Topic: $5.00 bounty to the first person who can convince me not to buy ppc (reopened) - page 2. (Read 2745 times)

I agree the answer is yes, your answer is one possible reason why but there are also others I see with varying degrees of importance. Overall efficiency and cost effectiveness, yes a POW blockchain is vastly more cost effective than the traditional banking/payment processing system but it still requires a huge amount of computing resources and electricity as compared to a POS blockchain. Providing an incentive for more people to run full nodes and participate in the mining process, anyone with coins can mine without any sort of special hardware and this makes it more decentralized. PPC attackers must attack themselves, you need to get your hands on PPC to launch an attack and if your attack is successful then it causes your PPC to tank in value, thereby devaluing your own assets, which is a good rational disincentive to attack the chain.

Even if BTC proved thoroughly resistant to a 51% attack in the future, I would still see legitimate reasons to use PPC instead.

I'm talking myself into buying more PPC at this point but I'm still not convinced that it could really survive long-term.

Can you explain why the protocol is robust enough to warrant investment? Even tho I'm a PPC owner, I can't really PROVE that it's robust, I just know that with a decent amount of research and time I haven't proved that it's NOT robust.

Can PPC survive off checkpointing? What about the fact that even honest miners have incentive to POS mine an attack chain since POS mining consumes very few resources? How difficult is it to string together multiple POS blocks in a row even with nowhere near 51% of the coins in existence?

I'm playing devil's advocate here, so please humor me.


This one I can debunk myself. The creation of new coins through POW will taper off over time (already far fewer coins are being produced through POW now than a few months ago) until the money supply growth rate due to POW is negligible. As for the money supply growth of up to 1% due to POS mining, this does not result in any loss of purchasing power to the holders of peercoins. Peercoins held in a wallet that is used for POS mining even occasionally won't represent a smaller percentage of the PPC money supply over time (as USD in a bank account represent a smaller percentage of the USD money supply), rather they'll actually represent a slightly larger percentage over time. Not all coins will be used for POS mining so the true money supply growth rate due to POS mining will always be <1%.

As for prices, a 1% rate of growth of money supply is hardly significant or unusual. Bitcoin's money supply will be growing at a rate of >1% for many more years. And the rate of growth of the economy at large will likely be over 1% in the long run so you probably still won't be seeing prices in PPC going up long term, as you'd generally expect with inflation.

Con: There is currently no financial incentive for miners to include transactions in a block.

However, I still think it is the most innovative alt around. It also has the lowest inflation rate of all the major alts (and bitcoin) and will have for many years to come.

You should Buy PPC.

End of argument.

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I  have to say your arguments aren't really all that relevant. He isn't buying them for use right now, he's deciding on a crypto currency that might be used in the future.. or maybe not even used at all but that he could make money off of. Absolutely no one who isn't delved into cryptocurrencies already knows of Litecoin and it has a 250 million dollar cap, and it's probably made some millionaires.

one of these threads!

The title of this thread should be. "Marketing my bag of PPC with a bogus demand"

The decision to buy anything is yours in a free market. If you are letting others convince you to buy then you deserve to lose any money you may invest.

The biggest reason not to buy has already been stated.. there are absolutely no merchants for it. Especially not enough to warrant its market cap. On top of that its designed solely for early adopters. In this community that seems to be the way to get people interested though. The fairest coins get forgotten with the exception of BTC but even BTC is highly early adopter rewarding.

Yet the difficulty level for PoW and 1% inflation rate for PoS will effectively limit how many we will see in our lifetime to a totally reasonable amount.

How about this:

Sunny King invented PoS, and in order to test this new concept he created PPC. In other words, PPC is not designed to be a currency. It is designed to be a proof-of-concept implementation of a PoW+PoS cryptocurrency.
This, in turn, is the reason why PPC is not really being used as a currency. It is merely an object of speculation. https://github.com/ppcoin/ppcoin/wiki/List-of-services-on-market lists a meager total of 7 (in words: seven) "Shops, Retail Products and Services", which is absolutely ridiculous in relation the PPC's market cap.

