Devcoin

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jasinlee:
You do know these are merged mined right? The point is to get developers paid for their work, this is like charity work substrata, and it requires no extra work from miners.

hahahafr:
Hello, can someone explain what is the point of Devcoin since we already have Bitcoin?

killerstorm:
Quote from: subSTRATA on December 03, 2012, 02:26:48 PM

Developers are at extreme advantage over those who ARE Devcoin network = miners. No miners, no Devcoin.


Um, hello? Miners do not need to do anything at all, they simply get free coins for tiny amounts of work.

Quote

Behold - are we supposed to be satisfied with 10% of coins and thus continue to keep alive network

Not to keep network alive, but to prevent double-spends. I doubt that anybody wants to attack devcoin, so even 10% is probably too much.

Developers create demand for devcoins, they make it valuable, and miners get profit of that.

In other words, without developers DVC would be yet another worthless Bitcoin fork. You can as well mine testnet.

Mathematically, suppose X is value of 50,000 DVC in USD. Miners earn X * 0.1 for each block.

Suppose developer ABC creates something which adds additional demand for devcoins, thus driving exchange rate to X+x. Now miners get (X+x)*0.1 USD, thus they got x*0.1 of ABC's work per each block. Suppose this effect lasts for 10000 blocks, thus it makes sense to give ABC a bounty of at most 10000*x*0.1.

I'm fairly sure you do not understand economics of mining. In theory, miners are strictly profit-motivated, thus giving bigger share to miners would give network better security, and that's all. You get what you pay for, miners are not shafted.

However, merged mining essentially makes it a free ride.

jasinlee:
Quote from: subSTRATA on December 03, 2012, 03:15:27 PM

No matter how hard you try to hide the truth, it can't be hidden - at least not from me and, obviously, most other miners.


You do know what merged mining is right? Since you are a miner and all.

killerstorm:
Quote from: subSTRATA on December 03, 2012, 03:15:27 PM

No matter how hard you try to hide the truth, it can't be hidden - at least not from me and, obviously, most other miners.

Your sense of self-entitlement is frightening.

I should note I'm in no way affiliated with devcoin, I'm simply trying to explain obvious facts.

You do not need to have any hashrate specifically for devcoin thanks to merged mining, and network/CPU resources related to transaction verification are tiny.

Any while we are here, miners aren't in any sense noble. At start ordinary users were miners, so network was directly democratic. Then people started mining it for profit... Of course there is nothing wrong with it and it was anticipated, but need to understand that miners simply provide hashrate... You know, like utilities which provide you electricity. Your hashrate secures network, but it removes control from users. So you're like mercenaries, there is nothing nothing noble about it.

You aren't supposed to think about ethical questions, you simply get money for your hashrate and that's all. If certain network pays you less than what you could get elsewhere, then simply switch to highest paying network.

Of course there are miners who do not mine for profit, but those do not care whether they get 10% or 100% of a pie.

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