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Author Topic: [ANN] ★★ EBT Coin - Entropybit 100% PoS - Multipool - Bugfix version 4.0.3! ★★  (Read 130422 times)
jjj0923
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May 08, 2014, 04:56:35 PM
 #1361

what for me... i see no sense in changing diff algo for six days of mining
or you would prefer to mine it in pow for about a year?

I want original block reward back!!!!

not a good mining investment any longer

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sellbuy
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May 08, 2014, 05:19:07 PM
 #1362


I want original block reward back!!!!

not a good mining investment any longer
hah you can always invest some btc(i'm already put on this about 4btc)
and where have you been before? maybe you was mining another "good mining investment" coin?
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May 08, 2014, 05:50:42 PM
 #1363

You could've changed the difficulty algo.

We considered this option and would have preferred it. However, we felt that changing the retarget algorithm was too experimental and not guaranteed to have the desired effect.


Bad luck. I rated this better than quark, but now it ranks a lot lower.


I want original block reward back!!!!

not a good mining investment any longer

The Decision to End PoW Early Will Not Significantly Change the Value of the Premine

We understand that not all decisions can be popular with everyone. However, if your reservations stem from the potential of a reduced money supply and its relation to the premine, then your reservations are essentially unfounded. In fact, the decision to end PoW at block 400,000 enriches the remaining premine by only about $2, as explained below.


Money Supply

At block 400,000, EBT will be 94% mined. Even if we were to stop PoW now, the reduced number of coins would come almost entirely from PoS blocks that compete with PoW blocks. For example, were all blocks thus far created by PoW, the total money supply would be 178 MM. But because of the PoS blocks already minted, the total money supply is currently 154 MM EBT. PoS, therefore, is already responsible for a 9.6% reduction in coins, given a theoretical PoW limit of 250 MM EBT.

An end of PoW at block 400,000 will not significantly effect the money supply by the time of the original PoW end at block 1,100,000. So far, the mean block reward for PoS blocks has been about 10 EBT since the first PoS mint at about block 78700 (Figure 1, below). Since that time, about an average of about 25% of all blocks have been PoS (Figure 2), which is expected to increase over time. For all blocks greater than 400,000, the average PoW reward will be 17.8 EBT. If, as a conservative estimate, 35% of these blocks are PoS, then the average block reward for blocks 400,000 through 1,100,000 would be about 15 EBT (17.9*0.65 + 10*0.35). If all blocks are PoS, the estimated mean block reward would be 10.

Since blocks between 400,000 through 1,100,000 are only about 6% of the absolute maximum PoW money supply of 250 MM, the reduction in money supply coming from a switch to pure PoS at block 400,000 would be only about 2% (((15-10)/15)*6%).


Premine

In other words, ending PoW at block 400,000 would be equivalent to a 1.02% premine (1/98), or an increase in the premine of 50,000 EBT.

Currently, though, the premine is 90% spent on bounties. In other words, only about 259,000 EBT of the premine remains, meaning that the relative size of the remaining premine has grown by a factor equating to approximately 5180 EBT. At current prices, this amount of EBT is worth about $2.


Figure 1: EBT PoS Block Mean Reward




Figure 2: Fraction of EBT Blocks that Are PoS


tx42
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May 08, 2014, 08:11:07 PM
 #1364

I rated this better than quark, but now it ranks a lot lower.

If you are actually serious about rating good coins (and not just a troll), then look at Blade:

1. Tiny premine that is already spent (originally 20190 out of a current 16988980: 0.12% premine)
2. Very green (pure PoS), but made it to the full PoW block count, and a little beyond
3. Excellent performance and network stability since the last update
4. Very cheap now
5. Listed on cryptorush (when it comes back) and xnigma
6. Has a dev team who have worked out every bug that has come along and kept the chain clean

It's probably the perfect coin right now.

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..EARN FREE BREAKOUT COINS SIG CAMPAIGN LIVE !!
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dE_logics
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May 09, 2014, 04:51:16 AM
 #1365

I rated this better than quark, but now it ranks a lot lower.

