial high rate of debasement a cheese?
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AnonyMint (OP)
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October 17, 2013, 09:48:02 AM |
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Oic, everything for free, including mining, is what Bitcoiners want?
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AnonyMint (OP)
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October 17, 2013, 11:54:41 AM |
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Assuming PoW can be mined effectively from your PC, is the electricity cost the only reason you prefer PoS?
And/or is it because you can mine more coins from your share without needing a powerful PC?
Why do you not like a coin with new coins created often (greater inflation than gold)?
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AnonyMint (OP)
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October 17, 2013, 01:29:19 PM |
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Can you cite any source on degradation of a CPU or GPU's properties due to PoW?
I thought that a CPU would not degrade due to PoW.
Indeed setup of mining in Bitcoin is beyond most people, but what if PoW was easy as download and run?
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AnonyMint (OP)
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October 17, 2013, 02:54:45 PM |
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That is helpful feedback. Indeed CPUs are not effective with PoW as of now. I had hoped to change that, but there is no proof I could, just an algorithmic idea. I can imagine GPU rigs overheating and components such as capacitors degrading.
And thus agreed as of now PoW is off limits to the users-at-large.
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markm
Legendary
 Offline
Activity: 2940
Merit: 1090
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October 17, 2013, 03:21:55 PM |
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The form of "CPU mining" described at http://www.devtome.com/doku.php?id=cpu_mining is turning out to be surprisingly popular, maybe partly because it is not about how many zombies you have in your botnet nor even how many cores your machine has... (A Raspberry Pi would work just fine...) Basically it is not about sheer power, especially not calculations that can be done by masses of parallel processors. Instead it is all about making decisions, handling branches and changes of situation, the kind of stuff CPUs, especially CPUs with a human behind them adjusting their tactics and strategies, are best at; so running a million zombies would take too much human intervention. -MarkM- |
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manoamano
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October 17, 2013, 03:32:32 PM |
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Oic, everything for free, including mining, is what Bitcoiners want?
Yes, for me  |
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AnonyMint (OP)
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October 17, 2013, 04:06:08 PM |
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It appears that the inaccessibility of PoW is perhaps the major issue driving desire for an altcoin.
I had thought it would be anonymity, but now that I think more about it, it makes sense that accessibility of all the features of a coin is the #1 priority. No one wants to be excluded from the opportunities, that is basic issue of human freedom and expression.
Did I correctly interpret sentiments?
I had originally focused on PoW as the major problem area, yet when I ran the survey where anonymity got the most votes, I didn't put a choice for PoS, only for improved PoW. Apparently many think PoS is the more likely way to fix PoW, thus I apparently missed this sentiment as the #1.
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