Topic: POW - did it attract new interest in crypto and have ICO's killed this off? (Read 398 times)

At this point, I can only give high confidence that the whitepaper is sound, although it needs more peer view, I am confident in the design. It is a culmination of 3.5 years of R&D and study and it incorporates facets of just about everything that has been produced in various proposals and altcoins. It isn't just one thing, such as DPoS, sharding, etc.. It is everything combined. For example, proof-of-non-existence was a concept I independently thought of (in the context of my design), but then I recently discovered that it had been invented in 2013 in the PoW context. Note proof-of-non-existence isn't the most significant innovation of my design. I am just throwing out a term that I don't feel too secretive about, to cause those some skeptical eyebrows to become perhaps a little bit more pliable.

But what I can NOT state with confidence is that I will actually be good in reaching implementation. But I can only state honestly that other than wasting 3-4 hours a day posting on these forums and taking several more hours a week for more exercise, I am using all my other waking hours to work. Whitepaper is basically done and trying to get myself back into coding mode again (had set aside coding to write the whitepaper because it was time to get it all written down, which ended up being a more monumental task than I had thought when I started to write it 4 weeks ago).

It appears to probably be good time to be holding some BTC. Perhaps a new ATH make be upon us within months.


I am not hinting that. There is no PoW in my design in any facet. Not even for DDoS resistance.

Adam Back's hashcash invention may end up being much less relevant than we thought. As for Satoshi, the relevance of the "blockchain" concept remains, although there is an aspect of a DAG in my design also.

One might think that by making it more complex, I had obfuscated a flaw and fooled myself. I don't think so! I been around this bush a zillion times already.


A little history:

https://en.wikipedia.org/wiki/CoinJoin

Well, I would expect most here are saving some BTC powder for yours. BTW, thanks for saving me quite a bit on a couple of other projects I was thinking of going big on (for my standards) and instead decided to make only a small investment on. More powder for others.

Please make it a good release. If you go ICO make it a good one. Although are you are hinting POW could be used with ICO for the initial distribution which I think could work even better

But looking at MC (unreliable I know) it seems that the majority of money in crypto is just cycling round. Ie people are selling alts to btc and putting that into ICO's. There does not look to be lot of NEW fiat coming to BTC then to ICO.

GPU farms do not matter at the start for very profitable coins, nor asics at the intial stages. If a 7950 plus electricity still yeilds a net gain then why would a small miner not mine? I started with only a few cards and built up with no further investment to a huge huge value (by my standards) in alts in a very short period (sadly mostly lost now due to my fixation of one or two projects ) . I figured I could recoup my investment later by selling the gpus if crypto did not work out. I would not have risked sending my fiat to an exchange into btc and then into an ICO. I would not have become involved (some say that would have been preferable perhaps) in crypto and I know others that would have not if it were not a case of using my gaming machine to perhaps make some magic money on the internets. It's almost like a fun game just to see if you can generate some of these litecoins. Once you're in you're in with crypto. It is too much fun, interesting even at a laymans level and has huge opportunity for finacial gain. Who would leave after they discover it? Some one tells me to send money anywhere I get worried. Someone says use your computer for a few hours set up a wallet on an Iexchange and have some fun playing big time trader or cash out into fiat. I'm in. What's a few hours of the colleges electricity I say.

I am quite confident that after my whitepaper is released, PoW is dead.

Research and interest will turn to my design as the future of "blockchain" consensus ordering.

The remaining need for PoW after my whitepaper is for an objective means of distribution of the initial money supply. But I also plan to introduce an improvement on Steem(it)'s onboarding distribution paradigm, which I argue is more objective than both of those.

Here is one of the many new technologies you will read about in my whitepaper: Proof-of-non-existence.

I am not joking. And I am not exaggerating nor a bullshitter. Sorry I wish I could release it today for critique, but the implementation is not yet ready. The whitepaper is basically done: 20,000 words, 300+ paragraphs, and 124 cited references thus far.

Sub-second (speed-of-light) instant "confirmations", unbounded scaling, no winner-take-all power vacuum centralization, ameniable to any form of transactions such as smart contracts and even user upgradable transactions without even a soft fork required, even transactions that never go on the blockchain yet are confirmed on the blockchain for the ultimate in privacy and censorship resistance, end of Gresham's law combining both a deflationary store-of-value with a currency, much better scaling, decentralization, resiliency attributes than Graphene DPoS (Steem), etc..

Basically the dream is upon us. The near to Holy Grail.

Kiss your Blockstream side-chains and Lightning Networks shitcoins goodbye.

Unfortunately it's not,just take a look at altcoins section and you'll see new ICO almost everyday,people are still investing in ICO,whenever people see POW people sees asic,big mining rigs and top of the line gpu's ..

ICO offer an easy way to get those coins and they don't have the technical skills to mine these coins,this is the reason ICO are very popular..

But because of the recent Ico scam,it should now be regulated and people should have a good guide investing in this ICO

POW especially LTC and DOGE (alt discussion only) really attracted a lot of new interest in the crypto scene. I know personally a few people (not a huge sample so it doesn't have huge statistical power) that have gotten into crypto just because they could turn their gaming rigs to make a few $ on new releases. Some then saw fit to invest in more rigs etc.  I mean a lot of younger people just used parents electricity or college electricity to get a small start. Obviously would start to be noticed when you grow the farm.

They are still hooked now even though financially many are not that much better off for it.  However they are still mining now and then and trading.

Is this current ICO scheme holding back new people from entering crypto?

Are many new ICO's choking off people from crypto when they crash or they turn full scam.

Could ICO's be holding down BTC to fiat value? When ICO's cash out big amounts is this worse than miners that tend to cash to btc and then into other alts as well as paying off their electricity?

Most ICO's or a fair amount are all dipping below ICO prices. When will this craze burn out and will the FOMO eventually dry up entirely for these projects.

Will ICO's have to be more careful in future too with more legal implications?

Will POW return in full as an initial distributional model?

Are any of the above points valid or are there counter arguments and more logical reasoning that can illustrate that ICO's are better for crypto adoption and market share over all than POW? or will it matter not once something amazingly useful with no drawbacks is released whether it was ICO or POW or alternative?