If you are actually serious about rating good coins (and not just a troll), then look at Blade:

1. Tiny premine that is already spent (originally 20190 out of a current 16988980: 0.12% premine)
2. Very green (pure PoS), but made it to the full PoW block count, and a little beyond
3. Excellent performance and network stability since the last update
4. Very cheap now
5. Listed on cryptorush (when it comes back) and xnigma
6. Has a dev team who have worked out every bug that has come along and kept the chain clean

It's probably the perfect coin right now.


Quote from: delogics.blogspot.com/2013/12/the-ultimatebest-cyrptocurrency.html
Proof of stake is not good.
        It encourages holding the coins as investment, avoiding it's circulation, i.e. true use as a cryptocurrency. Then worst -- PoS looks at the coin age; the longer you're holding a large amount of cryptocurrency, the higher the chance of mining a block, which further reduces chance of circulation. However if the profits proof of stake is giving you is negligible, then we may nullify this disadvantage.

This disadvantage is nullified, cause interest rate is not high.

Quote
You need to run a full node in order for the wallet to mine blocks based on PoS and it should be up always; how many people will do that? (especially when the interest rate is low)? When these coins will be made popular, 90% people will run light weight wallets giving power to the hands of these 10% (PoS difficulty will be low in this case). Yes it is true, like with PoW the distribution of mining power will shift towards more professional miners who'll hold large amount of coins, but if the interest rate is low, they rather sell their coins to invest in real world schemes which provide more profits than this crypto, as an advantage they'll have lower risk cause the crypto market is very volatile.
         
         
         In case of PoW, power will may be in the hands of 5% (lower no. of people than PoW) but they'll have a lot of hashing power which if compared to the amount of coins held by these 10% is a much higher value increasing the difficulty in comparison to PoS, which results in higher comparative difficulty for PoW.  As compared to PoW, acquiring enough coins to do a 51% is easier (at these low difficulty and especially when interest rate is low.)

Why PoW is better --

Quote
An advantage as compared to PoS for the same inflation rate is that, cause less no. of people will be mining via PoW as compared to PoS (cause PoW requires investment in electricity cost, and hardware), the distribution of the inflation rate will be limited to less no. of people making the amount profit via the limited inflation rate more significant. This can be seen practically. For popular alts, the hashing power is more distributed cause the difficulty is low and profitability is high. Overtime, more people come up to mine the coins many of which are large professional miners and as the difficulty rises profitability falls reducing the no. of small time miners (cause profit is not significant anymore -- low profit margin), but the large professional miners persist (low profit margin, but higher hashing rate means more $$$s for a small % margin), increasing profitability for them. Of course the no. of miners also depends on the popularity of the crypto; but given the same popularity, we see this trend.

As of blade, the crypto has not taken off, and will never take off (there'll be no inverters seeing it's 100% interest rate or 100% inflation a year) and PPC will die someday.


 
 
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tx42
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May 09, 2014, 07:26:04 AM
 #1366

As of blade, the crypto has not taken off, and will never take off (there'll be no inverters seeing it's 100% interest rate or 100% inflation a year) and PPC will die someday.

You just spammed this thread with text from your blog, which doesn't contain any data to support your claims.

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..EARN FREE BREAKOUT COINS SIG CAMPAIGN LIVE !!
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May 09, 2014, 08:01:48 AM
 #1367

As of blade, the crypto has not taken off, and will never take off (there'll be no inverters seeing it's 100% interest rate or 100% inflation a year) and PPC will die someday.

You just spammed this thread with text from your blog, which doesn't contain any data to support your claims.


I have some blade and it's a slow starter, but pretty solid, indeed.

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May 09, 2014, 08:17:32 AM
 #1368

PoS Switchover is Now Set to Block 310,000

The EBT development team has decided, based on yesterday's DDOS attack, to move the PoS switchover up to block 310,000. The principal reason for moving the switchover from 400,000 is that it will require another five or six weeks to mine blocks 300,000 to 400,000. This time will allow perhaps a dozen successful DDOS attacks on EBT servers, targeting the PoW functionality we seek to end. We therefore want to reduce this time by moving the switchover up to 310,000.

A full rationale for the early switchover is given below.



