For XRP that horse has already left the stable: they have market value.
Topic: Ripple distribution by proof of work? - page 2. (Read 1894 times)
It's almost axiomatic that the only "fair" way to distribute scarce goods is to require people to give up other scarce goods to attain them: time, money, energy, electricity, whatever. And of course the founders must follow the same rules. Any other system necessarily gives tremendous power to the allocators from the moment those goods take on a market value.
For XRP that horse has already left the stable: they have market value.OpenCoin's "giveaway" allocation is now floating dead in the water. People only need to wake up to this and notice the obvious perverse incentives. Time to go back to the drawing board.
For XRP that horse has already left the stable: they have market value.
Besides not being particularly fair, proof of work is wasteful if you don't need it for security !!!
Why not distribute XRPs based on a proof of work? This could be done with a simple web application, with the difficulty adjusted in such a way so as to feed out the XRPs at a constant rate (adjustable by OpenCoin foundation).
They could make you watch youtube videos or other advertising
or just make the proof-of-work that you win at least a 64x bet at satoshi dice
Why not distribute XRPs based on a proof of work? This could be done with a simple web application, with the difficulty adjusted in such a way so as to feed out the XRPs at a constant rate (adjustable by OpenCoin foundation).
They could make you watch youtube videos or other advertising
Oh and, give yourself all the ripples, of course.
Not that that is your motivation for making the new different network, of course.
Its just an unfortunate necessity that they have to start somewhere.
You'll divvy them up much better than anyone else would, of course.
After all, you can be trusted, others cannot.
And your idea of how to do it is the best idea of all.
-MarkM-
Oh, and give yourself 20% of all ripples, of course (and control the other 80%)
Not that is your motivation for making the new different network, of course.
It's just an unfortunate necessity that they have to start with delegation by 'committee and charter' rather than algorithmic rigor
You'll divvy them up much better than anyone else will, of course
After all, you can be trusted, others cannot because they don't have as many posts as you
And your idea of how to do it is the best idea of all!!!
Not if they don't use the current ledgers, that show how many of what, such as XRP, each account has.
More likely one would change the default port and change the magic handshake bytes if the connection protocol has such a thing like *coins do, so even if you happen to find a different brandname at that port you'd recognise its not one on your network so not try to synchronise with it (after all, it won't think you own all the ripples!)
Oh and, give yourself all the ripples, of course.
Not that that is your motivation for making the new different network, of course.
Its just an unfortunate necessity that they have to start somewhere.
You'll divvy them up much better than anyone else would, of course.
After all, you can be trusted, others cannot.
And your idea of how to do it is the best idea of all.
-MarkM-
More likely one would change the default port and change the magic handshake bytes if the connection protocol has such a thing like *coins do, so even if you happen to find a different brandname at that port you'd recognise its not one on your network so not try to synchronise with it (after all, it won't think you own all the ripples!)
Oh and, give yourself all the ripples, of course.
Not that that is your motivation for making the new different network, of course.
Its just an unfortunate necessity that they have to start somewhere.
You'll divvy them up much better than anyone else would, of course.
After all, you can be trusted, others cannot.
And your idea of how to do it is the best idea of all.
-MarkM-
The moment they release the server source code we can all start our own networks and give away as many zillions of whateverwewannacallthems to whoever we choose. Fair enough?
-MarkM-
-MarkM-
Would all the new networks integrate together and with ripple.com
The moment they release the server source code we can all start our own networks and give away as many zillions of whateverwewannacallthems to whoever we choose. Fair enough?
-MarkM-
-MarkM-
This is definitely one of the ways we are considering. One of the advantages of this scheme is that it can be highly automated. It is difficult to game if the PoW algorithm is carefully chosen. The downside is that it's not particularly fair, except for an unusual sense of fair.
i do not see how anyone could call pre-mining and distribution by committee 'fair'...what is the difference between a group of bankers deciding who gets funded and controlling outcomes of wars, and a group of hackers distributing the right to trade between currencies?
if not proof of work, then somehow xrp distribution needs to be tied to legitimate trading volume within the overall market.
it is a complex problem. and one thing i have to admit is that the BitCoin community (as ever) is amazingly supportive of new ideas, the more insane the better...but ultimately, i see a good balance of optimistic support and critical analysis, but even the most critical analysis appears to be mostly constructive criticism...
also, 100-billion is NOT a very big number, though it may seem like it is...just consider that within the next few years the proliferation of the Internet of Things, where a sneaker could be sending transactions through the network for each step (think this sounds crazy?) how about fridges sending transactions to stores on an item-by-item, as-needed basis, etc., etc...someday (very soon) we'll see 100-billion transactions in a day...maybe i missed it, but unless those 100-billion are divisible into even smaller units, this might be a limitation.
Why not distribute XRPs based on a proof of work? This could be done with a simple web application, with the difficulty adjusted in such a way so as to feed out the XRPs at a constant rate (adjustable by OpenCoin foundation).
This is definitely one of the ways we are considering. One of the advantages of this scheme is that it can be highly automated. It is difficult to game if the PoW algorithm is carefully chosen. The downside is that it's not particularly fair, except for an unusual sense of fair. You mean the type of 'proof-of-work' by solving captchas right?
No, I mean finding a hash in a fashion similar to Bitcoin. This could be done with client side Javascript or something equivalent to slow down the acquisition of XRP and make it prohibitively expensive to farm them.
they've put A LOT of effort into the propaganda justifying pre-mining 100 billion coins, giving 20% to developers. i honestly believe that they could not make their plan sync with a proof of work, namely because as things are currently, proof-of-work makes it so those with the most hashing power get all the goodies, leaving newcomers, or those with lesser hardware out in the cold...
when i look at ripple, what it 'feels' like is compared in my mind to someone configuring a social-trust-router (in a sense)...it's VERY technical, but allows some great functionality for those so inclined to understand. for this reason, i'm thinking of the future of XRP (once this go around fails), and i see a future as a social-trust protocol layer. computer algorithms could learn trading patterns and establish lines of trust based upon interactions among those in the various gateways.
i've said enough (still a newbie here, as far as posting goes)...but i can say that they lost me at pre-mined and 'give away in as fair a way as possible'...
You mean the type of 'proof-of-work' by solving captchas right?
No, I mean finding a hash in a fashion similar to Bitcoin. This could be done with client side Javascript or something equivalent to slow down the acquisition of XRP and make it prohibitively expensive to farm them.
You mean the type of 'proof-of-work' by solving captchas right?
I just don't think they will cater to miners like you suggest as it's against their stated goal of 'distributing as evenly and as widely as possible.'
I just don't think they will cater to miners like you suggest as it's against their stated goal of 'distributing as evenly and as widely as possible.'
Why not distribute XRPs based on a proof of work? This could be done with a simple web application, with the difficulty adjusted in such a way so as to feed out the XRPs at a constant rate (adjustable by OpenCoin foundation).
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