Update #2: Proof of Stake<@Rofo> We're going PoS, im finalising it now. The abuse PoW, malicious coins multipools and ASICs can do to a small PoW coin is getting ridiculous. However PoS is not my forte, were going to get in another developer or 2 on contract, so if you have any in mind that would be happy to contribute to a transition for a good fee please discuss it with me. I can then step aside and finish the infrastructure, a future PoW coin will be linked with us that is secure, centralized and reward miners for merge-mining for the security of all coins & a greater reward on the marketplace.
<@Rofo> Constantly trying to combat with hired rigs, fork/checkpoint reversals after it's too late and the constant demoralization any selloff is doing to the noble community has to end. PoS is the only thing that stops the arguments and fear of ASICs, algorithm arguments (plus future implementation of ASICs to any successful algo. regardless) and the damage PoS coin multipools is doing to us. Rather than any external promotion of the positives of noble i had hoped for in our first months, were only getting external fear and selling because of this.
<pikuchato> Awesome news, thank you rofo
Long live NOBLE !!
<@Rofo> No worries
i dont agree 100% with the choice, but we feel its the right one in this environment. Our ideals cant stand up against malicious and semi-anonymous actors with huge hashpower. I will be rewarding miners and ASICs with a partner coin after this is all settled though.
<pikuchato> This sounds awesome, in my opinion the most important part here is the extra developers, you DO need more time to focus on core issues, you can't do everything
<pikuchato> About the algorithm change, I count on you - I dont realy have the technical knowledge to know which is better against those attacks.
<@Rofo> exactly. i have enough that we can reward trustworthy PoS devs well to work with us, and once they help us do the transition we can follow a roadmap of necessary PoS updates as they come
<@Rofo> Well no algo is safe with our market cap, simply because we wont have a huge amount of hash whatever route we go, and it wont stop those who just hire rigs to dump on us and demoralize people even more.
<pikuchato> So it will be POS & another algo? So thr attacker will need 51% of the hasing power PLUS 51% of the coins? something like that?
<@Rofo> I'm a big believer in PoW from a crypto/purist perspective, unfortunately PoW gives all these malicious actors with more money/resources the ability to constantly stomp on competitors. PoS is not 100% secure, it will be 100% PoS, even PPC relies only on the PoS part. PoS has its own issues but they can be better mitigated/monitored and we might improve the 'centralized' security in the future if we *must*.
<pikuchato> Respect for doing the opposite of your opinion just because the community wants
<@Rofo> They will need 51% of the coins currently being staked, but we have some projects and promos we will be doing to improve the transparancy of staking. Not even though, the odds/numbers are lower depending on success rate but im not 100% sure of them. My only real problem with this is the fact I haven't touched PoS in my spare time, I've been looking at MM, centralized/decentralized checkpointing ideas & tx messages. Which is why we'd like to contract an extra dev. or 2 to help us and make it worth their time. But thats OK, PoS will help us in other ways, and we can figure out PoW equivalent when we come back from the brink
<pikuchato> If you write a message I can use - I am a member of few israeli bitcoin groups, lots of well known developers hung around there I will be happy to post it
<@Rofo> Sure thing, Ill post this on the thread and then write a little 'looking for' ad
<pikuchato> But don't do it specially this is for bitcointalk
<pikuchato> lol exactly
<@Rofo> We're already talking with a few, wed just like our best odds with someone we can trust who we know will do the right thing with as little hassles as possible. So whoever is walling us down with cheap coins as well as dumping, well there wont be cheap easy coins coming in soon enough, we'll go PoS and triple our promo efforts.
<pikuchato> Well I can't complain look what just happend to me 10 minutes before your first message: 2014-06-14 05:02:37 SELL 0.00000011 17577564.57062612 1.93353210
<@Rofo> As a coin and community our reputation is infrastructure is great, our biggest problem was my 'purist longterm' perspective that wont survive in this environment, and our scrypt/ASIC fears & long distribution/inflation (as well as this scenes constant focus on daily price).
<pikuchato> ))))
<@Rofo> Thats all gone soon enough. My msg is also a result of seeing the dumping in a way. I don't know if its another attempt at double spending or people dumping/panicing to buy cheap before the change or its just people giving up so I had to say something.
<pikuchato> I bought nobl not sold, it says SELL because of the market action. People have no patiance and going to eat their hats
<@Rofo> yes sorry i figured it was the BUY you were talking about
When we stop worrying about ASICs/miners/algos we can start going back to the core infrastructure and what noble was meant to represent. That's why PoS felt like the best choice.
<pikuchato> I don't think it is doube spending any more, just idiots who can't understand how come they money did not double itself in 3 days.
<@Rofo> Yeah perhaps, I really dont know. I do know of a number of people who are renting rigs at a 10% loss just to dump on noble, there's also the multipools from PoS coins that mine to stick us low profitability and dump, ASICs might be in there somewhere, but i dont think they're the key factor.
<pikuchato> I thought about this calculation: Big pool sell some coins before starting to mine -> others miners leave -> more coins for the pool
<@Rofo> Pretty much.
