Topic: rpietila Altcoin Observer - page 85. (Read 387551 times)

Their white paper says this:


I think block header there is a typo...should that be transaction header?

You're a right odd ball!

Someone came up with some of the best tech in CryptoCoins since Satoshi created bitcoin, but instead of releasing it in a fair and open way they tried to over profit and control it.

Monero took that awesome tech and made it fair to the world.

Almost everyone cares about anonymity, Bitcoin is a dataminers wet dream, if Bitcoin takes off you have no idea how abused it's going to get.

And mixers? Are you serious? What are you, 12?

Why use a mixer where you trust that someone isn't keeping tabs when you can use actual anonymity tech like Monero? What planet are you living on? Oh right, the one where you care so much about your own profit that you'd rather the world use shitcoin tech.

Dude, you are selfish and wrong.

The purposeful (or otherwise) deception was well known. Those who are into Monero already knew about the Bytecoin scam, others were not taken seriously anyway. Some of the posts thanking the OP were fluffy in nature, meaning they already are in the Monero ecosystem and didn't care about the coin mill CN coins.

TL;DR for people:


-  Some dudes thought  "features" where what made Crypto popular so faked a bunch of white-papers to make them look older than they were - then shilled thier Crypto (can't blame the guys)

- missing the point that people probably don't give a fuck about "Anon" anyhow, and will just use mixers in the future...

- Then Monero came out and they are playing the same "We invested, now it your turn to invest guyz" , "trust us its good!" , "Anonymity!"

- meanwhile people out in fiat land have no idea what a "blockchain" is...



***- Most interesting part of the whole story is the screen dump of the fake "anarchist" trying pathetically to support "micro transactions" lol  (to hurt the BTC core code lol)

It wouldn't be earthshattering that altcoin scams exist in general. This one is a little different because the technology appears to represent a significant advance, which is why it has gotten far more attention from many bitcoin developers and users. Also for that reason, many were reluctant to see the red flags, including when I pointed them out months ago on the Bytecoin thread. Now we know.





 

Nothing earth shattering? How is purposeful deception not earth shattering? Based on the information provided we now know not to trust a group of cryptocurrencies that are most likely churned out by the same coin mill. I think that's pretty earth shattering.

I read it. Princeton needs to rethink their strategy of admitting students of the OP's caliber. Nothing earth shattering was discovered in that post at all. Just an excuse to strong arm people and it didn't work short term for some reason.  

You can´t store wealth in a currency which has 7k USD tradevolume (liquidity...) the last 24 hours and still lost 5% of its value.

But i agree about LTC and co.

Unlike the others, Monero is a completely clean slate and has no relationship whatsoever with the bytecoin/cryptonote scammers, despite their apparent effort to saturate the market with their own pump-and-dump clones.

I will say that given the degree of fraud and deceit uncovered, it is reasonable to be cautious about the possibilities of back doors in the code. We have reviewed a lot and continuing to review everything very, very carefully. Nevertheless it is somewhat new code from a source that is not only untrusted but now reasonably distrusted. Caution is advised.

Ha! That was my handle back in the day of posting on the peak oil site - The Oil Drum, before technical innovation in the oil sector killed it.

My point in posting these charts is twofold, first to witness the dramatic altcoin speculative bubble collapse, and second to observe to what extent factors such as mining algorithm affect the degree of collapse.

I am working on a cooperative proof of stake mining method to hard-fork popular Satoshi-style proof-of-work cryptocurrencies. The respective forked blockchains would be continued on separate networks and not corrupt the original versions. My method secures a blockchain network using conventional financial data and network security enforced by a trustless multi-agent cognitive architecture, and paid for by the block rewards. Micro-transactions enabled by immediate, certain acceptance and extremely low transaction fees suggest the initial market.

I will be speaking in a modest role at the Hashers United conference in Las Vegas in October if anyone would like a meetup.

-Stephen Reed.

i understand it - did you post it on the wiki or on their ANN ?

but guess what - he's got it out there - its in the market as a working prototype, break it,  that's what its there for.

awesome name to be posting these charts.

