A legitimately novel idea for a new crypto.

[FrictionlessCoin]

"The thing to understand about the pow is that its just a contrivance for creating a never ending string of varafiable unpredictable numbers that can be used as a means to reach consensus in the network. What you would do as a miner is hash the genesis block + the address you wanted your reward to be payed to + a series of random nonces. the first person to come up with a hash that it below a certain threshold wins the competition, everyone starts trying to hash his block plus the address they want to be payed too. Its just like bitcoin, except the blocks contain no transactions, only the address you want to be payed out too. "

So, if the hashes do not include the transactions, then how do we verify that the block chain we are looking at it the legit one?

Any system can create very quickly another block chain that is longer than the current one and we can't verify if it is the legit one.

just ignore this thread and go check out NextCoin (NXT). Its basically the same idea i was trying to outline here only better.

There aren't any spec for NXT.... so I can't tell if it even is legit.

There are specs you just have to dig around for them. For starters check out my conversation with come-from-beyond https://bitcointalk.org/index.php?topic=345773.msg4063478#msg4063478

Yeah right... a conversation is very far from a spec.

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[Anon136]

"The thing to understand about the pow is that its just a contrivance for creating a never ending string of varafiable unpredictable numbers that can be used as a means to reach consensus in the network. What you would do as a miner is hash the genesis block + the address you wanted your reward to be payed to + a series of random nonces. the first person to come up with a hash that it below a certain threshold wins the competition, everyone starts trying to hash his block plus the address they want to be payed too. Its just like bitcoin, except the blocks contain no transactions, only the address you want to be payed out too. "

So, if the hashes do not include the transactions, then how do we verify that the block chain we are looking at it the legit one?

Any system can create very quickly another block chain that is longer than the current one and we can't verify if it is the legit one.

just ignore this thread and go check out NextCoin (NXT). Its basically the same idea i was trying to outline here only better.

There aren't any spec for NXT.... so I can't tell if it even is legit.

There are specs you just have to dig around for them. For starters check out my conversation with come-from-beyond https://bitcointalk.org/index.php?topic=345773.msg4063478#msg4063478

Yeah right... a conversation is very far from a spec.

go attack strawmen somewhere else please

[jimhsu]

Interesting.