So, if you want to speculate in cryptocoins, buying PPC is as good a choice as any other altcoin. If you want to invest, then leave your fingers off PPC.

Disclaimer: I do hold a few PPC myseld. Merely playing devil's advocate here... :-)

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thanks 

At this moment the only thing against PPC is the the lack of real world services, however this seems to changing, so I can't convince you .

Don't Buy, because every altcoin's price is linked to BTC somehow.
If BTC wil go UP they will go up, If BTC will go down they will go down, then why not Just invest in bitcoins.

If you are buying them with USD it's ok but still it's not better.

At this point BTC has such a large lead in the network effect that the only reason to buy any alt coin is if you think it will outperform Bitcoin. So will PPC outperform BTC? As the main difference is PoS v PoW the question becomes "will Bitcoin's PoW model ever cause risk to its overall adoption?"

Why the answer might be yes: organized 51% attack from a large pool, NSA or other body corrupting ASIC hardware, or a technological advance that obsoletes ASICs but is held by a small party.

The third can be written off at this point as it isn't a risk in any reasonable time frame. The second isn't much risk as most ASIC manufacturing happens outside the US, and is distributed between multiple continents. Could a coordinated group of miners pull off a 51% attack? I suppose they could but I don't think they would due to the fact that they would be killing the goose that lays the golden egg. Even if those miners invested heavily in another coin, destroying BTC at this point would endanger the whole cryptocoin ecosystem. To me PPC isn't a hedge against BTC

Like bitcoin, ppc is the original bread and butter of POS, other cheap clones won't be taken seriously.

If you believe that there's a room for alt, this is it.

Other alts are just different algors of POW,  or even cheap param changing.

The reason that you shouldn't buy ppc would be they all shrink against btc growth, better stick with btc.

This is a flawed question.

I cannot convince you NOT to buy PPC, because the truth is you SHOULD buy PPC.

The fundamentals are there; market cap, ranking, low price.

Buy, you won't be sorry.

There is no hard limit, so it is subject to endless amounts of inflation

yes one thing you definitely got right here is that, if ppc is infact not broken, it definitely deserves to be second place. litecoin does give you a little bit more security in a shorter amount of time, but it doesnt bring enough to the table to compete with bitcoins network effects imo, it doesnt deserve to be anywhere near the top.

yep, my own decision is that i should probably buy some. i just understand my own limitations, i understand that I'm not omniscient. Spending a measly 5 dollars in order to incent people on these forums to alert me to something i hadnt though of myself seems like a very worth while investment. And if there is someone out there who knows a good reason why i shouldnt, than its a pretty quick and easy 5 dollars for him, he should be happy with the arrangement also. Don't you love markets! so full of win.

Read the whitepaper and make your own decision.

Its in the #3 spot. The better question is why don't have some some already?

I too would be interested in this. I've thought about it for a while and tried to read up on it and although I'm not convinced the peercoin implementation of POS is robust enough to be viable long term, I'm also not convinced that it isn't or that at least it couldn't be reasonably patched up in the future. I already own a chunk of PPC because I like the concept of POS and have respect for SunnyKing's approach, but despite that I'm still in a "wait and see" mindset.

OP, what made you convince yourself and then unconvince yourself? I'd like the $5 bounty but I don't have an answer as to why you shouldn't buy PPC, my inclination is that you actually should buy it although I'm not 100% confident.

And I'm also not interested in predictions of short-term price movements or advertisements for other cheaper alt-coins. I think long term if PPC proves to be a robust and functional alt-coin it will certainly be worth a lot more than it is now - and would be deserving of the 2nd spot after btc since it presents an original and substantially different approach to decentralized cryptocurrency from bitcoin. If it turns out to have irreconcilable security holes then it will just be an experiment and I don't expect PPC will carry any real value.