BitShares Forum
Main => General Discussion => Topic started by: eagleeye on August 22, 2014, 11:57:04 am
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How is proof of stake better than mining in securing a unique transaction ID?
He is skeptical of BitSharesX (I just told him, hes a stock market trader by trade).
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How is proof of stake better than mining in securing a unique transaction ID?
He is skeptical of BitSharesX (I just told him, hes a stock market trader by trade).
Point your friend to http://wiki.bitshares.org
Answer to your friend question here: http://wiki.bitshares.org/index.php/DPOS
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He says this "My exact point democracies can be corrupted, you can't corrupt a number."
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He says this "My exact point democracies can be corrupted, you can't corrupt a number."
What is the goal of corrupting a delegate? I mean what good would it do. Worst case turn there server off........We have 9 pages of people willing to replace them
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He says this "My exact point democracies can be corrupted, you can't corrupt a number."
Proof of Work is democracy via hash power. Bitcoin uses Delegated Proof of Work via the Mining Pools. Economics will result in only 2 or 3 large mining operations that can perform profitably.
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Hes not convinced. He liked in nautiliuscoin or something.
He probably wont be so skeptical when BTSX is 2nd or 1st.
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Tell him to read bytemaster's comment again and think hard.. Then give him a few days on his own.
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Tell him to read bytemaster's comment again and think hard.. Then give him a few days on his own.
if he must thing hard he has no place here! :)
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He says this "My exact point democracies can be corrupted, you can't corrupt a number."
Bitcoin isn't just numbers from God. Those numbers come from miners who can be corrupted. Bitcoin has already suffered a 51% attack and there is no way to know how much hashing power anyone has stashed away in secret.
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There is also an audio track of Bytemaster on LetsTalkBitcoin where he discusses the security aspects of DPOS. Adam, the host, asked many of the same questions. Anyone have the link?
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Hes not convinced. He liked in nautiliuscoin or something.
He probably wont be so skeptical when BTSX is 2nd or 1st.
If market-pegs work as intended, your friend could theoretically buy, sell, and short bitNautiliuscoin (or something) on BitsharesX with more scalability, faster processing, anonymity, etc. The opposite is not true.