Topic: [ANN] ¤ DMD Diamond 3.0 | Scarce ¤ Valuable ¤ Secure | PoS 3.0 | Masternodes 65% - page 651. (Read 1260677 times)

Mined a bit of this in the early days... Good to see this coin is still active

Interesting reading about Riga Convent.

However, it would be good to know more specific which issues/problems that is causing the feeling of urgency. Also how urgent is urgent?

To get a better picture of the situation, a clearer identification of the issues/problems and possible solutions in combination with an analysis of consequences would be very appreciated.

its simple really.

chinese fpga are grinding the coin to dust.

When asic's come online shift the decimal point to the left.

just look at LTC.

If devs care about price they would be proofing the algo right now, so fpga are broke.

Let me start by saying I am a proponent of crypto currencies for the some of the reasons Antonopolus gives in his discussion.  I think there is a need for a global digital currency and this need will increase over time as globilization occurs.

Having said that, Antonololus is either naive about banking regulations and why they exist or he is dishonest.  There are two parts of any currency.  First, there is the currency itself.  How it is generated, how the supply is controlled, how its value is retained etc.  Then there is the banking part of it.  This includes deposits, withdrawals, exchanges, and other services established for holders or users of the currency.

The biggest problems with cryptocoins are with the banking side.  Take Mt. Gox for example, and this applies to all exchanges.  They hold these currencies on behalf of users, and they initiate the trades and exchanges.  Today, these exchanges are only loosely regulated and the risk to the accounts held by the public is huge.  How many people are complaining about Cryptsy and its responsiveness to issues that affect you deposits there?  Cryptsy has no standards to operate by like a US bank holding dollar deposits does.  Mt. Gox had no oversight and what happened to it would not have happened to a well regulated bank.  Organizations like the SEC and FDIC would ensure a controlled winding down of a Mt. Gox and would ensure consumer deposits are protected. So the first point is, how does a Bitcoin or DMD holder know his coins are secured and protected? This is a huge  issue.

On the currency side of things, there is the fundamental questions of value.  If you hold physical US dollars you are secure that the value of the dollar will be somewhat stable.  Yes, there is inflation and deflation, but these conditions are controlled by managing the currency centrally.  You will not see the dollar drop 50% in value over a few months.  If it did the economies of the world would collapse.

Finally, I would like to address Atonopolus's point about security and hacking attacks on Bitcoin.  He mention the scarcity of attacks and the difficulty in breaking the crypto algorythms.  First, Willie Sutton was once asked why he robs banks.  His reply was "that's where the money is".  Hackers attack credit cards constantly because it is a multi billion dollar operation.  Bitcoins is small potatoes compared to credit card theft.  If Bitcoins reaches a high enough level of value, it too will be hacked with regularity.  And hackers will not try to break the encryption algorythms would would take an enormous amount of time.  Instead they will attack wallets, exchanges and pools.  And no one can argue that these type of attacks have not been successful.  I have mined on pools that were shut down after hackers stole all of the miner's coins held by the pool.  Needless to say the managers of the pool gave the miners a "sorry" but could not pay the miners the coins they were owed.  If a traditional bank is robbed, you will get your money and the bank will suffer the losses.  That's because banking regulations which include loss reserve provisions protect the consumer.

I won't get into the money laundering aspects of bitcoins.  I think the argument there is obvious.  But this is a very serious problem and banks spend billions of dollars to stop it.

So in summary, a currency without regulations from a central body that ensures consumers are protected will never be completely adopted by consumers.  This means the future of these currencies is very suspect.  There needs to be a meeting in the middle of traditional banking practices and crypto currencies.  If people who support crypto stubbornly stick too this concepts of anonymity and decentralization, crypto currencies will fade away.

100 but diamond POS is designed in a way that if will split and merge coins to reach that size by itself over a few months (a few minting circles)
bigger coin pile will split smaller coin pile will merge together

more details about DMD POS:

http://bit.diamonds/community/index.php/topic,46.msg376.html#msg376


the merge process of small 1 dmd coin pile (like a miner wallet) will start to run with full efficience when lot of the coins are older than 30 days

the minting possibility between 7-30 days is only for big coin pile and in the minting process that coin pile will be cut in 2 pieces

I'd like to hear opinions on the most efficient block size for DMD POS.

I'm getting pretty good results from the http://multipool.bit.diamonds/ multipool.  Running SHA miners, not earning quite as much as mining btc, but btc doesn't generate interest   

of most......
survivors will form together the cryptobusiness future

ever hear of sidechains....

there is absolutly no reason only few base chains survive
but a serious altcoins transform into a sidechain

dmd diamond have always the focus to be a storage of wealth solution
that dont exclude a lot possible paths for the future

we wont transform into a bank but we can become a "thing" that a bank stores

like u can have goldbars stored in ur bank

If anyone knows he nows. Regulation is the end of altcoins. And here is why.
http://youtu.be/vApr2pOBHbk
Andreas Antonopolus educates the Canadian senate. October 8 2014
Its long but well worth the watch.

i know maxcoin using KGW,and KGW update many versions.
there were multipool malicious attacks ,drove maxcoin diff from 10K to over 5M,and all other honest miners spent 6 hours to get next block.

ever heard of KGW or DGW?

we never wait
we work nonstop
but not everything we do is visible to u
or let say nearly all we do invisible to u

yes,i turn off the rigs ,and you will mine more coins,dump it ,get more money.
I'm sorry to disappoint your expectations

switch to SH-256 is not good idea,
some big farm can drive the diff to very high in few minutes and left ,if he like to do it.
then other small miner will spend weeks to generate a new block.

---------------------
first,community pay for miners to keep networks safety,GPU cannot always protect the network.
spent millions to build AISC miner,and dump to the floor,how to  recover the investment?
if attack the network,coin can switch to another algo,and not die.
if all people abandoned the algo,what is the usage of ASIC miner?
look at X11 profit,GPU is no usage,secrete ASICs are running without doubt.
groestl is part of X11,we should keep an eye on this.

We're waiting for all the other pieces of a puzzle to fit nicely together. Algorithm is not the one and only thing that would enable us to conquer the altcoin scene. Holistic approach is required.

Of course, technically there is no problem.

digitalcoin is a good example of another team
who read the sign like we do

they switch from single algo POW to 3 algos and all are soon asic algos

Just for this Asic and need. He should just maintain the network, and not to bring their owners millions.
Furthermore, it would be nice to enhance the value Pos diamond network for additional its protection.
The current protection Pow + Pos 1 block per minute / 10 blocks per minute is not effective. Probably should be 50/50