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Messages - phoenix

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181
General Discussion / Re: Transactions as Proof-of-Stake & The End of Mining
« on: December 01, 2013, 08:13:28 pm »
So the basic idea is that the more coin-days destroyed in a given block, the lower the difficulty. But even if someone had enough computing power to find blocks that only destroyed a few coin-days, their chain would still be rejected, because proof of stake is used as the primary judge of chain size, not proof of work. Therefore, the fastest growing chain will be the one that includes the most transactions, which keeps the network healthy. The only flaw I can find is the possibility of somebody finding a way to factor public keys to derive the private keys, but I think we can all agree that if this happens, we have much bigger problems to deal with.

182
General Discussion / Re: Transactions as Proof-of-Stake & The End of Mining
« on: December 01, 2013, 07:19:08 pm »
Quote from: Pocket Sand on December 01, 2013, 06:13:57 pm
Phoenix: If you're interested read up on current Proof-of-Stake methods work to see how they distribute their coins, Peercoin is the largest by far right now.

Thanks, I think I have a general idea of how Peercoin does it, but it looks like Bytemaster will be doing it differently, with all the Bitshares released at the start, based on Protoshares.

183
General Discussion / Re: Transactions as Proof-of-Stake & The End of Mining
« on: December 01, 2013, 06:10:27 pm »
How will new BTS come into existence after the initial release? Or will they all just be based from PTS?

184
General Discussion / Re: Transactions as Proof-of-Stake & The End of Mining
« on: November 30, 2013, 09:55:27 pm »
Quote from: ruletheworld on November 30, 2013, 09:42:04 pm
Quote from: phoenix on November 30, 2013, 09:29:25 pm
This is a very good idea, and I think the result would be a secure and reliable network. However, you still have to figure out how to distribute the coins. My biggest question is: what blockchain do you want to try to use this for?
ProtoShares of course :)
So, are we looking at another hard fork in ProtoShares?

185
General Discussion / Re: Game development futures?
« on: November 30, 2013, 09:53:55 pm »
Quote from: bytemaster on November 29, 2013, 06:34:26 pm
There is a large opportunity for block chain based games for any game with an economy



Wow, that's a great idea! Personally, I think this kind of a DAC should use a GPU accelerated POW, since most gamers have GPUs that they expect to give them an advantage in the games they play. Then you could have any economic system stored on the blockchain. Ideally, it would be a rotating blockchain that's just a few months long, because most gamers will check in at least once a week, if not once a day. A certain percent of any unspent outputs from the last block would be moved forward to the new block, and the remaining percentage could be either destroyed or re-distributed among the players. The biggest issue I see with this is ensuring that proper gameplay is at least as valuable as a mining for the game.

186
General Discussion / Re: Game development futures?
« on: November 30, 2013, 09:36:02 pm »
This idea sounds a lot like kickstarter. I think it would work great, if you can figure out how to prevent to many people from advertising fake games, investing in themselves, then selling out and vanishing with their profits.

187
General Discussion / Re: Transactions as Proof-of-Stake & The End of Mining
« on: November 30, 2013, 09:29:25 pm »
This is a very good idea, and I think the result would be a secure and reliable network. However, you still have to figure out how to distribute the coins. My biggest question is: what blockchain do you want to try to use this for?

188
Keyhotee / Re: $300+ for a Keyhotee Founder ID?
« on: November 30, 2013, 09:01:29 pm »
From a miner's perspective, the amount I donated to get my Keyhotee ID was a fixed amount of PTS. Even though the price of PTS has gone up since then, it really doesn't matter to much since the amount of reputation points that I'll be getting for my donation is based on the USD price of my donation when Invictus Innovations finalizes the Keyhotee Genesis Block. So yes, you do have to spend more USD to buy the PTS for a Keyhotee ID, but you'll be getting more reputation points on your founders ID. Also, if you really don't care about the founders ID (which you should care about), then you can just wait to mine out your ID when the blockchain goes live.

189
BitShares PTS / Re: How to built my own pool？
« on: November 28, 2013, 09:05:17 pm »
The thing is, pools make a lot of money from fees. By giving away their code, they're essentially giving up the money that they could have made from fees off of all the people who join the new pools. Because of this, not many people like to give out the pool software. So, your options are: pay someone a lot of money for the software, make it yourself, or give up.