Downloads

Source: https://github.com/argakiig/EBT

Windows Binaries:
Auto Install: https://drive.google.com/file/d/0BwGL9FkcBurEcDRCeXloZHg0MEU/edit?usp=sharing
Virus Total http://tinyurl.com/kxdau8h (0/52)

Manual Install: https://drive.google.com/file/d/0BwGL9FkcBurEX0ZTZ0xBbnlLQ28/edit?usp=sharing
Virus Total http://tinyurl.com/mevwy5p (0/51)


OSX Wallet:
Disk Image: https://drive.google.com/file/d/0B8rWObF4xz1Ybk40bTZncV8zWTg/edit?usp=sharing
Virus Total http://tinyurl.com/ml33tz2 (0/52)




Premine Considerations

Using the same analysis given earlier, we estimate that the value of the remaining premine will increase by about $4 from this decision. A quick way to arrive at this estimate is to note that each halving period is equal in PoW reward to all of the periods that follow, doubling the previously estimated increase.


DDOS Attacks

We believe that the EBT network has sustained numerous, if not continual attack since the morning of April 25. We surmise, based on analysis of the block chain, that these attacks are directed at servers and are executed by flooding the servers with bad blocks. In our model, the attackers hope that a server will accept one or several bad blocks and subsequently get banned when trying to broadcast these blocks to the server's peers.

Figure 1 shows our model for the effects of these DDOS attacks, using actual data from the EBT block chain. In this figure, the blue line represents PoW difficulty. Superposed on this line are blue pluses and red exes that represent PoW and PoS blocks, respectively. The results of a successful attack first manifest as a long series of uninterrupted PoS blocks (red exes that appear as horizontal red bars) that terminate with PoW blocks, probably found by solo miners. Once this block is found, the PoW difficulty retargets at a very low value causing PoW blocks to be found very rapidly. A closeup of the Figure 1 area labeled "PoW Suspended (Server Ban)" is shown in Figure 2.

We believe that PoW blocks stop during a successful DDOS event because the mining pools get banned from the rest of the network, and are unable to submit PoW blocks from miners. The mining pools then get on their own orphan chains. After the first PoW block is found in a DDOS event, the subsequent exceedingly fast blocks cause highly connected nodes, like mining pools, to crash from I/O errors.

Fortunately, the correct block chain for EBT is maintained safely by the majority of PoS minters, who are immune from concentrated attacks. Thus, even though pools and other highly connected nodes may abandon the correct chain, the servers eventually can be synchronized after the DDOS event has ended.


Figure 1: Anatomy of a DDOS Attack




Figure 2: Closeup of the Start of a DDOS Event

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May 09, 2014, 08:22:19 AM
 #1369

PoS Switchover is Now Set to Block 310,000

The EBT development team has decided, based on yesterday's DDOS attack, to move the PoS switchover up to block 310,000. The principal reason for moving the switchover from 400,000 is that it will require another five or six weeks to mine blocks 300,000 to 400,000. This time will allow perhaps a dozen successful DDOS attacks on EBT servers, targeting the PoW functionality we seek to end. We therefore want to reduce this time by moving the switchover up to 310,000.

A full rationale for the early switchover is given below.



Downloads

Source: https://github.com/argakiig/EBT

Windows Binaries:
Auto Install: https://drive.google.com/file/d/0BwGL9FkcBurEcDRCeXloZHg0MEU/edit?usp=sharing
Virus Total http://tinyurl.com/kxdau8h (0/52)

Manual Install: https://drive.google.com/file/d/0BwGL9FkcBurEX0ZTZ0xBbnlLQ28/edit?usp=sharing
Virus Total http://tinyurl.com/mevwy5p (0/51)


OSX Wallet:
Disk Image: https://drive.google.com/file/d/0B8rWObF4xz1Ybk40bTZncV8zWTg/edit?usp=sharing
Virus Total http://tinyurl.com/ml33tz2 (0/52)




Premine Considerations

Using the same analysis given earlier, we estimate that the value of the remaining premine will increase by about $4 from this decision. A quick way to arrive at this estimate is to note that each halving period is equal in PoW reward to all of the periods that follow, doubling the previously estimated increase.