I don't have time to read this thread, so I don't know if this has been pointed out already. In our upthread discussion about Cryptonite and the MBC (mini blockchain), I failed to point out that the unscalable (without centralized mining) Bitcoin blockchain (and worse for Monero) can never be pruned because it relies on GUIDs to prevent double-spend replay transactions (or am I unaware that Bitcoin's tx GUID somehow incorporates the block hash?). If anyone is aware of a solution for that please let me know. Because I think it is major vulnerability of the MBC. Has Cryptonite addressed it in some way?

This was another of my numerous secrets.  

(if you don't understand my post, ask one of the altcoin developers lurking here to explain it)

Edit#2: All crypto-coins to date are centralized mining deceptions:

http://letstalkbitcoin.com/blog/post/bino

The insoluble economic dilemma not mentioned in the above linked essay is how to prevent pools from giving away their service for free by subsidizing it with some thing they gain by centralizing mining. The largest Bitcoin pool GHash.io (which sometimes has > 50% of the network hashrate) is free because the largest ASICs miner subsidizes it. In that case, no one can make a profit from running a pool, so no one has an incentive run a pool.

Edit: Got to love all the intrigue and drama surrounding Cryptonote coins, e.g. Moanero and Foolberry. (feel free to return a political stab, I am just pointing out my opinion that what doesn't start well, usually doesn't end well, better to start with a clean slate and something differentiated)

Edit#3: I didn't know Zerocash is supported by the US and Israel militaries. I didn't like the idea that the crypto is complex and unvetted, nor that anyone who retained the master key could create unlimited coins and the money supply is unknowable.

Edit#4: I disagree with this statement made by the cryptographer or math guy who reviewed and annotated the Cryptonote whitepaper.

http://monero.cc/downloads/whitepaper_annotated.pdf#page=5


The Pareto equilibrium doesn't apply in activities where profit is not directly correlated, such as talking and volume of transactions. In both of those examples, 80% of the system has more than 80% of the activity. The power-law distribution of money is because the 80% spend more than they save. So obviously 80% of the system has more than 80% of the spending.

Sorry. I think of things others don't. I don't know why. Perhaps because I never accept something authoritative as fact. I try to find holes in everything.

hey hey hey ! "Observers"

looks who's back to laugh at you ?

: D

remember this blog post :

http://kolinevans.wordpress.com/2014/07/04/why-has-litecoin-decoupled-from-bitcoin-and-is-on-a-price-decline-and-why-is-this-important-for-quark-and-other-free-market-crypto-currencies/

Where is said Quark would be a great crypto "reserve" to store "capital" in because it is driven by the free market...

https://coinmarketcap.com/currencies/views/filter-non-mineable-and-premined/

monopoly land doesn't looks so healthy- who's capital is going to come in now and give all these LTC ASICS a free lunch?

what about all the new BTC ASICS farms - we need someone to buy ?

oh the Dark monopoly collapsed ( but that was pretty obvious) (wasn't it)

caching the page now -

: D

Here is the one-week resolution chart for peercoin as reported by the BTC-e change, priced in bitcoin. Note that the combination proof-of-work and proof-of-stake coin has collapsed slightly less than pure proof-of-work altcoins - down 6.68 from the November 2013 peak relative to bitcoin.

And here is the one-week resolution chart for litecoin, priced in Chinese RMB as reported by the very liquid OKCoin exchange. The bubble has steadily collapsed from the November 2013 peak, with a great capitulation beginning about 7 days ago. Perhaps industrial miners are selling their mined litecoins to buy ASICS in fiat. Hobbyist miners in contrast, often mine in order to acquire coins for long term holding - regardless of economics.

I would still feel that we need more than one cryptocurrency and about as interested in altforums as I am in altcoins, I suppose.

You are right, the Doge bubble has collapsed. As for the Litecoin bubble, its collapse is still in the making.

Here is the 3-day resolution chart of dogecoin priced in bitcoin. Note that bitcoin has dropped 2.4x from its November peak. Valued in bitcoin, the DOGE bubble has collapsed almost 13x from its corresponding peak.

mmm nope.