Disagree, because once an attacker bids up the price of a SH beyond profitability, no one else will buy.
Do you proposal to set a price for a SH that never changes? I think this would cause another set of problems.
How am I supposed to argue with these notions? How can you possibly draw any valid conclusions when the idea you have formulated is something completely other than what the OP states?
You were asked upthread by another poster to stop, yet you continue to insert insults in nearly every post. This will not reflect well on others wanting to work with you and help you. You can cause me to form an opinion of you that you are incapable of politely working with others.
Consensus is determined by a group of peers called Shareholders (SH). Anyone may purchase shares in the network with Decrits using a special transaction and become a SH. The price of each share will be a meaningful amount (intended to be in the range of 3,000-5,000 USD), and this money is locked for a period of at least 1 Consensus Year
There is no bidding described here.
As I wrote in the post to which you are replying, I think a fixed price will cause other problems.
For example (and there may be many more), the cartel can increase the # of SH they have until the profitability is below 0, as I stated.
If you assume the cartel won't be processing many transactions, then their cartel is not working. The point is that once they can delay transactions by even a few minutes with even less than 50% share of the number of SH (assuming we didn't have randomization but maybe we do), then business starts going to their members and the thing snowballs towards them.
As I said, randomization is a significant factor that improves this, but not totally. That is another specific analysis that needs to be fleshed out.
No cartel is inherently in this design. And yes, the design is intended to have a fixed cost to purchase a share. Want a share? Buy a share. Perhaps shareholder has a poor connotation, but I admitted I am terrible with terminology. With this settled maybe we can start discussing something closer to a vulnerability in the actual design? I'm sure you have a whole slew of things you can think up for why a fixed price is a bad idea, but I can make cogent arguments since you are using the actual design, for a change.
Do you have any control over your emotions?
Stop the fucking insults. Design is holistic. Stop the dogma and preaching verbiage and focus on technical verbiage only.
This is not a church. Get off your fucking soap box please.
If you don't want peer review, then say it now.
Incorrect logic because the % inside the system says nothing about resources outside the system that can come in via fiat exchange.
While I have only probably hinted at addressing this, it is addressed, but it involves going into the monetary system, and I still want to nail down consensus for you first.
Yes I am aware that you think the minting system can attain an equilibrium. And I don't know if I will agree. And thus you can't assert that point and expect me to leave it unchallenged.
Also it is very poor engineering to design a system that is totally reliant on all its parts. A fault tolerant system can have parts of the system fail and still not entirely fail.
Also a higher transaction fee means another altcoin with lower transaction fees can outcompete you.
You keep thinking in terms of a closed system. That is why my point about Coase's Theorem is so fundamental.
Except that part of the design is to foster (peaceful) forking if deemed necessary.
Yes I am totally ignoring section 4 and I doubt I would ever agree to it. Anyone who wants to fork can go create another altcoin.
I don't agree with voting to fork a constitution, because voting can be gamed by the power of debt and fiat.
You may be able to convince me otherwise, but I strongly doubt it. There are certain laws of human nature which are inviolable.
That is hardly thinking in a closed system. If the monetary system stops working in a reasonable manner, the people are free to bust it wide open with something new, and retain value from the old, and part of this break has to be denying access to any of the existing SHs who do not wish to switch. But now we're getting deep into section 4, and you still haven't mastered section 1 yet.
A politician always promises we can fix it later.
Why fix it later, when we can fix it at the start.
If every SH needs to see these 10 second incremental updates, then the overload communication attack vector resurfaces again.
Every SH does not need to see the updates as they happen. Even ones around the same time frame do not need to see each other. There is no overload of communication unless you can prove that a steady and predictable 1kB/s at 5 million SHs is impossible to overcome.
I will need to do my own math. I don't trust that yours factors in all the factors. Will do.
There is risk in accepting a transaction if you are missing recent blocks, but not much. I don't even remember now who I started explaining this to, but I think it was you, and I don't really feel like explaining it again at the moment. Suffice it to say that I can go much deeper into why transactions are secure when they're secure, and it is easy to identify when a transaction is risky to accept without waiting. Just take it as a given for now because I'm tired.
Yes you are tired and losing your cool. Take a break please. We will still be here.
Sent from each signing SH to one other SH. But I was assuming this has to be communicated to all SH, so they will know which transactions have been excluded, so that when they sign, they can include the missing transactions.
Yes, we have to multiply the data times the number of connected peers divided by about half, assuming half of the network gets the transactions before you. But lite clients only need to maintain 1kB/s to verify any part of the ongoing consensus. (4,000 tx/s [visa] * 100 + 5.7 SH sigs/s [5 million / 876,600] * 150) = 400,855B/s, times say 100 connected peers, divided by half, is 20MB/s or approximately a 160Mbit connection, or around the very high end of consumer bandwidth available
today. And notice that the SH part is still a meaningless amount.
Again I will work through the network topology and math. I don't trust your summary without detailing for myself the system.
If your minting proposal is able to prevent large exchange of fiat for Decrits, then that is a valid transaction cost in Coase's theorem. But I don't yet understand your minting proposal, so I can not yet agree if it works.
It can't possibly prevent the exchange, but it definitely has a cost. Any drastic uptick in the demand can only be assuaged by higher prices in the short term which means the large exchange is going to have to pay increasingly more fiat to obtain increasingly more decrits.
You said SH price is fixed so the higher price must be coming from debasing the system every time someone transacts or ...? And because we can't differentiate transactions from exchanges.
And in the long term, new decrits will be created and distributed throughout the network. The people using decrits will profit off of selling you decrits for much more than their cost to produce, and then the people using decrits will profit again when new coins are distributed to bring the price back down.
I don't understand this mechanism so I can't agree to it yet.
But only in the 51+% scenario do they have no chance of getting profit.
Otherwise it is just an economic calculation, same as for Decrits.
This is true, but the economic calculation is much more beneficial to the decrits user.
I don't see this yet. Can't agree yet. May disagree. I don't know.
Have any of my conclusions been proven wrong yet?
All I concluded was that the system can not be closed and must be natural within the realities of the real world.
Based on some assumption that I think the system is closed.
The ability to fork does not impact whether the current fork is making such assumptions.
The section 4 (in OP) voting for a fork aspect of your design is analogous to a politician telling us to not be worried about how bad the current proposed legislation is, because we can always change it again later.
And that the SH would need to be limited. Both conclusions appear to be correct.
Based on not understanding the topology of a distributed network, I think? I really don't see why you still think SHs need to be artificially limited. They will be limited by the currency required to purchase them.
I think I explained it again above?
Now I understand you were referring to the random order of joins/leaves, which is not "wobble".
The order of joins/leaves has little to do with it.
Sorry that is mathematically wrong. The randomness of joins/leaves is what gives the order in the system any randomness. The purpose of the deterministic function you proposed, is to spread (salt) the randomness to the attacker's keys so they are no longer deterministic for the attacker. Please see my earlier post about that.