190
BitShares PTS / Re: Dying out
« on: November 27, 2013, 10:26:19 pm »
Quote from: AJ_ on November 27, 2013, 10:17:44 pm
Protoshares were designed to be mined out quickly, and then replaced by things like bitshares. Mining slowing down is completely normal

Actually, they were designed to take 2 years to mine out in entirety, the main reason why so many were mined out in the first few weeks was because Invictus Innovations set the starting difficulty way to low

191
General Discussion / Re: WeTube - Initial economic model - programmers - the great winners
« on: November 27, 2013, 08:01:36 pm »
The problem I see with this is that there's no incentive for new programmers to join the project after you launch it. Perhaps you should include a way to create bounties for the programming work that needs to happen after the launch. This way a new programmer would have incentive to contribute to this project.

192
BitShares PTS / Re: The Market Value of ProtoShares: Price of PTS ?
« on: November 26, 2013, 11:50:07 pm »
Quote from: bytemaster on November 26, 2013, 11:21:46 pm
Quote from: luxbitcoin on November 26, 2013, 10:47:31 pm
Looks like PTS is the only altcoin down !! See: http://coinmarketcap.com/

Others are flying like rockets but PTS is down ?

Not good ! but maybe opportunity ?  ;D

We have just made arrangements that will dramatically increase awareness of PTS in the media and outside the Bitcoin sphere.   PTS is undervalued because no one knows how to value it.   The fact that Novacoin, Feathercoin, and Megacoin are currently trading for more than PTS when their entire value proposition is as a competitor to BTC shows lack of awareness.   

Fortunately there are now many people that have financial incentive to increase awareness and we will soon have a revamped marketing and public image.

Interesting, when will we find out what these arrangements are?

193
General Discussion / Re: BTS vs. ETF
« on: November 26, 2013, 08:29:55 pm »
Quote from: 8bit on November 26, 2013, 05:40:40 am
Quote from: ruletheworld on November 26, 2013, 04:28:14 am
Quote from: 8bit on November 26, 2013, 04:26:24 am
There has been talk of a potential BTC ETF in the works. Would this compete with BTS? Is this seen as a major threat to the viability of BTS?
BTC ETF is just a way for ordinary investors who don't want to deal with the technicalities of Bitcoin own a piece of the Bitcoin pie.
BTS is a trading platform that allows, through a prediction marketplace, to trade just about anything, including, bitBTC.
I don't see how the former will threaten the latter.

I'm not sure. I'm trying to get a friend to consider investing some of his BTC returns into PTS, but he's concerned that a BTC ETF may make PTS/BTS an unprofitable investment.

Your friend shouldn't have to worry about that. BitBTC will still be a viable investment option, and it shouldn't compete with the ETF. More likely, they'll find a way to compliment each other so both sides will see gains in their investments

194
General Discussion / Re: WeTube DAC - decentralized media provider - the future YouTube
« on: November 26, 2013, 08:24:46 pm »
Quote from: liberman on November 26, 2013, 08:07:19 pm
UPDATE: please join us on #wetube on freenode and read the paper put here:
https://github.com/wetube/wetube-web

We are planning to use the original bytemaster code and get ideas from there.
We are already a team of 4 individuals, but we still need programmers with profound knowledge on internet protocols, or at least with enough time to learn.


This is a very good idea, I wish I had the time to learn more on internet protocols so I could help you. I wish you the best of luck in this project.

195
General Discussion / Re: Is Bitshares worse for crypto than Comex is for gold?
« on: November 26, 2013, 05:16:52 pm »
I don't think there's any need to start praying that it's a total flop. First of all, the prices on the Bitshares exchange don't give the price of BTC directly, they tell you the market price of BitBTC. Then, there's a separate exchange rate between BitBTC and BTC. So even if the price of BitBTC is directly manipulated by some large entity, the exchange rate of BitBTC to BTC will still be able to keep the exchange rate between Bitshares an BTC the same. If the price of BitBTC goes up relative to Bitshares, then either it will take fewer BitBTC to buy a Bitcoin, or the value of Bitshares will fall relative to BTC. Either way, the exchange rate will remain stable.

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