Topic: [ANN][0.8.6] Hirocoin - X11 - NGW - Secured Blockchain - Time Warp Limitation - page 9. (Read 271680 times)

thats what i did and it didnt let me, kept on saying failed to update....

You should be able to do so directly under the account information tab under edit account.

cant update profile with payout address...

Yes, that's what I'll be working on until the dynamic block reward is implemented.

will you be finishing up hiropool.org?

I'm still waiting to hear from Hiro on how far he's got with the dynamic block reward. The wallet UI is half finished also.

I'm holding off on the whitepaper until the dynamic block reward is implemented as it's a key feature I'd like to go over in detail in the whitepaper.

Can the team give us an update on how much progress has been made since we last heard from you guys?

up for it?

Example...

https://bitcointalksearch.org/topic/m.7552456

He's confused.

If I show you a wallet id such as this...

1J2SKCZBZ42HksEXXabstLUye9odvo2yHi

How do you know who's wallet that is?

If the guy who has that ID says, "Here, I'll sign a message with this ID in it."  and does so.  And then you take that message and check it.  You'll find that, yes indeed, this guy owns that address.

Congratulations!  The fraudster signed the message with that address.  And you just sent money to the fraudster.


You see why that doesn't work?


By creating a unique identifier tied to the wallet, then a company like Bitmain can OWN the Bitmain prefix that is only tied to their wallet.  Nobody else can use it.  You store the wallet-id and the name in the block chain.  Nobody else can register that name.  It's tied to one single wallet.   There can be any number of additional id's, but the wallet itself is tied to one name.  Bitmain.



Now, new scenario as an example...

Fraudster says, "I'm from Bitmain and I understand you are having trouble with order Antminer S4.  I would like to apologize for our late response but we've been very busy.  In order to help speed the process, if you agree to send 500,000 HiroCoin to us at 1J2SKCZBZ42HksEXXabstLUye9odvo2yHi we'll send you two Antminer S4 for the price of one.  But keep this quiet, we don't want to offer this deal to everyone."

Then the smart buyer will say, "When I send the HiroCoin to BITMAIN-1J2SKCZBZ42HksEXXabstLUye9odvo2yHi it said the address doesn't exist." 

Fraudster says, "Right, well we changed wallets so we need you to send your money to 1J2SKCZBZ42HksEXXabstLUye9odvo2yHi without the BITMAIN."

And the smart buyer says, "Nope, nice try Fraudster...  You're not getting my money."




This concept makes a lot of sense, and is easy for people to understand.  You don't have to do it exactly like I'm suggesting.  You could maybe register a name to an address.  So that "BITMAIN" becomes "1J2SKCZBZ42HksEXXabstLUye9odvo2yHi" for instance.  And there is translation in the code to manage this matching and unique naming.  That might even be a better solution really.  So people are sending money to known full names and not scrambled addresses of bullsh*t.


Think about writing checks.  When you write a check to someone, you write it out to their name.  But really, that name is just a filter.  The check has a code number on the button, and the person with the check deposits it into their own number.  That's because human beings like words and names.  They don't read numbers like machines.


Creating the same effect within the coin enables a friendly way to do business and enables that to create trust between parties.


I'm not sure Hiro is up to the task or can really alter the code in a way that this would work.  Again, I don't know what the guy's experience level is.  What I'm saying isn't revolutionary or new, but nobody appears to be doing it because there is a large disconnect between programmer-miner mentality and consumer-investor mentality.   

Think of it another way...  How do you get your Grandmother to use HiroCoin?   Are you going to tell her that this ->  1J2SKCZBZ42HksEXXabstLUye9odvo2yHi  is her wallet address?   She's going to ask you to leave her house and not take the apple pie with you because you hurt her head.   But if you said, "Grandmother, your wallet is "Grandmother_Omar" and you can tell people that so they can send you money."  She'll smile, pour you a glass of milk and hand you a piece of pie.


Think about Apple.  They took what were crappy phones and revolutionized the industry by making them easier to use.  Not more difficult.   Nintendo released a game system (The Wii) that the general public bought millions upon millions of them because they were simple for grandmothers to play. 


The "secret" to mass market adoption of any technology is to make it easy to use.   Maybe this isn't the coin for that.  But someone is going to figure it out, and they are going to change the game. 

Well said tempestb. Regarding the address identifiers, I've brought it up to Hiro and this was his response.

"To prove that you own an address you would sign something using your private key for that address. It can then be unencrypted using the public key (address) which everyone can see. There is a sign and verify feature already in the wallets for those who want proof that someone owns an address."

So we may already have that feature. To be honest I didn't even know of it, but will look into it now.

Most transactions you make today outside of cash are not anonymous.  However, the current idea being floated is not to divulge the identity of the payer, but the payee.  This helps to reduce fraud.  Example, you are going to pay for a new miner from Lightning Asic.  If you do a web search for a Dragon Miner, you'll find a bogus website near the top of the results offering one for sale.  If you buy it, you'll lose your money.  How do you know which company is legit?   You can post here on Bitcointalk and ask people that you don't know.  There are companies sending people PM's on here pretending to be representatives of various company's customer service.  They take the orders and steal people's coin.