DDOS Attacks

We believe that the EBT network has sustained numerous, if not continual attack since the morning of April 25. We surmise, based on analysis of the block chain, that these attacks are directed at servers and are executed by flooding the servers with bad blocks. In our model, the attackers hope that a server will accept one or several bad blocks and subsequently get banned when trying to serve these blocks to the server's peers.

Figure 1 shows our model for the effects of these DDOS attacks. In this figure, the thick blue line represents PoW difficulty. Superposed on this line are blue pluses and red exes that represent PoW and PoS blocks, respectively. The results of a successful attack first manifest as a long series of uninterrupted PoS blocks (horizontal red bars) that terminate with PoW blocks, probably found by solo miners. Once this block is found, the PoW difficulty retargets at a very low value causing PoW blocks to be found very rapidly. A closeup of the Figure 1 area labeled "PoW Suspended (Server Ban)" is shown in Figure 2.

We believe that PoW blocks stop during a successful DDOS event because the mining pools get banned from the rest of the network, and are unable to submit PoW blocks from miners. The mining pools then get on their own orphan chains. After the first PoW block is found in a DDOS event, the subsequent exceedingly fast blocks cause highly connected nodes, like mining pools, to crash from I/O errors.

Fortunately, the correct block chain for EBT is maintained safely by the majority of PoS minters, who are immune from concentrated attacks. Thus, even though pools and other highly connected nodes may abandon the correct chain, the servers eventually be synchronized after the DDOS event has ended.


Figure 1: Anatomy of a DDOS Attack




Figure 2: Closeup of the Start of a DDOS Event



Understandable. What will this mean for the total amount of coins? (still says 250 million in opening post)

Another question: Why are people doing these attacks?

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May 09, 2014, 09:25:50 AM
 #1370

Another question: Why are people doing these attacks?

That's a good question. The most likely explanation for specifically targeting servers (mining pools) is to remove a lot of competition all at once. It doesn't take many hashes to have a successful attack because the attack is concentrated. The idea is probably to remove the servers and then be the only one hashing when the solo block is found. At that point the attacker can mine hundreds of blocks before the pools recover.
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May 09, 2014, 10:17:43 AM
 #1371

As of blade, the crypto has not taken off, and will never take off (there'll be no inverters seeing it's 100% interest rate or 100% inflation a year) and PPC will die someday.

You just spammed this thread with text from your blog, which doesn't contain any data to support your claims.


Well actually I have evidence.

There are only 6 or 7 PoS coins coins in the top 50 cryptos (and even less in the top 100), only HoboNickels gives 100% interest rate, the second highest being mintcoin.

As of peercoin, the PoS difficulty is 10, while PoW difficulty 154,904,621.505. Clearly, PoW save PPC from a 51%. And the moment people realize mutual fund schemes give many times better returns, they'll dump PPC for it. So actually, it's surprising why people are still holding PPC for it's negligible interest rate. I would like to learn.

Even HoboNickels, which has a return of 100% a year, has PoW difficulty of 10, and PoS difficulty of 0.003. Speaking of which it's peak has arrived, and never see it's peak again even if the dev is active (it wont die -- but it wont go as high).

Even mintcoin (100% PoS) has a difficulty of 0.243. It provides 0% protection and 20% interest rate.


 
 
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voluntarist500
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May 09, 2014, 01:44:48 PM
 #1372

some ebt-millionaire should buy some cryptsypoints and move it up the list to get some liquidity into ebt. That would be nice.

altcoin with very low inflation, active community, no premine, fair distro and secure network: exactly what you want to invest in? Support Unobtanium
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May 09, 2014, 01:48:16 PM
 #1373

some ebt-millionaire should buy some cryptsypoints and move it up the list to get some liquidity into ebt. That would be nice.

I believe that Cryptsy will add EBT in 1-2 months anyway.

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May 09, 2014, 01:59:51 PM
 #1374

Yeah EBT in POS with a multipool! Then the price will rise!
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May 09, 2014, 02:05:07 PM
 #1375

idk about Cryptsy and Multipools, but I have send 700k EBT to Poloniex hours ago. 1 hour after I send them, Poloniex frozed EBT market. Transaction is confirmed in my (latest) wallet, but still no coins...

