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Messages - Simulacra_and_Simulation

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General Discussion / Re: Achieving consensus through crypto-random leader election
« on: April 28, 2014, 02:11:09 am »
Quote from: Empirical1 on April 28, 2014, 01:48:48 am
Quote from: tipon on April 28, 2014, 12:31:37 am
I understand that, but why does bitcoin uses proof of work?
Whats the reason the inventor adopted this architecture?
Whats the objetive of proof of work?



Quote from: Troglodactyl on April 26, 2014, 09:05:15 pm
Quote from: tipon on April 26, 2014, 08:50:48 pm
Hi, why does achieving consensus implies on massive resources waste in bitcoin?

Why is that? whats the idea behind that?

...

Achieving consensus in Bitcoin relies on massive resource waste because it uses Proof of Work.  In order to prove that you've done the work, you actually have to do the work.  Therefore, Bitcoin consensus relies on lots of people doing lots of work.

I think Satoshi wanted Bitcoin to be decentralised. He wanted tens of thousands of people running Bitcoin nodes so that it would be very hard to shut down or control. POW was designed to reward and incentivise those people to run their nodes. I don't think he realised that instead of running nodes they would all point their hashing power to centralised mining pools which defeats the purpose and makes POW a very expensive waste.

Without pools you would have the people with PH or 100's TH monopolizing the generation of BTC in more of a way than the pools. I am sure Satoshi predicted that would happen if the thought of pools never entered their minds.  Which to me is centralizing it around a few major players too.

At least with the pools I get some BTC instead of waiting 2 years with luck to mine a block.

2
General Discussion / How to get involved in the Test chain?
« on: April 26, 2014, 06:08:42 pm »
Can anyone detail how to get started? Maybe specifically for Windows? Browsed github, not sure what to download. Any help would be nice. :'(

3
General Discussion / Re: DPOS almost the same as a mining pool?
« on: April 17, 2014, 06:07:18 pm »
Quote from: bytemaster on April 17, 2014, 04:20:04 pm
The blockchain will enforce the rule that no delegate be given more than 2% of the vote... transactions that give more are rejected.

More details about how the client automatically identifies misbehaving nodes and votes against them:

http://bitshares.org/documentation/group__dpos.html

will this not alienate voters? If you deny ones vote, you can't force them to vote for someone else. This kinda goes against everything voting stands for. I fear if people aren't allowed to vote for who they want, they will abstain from participating or vote for a lesser delegate which is compromising.

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General Discussion / DPOS almost the same as a mining pool?
« on: April 17, 2014, 03:37:20 pm »
The only difference I see is that the miners aren't wasting energy mining(not getting paid either) and you are mandating 100 operators.

When I pool mine I am delegating my hash power to the pool operator in turn that he/she pays me out proportional to what I put in and there will be no funny business. Generally what I mine is profitable or at least zero sum, where my costs are less than equal to what I am producing through mining.

This is the same as voting for a delegate except zero payout and zero energy costs.

Both are keeping the network going. Both are technically subject to what the miners want to do, change the vote or change pools.

Other questions:

How does one get informed of a delegate not doing a proper job?

If the top 100 vote receivers automatically win regardless of total votes, I can also see a problem where 95%of the votes go to a couple delegates, let's say 10, and then 5% are spread amongst 90 delegates. Popularity exists, see Ypool. Doesn't the minority vote going to a majority of delegates pose a weakness/vulnerability?  Possibly a problem with these delegates getting voted in an out, missing blocks all the while the 10 with 95% are solving most of the blocks and they now become the threat?  The weakness in one end opens opportunity for the others. What if you change the numbers to 1 delegate gets 99% of the vote because he decides to divvy out the transaction fees as vote rewards. The other 99 getting 1% could easily be manipulated right?

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General Discussion / Re: How To Create Your Own Digital Currency! Get Paid!!!
« on: January 20, 2014, 04:53:16 pm »
Have you created a coin?  Curious if it is really as simple as that? I am not a programmer and I have some ideas for a coin.

6
General Discussion / Re: What are the incentives to use bitassets?
« on: January 20, 2014, 05:47:10 am »
Quote from: bytemaster on January 20, 2014, 04:58:51 am
Quote from: Simulacra_and_Simulation on January 20, 2014, 04:41:28 am
Quote from: bytemaster on January 18, 2014, 08:58:46 pm
Quote from: BldSwtTrs on January 18, 2014, 08:28:55 pm
The more I think about Bitshare, the more I understand it and the more I am excited about it. But one thing still comes to my mind that I am not sure about it.
Why someone would use bitassets to speculate or hedge against something instead of using what already exist to do so?

5% of interest  seems pretty high to me and even if it's good for bitshares holders it may be a barrier for using bitassets. I mean Bitcoin is adopted because it lower the costs of transfering and storing value. It wouldn't work if it would make the cost of doing these things higher. So I guess my question is what are the cost one paye to buy a future on gold on a centralized market place, more or less than 5%?

Holding BitAssets PAYS you 5% interest.   Shorting BitAssets costs you 5% so the borrowing costs are lower than etrade and the savings yield higher than your bank because there is no middle man.

Not sure I follow you.

I trade options frequently and I don't get charged anything but a contract fee. When I go short on margin from a put contract getting exercised I don't get charged a fee other than a trade fee to buy the stock or sell it. I am Just required to have a certain amount in my account but never the full risk amount.

Can you explain what borrowing costs you are talking about? Do you mean lost interest or dividend risk?

Options are different that short sells.    If you borrow stocks or cash to buy or sell on margin you will pay 8.5% for anything less than $25K and over 5% for anything less than $500K with 4% being the lowest borrowing costs you can get from them.

We also have options contracts and these only charge a minimal transaction fee proportional to the bytes used in the blockchain.

That makes sense. I never naked sell stock or borrow to buy.

-

Will you be able to leverage and how will the margin requirements be? Will it be a bit for bit ratio or 2 to 1 etc.? 
I love the probabilities of options and am interested in how black-scholes will apply given that volatility is a big factor.  Very interesting. Can't wait.

About the market: will there be established Market makers guaranteeing liquidity or will it just be based on luck to find someone to take he opposite side of the trade?

7
General Discussion / Re: What are the incentives to use bitassets?
« on: January 20, 2014, 04:41:28 am »
Quote from: bytemaster on January 18, 2014, 08:58:46 pm
Quote from: BldSwtTrs on January 18, 2014, 08:28:55 pm
The more I think about Bitshare, the more I understand it and the more I am excited about it. But one thing still comes to my mind that I am not sure about it.
Why someone would use bitassets to speculate or hedge against something instead of using what already exist to do so?

5% of interest  seems pretty high to me and even if it's good for bitshares holders it may be a barrier for using bitassets. I mean Bitcoin is adopted because it lower the costs of transfering and storing value. It wouldn't work if it would make the cost of doing these things higher. So I guess my question is what are the cost one paye to buy a future on gold on a centralized market place, more or less than 5%?

Holding BitAssets PAYS you 5% interest.   Shorting BitAssets costs you 5% so the borrowing costs are lower than etrade and the savings yield higher than your bank because there is no middle man.

Not sure I follow you.

I trade options frequently and I don't get charged anything but a contract fee. When I go short on margin from a put contract getting exercised I don't get charged a fee other than a trade fee to buy the stock or sell it. I am Just required to have a certain amount in my account but never the full risk amount.

Can you explain what borrowing costs you are talking about? Do you mean lost interest or dividend risk?

8
General Discussion / Re: The BitShares Brand
« on: January 20, 2014, 03:48:08 am »
New logo looks great.

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