FTC's future
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Dear friends,
Let me introduce you to Gridcoin, coin with humanitarian aspect and BOINC utilization (using PC power to contribute science research projects - folding proteins, solving mathematical problems, searching for extraterrestrial life, etc)
Why do I talk about Gridcoin?
1st, Gridcoin is changing emmision model
2nd, Gridcoin is switching from Scrypt Pow to POS
3rd, it is no way dead coin, rising in value as you read this
“Gridcoin-Research is based on the Proof of Stake algorithm, which itself is much more energy efficient. Energy-efficiency was already propagated during the release of Peercoin, the first Proof-of-Stake coin. Proof-of-Stake allows miners to dedicate 95% of their resources on BOINC, while only 5% are needed to secure the chain. In comparison, a profitable setup of Gridcoin-Classic, had only 10-40% of the computing power dedicated to BOINC and the rest towards securing the chain with scrypt algorithm mining.”
http://wiki.gridcoin.us/Reward_calculation
So please do not repeat or listen to this particular lie:
“You can not change emission model, it will damage the trust in the coin.”
As you can see this is not true, it is just baseless lamentation with no solid background.
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If there’s one thing I can’t stand it’s the idea that the coins have to perform a function in ADDITION to transactions. Transactions are a valuable function. They allow us to bypass the whole banking industry. Security is all you need for a coin to have and maintain value.
Changing the emission model causes damage when it’s pure speculation. Proof-of-Stake has elitism baked in because it rewards coin hoarders rather than asset holders. Proof-of-Work has gradual centralization baked in because of pools. I really need to finish FLUX.
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If there’s one thing I can’t stand it’s the idea that the coins have to perform a function in ADDITION to transactions. Transactions are a valuable function. They allow us to bypass the whole banking industry. Security is all you need for a coin to have and maintain value.
Changing the emission model causes damage when it’s pure speculation. Proof-of-Stake has elitism baked in because it rewards coin hoarders rather than asset holders. Proof-of-Work has gradual centralization baked in because of pools. I really need to finish FLUX.
0% reward in POS and elitism is gone
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So, let’s recap the discussion so far.
Bushstar claims PoS won’t work, and lists a bunch of misconceptions.
I point out those misconceptions and explain to him why he’s wrong.
Bushstar ignores me, and pays a developer to implement ACP for him.
Fast forward to today…
Bushstar claims that PoS won’t work, and lists a bunch of misconceptions.
I point out those misconceptions and explain to him why he’s wrong.
A bunch of non-techies go out and provide a ton of viable models and counter examples.
Bushstar ignores us all, and implements ACP in the core.
We all on the same page here?
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Changing the emission model causes damage when it’s pure speculation. Proof-of-Stake has elitism baked in because it rewards coin hoarders rather than asset holders. Proof-of-Work has gradual centralization baked in because of pools. I really need to finish FLUX.
Your first statement is itself pure speculation and your second one is irrelevant when PoS is at 0% reward.
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So, let’s recap the discussion so far.
Bushstar claims PoS won’t work, and lists a bunch of misconceptions.
I point out those misconceptions and explain to him why he’s wrong.
Bushstar ignores me, and pays a developer to implement ACP for him.
Fast forward to today…
Bushstar claims that PoS won’t work, and lists a bunch of misconceptions.
I point out those misconceptions and explain to him why he’s wrong.
A bunch of non-techies go out and provide a ton of viable models and counter examples.
Bushstar ignores us all, and implements ACP in the core.
We all on the same page here?
You lack some info, but is hard to blame you as they restricted your access to team area and do not want you in FTC skype group. Bush agree on ACP elimination and is willing to consider adding POS. Adding ACP to core should be quick and temporaly task (which i kind of see as redundant but still). So It is not exactly as you see it…
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My first statement has to do with the tendency of individuals to generate hype by flipping the script for some short term gain.
0% for staking does get rid of my main issue, but I’m having trouble understanding how PoS secures the chain better that PoW.
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My first statement has to do with the tendency of individuals to generate hype by flipping the script for some short term gain.
0% for staking does get rid of my main issue, but I’m having trouble understanding how PoS secures the chain better that PoW.
