Timekoin

[crazy_rabbit]

Can anyone please explain the following in plain English ?

Quote from timekoin whitepaper:

This system for peer to peer electronic encrypted currency relies on a 3-prong security defense
of high encryption keys and hashes connected in a such a way to simulate a virtual Quantum state for
the transaction data where tampering with any part of the process would collapse the entire attempt of
tampering. Due to this virtual entangled state of the data, there is no way to observe and predict what is
inside the transaction until you look inside with the public key. A which point, there is no way to
change the inside of the transaction without tampering with the outside components that constructed it all.

I'd love to understand this better too. From what it sounds like there's a kind of two-way lock/check which means you can't tamper with transactions - you'd have to change both at the same time, but also each depends on the other? Reminds me of the Robin Hood/Friar Tuck virus for some reason..

Lol, hilarious! Using vocubulary and analogies from/with quantum mechanics to explain some confused made-up cryphtographic mechanism in order to further nebulate the fact that this is totally bogus? Priceless! Similar some esoteric yogic schools now using such vocubalary and misinterpretations of quantum mechanics to somehow "scientifically" support their bullshit made-up crap theories about "cosmic energy" and the soul.

Uuuuh, I don't understand this, must be really advanced technology... or magic??

Hey! Have you tried yoga with cosmic energy? If you can stop being a skeptic for long enough it's awesome. The hocus pocus might be to cover up the overtly sexual nature of Yoga, but whatever. You do those positions long enough and breath right, and you feel freaking awesome.

Timekoin however, isn't giving me quite the same level of relaxation.

[molecular]

Can anyone please explain the following in plain English ?

Quote from timekoin whitepaper:

This system for peer to peer electronic encrypted currency relies on a 3-prong security defense
of high encryption keys and hashes connected in a such a way to simulate a virtual Quantum state for
the transaction data where tampering with any part of the process would collapse the entire attempt of
tampering. Due to this virtual entangled state of the data, there is no way to observe and predict what is
inside the transaction until you look inside with the public key. A which point, there is no way to
change the inside of the transaction without tampering with the outside components that constructed it all.

I'd love to understand this better too. From what it sounds like there's a kind of two-way lock/check which means you can't tamper with transactions - you'd have to change both at the same time, but also each depends on the other? Reminds me of the Robin Hood/Friar Tuck virus for some reason..

Lol, hilarious! Using vocubulary and analogies from/with quantum mechanics to explain some confused made-up cryphtographic mechanism in order to further nebulate the fact that this is totally bogus? Priceless! Similar some esoteric yogic schools now using such vocubalary and misinterpretations of quantum mechanics to somehow "scientifically" support their bullshit made-up crap theories about "cosmic energy" and the soul.

Uuuuh, I don't understand this, must be really advanced technology... or magic??

Hey! Have you tried yoga with cosmic energy? If you can stop being a skeptic for long enough it's awesome. The hocus pocus might be to cover up the overtly sexual nature of Yoga, but whatever. You do those positions long enough and breath right, and you feel freaking awesome.

Yes, I have tried yoga a couple of times (kundalini, white tantra) with astonishing effects that can't be denied and just have to be welcomed. I just disagree (or at least have great trouble) with the explanations given. I am a skeptic, that doesn't mean I don't believe things when I experience them. I refuse to simply believe (because I somehow feel the truth) a lot of the things (especially the more religious ones) that are being believed by some of the people practicing yoga ("our destiny is pre-planned", "the ghost of yogi bratpfann is present", "there is a god", "certain quantum phenomena are directly related to mind-reading", "energy is free, we just need to build some simple machine"). Some of the beliefs actually tend to be productive in order to lead a good life ("you can do anything", "there is karma") and I am trying, with mediocre success, to believe these or at least act as if I was.

I think the positive effects of meditation or other yogic practices can be enjoyed without piling up wild religious or pseudo-scientific theories behind them and trying to tell people how to act, what to believe and who to give their money to. But who am I to judge... maybe it's all true.

Timekoin however, isn't giving me quite the same level of relaxation.

I still think timekoin is some sort of a joke or misguided idea, but will listen to reason. Still haven't understood how double spending would be solved.

[organofcorti]

You raise a valid point. I didn't even read the paper until a couple minutes ago. I skimmed it and it makes no sense to me at all and I don't see how doublespend is solved and it's unfair of me to criticize the idea at this point. I apologize.

