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Author Topic: Prerequisites to be considered a cryptocurrency?  (Read 978 times)
JohnDoe
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October 26, 2011, 02:59:13 PM
 #1

There's some discussion about whether Solidcoin is actually a cryptocurrency and that it should be banned from the altcoin subforum if it's not, so I was wondering if the Bitcointalk staff have any criteria for determining if a currency is indeed a cryptocurrency.
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johnj
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October 26, 2011, 03:12:18 PM
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Hah, I just posted the same idea right above you, with a few more reasons laid out for people who might not be up to speed on what SolidCoin is.  It's open for discussion!

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October 26, 2011, 03:12:57 PM
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Why wouldn't it be a cryptocurrency? You mean because it doesn't use cryptography or because it's not a currency?

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October 26, 2011, 04:18:58 PM
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Why wouldn't it be a cryptocurrency? You mean because it doesn't use cryptography or because it's not a currency?


So Paypal is a cryptocurrency?
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October 26, 2011, 04:24:10 PM
 #5

I think Satoshi own words provide sufficient basis to define crypto-currency

Quote
Abstract. A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a
financial institution
. Digital signatures provide part of the solution, but the main
benefits are lost if a trusted third party is still required
to prevent double-spending.
We propose a solution to the double-spending problem using a peer-to-peer network.
The network timestamps transactions by hashing them into an ongoing chain of
hash-based proof-of-work, forming a record that cannot be changed without redoing
the proof-of-work. The longest chain not only serves as proof of the sequence of
events witnessed, but proof that it came from the largest pool of CPU power. As
long as a majority of CPU power is controlled by nodes that are not cooperating to
attack the network, they'll generate the longest chain and outpace attackers. The
network itself requires minimal structure. Messages are broadcast on a best effort
basis, and nodes can leave and rejoin the network at will, accepting the longest
proof-of-work chain as proof of what happened while they were gone.

http://bitcoin.org/bitcoin.pdf
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October 26, 2011, 04:42:50 PM
 #6

Why wouldn't it be a cryptocurrency? You mean because it doesn't use cryptography or because it's not a currency?


So Paypal is a cryptocurrency?

i've never thought of paypal as a currency, just a service which allows the transfer of currencies.

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October 26, 2011, 04:59:38 PM
 #7

I would consider Open Transactions and other blind signing systems to be alt cryptocurrencies, even though they're centralized.

I think a cryptocurrency is any currency that is better than traditional currencies and traditional money transfer systems in some way due to its use of cryptography.

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johnj
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October 26, 2011, 05:22:04 PM
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I'd argue that with your definition Solidcoin is still out because cryptography can be disregarded by its creator, so it's not any better than traditional currencies or money transfer systems.

I would also agree that cryptography of any kind in SC is for pure token value.  The encryption seems gives no safeguard against the creators will as legitimate coins can be voided and the centralization enforces the creators decision.

Edit: Allegedly CoinHunter changed the closed-source code to nulify ArForz's coins and bug his wallet.  I see in now way how SolidCoin would be better than any traditional fiat currencies/payment methods, which are already diverting funding and closing accounts of those they disagree with.  I still see that the cryptography is of token value.

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October 26, 2011, 06:01:23 PM
 #9

I'm not arguing that SolidCoin does meet my criteria for a cryptocurrency, but I don't know enough about it to say that it doesn't.

Isn't Open Transactions more of a platform for managing different currencies rather than a currency itself?

You can also create your own currencies with it.

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elggawf
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October 27, 2011, 01:02:53 AM
 #10

SolidCoin is a crypto-currency, but the issue is that because it's not decentralized or open-source, it's basically the worst of both worlds. Make no bones about it, Bitcoin is wasteful (think about how much energy is wasted computing Bitcoin hashes), Bitcoin has a sub-optimal inflation curve, and Bitcoin has numerous other flaws.

Bitcoin doesn't have these flaws because some shithead thought they'd make good properties for a currency, it has them because it's a decentralized P2P currency and there's no way to solve these flaws without ruining that aspect. So when you take something like SolidCoin, which possesses all these flaws despite having exactly zero of the redeeming qualities of Bitcoin, well let's just say you'd have to be completely fucking retarded to take two looks at it.

That said, I think SolidCoin discussion is good for BitcoinTalk. It takes those really really fuckin' retarded people and stops them from doing anything with Bitcoin proper. Anyone notice that disregarding a few mini-crashes, Bitcoin's volatility basically fell off a cliff once SolidCoin became a thing? Cheesy

^_^
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