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MemoryCoin / Re: Distribution At Block 32000 - MemoryCoin 2.0
« on: December 11, 2013, 09:20:22 pm »
Can anyone explain succinctly what memory coin does and why we want to use it?
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Couple questions. Is there any documentation on this? or a seperate wallet? webiste? those sorts of things?
Also how do you obtain the private key that you're speaking of?
It's a separate altcoin/DAC - separate wallet, website etc. The private key will be derivable from your PTS private key.
Excuse my ignorance, but I am not getting it, we will have to import our Protoshares private keys into Memorycoin wallet before block 32000 ?
BTW, I am interested into the voting system, where can I read more of it ? I am interested in developing a web frontend for it.
im not american, but i think, US system is still the best example democracy in the world, but it have degraded many years ago (maybe in Reigan period) when banksters changed from gold standard to debt standard, and receive unprecedented power and influence over industrial sector,I suggest you think outside the box you have lived in your whole life and stop assuming a government is needed or that you need to "control a society without rulers and ruled".ok, maybe im wrong, i just tried to analyze what will happen if modern government system stop works as it should, and how we going to live in near future
1) Your approach is to create a decentralized solution for funding the ultimate form of centralization.
2) The goal is to decentralize power to end corruption
3) Imagine a world where justice, defense, dispute resolution, medical, retirement, charity can all be provided at the highest quality, lowest cost, with out the need to resort to impose a double standard between the 'ruled' and the 'rulers'? A double standard that says the two may be held to different moral standards.
I set out to invent the solutions to these problems rather than simply accept that the only way to have justice for some is to cause an injustice for others. Create a DAC that causes selfish motives to align with your desired global outcome and does not depend upon force to do so.
The modern government system HAS stopped working as its proponents claim it should. We need to create a system that does work.
some people in Russia think it was because USA failed in Vietnam and faced problems with low economy growth, debt growth helped US to overcome stagnation, but now we see Rome in last days of its existance
PS yea i know its high political bullshit, and i hope we will live without it our P2P way
You're making a lot of assumptions.BitUSD or BitApples solves this problem in a decentralized manner.
Sure, it is good for speculators, but not for real investors.
Imagine that around 70% of all transactions in our decentralized bank happens between Bitcoin and Bitshares. That could be perfectly the case because most people will enter with Bitcoins in order to obtain any other currency, or take loans in BitBTC.
.The political currencies have to deal with that. These new currencies are decentralized and you don't know which one people will want but I highly doubt Bitcoin will remain in top demand. It's not like the dollar which could remain in top demand by force.
It will happen the same that is happening in Wall ST right now. Because around 60% of all transactions in the world are made in dollars, when the dollar goes up and down, it affects secundary currencies that haven't got the strength to trade against anything which is not the dollar. Example: most currencies in South América trade against the dollar for importation/exportation. If the dollar goes down, they go down too.
I don't believe it's fair to say that BTC has a 10% yearly inflation. The total supply is 21 million coins that's what Satoshi decided.
If Satoshi released all 21 million coins right away (or at least within the first year), then we would have 0% inflation since the cap has been reached. What difference does it make if the 21 million units are released gradually or all at once (besides the fact that releasing all at once would be terrible).
If I make another btc clone and flood the market with 21 million coins, is it even fair to say that my coin has zero inflation and BTC has 10% inflation?
So let me get this straight - transaction fees will be destroyed, so what is the incentive to process transactions and who is doing that now in this system?
No, transaction fees still exist because there is limited space in the block chain and these fees will 'destroy' the currency.
New blocks are created by all full nodes and anyone with a financial interest in the network will pick the largest value transactions with the highest fees (which are destroyed and thus show up as dividends).
If you do not include transactions in a block then your mining difficulty will be higher (proof-of-stake) so those blocks will never make it into the chain.
Rather than considering the 'unit' of a currency to be individual shares, people should transact in 'Percent of Money Supply' and all balances should be represented as 'Percent of Money Supply'. As currency is created you see your balance shrinking due to inflation. When money is destroyed your see your balance increasing due to 'dividends'. You can shift the decimal on this percentage to create friendly numbers, but ultimately it is still a percentage. With a simple change to the user interface dividends can be implemented with ease.
There's another dimension to this. There is a large corpus or research showing that prediction markets work best in terms of prediction if the predictions themselves made by each agent are hidden from one another until the prediction date. Open predictions tend to invoke second order effects such as herd behavior and self-fulfilling prophecies.
The more projects the merrier.
Looking good.
What kind of authentication are you looking to implement to ensure an account won't get hacked?