I wont look into timekoin any further, it's either bullshit or genius, no way for me to tell within the time I have for this. (Sidenote: the satoshi paper made perfect sense on first read)

Yes, it read less like a white paper and more like a simile factory. Reading between the lines this was my how they prevent a double spend, just before the open transactions discussion:

My understanding is that a hash of the contents provides some of the data for the public key. Change the data and you change the identifier: the public key. It's no longer the same transaction, so it can't be double spent. I'm not completely sure though. The white paper was a bit light on exact detail.

[xiangfu]

want to buy timekoin for bitcoin - who is selling

[funnow]

want to buy timekoin for bitcoin - who is selling

They are developing exchange system, so be patience

[smoothie]

want to buy timekoin for bitcoin - who is selling

They are developing exchange system, so be patience

LOL i concur "beee payshentsss" 

[funnow]

want to buy timekoin for bitcoin - who is selling

They are developing exchange system, so be patience

LOL i concur "beee payshentsss" 

I'm not a robot like you, It's human make mistakes!
And also my mother language is not ENGLISH!

They are developing exchange sytem BE PATIENT

[xiangfu]

Hi

What kind of 'exchange system', is it like MtGox? can you give more details? thanks.

want to buy timekoin for bitcoin - who is selling

They are developing exchange system, so be patience

[yuzhe]

I'm curious myself how sybil attacks are prevented. Apparently there is nothing stopping me posing as millions of different identities/miners. From the looks of it, this does not appear to be implementation of the POS scheme either. If this is something novel, would the OP mind describing how it is supposed to work?

[molecular]

=>

[chriswen]

I currently have 679 timekoins.

[maomao]

 where is the database ？

[markm]

I didn't realise before that there is actually software for this, I thought it was vapourware.

It looks like you can run thousands of instances and thereby get to generate more coins?

-MarkM-

[molecular]

http://timekoin.org was created by knightmb:

Timekoin is the first non-experimental application of an open encrypted electronic  currency system on a public network.

I think this say it all, no?

[smoothie]

I didn't realise before that there is actually software for this, I thought it was vapourware.

It looks like you can run thousands of instances and thereby get to generate more coins?

-MarkM-

Yes you could...but each instance would have to wait 30 minutes to join the network. There is a process for node selection. One node is allowed to be added ever 30 minutes or something like that.

[molecular]

I didn't realise before that there is actually software for this, I thought it was vapourware.

It looks like you can run thousands of instances and thereby get to generate more coins?

-MarkM-

Yes you could...but each instance would have to wait 30 minutes to join the network. There is a process for node selection. One node is allowed to be added ever 30 minutes or something like that.

How does this process work? It still sounds like I could "impersonate" many people.

Also: what if 100 people want to join each day? That'd be 50 hours per day.

[gbl08ma]

Oh, yet another *coin... oh wait, this time's a *koin!

[smoothie]

I didn't realise before that there is actually software for this, I thought it was vapourware.

It looks like you can run thousands of instances and thereby get to generate more coins?

-MarkM-

Yes you could...but each instance would have to wait 30 minutes to join the network. There is a process for node selection. One node is allowed to be added ever 30 minutes or something like that.

How does this process work? It still sounds like I could "impersonate" many people.

Also: what if 100 people want to join each day? That'd be 50 hours per day.

there is a technical paper at timekoin.org.

It was recently updated. It explains it there. Yes there is only so many nodes that can be added in 1 day's time.

That would be the restriction of trying to inflate the supply of timekoins....time restricts that supply.

Go have a read. It's good stuff.

[markm]

Oh good, so the original adopters/developers can simply keep the add-node queue full so it will be forever before any newcomers get to the top of the list. Brilliant.

...I guess that is where the randomisation comes in. No top of list, just flood it so you have highest chance of being randomly selected?

-MarkM-

[smoothie]

Oh good, so the original adopters/developers can simply keep the add-node queue full so it will be forever before any newcomers get to the top of the list. Brilliant.

...I guess that is where the randomisation comes in. No top of list, just flood it so you have highest chance of being randomly selected?

-MarkM-

Yup. I think in a year's time there is at max 33,000 nodes that can be added. Some number like that. Puts a restriction on just huge farms being added. Makes it a more even playing field and you dont need special equipment or waste tons of electricity on mining. The longer you stay connected to the network and contribute the more timekoins you generate in an increasing (asymptotic) way.