Topic: [ANN][DASH] Dash (dash.org) | First Self-Funding Self-Governing Crypto Currency - page 3887. (Read 9723748 times)

Top 100 wallets buy 4 times the masternodes that are now in existence. Top 10 wallets buy 1.5 times the masternodes that are now in existence. And contrary to miners it would just take them an evening to set everything up and mess with the system and a few seconds to disappear again.

3 people control >50% of the Bitcoin network.

ASICs are not the answer, p2pool is, and p2pool through Masternodes solves a whole host of potential problems.

Show me numbers.

Three big mining pools colluding can fork the DRK blockchain. How many MN ops would be needed to pervert the network? A much higher percentage, that's how the MN system was designed, you need far more than 51% to cause problems.

I think the problem of centralization and consolidation is much higher with masternodes than with miners.

PoW still has value because it involves outsiders. Without that, one could say the network just makes more coins for itself for no reason. Kinda like the Federal Reserve. It's just printing more money... There should be effort done to create money, a value provided in exchange for it, and the party who does the most gets the most. It's an external contribution that assures the network is honest and by sheer force of computing power, cannot be broken. Everything has an attack vector...

You're aiming to fix the part that's working just fine instead of the part that's busted.

Allowing the mining pools to determine the distribution and function is part of the problem. PoW should always be a part of the process that validates a block. It shouldn't be the only process that validates a block. The answer is not to change metrics, but to combine more than one metric such that even if there is a successful attack on one aspect, that attack is dead in the water because it's only part of the game. PoW works. Don't throw it away just because it's gotten clumsy and nobody has un-clumsied it yet... MNs can un-clumsy it while also facilitating the voting system as a hybrid metric. Mining is a genius idea, but like so many others, when it stands alone, it's kinda stupid. We've gotten by with it so far because that's all we've known and brute-force has been the decider and it works, but a hybrid proof would be better.

Block proof is the issue we're really discussing. PoW works. It's crude, but that's part of why it's so great. We wouldn't have mining pools if nobody wanted to do it. The problem is that mining pools are a bandaid and a point of much consternation, disproportionality, and failure. If the MNs handled it, there wouldn't be one poll getting more than another. Everyone would remain an individual hashpower contributor to one network, no pools.

Mining is not the problem. How we're handling BTC's flaw of needing mining pools is the problem. the raw brutality of it is part of the paradoxical ruleset that makes crypto work so well. Even if it can be defined as vestigial, it still serves us better as part of a hybrid proof, than to abandon it and have another solitary proof system. That's the lesson we should be learning; no single proof system will ever be as good as a combined hybrid proof system, no matter what it is. You can't get rid of the attack vectors, but you can make them impotent by requiring that several be accomplished at once in order to break it. No one is going to go 51% AND spoof the whole MN voting system at the same time. But one or the other might be possible. Even if mining is stupid, it's still useful... Like shojayxt.

Masternodes are even more energy efficient, and just as resistant to decentralisation as mining ever was, arguably more so, with the added benefit that any attempt at centralisation makes DRK holders rich, not GPU/ASIC manufacturers.

How?

The purpose of the coin is to be used as a currency. Explain your nightmare situation or how this proposal interferes with the purpose of this coin.

Doesn't matter what the unit cost is, rich people will just buy more of them. At bulk discoint.

Hey Tante,
The idea being proposed isn't to only allow MN operators to mine, but to do away with mining completely. The MN network would handle block generation and distribute payments in the same manner as the current 20% they receive off blocks. So no asics at all.

But ASICS when massproduced become very cheap, much cheaper then CPU or GPU, all the cheap USB ASIC miners are proof of that (and they run with 5 Volts). I am looking forward to that!
That is just the natural progression of any innovation, we should embrace this, not be afraid of it!

a nightmare for everybody else.

a nightmare for everybody else.