Nobody in real life really gives total strangers money.  Only in this weird Bitcoin economy do we have that going on.  Even with cash, you buy stuff from a known store.  You don't generally put a bunch of cash in a box, and send it to some guy named Bruce in Amsterdam because he says he has something you need.  Because you know Bruce will rip you off.

The idea here is that a company, such as Lightning, would have an optional prefix identifier added to their wallet address.   This would be unique and added to their wallet only.   It might look like this - "LightningAsic-1J2SKCZBZ42HksEXXabstLUye9odvo2yHi"

Only they can use LightningAsic so you, as the buyer, know that this is the right company that you are sending coins to.  Fraud issue averted.

Your personal transaction is still just random, could come from an empty wallet with no identifier.  So nobody knows what you are buying, etc. 

This is no different than how it works now, except that the wallet id is identifiable.  The wallet id is always tossed out there on forums, message footers, etc.  It's known anyway.  So this is nothing radical or weird.  It's just a way to distinguish those addresses that people are putting out there with some kind of human-readable. 

I think if you consider it, it's a good idea.



As for the restriction on the mining reward.  The coin is already dying because too many coins are being mined.  Miners will mine the coin when the coin is profitable.  It doesn't matter if it's 400 coins a minute, or 40 coins a minute.  If the coin is profitable, they will mine it.    If the current economy of the coin is no longer diluted from the half a million coins being added every day, then investment in the coin will cause the value of the coin to rise.  More coins will then be rewarded to miners, and miners will make more money from the value increasing.

You can argue that by restricting it, more miners will drop out.  But the coin is rapidly approaching worthless status and about to be delisted on exchanges due to low volume.  So the current system isn't working for anyone except the guys who are mining and dumping every day.  The coin's economy needs to be centered around offering features that people need and want to use.  Not what miners want.  Miners will mine the coin if the coin is profitable to mine.  Investors will invest in the coin if they know their investment isn't getting rapidly dilluted.  So a reduction in coins when the difficulty is really low is a good idea.

Besides, 40 coins PER MINUTE is still a lot of coins in comparison to Bitcoin's 25 coins per TEN MINUTES.   So we know that the amount of coins being mined is hardly so restrictive that it will impact the coin's future.  Rather, it might hurt some current miners ability to mine and dump right now.  But I think given time to absorb the existing coins that are out there, and with follow-ups from Hiro and company to produce new features, we should see the value start to climb.  And then the whiny miners will come back and mine it.  Probably still be whiny, but they'll mine it.

And if not, it isn't like the coin was headed to the grave anyway.  We're trying something new and it could turn out to be a great thing. 

Join the conversation and be constructive and help the coin grow. 

It's a great idea! Each transaction you make gets posted on Facebook and Twitter. Makes perfect sense!

The ideas on the last few pages are quite silly in my opinion, lowering the block reward when the net hash is low will most probably kill the coin. I really done see how that is suppose to help.

Going against anonymity? I dont even know how to respond to that ...

Good luck with your next project

Hiro is the man. Keep up the good work!

Not too sure on an exact date, but it is Hiro's top priority right now. Progress has been made on implementing the idea into code so I can only predict it should be live in the very near future.

Wholeheartedly agree. Going anti-anon is necessary for mainstream adoption. And it also makes a hell of a story. Implementing a feature like this is not only highly marketable, it also addresses a known problem with cryptocurrency (i.e. it's not a fad that'll go away anytime soon). It's good for merchants, investors, and users who simply want to use a coin for everyday needs. And that's the larger race we're in.

That's great.  I'll take the 40.  Any idea of when that might happen though?  That will help prevent the massive dumping on the exchanges every day and give us investors a chance to absorb and grow the coin value.

And I'm glad the non-anonymous sounds like a good idea to you.  I really think it will cause the coin to stand out and actually be a very useful feature.

I've brought up the idea of having the block reward further reduced from 80 when in a recovery period and we believe 40 HIRO to a maximum of 400 HIRO could be effective at stabilizing the price.

An idea to go against anonymity is great as it would differentiate us from all of the other coins. I'll bring the idea to the team and see what they think. Thanks for the suggestion.

The way you raise value is through stability.  You can't have people dumping millions of coins.  Nobody will invest if their investment gets wiped out because one guy mining has earned millions in coins and can just dump them on the market and driving the value to 1 Satoshi a share.

So they are working on maybe tightening the supply.  So far we're still dealing with half a million coins dumped on the market every day.  I wouldn't invest in this coin if I was a normal investor.  Your investment gets diluted severely every single day.  You're either in it for the long haul, or you shouldn't invest.  Until this stops, this coin is headed straight to the grave.

The next thing that needs to be done is to introduce some feature that makes this coin compelling and unique.  I think going the opposite of anonymous is the way to go, but I'm game to other ideas.  I don't know how strong Hiro is as a coder either.  I don't even know if he's capable of introducing new features.  I like to think he is.  I tend to think that both buyers and sellers would embrace a coin that allowed the seller to be identifiable in an assured manner.  (I outlined my idea a few pages back)  This then creates a level of security that, as far as I know, no other coin has.  Everyone is going the anonymous way, maybe to become the next Silkroad provider, but real business where the REAL money is at, wants more transparency not less.  Start with the seller.  Let's make sure who we are sending coins to is who they say they are.  A unique wallet prefix identifier tied to the address is one way to do that.  But I'm game for other ideas.