Are you implying a change to PoS would be done for short term gain? If you are, you’ve misunderstood the reasoning for the change to begin with. Are you suggesting that it will result in hype? If so, then we can expect the typical PnD like always, but that has nothing to do with PoS, the inflation model, or the tendency of individuals.
PoS doesn’t secure the chain “better” than PoW, it does it exactly the same way. The only difference is that it’s distributed among coin holders instead of miners.
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You lack some info, but is hard to blame you as they restricted your access to team area and do not want you in FTC skype group. Bush agree on ACP elimination and is willing to consider adding POS. Adding ACP to core should be quick and temporaly task (which i kind of see as redundant but still). So It is not exactly as you see it…
Well that’s at least good news.
You’re right, it’s not like Bushstar believes in transparency in development processes so there’s no real way I nor anyone else outside of his little support group could have known that publicly he’s lambasting me and banning me on the boards, while behind the scenes incorporating my suggestions clandestinely into the plan.
But hey, everyone loves hating me and thinks Bushstar is a God, so all is right in the world.
Go Team!
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Nope, not implying that here. Just that the fear of change is warranted in many coins because of stunts devs pull.
Seems like PoS and PoW are two extremes. PoS: trust the output, PoW: trust the input.
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Seems like PoS and PoW are two extremes. PoS: trust the output, PoW: trust the input.
You’re close.
In PoW, hardware verifies inputs.
In PoS, hardware verifies inputs with permission granted to it to do so with outputs. This eliminates the need to scale the difficulty based on hardware speeds, as you now want to scale it based on coin availability and staking, and keep the PoW portion of PoS relatively easy so there’s no gain with dedicated hardware.
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My understanding is that Bush has no issues with looking at PoS.
We both think it will be requirement for ftcs future but It’s not something I want to rush through as there are currently no solutions which I see that could be simply “Dropped In”
I want to get the pr for Core going ASAP. So if we can get ACP to play ball with Core within a few weeks, I see no harm and only benefits in tackling PoS after we get core “Viral” sp to speak.
If we have Multisig and SX live across the network, then we can start building the escrow platform at the same time as PoS.
Then both can be dropped in at the same time in one last epic fork for 2015.
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ZD. Is flux like Automated Tx’s / Smart contracts?
I was looking at Factom possibly but it would be really neat if we had our own decentralised escrow platform.
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When we start talking about elitism, how much ftc has been released and how much remains to be released and by when. I think thats the main concern here.
If the bulk of the coins are out, I see no issue in moving to PoS and also keeping the inflation model at the same time.
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Flux is effectively coin neutral. It uses low hashes to generate tokens for passive exchange. Instead of sending FTC to get BTC, you send FTC into a temporary sidechain stream (block cloud might be a better term) that everyone can see and the tokens capture BTC from the stream. It’s impossible to steal coins by this scheme.
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That’s right. Decentralised cross crypto exchange on the BC tech.
It would make ShapeShift and Coinnector etc redundant but for now were still leading the way for in wallet cross crypto exchange.
Maybe we could use Flux to help with the Escrow. In fact, it might be necessary now I think about it.
If the escrow we create can also use any coin in and any coin out. Well, that’s just truly mind blowing.
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Well that’s at least good news.
You’re right, it’s not like Bushstar believes in transparency in development processes so there’s no real way I nor anyone else outside of his little support group could have known that publicly he’s lambasting me and banning me on the boards, while behind the scenes incorporating my suggestions clandestinely into the plan.
But hey, everyone loves hating me and thinks Bushstar is a God, so all is right in the world.
Go Team!
I do lambast you as you have upset me greatly with your very personal attacks, every time I see something you have written it is about me. If only you could have contributed with your skills instead of beating down those below you. You have an amazing track record and seem well acclaimed but all you do is bully those who might aspire to be like you.
You have made my life miserable and I’m no longer happy to be your victim and am not going to occupy the same space as you. There are many friends for you here who know you are skilled and see you as a source of interesting ideas. I hope you do well by them.
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Mining suck, no matter with what hardware.
It was fun in 2013 but those days are over.
I sold my GPUs.
Mining is waste.
Unnecessary waste.
With proposed POS solution all we nees is few rPI nodes to maintain healthly and eco-friendly network.
Well… isnt it necessary to secure the blockchain and keep transactions verified? Define me a rPI node that does Neoscrypt. It hasnt been done.
