Topic: Stop Creating Coins that have no Developer behind it (Read 1382 times)
Hehe aye.. it has been fairly popular to use the word "descendant" of what fucking ever.. watch out for those. Except NEM and NXT i suppose
Look at the difficulty history of litecoin and DOGEcoin.
DOGE had enough hashpower to trash litecoin: to 51+% attack it, double spend it, etc.
A currency needs to be SECURE.
DOGE had enough hashpower to trash litecoin: to 51+% attack it, double spend it, etc.
A currency needs to be SECURE.
You forgot to mention all those Doge people from 200 different countries that don't know each other, would need to spontaneously collaborate, for no reason, an need to be on the same node/pool. Even assuming that happened, the thing would have crashed or got dos'd to death 400 times before they got a single double spend off. I'm not really seeing the Litecoin security breach here.
In the future, merchants will probably also track hash rates with real time alerts and not accept transfers when a single entity is over 40-45%.
Blame Cryptsy, it was it that added a hundred coins in a hundred days or whatever. It just encourages people and devalues the other shit.
So dogshit being devalued by catshit.
DGC, WDC, XPM, that crowd, was enough.
Actually, Cryptorush is making things even worse.
So dogshit being devalued by catshit.
DGC, WDC, XPM, that crowd, was enough.
Actually, Cryptorush is making things even worse.
anyone recommending WDC at this point in the game should be dragged outside and shot. Bagholders need to give up on trying to pump this lump of dogshit.
Worldcoin is insanely insecure, only a tiny minority of the world's hashing power is mining it, only a tiny minority of the world's hashing power would be enough to totally PWN it.
Even Litecoin and DOGE are iffy as far as having enough hashing power to secure their blockchains, things like worldcoin are so pathetically insecure that exchanges offering the things should be nailed for criminal negligence or deliberate fraud/scam/fiscal-irresponsibility.
(Misleading people into blowing their hard earned money on garbage that doesn't even have close to half the scrypt hashing power securing it, having in fact such a tiny fraction of the hashing power that it is just a big huge PWN THIS BLOCKCHAIN sign.)
-MarkM-
Even Litecoin and DOGE are iffy as far as having enough hashing power to secure their blockchains, things like worldcoin are so pathetically insecure that exchanges offering the things should be nailed for criminal negligence or deliberate fraud/scam/fiscal-irresponsibility.
(Misleading people into blowing their hard earned money on garbage that doesn't even have close to half the scrypt hashing power securing it, having in fact such a tiny fraction of the hashing power that it is just a big huge PWN THIS BLOCKCHAIN sign.)
-MarkM-
i don't know what your problem is. i can simply create a node on Digital Ocean
I see the bad coins as a threath for the success of good coins.
The bad coins without any innovation are harvesting the money of investors who loves to "diversify" and then they buy all kind of crab.
The investors should focus on one or a few promising altcoins - not to shoot their bitcoin loads to everywhere.
In my opinion, the best coins are in the following order:
1) WorldCoin (1st conf. 30 seconds)
2) LiteCoin (1st conf. 2.5 minutes)
3) BitCoin (1st conf. 10 minutes)
The invest in coins and choosing the right coin or coins you should consider your willingness to take risk. If you want to play safe, then definetely go for BTC or LTC. I do not recommend for you WDC (at least being the major coin). BTC and LTC are much more matured, this is their advantage.
However, if you have excess money that you can afford to loose in the worst case scenario, then definetely the best bet is WDC. WorldCoin is a small coin but it is efficient and if I was a merchant I would prefer WDC from all the other cryptos because the network is secure (the orphan blocks are very rare) and the 1st confirmation is done only in 30 seconds.
For merchants it is important to get at least one confirmation because it reduces dramatically the risk of chargeback.
The bad coins without any innovation are harvesting the money of investors who loves to "diversify" and then they buy all kind of crab.
The investors should focus on one or a few promising altcoins - not to shoot their bitcoin loads to everywhere.
In my opinion, the best coins are in the following order:
1) WorldCoin (1st conf. 30 seconds)
2) LiteCoin (1st conf. 2.5 minutes)
3) BitCoin (1st conf. 10 minutes)
The invest in coins and choosing the right coin or coins you should consider your willingness to take risk. If you want to play safe, then definetely go for BTC or LTC. I do not recommend for you WDC (at least being the major coin). BTC and LTC are much more matured, this is their advantage.
However, if you have excess money that you can afford to loose in the worst case scenario, then definetely the best bet is WDC. WorldCoin is a small coin but it is efficient and if I was a merchant I would prefer WDC from all the other cryptos because the network is secure (the orphan blocks are very rare) and the 1st confirmation is done only in 30 seconds.
For merchants it is important to get at least one confirmation because it reduces dramatically the risk of chargeback.
kill 99% of all shitcoins, that will make the value of the rest to rise and stabilize in price, we're all in here to make a profit but looks like only the devs and scammers are walking out with it. At this rate by the end of 2014 we'll have over 1000 crapcoins, how can anyone make a serious investment on a market like that ?
Yes hopefully litecoin will get most of the ASIC power and all the clones will be left in the dust.
But DOGE nonetheless showed how insanely vulnerable a blockchain is that has not yet got huge amounts of ASIC power securing it; it is vulnerable to GPUs, some might even be vulnerable to CPUs: botnets, though more and mroe now botnets are going to have GPUs as well as CPUs at their fingertips.