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May 09, 2014, 03:03:31 PM
 #1376

Someone stop these poor desperate nerds from selling EBT at 0.00000067, 0.00000070, 0.00000071, 0.00000072 and look at the quantity 0.000x, 0.00x etc...

They're desperate for women, desperate for fame and now it's clear they're desperate for even the slightest amount of money. But in the mean time they make a bad day for other not-desperate people and miners.


 
 
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sellbuy
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May 09, 2014, 03:28:21 PM
 #1377

Another question: Why are people doing these attacks?

That's a good question. The most likely explanation for specifically targeting servers (mining pools) is to remove a lot of competition all at once. It doesn't take many hashes to have a successful attack because the attack is concentrated. The idea is probably to remove the servers and then be the only one hashing when the solo block is found. At that point the attacker can mine hundreds of blocks before the pools recover.

but i'm always online with solo, so i dont see big profits for these attacks, because i get many blocks too when this happening

some ebt-millionaire should buy some cryptsypoints and move it up the list to get some liquidity into ebt. That would be nice.

i'd prefer buy more ebt on poloniex instead of spending btc on cryptsy voting

Someone stop these poor desperate nerds from selling EBT at 0.00000067, 0.00000070, 0.00000071, 0.00000072 and look at the quantity 0.000x, 0.00x etc...

They're desperate for women, desperate for fame and now it's clear they're desperate for even the slightest amount of money. But in the mean time they make a bad day for other not-desperate people and miners.

they want btc instead of ebt and they get it  Smiley
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May 09, 2014, 04:39:22 PM
 #1378

Someone stop these poor desperate nerds from selling EBT at 0.00000067, 0.00000070, 0.00000071, 0.00000072 and look at the quantity 0.000x, 0.00x etc...

They're desperate for women, desperate for fame and now it's clear they're desperate for even the slightest amount of money. But in the mean time they make a bad day for other not-desperate people and miners.

they want btc instead of ebt and they get it  Smiley

But they can get MORE BTC for EBT if they wait. If the sellers don't increase prices, the buyers will.


 
 
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tx42
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May 09, 2014, 04:51:38 PM
 #1379


Well actually I have evidence.

There are only 6 or 7 PoS coins coins in the top 50 cryptos (and even less in the top 100), only HoboNickels gives 100% interest rate, the second highest being mintcoin.

As of peercoin, the PoS difficulty is 10, while PoW difficulty 154,904,621.505. Clearly, PoW save PPC from a 51%. And the moment people realize mutual fund schemes give many times better returns, they'll dump PPC for it. So actually, it's surprising why people are still holding PPC for it's negligible interest rate. I would like to learn.

Even HoboNickels, which has a return of 100% a year, has PoW difficulty of 10, and PoS difficulty of 0.003. Speaking of which it's peak has arrived, and never see it's peak again even if the dev is active (it wont die -- but it wont go as high).

Even mintcoin (100% PoS) has a difficulty of 0.243. It provides 0% protection and 20% interest rate.

Did you just time travel from pre-Copernican Europe to criticize altcoins? Because your critique has all the features of Medieval Occultism. Most notably, it is clear from what you have written that you have made judgements without even the slightest understanding of how PoW/PoS coins work.

First, the PoS difficulty is supposed to be much, much lower than the PoW difficulty in a PoW/PoS coin. That's by design and is part of the source code. The reason is that the likelihood that a stake will qualify for minting is based entirely on coin age. Once qualified, the low PoS difficulty allows the stake miner to find a hash with very few resources and within the target block time.

Second, all of the attacks suffered by PoW/PoS coins are directed at the PoW component. EBT is a case in point. Just read the summary above. In fact, if you read all the way through, you'll see that to get the servers synchronized, they use the blockchain kept by the PoS minters. Proof of this fact can be seen by the long stretches of PoS blocks.

Finally, if you read the entire Blade thread, the Blade APR is 20.19%, in line with the Bladerunner theme of the coin, not 100%. It looks like someone on the Balde team needs to update the OP.

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dE_logics
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May 09, 2014, 06:05:11 PM
 #1380


Well actually I have evidence.

There are only 6 or 7 PoS coins coins in the top 50 cryptos (and even less in the top 100), only HoboNickels gives 100% interest rate, the second highest being mintcoin.

