Topic: [PRE-ANN] Burn All Coins (BAC) - page 2. (Read 3561 times)

-----BEGIN PUBLIC KEY-----
MIGfMA0GCSqGSIb3DQEBAQUAA4GNADCBiQKBgQDkGMNcxGJB7XHrGRrJ0DYXWeG6
/nWFw4OV849trmS847IqT6lnQR/4QGJI3JzgOwVDUwo9ANHaweVX0tjwPWH21ijS
jIbG1QzajXc42XplpWme+jfYTapF/ENzoSeSXvTS/1aAXpoXaeq4l1Iuc6h7mqCS
uOs7/28+W9uCFnBC1QIDAQAB
-----END PUBLIC KEY-----

Is this OK?

Sounds good borzalom. I need to learn how to do a node but I can't find it anywhere.  Thx

Unfortunately, my English is poor. If you do not understand the answer, you can try ask again ;-) Or help the correct translation :-D
Proof of work, stake etc ... is to prevent denial of service attacks and other service abuses such as spam on the network.
The goal is the same the proof of signature too. If all nodes use the same method to generating the new blocks then does not require the effort
and all newly generated block will same. Each member of the network has a public and private key pairs.
Some members of the public key is trusted. These public keys stored in network. All trusted online node sign the accepted blocks.
The trusted keyless nodes help the transaction validation processes and preventing abuse. Untrusted nodes collect "node bounty" from trusted nodes.
If enough "node bounty" collected the reward is switched node to trustworthy.
Of course if any trusted node try abuse then the trust will revoke. The block reward and transaction fees will shared between online trusted nodes.

I've seen proof of work,proof of stakes and proof of storage,proof of burn but have not encountered a proof of signature,can you elaborate it for us to understand it,this is something new to me and we want to explore further.
I know that you started as a proof of burn but why the change of algo,there are only one proof of burn that I know which is Barr..

Here is the example of my public key.

I announce the first public key of the BAC:

-----BEGIN PUBLIC KEY-----
MIGeMA0GCSqGSIb3DQEBAQUAA4GMADCBiAKBgGHVTKsPV25i+qLiCzcHNjkrTIaJ
BnvenkSIEnQ6HEzqbntkhf6y2e+GOpB0mMyNjTLcc/1SJKJ54mHa1yUEr0MMFF8j
gDQMAUCT9pqBgj44JxUVELi/Oy7uBYiUqh9ndFk6PwllstTrvp8jbaPLP5gvWhml
67C7Iv8QC43tRzfLAgMBAAE=
-----END PUBLIC KEY-----

This is a call to join a new decentralized network.
BAC is not anonymous it will be the pure Proof-Of-Signature cryptocurrency.
I'm looking for active and trust participants of this project. There is no specific number yet but the helper stakes are reserved for BAC helpers.
This means that if the BAC blockchain officially starts, it will be fair ( contribution dependent and not equal) to all concerned share.
I would welcome others developers/ helpers to join me and make BAC a success.
If you can run a BAC node, it will help me stabilize and secure the network.

If you want run a BAC node then require a 1024 bit RSA private and a public key.

Public key registration deadline is end of the 2016 year + some days.
After public key registration expired, I will launch the BAC.
After launch the BAC then future public / private key pairs must mined inside the network.

Online RSA Key Generator available here: http://travistidwell.com/jsencrypt/demo/

Show you public key here and keep your private key secure.

Ok i will keep watching this goodluck

I like the idea, but in the end it will be a shitcoin I guess.. To bad honestly...

Since a particular point of view and leaving out the technical aspects coin/asset/token/Etc..   could be considered like,  Cause you can buy/sell its on an exchange of the same way.

In a similar way, it certainly worked for Shapeshift.io

Have a wheel or hammer crushing old coins for display and spitting out new BAC with your image.
What do you think and maybe change the wording order from all coins  burn to  burn all coins. With burn all at the top and all coins at the bottom.

If you haven't even thought about the details, how do you know it will work?  

You don't even know what you're going to do, but you're doing it anyway?

How will you prove burn for cryptonote coins?  They don't have burn addresses.  Even if they did, you wouldn't be able to prove how many coins were sent.  There are a lot of cryptonote coins.

How will you prove burn for coins that don't have a block explorer?  Can you host block explorers for 200 different coins, just so you can exchange them?  Or are you not really going to accept every coin?

If a coin's price changes every day, will you change your exchange rate every day for all 1200 altcoins you accept?

If a coin is delisted from all exchanges, how will you determine the exchange rate?

How many millions of dollars would your coin have to be worth to exchange it for every altcoin?  If you're using your coin to buy all other coins, then you're saying it can do what Bitcoin does on every exchange.  Do you honestly think your coin can replace Bitcoin? 

Can I launch a new coin, premine 100 Billion of them, and then exchange them all for your coin?  Can I do it with a new coin every day?  What about 10 times a day?

What about forked coins?  Some altcoins have multiple forks, so you'll need to have an explorer for each fork.  You'll also need to honor the same person's coins on each fork.  

What if people burned coins last year for another reason, will you honor those burns?

What if they just burned their old NAUT in exchange for the new NAUT - they still burned coins, and you say you accept all coins.  Will you honor burns for all coin swapovers to new blockchains?  

What if they just do a snapshot, and they get their new coins without burning the coins from the old blockchain.  Those are coins, and you accept all coins.  Will you trade your coin for old worthless coins everytime a coin does a snapshot process?

Will you merge-mine with BARR, when people burn their altcoins with BARR's process that already works and is launching in 3 days, already listed for trade on the NXT exchange?

If you want to see how a serious project works, this is our ANN:  https://bitcointalk.org/index.php?topic=1219460.0

We will burn old and new coins for an asset ....not a coin. And it should be mineable also.....not sure he is still working out the details.

It has potential but we will see.

This concept is somewhat alike the new released coin - BARR, but without the running the node part. Looks like proof of burn is the new trend now. 2 coin in a same week. Anyway, will wait for this as this has some potentials

bump
yes this seems to be a riff/rip off the BARR and Cryptoclub concept
only with vague details and no clarity on process :/

Really bad idea burn a coin for another.    He took idea of BARR I guess. Cryptoclub another example.
 

To me is not approved.

"NOTE: This forum is self-moderated in order to keep discussion productive."

Nice, when is launch, i have some coins to burn