ChessWhiz (OP)
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 Offline
Activity: 31
Merit: 0
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July 14, 2014, 01:43:16 AM |
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Hi everyone, I just launched an "Intro to Peercoin" video where I explored in detail some of the long-term challenges of bitcoin network sustainability, such as: - Mining pools and centralization
- Reward halving and network destabilization
- Block rewards vs. transaction fees
If you're interested in bitcoin over the long haul, you might want to check it out. https://www.youtube.com/watch?v=A2jx1TlkMBsEnjoy! |
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"The nature of Bitcoin is such that once version 0.1 was released, the
core design was set in stone for the rest of its lifetime." -- Satoshi
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seriouscoin
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July 14, 2014, 02:14:59 AM |
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Oh noes.....  Another thread about mining and centralization... Always love these altcoins trolling thread. Tell you what, i will give you a chance to explore why POS model faces even bigger "challenges" |
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ChessWhiz (OP)
Newbie
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Activity: 31
Merit: 0
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July 14, 2014, 02:35:06 AM |
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Tell you what, i will give you a chance to explore why POS model faces even bigger "challenges" POS does face challenges, though they are outside the scope of the video. Mining centralization has been talked to death already, it's true, but the block reward issues are not as widely discussed. Check the 21:40 point in the video for details on block reward issues. |
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vintagetrex
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July 14, 2014, 02:49:11 AM |
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Oh noes..... Another thread about mining and centralization... Always love these altcoins trolling thread. Tell you what, i will give you a chance to explore why POS model faces even bigger "challenges" POS might as well stand for Piece of sh** It faces huge challenges in centralization. For example, the Ethereum crowd founding that was started and canceled earlier in the year, was going to keep a large chunk of Ether for the Ethereum Foundation while employing a POS algorithm. Since the Ethereum Foundation held the largest share of Ether, they necessarily would own 100% of Ether in time |
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vintagetrex
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July 14, 2014, 02:51:15 AM |
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Hi everyone, I just launched an "Intro to Peercoin" video where I explored in detail some of the long-term challenges of bitcoin network sustainability, such as: - Mining pools and centralization
- Reward halving and network destabilization
- Block rewards vs. transaction fees
If you're interested in bitcoin over the long haul, you might want to check it out. https://www.youtube.com/watch?v=A2jx1TlkMBsEnjoy! Bitcoin is not sustainable long term. Rather than sit idly, the community should band together to actively subvert bitcoin mining and aid its decline. https://bitcointalk.org/index.php?topic=693393.new#new |
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jjc326
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July 14, 2014, 02:52:40 AM |
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Hi everyone, I just launched an "Intro to Peercoin" video where I explored in detail some of the long-term challenges of bitcoin network sustainability, such as: - Mining pools and centralization
- Reward halving and network destabilization
- Block rewards vs. transaction fees
If you're interested in bitcoin over the long haul, you might want to check it out. https://www.youtube.com/watch?v=A2jx1TlkMBsEnjoy! Wait you're just attacking bitcoin and saying end it? Can't it be fixed if the community comes up with cures for what ails it? Bitcoin is not sustainable long term. Rather than sit idly, the community should band together to actively subvert bitcoin mining and aid its decline. https://bitcointalk.org/index.php?topic=693393.new#new |
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theblacksquid
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July 14, 2014, 02:53:49 AM |
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I've mentioned this before in another thread (which died quickly, strangely enough), but how will we be able to ensure mining's sustainability without making a change in the model of how the TX fees are being charged?
If mining starts getting less profitable dues to block reward halving, then what stops the big players from pulling out of the BTC mining industry? Will CPU/GPU miners be able to pick up their slack?
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vintagetrex
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July 14, 2014, 02:56:03 AM
Last edit: July 14, 2014, 05:04:00 AM by vintagetrex |
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Hi everyone, I just launched an "Intro to Peercoin" video where I explored in detail some of the long-term challenges of bitcoin network sustainability, such as: - Mining pools and centralization
- Reward halving and network destabilization
- Block rewards vs. transaction fees
If you're interested in bitcoin over the long haul, you might want to check it out. https://www.youtube.com/watch?v=A2jx1TlkMBsEnjoy! Wait you're just attacking bitcoin and saying end it? Can't it be fixed if the community comes up with cures for what ails it? Bitcoin is not sustainable long term. Rather than sit idly, the community should band together to actively subvert bitcoin mining and aid its decline. https://bitcointalk.org/index.php?topic=693393.new#newWhy would the community decide to launch a separate coin and keep the original owner stakes of that currency as with bitcoin???!! Do you think poor people will actively decide to stay poor and keep the rich wealthy!!!!??? Of course not. The poor will rise up and take what they can from the rich. This is the way of things. The poor are not some slaves who want to be dominated by those in power. They will reject it. Furthermore… Why, when 184 billion bitcoins were created as the result of a hack, did the community decide to keep the numbers of bitcoins distributed as they were?? This is ludicrous!! Bitcoin should have been restarted!!! SATOSHI FAILED!!! |
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theblacksquid
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July 14, 2014, 03:00:59 AM |
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Hi everyone, I just launched an "Intro to Peercoin" video where I explored in detail some of the long-term challenges of bitcoin network sustainability, such as: - Mining pools and centralization
- Reward halving and network destabilization
- Block rewards vs. transaction fees
If you're interested in bitcoin over the long haul, you might want to check it out. https://www.youtube.com/watch?v=A2jx1TlkMBsEnjoy! Wait you're just attacking bitcoin and saying end it? Can't it be fixed if the community comes up with cures for what ails it? Bitcoin is not sustainable long term. Rather than sit idly, the community should band together to actively subvert bitcoin mining and aid its decline. https://bitcointalk.org/index.php?topic=693393.new#newWhy would the community decide to launch a separate coin and keep the original owner stakes of that currency as with bitcoin???!! Do you think poor people will actively decide to stay poor and keep the rich wealthy!!!!??? Of course not. The poor will rise up and take what they can from the rich. This is the way of things. The poor are not some cuckold slaves who want to be dominated by those in power. They will reject it. Furthermore… Why, when 83 billion bitcoins were created as the result of a hack, did the community decide to keep the numbers of bitcoins distributed as they were?? This is ludicrous!! Bitcoin should have been restarted!!! SATOSHI FAILED!!! WTH are you talking about?! Are we even talking about the same cryptocurrency? Last time I checked, BTC uses POW, not POS!!! |
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MayDee
Member
Offline
Activity: 84
Merit: 10
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July 14, 2014, 03:07:36 AM |
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Peercoin is the solution  |
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vintagetrex
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July 14, 2014, 03:23:22 AM |
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WTH are you talking about?! Are we even talking about the same cryptocurrency? Last time I checked, BTC uses POW, not POS!!!