As of peercoin, the PoS difficulty is 10, while PoW difficulty 154,904,621.505. Clearly, PoW save PPC from a 51%. And the moment people realize mutual fund schemes give many times better returns, they'll dump PPC for it. So actually, it's surprising why people are still holding PPC for it's negligible interest rate. I would like to learn.

Even HoboNickels, which has a return of 100% a year, has PoW difficulty of 10, and PoS difficulty of 0.003. Speaking of which it's peak has arrived, and never see it's peak again even if the dev is active (it wont die -- but it wont go as high).

Even mintcoin (100% PoS) has a difficulty of 0.243. It provides 0% protection and 20% interest rate.

Did you just time travel from pre-Copernican Europe to criticize altcoins? Because your critique has all the features of Medieval Occultism. Most notably, it is clear from what you have written that you have made judgements without even the slightest understanding of how PoW/PoS coins work.

First, the PoS difficulty is supposed to be much, much lower than the PoW difficulty in a PoW/PoS coin. That's by design and is part of the source code. The reason is that the likelihood that a stake will qualify for minting is based entirely on coin age. Once qualified, the low PoS difficulty allows the stake miner to find a hash with very few resources and within the target block time.

Second, all of the attacks suffered by PoW/PoS coins are directed at the PoW component. EBT is a case in point. Just read the summary above. In fact, if you read all the way through, you'll see that to get the servers synchronized, they use the blockchain kept by the PoS minters. Proof of this fact can be seen by the long stretches of PoS blocks.

Finally, if you read the entire Blade thread, the Blade APR is 20.19%, in line with the Bladerunner theme of the coin, not 100%. It looks like someone on the Balde team needs to update the OP.


I have full and better understand of PoS coins than you, and I very well know how PoS works..

The low difficulty suggest --

Quote
   You need to run a full node in order for the wallet to mine blocks based on PoS and it should be up always; how many people will do that? (especially when the interest rate is low)? When these coins will be made popular, 90% people will run light weight wallets giving power to the hands of these 10% (PoS difficulty will be low in this case).

Difficulty of 10 for the 3rd largest cryptocurrenty is very less. And I bet most of the contributers of the difficulty are the exchanges.

It's all in the FAQ, it's you who failed to read. And the reason why I made up that article is exactly for people like you and I've proved my point over and over again 10s of times, you're not the 1st one.

For e.g. this guy (just like you) claimed that Bitcoin is the best crypto. He's living in a cocoon like yours and you, like him, will end the debate blaming me instead of cutting the facts that I put here. Besides your task here is to protect your hard earned 5-minute block target crypto (30 minute confirmation!) and targeting everyone who targets your beloved coin which has horrible specs.

Failure of PoW in this coin can be entirely be blamed on the design flaws of this coin. More than 90% of successful cryptos, especially the new ones are PoW and there are many simple and effective difficulty algo to protect against just that (multipools i.e.) and they're targeted by them all the time and none of them stop. All have learnt. This crypto doesn't even specify it's difficulty re-target algorithm, and the dev refused to fix it.

As of 20% rate of return --

Quote
Stability in prices -- Cryptocurrencies are not commodities. It's designed to be spent and a medium to receive payments from. If a cryptocurrency is not that, it's basically a pump and dump scheme.

Actually if you see for a fair cryptocurrency which is not seen as an investment, there should be a little bit inflation, cause that way people will not hold on to it like investment; instead they'll use it to buy investments like shares and gold -- which is something to be seen as an investment.

And this one has 20% inflation. Once stability has been established, it's prices will drop 20% each year if all the coins are online, and cause of it's high interest rate and design (100% PoS) there are reasons for them to be online.

Quote
Proof of stake is not good.
        It encourages holding the coins as investment, avoiding it's circulation, i.e. true use as a cryptocurrency. Then worst -- PoS looks at the coin age; the longer you're holding a large amount of cryptocurrency, the higher the chance of mining a block, which further reduces chance of circulation. However if the profits proof of stake is giving you is negligible, then we may nullify this disadvantage.

PoS is good, if done right and along with PoW.


 
 
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