Eg: Google Authentication maybe?
I had a chat to Invictus, a couple of days ago, re drawing up a one page sheet/flyer/pdf that could explain to non technical people and newcomers to the cryptocoin world what Invictus offer.
A couple of sentences on each 'product' DACs, Bitshares,Protoshares etc
In my opinion it also needs to be fairly simply written so that it can be easily translated in other languages.
Invictus already have a flyer for Keyhotee Free Space, see http://static.squarespace.com/static/51fb043ee4b0608e46483caf/t/5270bd60e4b04f272062ebdd/1383120224597/Keyhotee%20Free%20Space%20Flyer%202.pdf
The problem is that a lot of non technical people just don't seem to grasp crypto currencies and how they can revolutionise the world because most have bought into the fiat model and can't see beyond it.
A lot of people can't even understand the concept let alone products available and companies that enhance the cryptocoin system.
Also as it can be quite difficult to get started - just buying bitcoins can be an issue - non-techs just switch off.
So essentially it is finding away to express in very simple terms what is on offer.
The technical people need to capture the imagination of the non technical.
I aim to have some suitable text ready by the weekend - wind turbine and computer issues willing...long story.
I would appreciate comment and critic from all. Not too brutal please.
Hopefully if it is any good Invictus could take the flyers to conferences etc
One thing I would like to add at the end is some comments by the forum members on what the Invictus products mean to them.
Just post them on this thread.
(as an aside I listened to a really good podcast by Cliff High on Red Ice Creations about Bitcoin/ bitcoin concept - including a very good non technical summation of what Bitcoin is - see www.redicecreations.com - if you are interested).
Cheers
kw
Transactions as Proof-of-Stake & The End of Mining
http://the-iland.net/static/downloads/TransactionsAsProofOfStake.pdfQuoteThe concept behind Proof-of-Stake is that a block chain should be secured by those with a financial interest in the chain. This paper will introduce a new approach to Proof-of-Stake that utilizes coin-days-destroyed by every transaction as a substitute for the vast majority of the security currently provided by Proof-of-Work. Unlike prior Proof-of-Stake systems in which only some nodes contribute to the proof-of-stake calculation, we present a new approach to Proof-of-Stake whereby all nodes generating transactions contribute to the security of the network. The result is that the network immune to known attacks against Bitcoin or Peercoin.QuoteEvery transaction on the network carries with it an implicit Proof-of-Stake in the network. The creator of the transaction wants the network to accept it and the receiver of the transaction is making decisions on whether or not to ship goods based upon whether or not the network has accepted the transaction. It is clear that those behind the transaction have a stake in the health of the network. After all, the network is worthless if transactions cannot be executed as expected. A well functioning network will have thousands of transactions every single block. This represents thousands of stake holders who could be contributing to the security of the network.QuoteIn order for a 51% attack to be successful in a Proof-of-Work system, the attacker must keep their alternative chain secret. Once they have locked in the profits from their first spend, they can broadcast the longer secret block chain which will invalidate the original transaction. Keeping solved blocks secret is also used in the selfish-mining attack which can be effective with much less than 51% of the hashing power.
In order to prevent this kind of behavior we must make it impractical for miners to maintain secret block chains. If every transaction that is broadcast contains the hash of a recent block and the block chain enforces the rule that the transaction can only be included in block chains that build off of that block then no one will be able to build secret block chains that leverage the coin-days-destroyed of transactions in the public chain.
Please read my paper for further details, but I believe that I have a Proof-of-Stake system that requires no explicit mining and for which mining is never 'profitable'. If the security model holds review then this could dramatically change the future of all DACs and crypto-currencies, eliminate mining pools, lucky mining, vesting, ASICs, the 51% attack, selfish-mining, merged-mining, denial of service, etc.
Please review and give me your feedback.
Interesting, bytemaster.
But I think the problem with your original idea is about the people donating to the network.
This is different, as we are a truly substitute for Youtube. Free for users, but paid by advertisers.
I suggest you use micropayments. Then you don't need advertisers.
Please, elaborate.
The difference between COMEX and BitShares is that on the COMEX they are no collateralized positions.
Someone who wanted to short BTC would have to buy 2x much value in BTS. Therefore, they would be pushing the price of BTS through the roof in an attempt to manipulate BTC down. Now when people consider BTS to be overvalued the manipulators will be stuck in a massive short squeeze.
In conclusion, manipulators cannot manipulate BTC down, they can only manipulate PTS up.
Remember, BitBTC is a promise to pay 1 BTC worth of value in BTS. It can never manipulate the value of BTC itself.