on August 10, 2010 Bitcoin was hacked and 184 billion BTC were created. |
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ChessWhiz (OP)
Newbie
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Activity: 31
Merit: 0
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July 14, 2014, 03:36:44 AM |
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POS faces huge challenges in centralization. For example, the Ethereum crowd founding that was started and canceled earlier in the year, was going to keep a large chunk of Ether for the Ethereum Foundation while employing a POS algorithm. Since the Ethereum Foundation held the largest share of Ether, they necessarily would own 100% of Ether in time
This is a great point. You might want to subscribe to the Youtube channel. I hope to produce videos on some of the major attack vectors to POS (bribing large stakeholders, nothing-at-stake minting on multiple blockchains, long-distance attacks using addresses that used to hold coins, etc.) in future videos. |
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Sentinelrv
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July 14, 2014, 08:29:23 AM |
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Very informative and well presented video. Thanks for making it.
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wenben
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July 14, 2014, 08:33:11 AM |
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We are about the reach the ASIC limitation. How mining ecology system turn out is anyone guess.
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jbreher
Legendary
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Activity: 3038
Merit: 1660
lose: unfind ... loose: untight
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July 14, 2014, 07:42:44 PM |
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on August 10, 2010 Bitcoin was hacked and 184 billion BTC were created.
... and ... you are whinging about what, exactly? The fact that the community as a whole decided to effectively 'roll back the hack', invalidate the 184 billion fake BTC, and return the distribution to that of time t minus one block? Yeah, I see how this is clearly synonymous with barons of monetary capital screwing the poor downtrodden developers. Not. |
Anyone with a campaign ad in their signature -- for an organization with which they are not otherwise affiliated -- is automatically deducted credibility points.
I've been convicted of heresy. Convicted by a mere known extortionist. Read my Trust for details.
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phillipsjk
Legendary
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Activity: 1008
Merit: 1001
Let the chips fall where they may.
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July 14, 2014, 07:49:05 PM |
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on August 10, 2010 Bitcoin was hacked and 184 billion BTC were created.
... and ... you are whinging about what, exactly? The fact that the community as a whole decided to effectively 'roll back the hack', invalidate the 184 billion fake BTC, and return the distribution to that of time t minus one block? Yeah, I see how this is clearly synonymous with barons of monetary capital screwing the poor downtrodden developers. Not. The complaint appears to be that they did not roll-back all the blocks (ie: create a new genesis block), rather than just roll-back a hand-full. I gave up trying to find a thread about the original incident, and just put them on ignore. |
James' OpenPGP public key fingerprint: EB14 9E5B F80C 1F2D 3EBE 0A2F B3DE 81FF 7B9D 5160 |
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AliceWonder
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July 14, 2014, 07:59:16 PM |
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You know, you keep talking about how smart you are, but intentionally attempting to sabotage a market is a federal offense, and that is what you are asking people to conspire to do with you. Not very bright considering you gave away info that would make it easy for SEC to pinpoint your identity. |
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jbrnt
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July 14, 2014, 08:56:39 PM |
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Watched the video. The video is not about the long term stability of bitcoin, it is actually an ad for peercoin. But it is very infomative, some points are a bit shaky, and I learnt a bit more about PoS. Enjoyed the video, but still not interested in peercoin.
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kodtycoon
Legendary
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Activity: 1568
Merit: 1002
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July 14, 2014, 09:34:48 PM |
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Oh noes..... Another thread about mining and centralization... Always love these altcoins trolling thread. Tell you what, i will give you a chance to explore why POS model faces even bigger "challenges" how does it face "bigger challanges"? care to explain that statement? |
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kodtycoon
Legendary
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Activity: 1568
Merit: 1002
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July 14, 2014, 09:35:42 PM |
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Watched the video. The video is not about the long term stability of bitcoin, it is actually an ad for peercoin. But it is very infomative, some points are a bit shaky, and I learnt a bit more about PoS. Enjoyed the video, but still not interested in peercoin.
peercoin uses a flawed method of PoS and still uses checkpoints. |
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