Topic: GAW ZenCloud ZenPool Hashlet - does it really exist? ALWAYS MAKE MONEY :-) - page 12. (Read 262950 times)

You are all missing the biggest point of all. There is NO White Paper. There was a mere draft posted that is still being altered per suggestions and feedback from, get this, customers. I posted here about this before. There is even great speculation that the one formula they did release for hashcoin's distribution is written incorrectly. So how the fuck could Josh have any huge VC's investing hundreds of millions when there isn't anything concrete to invest in at all???

Well, I don't know much about proof of resource (unless you're talking about proof of work?). I see where you're coming from, and it seems logical that prime controllers to be spread throughout the network--I'm assuming you're thinking "after all, they're just nodes, right? And bitcoin's nodes are spread all over the place!".

There's a big "but" here. If you spread out prime controllers, that means that anyone (including malicious actors) can get their hands on one. What happens when someone who operates one of those prime controllers (or hypothetically, a person holding this operator at gunpoint) decides to commit a double spend (they broadcast two different transactions with the same inputs to the network)? It would be impossible for the prime controllers to come to a consenseus on which transaction is legitimate--they would have to rely on proof-of-work to decide. The reasons why bitcoin has a confirmation time at all is exactly this--proof of work (and proof of stake, to a degree) is the only way to get consenseus without trust. In short, any person operating a prime controller would be able to double-spend before the first confirmation, and it would be impossible to trust zero-confirmation transactions. Because of this, GAW needs to trust prime controllers to not double spend... which means they can't distribute them to the public.

Not visited this thread in a while.  Interesting stuff.

If I understood correctly gaw will have its own blockchain, with its own miners ( primes etc ) hashing on it.

Being as gaw control those miners at the end of the day, couldnt they do whatever they want with that chain with regard to double spending / reversals / 51% attack etc.

Assuming it's decentralized, how do you think GAW will be able to access/freeze anyone's coins without knowing the private keys?

Good explanation. but for arguments sake lets say you are wrong about the centralization part in GAW's hands.

What if the prime controllers are really spread out through the peer-to-peer network. I've read something about proof of resource (I can't find it anymore) in regards to this. What if the prime controllers are spread out to anyone who has enough resources to make it stable. It would still have some central nodes (plural) in this case. But the question remains what is this proof of resource they talk about.

Look, I know you're probably not a troll, and you're trying to make sense of this whitepaper. That being said, (and don't take this personally) you are pretty wrong on the decentralized aspect of hashcoin. Prime controllers are all owned and operated by GAW (just like regular hashlets). Sure, you might be able to purchase them on the cloud, but the miners are, in the end, physically in GAW's hands. Trusted nodes ("Prime Controllers") are then given the power to instantly confirm transactions (that's how they get around the trustless doublespend problem, by adding trust to the system). Who determines which nodes are trusted? GAW. This is an awful lot like Stellar (another altcoin), which has near-instant confirms at the expensive of decentralization, because the developers pick the trusted nodes. You can see that there at least is some centralization going on here, unlike bitcoin, which is completely trustless.

But wait, there's more!

In the whitepaper, we also have the "hybridflex" blockchain. The system the whitepaper describes is simple: GAW has the copy of the blockchain, and clients access the remotely hosted blockchain to determine user balance--this is a lot like the electrum or multibit bitcoin wallets. However, it will be built into the core client, IE GAW is the only entity with an actual copy of the blockchain. This forces users to trust GAWs copy of the blockchain (as running your own full node is no longer allowed). This is where things get sketchy...

That means that GAW can simply omit blocks it doesn't like because they control all the nodes. Note that this type of attack is impossible with bitcoin because the blockchain is distributed: if anyone tried to omit a block it would cause a "fork" the blockchain, and the side with the greatest hashpower would  determine which version is correct.

If you have any questions about this stuff, or if you disagree, shoot me a response. But please keep it civil!  

Look above for the bolded text I pointed out. What does reconciliation instructions mean to you? Sounds like clawback/chargeback issues and ALSO it keeps mentioning prime controllers as the main entity in the block chain. Prime controllers are hashlet primes. So GAW is running the only machines that have the ability to send "instructions and verifications". Double-spending anyone?

Why would any business make that information public before they are ready to launch?
[/quote]

A better question would be why a company would repeatedly make claims about partnerships which cannot be fverified.

Normally when companies announce partnerships it goes something like "we are proud to announce our new partnership with XYZ company" not "We have partnerships with some of the largest companies who think our new coin is super awesome so you should buy it too".

Here's what someone found when they tried to verify GAW's previous "partnerships"


What about these bolded texts?


To me it suggests they removed the one feature that defines cryptocurrency.

teehee 


https://bitcointalksearch.org/topic/m.9440587

Well this is the relevant part of the withe paper that talks about Primer Controllers


So for me the bolded text suggest that this is not centralized. It suggest that they are spread over the peer-to-peer network probably not unlike Nodes in the bitcoin network.

It is a gesture of good will/faith.

If you read up on the "White paper" (and also this thread a few pages ago) it states that the transactions on the blockchain for hashcoin will be controlled by gaw/prime controllers.



I dont know why anyone thinks this coin is a good idea? I'm pretty sure 99% of the people who got bullied into mining hashpoints because of the pitiful btc payouts is just waiting to get ROI from the promised 500% return rate.

1) Hashcoin isn't even its real name. Why was hashcoin.com registered? Why is it being promoted if this isnt the real name?

2) Bitcoin was released as an open-source NOT FOR PROFIT platform. This coin is clearly to profit gaw.

3) Bitcoin fundamental principle is that it has a decentralized block-chain which takes power away from government/banks and back to individuals. It is a monetary revolution. I don't see how hashcoin can even compare to this?

Anyone who is still invested with GAW is either blinded by greed or they are desperately trying to reach ROI. Sad state of events. 

Why would any business make that information public before they are ready to launch?


None but that is not the point is it?


And where did you get that information? Who said anything about a centralized blockchain?

Zen's @ $13.17 and Prime's @ $38.95

Haven't moved much, Zens around $13 and Primes around $42, although had dipped below $40 earlier today. May need to wait a few days for buyers to convert fiat into BTC or get BTCjam loans.

Oh you will be able to exchange your points into coins, that's round 2 and it's still on two weeks from now. Rounds 3 was the one where you could buy hashcoins for $10 each.

This means that the only way for the public to buy in is through hashlets, and it's a great deal too, only 400 HP per coin ("buy more hashlets"). And who knows, maybe round 3 will be reinstated ("we've sold enough hashlets, need some fiat too").

I feel like someone here called this, that there would be no round three because the investors would take it all (or at least thats is the message that Josh would put out). I tried searching back but I can't find it.

Either way, this means the only way to get into the ICO now is via hashpoints. And the only way to get those is via Primes and Zens. Anyone check what prices for those are doing over in the market place?

How many coins in the preparation stage are asking for millions of dollars with the promise that the coin will definitely be worth 5 times what you paid in ~2 weeks?

How many tell you that they have huge financial backing and merchant infrastructure but cannot tell you the names for some mysterious reason?

How many declared their enormous stash of premined coins worth $2 billion dollars?

How many have a centralized blockchain? (and thus require FinCEN/SEC cooperation)

I don't see the similarities at all.

And look how they turned out.....

So with the lines above you described every new coin that has not been launched yet and is in the preparation phase.

I dont know what to say anymore a round out now ,wow changing plans again camon, soo means hashbase will be alive sooner just 15 days to see what is to coming the huge sucess or the end faster ever seen.
All people will need to chill out.