Topic: interactive mining (Read 464 times)

Wait I think I've come up with a solution.
I would premine 100% of the coins, then make a close source mining program that would give out the already premined coins.
The program would not be connected to the blockchain, all the coins would be in the program and be given out at random after the task is complete and miner could add them to the client.
This would probably lead to the problem of possibly mining coins that are already in the blockchain, but whatevs.
That's the plan 

This ought only be desirable for distributing minted coins, not for securing the blockchain / processing transactions.

Separate in your mind the actual securing of blockchains, presumably paid for by transaction fees, and the problem of who to give all the coins to initially when the coins are created.

The problem with that though is miners are insanely greedy, they want more than 100% of all the money ever created.

Not just all the coins minted, but, on top of all that, also transaction fees too!

That is an insane expense. Its like looking to hire some mercenaries to defend your nation and being told they'll do it but only for all of the nation's money plus taxes too on top of that.

The result, in some of the most lucrative cases, is that miners have priced themselves out of the business. Any sensible currency-issuer is going to avoid using miners at all because miners are totally insane about how much they are supposedly "worth".

It costs pretty much nothing to mine DeVCoins merged alongside bitcoin and other merged coins for example, yet still you see miners posting that only getting 10% of all coins ever minted is not enough for them!

That is pathetic. The net result is that even with merged mining it is hard to get enough mining to actually secure a chain. So not only are miners insanely expensive, they don't even adequately secure the chains they are mining anyway, even if you give them 100% of all coins mined plus transaction fees, like most of the scrypt coins lately for example, they not only do not adequately secure the chain they even actively damage it (driving it up to high difficulty and abandoning it there for example).

In effect miners are turning out not only to not be worth their pay but even to actually be active enemies, the paying of whom merely pays them to arm themselves up as more-dangerous attackers than they were before you paid them. So they have become like blackmailers in a way, if you don't pay them they attack you or just blatantly leave you vulnerable to attack, if you do pay them they just keep wanting more without become any less of a gang of thugs.

Thus the whole model is starting to look suspect, when you imagine it is intended that there be many separate non-merged chains. Which is maybe the error: the real security model for blockchains is that the entire world outside of those mining bitcoins have no-where near enough hashing power to possibly be a threat at all. That is, the model is, the (THE, not "a") blockchain or merged family of blackchains has such an insanely huge amount of hashing power that it can out=hash the rest of the universe many times over.

Yet even when you do merge alongside bitcoin, still if you look at the difficulties of all the merged mines coins you will see that some have less than half the difficulty of bitcoin.

The non merged chains of course are really pathetically weak. a lot of them are still using GPUs, some are even still using CPUs. They are crazy-vulnerable, they are trying in effect to do "security by worthlessness", being worth so little that they basically aren't worth the trouble of programming FPGAs or making ASICs to attack them. They are, in essence, toys.

-MarkM-

Essentially asking if this is possible is equivalent to asking "can a computer program create a problem that a human can solve more efficiently than any other computer program" and I think that answer is no, as long as the code that creates the problem is open source.

Hello, this question might seem kind of broad, non technical and down right silly.
But I was wondering if it would be possible to create an altcoin whose mining is not done through the traditional brute force method.
But rather by doing a task.
Something like spewing random letters and the miner having to type them in.