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Author Topic: $5.00 bounty to the first person who can convince me not to buy ppc (reopened)  (Read 2463 times)
Anon136
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November 22, 2013, 11:57:55 PM
 #1

No logical fallacies please, rational arguments only. Bounty to be payed in bitcoin at mtgoxusd at the time of the transaction.

More than anything what I'm looking for is, is there anything broken about the concept of proof of stake? is there anything broken about the implementation of it?

Rep Thread: https://bitcointalk.org/index.php?topic=381041
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November 22, 2013, 11:59:35 PM
 #2

because you should buy ixcoin instead
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November 23, 2013, 12:00:10 AM
 #3

because the price will go down

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November 23, 2013, 12:11:47 AM
 #4

it depends on how much, how much % of your savings... etc....

In the other hand, Digital coin is lot cheaper and looks promising too, but harder to buy...



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November 23, 2013, 12:48:31 AM
 #5

Because for me is more or less the same as investing in goldcoin... The first days tha ammount of coins mined was huge compared to the current rates, if I remember well, in the beginings each block had around 5k coins.
It's true that Pos was innovative, but there are coins better distributed with more advantages withouth handling new projects like netcoin or nxt wich will have PoS and many other innovations.
I had 6k wich I mined with a 5970 in two days and I sold when the coins was attacked or sometbing like that at ridiculous price, so maybe my hate to this coin is consequence of this  Wink
I'm sure that if I currently have that 6k my opinion would be different and the same as all holders  Smiley
Anon136
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November 23, 2013, 01:02:28 AM
 #6

Because for me is more or less the same as investing in goldcoin... The first days tha ammount of coins mined was huge compared to the current rates, if I remember well, in the beginings each block had around 5k coins.
It's true that Pos was innovative, but there are coins better distributed with more advantages withouth handling new projects like netcoin or nxt wich will have PoS and many other innovations.
I had 6k wich I mined with a 5970 in two days and I sold when the coins was attacked or sometbing like that at ridiculous price, so maybe my hate to this coin is consequence of this  Wink
I'm sure that if I currently have that 6k my opinion would be different and the same as all holders  Smiley

unfortunately i convinced myself, but that was a good effort! whats your bitcoin address? ill send you a tip.

Rep Thread: https://bitcointalk.org/index.php?topic=381041
If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited?
Anon136
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November 23, 2013, 04:22:33 AM
 #7

i un-convinced myself. thread reopened  Grin

Rep Thread: https://bitcointalk.org/index.php?topic=381041
If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited?
markjamrobin
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November 23, 2013, 04:23:56 AM
 #8

The price is oscillating, and these all time highs are not steady. The price will likely fall again, before it goes up. Wait till like $500 to buy.


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Sustainable
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November 23, 2013, 04:27:35 AM
 #9

Other coins offer better alternatives. The confirmation time is a massive factor, this is the reason for investing in WDC with a 30 sec confirmation time or shorter.

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Anon136
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November 23, 2013, 04:27:59 AM
 #10

The price is oscillating, and these all time highs are not steady. The price will likely fall again, before it goes up. Wait till like $500 to buy.

thanks for the input, but im more looking for ways in which the protocol is broken. or the economic implications of it are not as desirable as one might expect.

Rep Thread: https://bitcointalk.org/index.php?topic=381041
If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited?
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November 23, 2013, 04:59:51 AM
 #11

The price is oscillating, and these all time highs are not steady. The price will likely fall again, before it goes up. Wait till like $500 to buy.

thanks for the input, but im more looking for ways in which the protocol is broken. or the economic implications of it are not as desirable as one might expect.

I've never heard of such a reason. PPC doesn't have a 30 million dollar market cap with a broken concept or implementation. Whether or not it will succeed is something that has to be tested down the line.
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November 23, 2013, 05:36:19 AM
 #12

I too would be interested in this. I've thought about it for a while and tried to read up on it and although I'm not convinced the peercoin implementation of POS is robust enough to be viable long term, I'm also not convinced that it isn't or that at least it couldn't be reasonably patched up in the future. I already own a chunk of PPC because I like the concept of POS and have respect for SunnyKing's approach, but despite that I'm still in a "wait and see" mindset.

OP, what made you convince yourself and then unconvince yourself? I'd like the $5 bounty but I don't have an answer as to why you shouldn't buy PPC, my inclination is that you actually should buy it although I'm not 100% confident.

