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Author Topic: bitcoin vs solidcoin  (Read 18188 times)
Synaptic
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September 02, 2011, 02:56:59 PM
 #41

Like the video format wars, this may well get decided by which format sees widespread adoption by the porn industry first. People by and large are not looking looking for an alternative to the better known payment options for ordinary purchases, especially not a slower alternative that subjects users to volatile exchange rates. On the other hand, users looking for a degree of privacy may be willing to overlook those shortcomings. Silk Road is the best known example of that type of thing, but a pseudo-anonymous currency can only do so much to keep you out of jail so the appeal is limited.

Since Bitcoin hasn't really transformed its lead into a thriving 'real' economy so far, it's still anyone's game. Faster (ok, less slow) confirmations, a reasonably easy to pronounce name and minimal early adopter/political wacko baggage may be all it takes to attract significant amounts of real business and become the new de facto standard. After that, the features may not make as much of a difference. Beta didn't make a comeback once it caught up in recording time, even though picture quality was always better than VHS.


You...pay...for porn?

...intriguing.
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September 02, 2011, 03:17:01 PM
 #42

any of the larger pools could easily run a double spending attack on solidcoin / on a sc exchange. hopefully somebody will attempt it soon. I sure would offer my humble hashing power for a short time. how much profit could there be in this? someone start the killerpool please!

The funny thing is: you can just spend on a double spending attack what you HAVE. So if someone uses SO MUCH ressources for just spending some hundret IXCs, who cars? And if you have some thousand IXCs, why would you want to destroy their value? ^^ So either your balance is small enough to have no impact, or you have no intensions to destroy your wallets value.

hmm could you not quickly mine a lot of coins and spend them repeatedly to buy bitcoins? what about creating the longest chain and not allowing any transactions? what about restarting the whole chain from the beginning or from a while ago and making it longer than the current one thus deleting all transactions that happened? ok, I have to read up on possible attacks  Roll Eyes

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kjj
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September 02, 2011, 03:27:11 PM
 #43

hmm could you not quickly mine a lot of coins and spend them repeatedly to buy bitcoins? what about creating the longest chain and not allowing any transactions? what about restarting the whole chain from the beginning or from a while ago and making it longer than the current one thus deleting all transactions that happened? ok, I have to read up on possible attacks  Roll Eyes

Ever watch the debug.log while a new chain was starting?  The churn is amazing.  Just having a pool up with long polling means that you will be mining as if you had many times your actual hashing power, because you'll be the only entity not wasting 99.9% of your work.

During the early hours, I'd bet that a LP-enabled pool with like 10% of the hashing power and a client hacked to ignore incoming blocks could completely dominate 100% of the chain for at least a few difficulty cycles.

p2pcoin: a USB/CD/PXE p2pool miner - 1N8ZXx2cuMzqBYSK72X4DAy1UdDbZQNPLf - todo
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September 02, 2011, 03:37:37 PM
 #44

any of the larger pools could easily run a double spending attack on solidcoin / on a sc exchange. hopefully somebody will attempt it soon. I sure would offer my humble hashing power for a short time. how much profit could there be in this? someone start the killerpool please!

I am looking forward to see the next fork implementing merged mining. and to see it go down.

every dead fork makes bitcoin stronger.  Wink

+1 I approve this message.

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September 02, 2011, 03:43:30 PM
 #45

Solidcoins have been there for about 10 days. In 10 days from now, the amount of solidcoins will have doubled.
In order to keep a constant price, the demand will need to be twice as high.

The demand for solidcoins comes from a fraction of Bitcoin users, that are convinced to buy solidcoins. We do not need to understand the exact causes that drive them to buy solidcoins ; it is sufficient to observe that in the absence of new compelling arguments, this fraction will probably remain constant.

The number of bitcoin users does not double in an interval of 10 days ; its growth is much slower. Therefore the demand for solicoins will not grow as fast as the supply. This leads to a predictable price decrease.

The above argument assumes that the value of solidcoins is linked to a real economy, and is not influenced by speculation.
However, since most of the value actually results from speculation, we can expect the price decrease to be strongly amplified.

read this if you have invested

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mute20
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September 02, 2011, 03:54:47 PM
 #46

Solidcoin is now less profitable to mine than bitcoin.
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September 02, 2011, 03:59:35 PM
 #47

its a problem, when the only reason people use bitcoin, is to make money. bitcoin is a medium of exchange, not stocks.

Yeah, the design of Bitcoin makes it more suitable as a store of value than a medium of exchange because you are discouraged from spending it. This is the reason why it will never become a mainstream currency.
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September 02, 2011, 04:03:11 PM
 #48

Solidcoin is now less profitable to mine than bitcoin.
i0coin too

pumpers gonna dump  Tongue

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September 02, 2011, 04:31:42 PM
 #49

its a problem, when the only reason people use bitcoin, is to make money. bitcoin is a medium of exchange, not stocks.

