You almost seem to have a point here. Are you really criticizing LibertyCoin for the state of the alt-currency world? Are you criticizing them because those with the most hash/ wealth can get the most coin? What remedy would you suggest? Communism? The greatest tragedy of the 20th century? Regarding your poor daytrader comment, are you trying to justify your FUD?
I am not criticizing Libertycoin for the state of the alt-currency world.
It is simply one that I wanted to do really well and wanted to be involved with actively.
Because of what happened, I have spent some time assessing the state of cryptos - their birth, growth, evolution and current state.
I am pointing out that cryptos in general are ripe for exploitation and that the core of it is embedded in the original whitepaper by Satoshi.
https://bitcoin.org/bitcoin.pdfSection 6.
"The incentive may help encourage nodes to stay honest. If a greedy attacker is able to
assemble more CPU power than all the honest nodes, he would have to choose between using it
to defraud people by stealing back his payments, or using it to generate new coins. He ought to
find it more profitable to play by the rules, such rules that favour him with more new coins than
everyone else combined, than to undermine the system and the validity of his own wealth."
This is why mining exists, why the solo miner started to mine in the first place, why they are at the receiving end of exploitation, why pool mining exists and why ASICs were created.
The extract from the whitepaper is often used to explain 51% attacks.
The implications are deeper than that and I will not explain any further.
But look again - what is Satoshi trying to achieve? He is saying that it should pay more to be honest than to be a thief.
He also says "playing by the rules".
Those rules no longer exist with ASICs and high-end hashers, because they were written at a time when hashing was done on CPUs.
One person, One vote no longer applies today.