And I'm also not interested in predictions of short-term price movements or advertisements for other cheaper alt-coins. I think long term if PPC proves to be a robust and functional alt-coin it will certainly be worth a lot more than it is now - and would be deserving of the 2nd spot after btc since it presents an original and substantially different approach to decentralized cryptocurrency from bitcoin. If it turns out to have irreconcilable security holes then it will just be an experiment and I don't expect PPC will carry any real value.
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November 23, 2013, 05:51:29 AM
 #13

Its in the #3 spot. The better question is why don't have some some already?

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November 23, 2013, 06:21:05 AM
 #14

Read the whitepaper and make your own decision.

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Anon136
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November 23, 2013, 06:28:30 AM
 #15

Read the whitepaper and make your own decision.

yep, my own decision is that i should probably buy some. i just understand my own limitations, i understand that I'm not omniscient. Spending a measly 5 dollars in order to incent people on these forums to alert me to something i hadnt though of myself seems like a very worth while investment. And if there is someone out there who knows a good reason why i shouldnt, than its a pretty quick and easy 5 dollars for him, he should be happy with the arrangement also. Don't you love markets! so full of win.

Rep Thread: https://bitcointalk.org/index.php?topic=381041
If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited?
Anon136
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November 23, 2013, 06:31:35 AM
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I too would be interested in this. I've thought about it for a while and tried to read up on it and although I'm not convinced the peercoin implementation of POS is robust enough to be viable long term, I'm also not convinced that it isn't or that at least it couldn't be reasonably patched up in the future. I already own a chunk of PPC because I like the concept of POS and have respect for SunnyKing's approach, but despite that I'm still in a "wait and see" mindset.

OP, what made you convince yourself and then unconvince yourself? I'd like the $5 bounty but I don't have an answer as to why you shouldn't buy PPC, my inclination is that you actually should buy it although I'm not 100% confident.

And I'm also not interested in predictions of short-term price movements or advertisements for other cheaper alt-coins. I think long term if PPC proves to be a robust and functional alt-coin it will certainly be worth a lot more than it is now - and would be deserving of the 2nd spot after btc since it presents an original and substantially different approach to decentralized cryptocurrency from bitcoin. If it turns out to have irreconcilable security holes then it will just be an experiment and I don't expect PPC will carry any real value.

yes one thing you definitely got right here is that, if ppc is infact not broken, it definitely deserves to be second place. litecoin does give you a little bit more security in a shorter amount of time, but it doesnt bring enough to the table to compete with bitcoins network effects imo, it doesnt deserve to be anywhere near the top.

Rep Thread: https://bitcointalk.org/index.php?topic=381041
If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited?
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November 23, 2013, 07:09:23 AM
 #17

There is no hard limit, so it is subject to endless amounts of inflation














 

 

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November 23, 2013, 07:19:35 AM
 #18

This is a flawed question.

I cannot convince you NOT to buy PPC, because the truth is you SHOULD buy PPC.

The fundamentals are there; market cap, ranking, low price.

Buy, you won't be sorry.
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November 23, 2013, 07:20:27 AM
 #19

Like bitcoin, ppc is the original bread and butter of POS, other cheap clones won't be taken seriously.

If you believe that there's a room for alt, this is it.

Other alts are just different algors of POW,  or even cheap param changing.

The reason that you shouldn't buy ppc would be they all shrink against btc growth, better stick with btc.
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November 23, 2013, 08:34:06 AM
 #20

At this point BTC has such a large lead in the network effect that the only reason to buy any alt coin is if you think it will outperform Bitcoin. So will PPC outperform BTC? As the main difference is PoS v PoW the question becomes "will Bitcoin's PoW model ever cause risk to its overall adoption?"

Why the answer might be yes: organized 51% attack from a large pool, NSA or other body corrupting ASIC hardware, or a technological advance that obsoletes ASICs but is held by a small party.

The third can be written off at this point as it isn't a risk in any reasonable time frame. The second isn't much risk as most ASIC manufacturing happens outside the US, and is distributed between multiple continents. Could a coordinated group of miners pull off a 51% attack? I suppose they could but I don't think they would due to the fact that they would be killing the goose that lays the golden egg. Even if those miners invested heavily in another coin, destroying BTC at this point would endanger the whole cryptocoin ecosystem. To me PPC isn't a hedge against BTC
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