Yeah, the design of Bitcoin makes it more suitable as a store of value than a medium of exchange because you are discouraged from spending it. This is the reason why it will never become a mainstream currency.

yeah... like gold   Tongue

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Fakeman
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September 02, 2011, 06:21:30 PM
 #50

You...pay...for porn?

...intriguing.
I said nothing of the kind, but obviously enough people do that for pay sites to stay in business. My point was just that it's a large industry where a significant subset of (potential) customers may be willing to put up with the shortcomings of *coin in the interest of privacy. The average schmo is not going to buy widgets with Bitcoin instead of Paypal just for the novelty of it, there has to be some payoff to offset the extra hassle.

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Synaptic
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September 02, 2011, 07:04:57 PM
 #51

You...pay...for porn?

...intriguing.
I said nothing of the kind, but obviously enough people do that for pay sites to stay in business. My point was just that it's a large industry where a significant subset of (potential) customers may be willing to put up with the shortcomings of *coin in the interest of privacy. The average schmo is not going to buy widgets with Bitcoin instead of Paypal just for the novelty of it, there has to be some payoff to offset the extra hassle.

AFAIK porn sites bill anonymously. Like "Business Delivery Systems, Inc." on your statement and shit.

I can't imagine anyone being paranoid enough about surfing legal porn when there's already whitelabeled billing to justify all the stupid bullshit required to make payments with bitcoin...
joulesbeef
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September 02, 2011, 07:09:24 PM
 #52

Solidcoin is now less profitable to mine than bitcoin.

wait for the diff drop, this is nothing new, it might have dropped further than it had before, plus on ruxum they are stil trading at 0.015 not really sure why but the last trade was a few minutes ago.

dont write sc's obituary yet.

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September 02, 2011, 07:39:45 PM
 #53

So many ignorant comments in here... All I have to say is please you guys atleast do your research... you will be shooting yourself in 6 months when SC isn't dead and the price as quatrippled...

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September 02, 2011, 07:44:19 PM
 #54

So many ignorant comments in here... All I have to say is please you guys atleast do your research... you will be shooting yourself in 6 months when SC isn't dead and the price as quatrippled...

It already quatrippled... in the other direction  Roll Eyes

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September 02, 2011, 07:48:01 PM
 #55

So many ignorant comments in here... All I have to say is please you guys atleast do your research... you will be shooting yourself in 6 months when SC isn't dead and the price as quatrippled...


As noted, I've done my research.  Some of it, at least.  What I found isn't promising.  I'm willing to stake a bet between us.  What is the currency exchange rate?  Based on the rate today, in six months you buy me $50 worth of Bitcoins (on today's exchange rate) and I'll buy you $50 worth of Solidcoins (also in today's exchange rate).  You can buy those coins at any point along those six months, if you don't aleady have them. 

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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September 02, 2011, 08:05:48 PM
 #56

As noted, I've done my research.  Some of it, at least.  What I found isn't promising.  I'm willing to stake a bet between us.  What is the currency exchange rate?  Based on the rate today, in six months you buy me $50 worth of Bitcoins (on today's exchange rate) and I'll buy you $50 worth of Solidcoins (also in today's exchange rate).  You can buy those coins at any point along those six months, if you don't aleady have them. 

Do it do it do it!

I like SolidCoin, but that seems like a decent gamble and good fun.

Vladimir
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September 02, 2011, 08:17:08 PM
 #57

what about restarting the whole chain from the beginning or from a while ago and making it longer than the current one thus deleting all transactions that happened?

I probably can do this one alone.



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wolftaur
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September 02, 2011, 08:18:05 PM
 #58

what about restarting the whole chain from the beginning or from a while ago and making it longer than the current one thus deleting all transactions that happened?

I probably can do this one alone.

Do it to ixcoin then, that's actually a blatant scam and -really- deserves it.

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Vladimir
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September 02, 2011, 08:21:46 PM
 #59

Threat of force is often more effective than application of force. Someone with proven hashing power can simply ask for some money from shitcoin "early adopters" or else...

damn... I give someone ideas here....

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wolftaur
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September 02, 2011, 08:24:08 PM
 #60

Threat of force is often more effective than application of force. Someone with proven hashing power can simply ask for some money from shitcoin "early adopters" or else...

damn... I give someone ideas here....

ixcoin is an easier target. They're trying like HELL to get their difficulty dropped, including patching the software to change adjustment algorithms. Smiley

"MOOOOOOOM! SOME MYTHICAL WOLFBEAST GUY IS MAKING FUN OF ME ON THE INTERNET!!!!"
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