Actually botnets might even be a good argument why it would be better not to have mining power in the hands of non-technical people, since if any idiot can have a bunch of ASIC power probably that will mean botnets will have lots of ASIC power, since it might be mostly the "any idiot" types who provide most botnets with most of their zombie machines...
-MarkM-
But DOGE nonetheless showed how insanely vulnerable a blockchain is that has not yet got huge amounts of ASIC power securing it; it is vulnerable to GPUs, some might even be vulnerable to CPUs: botnets, though more and mroe now botnets are going to have GPUs as well as CPUs at their fingertips.
Actually botnets might even be a good argument why it would be better not to have mining power in the hands of non-technical people, since if any idiot can have a bunch of ASIC power probably that will mean botnets will have lots of ASIC power, since it might be mostly the "any idiot" types who provide most botnets with most of their zombie machines...
-MarkM-
Having two coins use the same hashing method without being merged mined very very nearly guarantees one having enough hashing power to attack the other.
Once there are three such coins it is a mathematical certainty that at least one of them has less than half the hashing power.
So yes, if the litecoin miners chose to attack DOGE they have enough hashjing power to do it.
Merged mining might not help even, since if they were merged mined the litecoin miners could attack DOGE without diverting any of their hashing power from still mining litecoin at the same time they attack DOGE. So some claim that even merged mining is no real help.
-MarkM-
Once there are three such coins it is a mathematical certainty that at least one of them has less than half the hashing power.
So yes, if the litecoin miners chose to attack DOGE they have enough hashjing power to do it.
Merged mining might not help even, since if they were merged mined the litecoin miners could attack DOGE without diverting any of their hashing power from still mining litecoin at the same time they attack DOGE. So some claim that even merged mining is no real help.
-MarkM-
Your talking as if DOGE is a real coin that will still be here in a year , we all know clonecoins die out . With scrypt ASICS coming the Litecoin network will be stronger then ever.
Having two coins use the same hashing method without being merged mined very very nearly guarantees one having enough hashing power to attack the other.
Once there are three such coins it is a mathematical certainty that at least one of them has less than half the hashing power.
So yes, if the litecoin miners chose to attack DOGE they have enough hashjing power to do it.
Merged mining might not help even, since if they were merged mined the litecoin miners could attack DOGE without diverting any of their hashing power from still mining litecoin at the same time they attack DOGE. So some claim that even merged mining is no real help.
-MarkM-
Once there are three such coins it is a mathematical certainty that at least one of them has less than half the hashing power.
So yes, if the litecoin miners chose to attack DOGE they have enough hashjing power to do it.
Merged mining might not help even, since if they were merged mined the litecoin miners could attack DOGE without diverting any of their hashing power from still mining litecoin at the same time they attack DOGE. So some claim that even merged mining is no real help.
-MarkM-
Look at the difficulty history of litecoin and DOGEcoin.
DOGE had enough hashpower to trash litecoin - to 51+% attack it, double spend it, etc.
A currency needs to be SECURE. If a stupid meme can whip up enough power to trash it virtually overnight it is no-where near secure.
If all the hashing power that litecoin has plus all the hashing power that DOGE has were all added together then maybe possibly that might add up to enough that some other meme couldn't whip up enough hashing power almost overnight to be able to attack it then maybe that would start looking secure.
So maybe if there could be merged mined together so all that hashing power could be combined, maybe scrypt might be getting somewhere.
Then again though maybe DOGE was just a fluke little stupid meme not an extremely well-crafted expert deployment so who knows, maybe another meme will pop up and show that truly well executed use of viral media/memees can come up with enough power to blow even that combine power away.
It is very fortunate that the DOGe meme happened to be a "lets be yet anotuher scrypt coin" meme instead of a "lets PWN all the scrypt coins" meme because the amount of hashing power raised was enoguh to blow away any scrypt coin.
-MarkM-
DOGE had enough hashpower to trash litecoin - to 51+% attack it, double spend it, etc.
A currency needs to be SECURE. If a stupid meme can whip up enough power to trash it virtually overnight it is no-where near secure.
If all the hashing power that litecoin has plus all the hashing power that DOGE has were all added together then maybe possibly that might add up to enough that some other meme couldn't whip up enough hashing power almost overnight to be able to attack it then maybe that would start looking secure.
So maybe if there could be merged mined together so all that hashing power could be combined, maybe scrypt might be getting somewhere.
Then again though maybe DOGE was just a fluke little stupid meme not an extremely well-crafted expert deployment so who knows, maybe another meme will pop up and show that truly well executed use of viral media/memees can come up with enough power to blow even that combine power away.
It is very fortunate that the DOGe meme happened to be a "lets be yet anotuher scrypt coin" meme instead of a "lets PWN all the scrypt coins" meme because the amount of hashing power raised was enoguh to blow away any scrypt coin.
-MarkM-
All those miners mining doge are litecoin miners who jumped the boat to mine and dump the coin for btc/ltc which they did. According to your theory Litecoin miners can now 51% dogecoin because they hold more hashing power.
Look at the difficulty history of litecoin and DOGEcoin.
DOGE had enough hashpower to trash litecoin: to 51+% attack it, double spend it, etc.
A currency needs to be SECURE. If a stupid meme can whip up enough power to trash it virtually overnight it is no-where near secure.
If all the hashing power that litecoin has plus all the hashing power that DOGE has were all added together then maybe possibly that might add up to enough that some other meme couldn't whip up enough hashing power almost overnight to be able to attack it then maybe that would start looking secure.
So maybe if there could be merged mined together so all that hashing power could be combined, maybe scrypt might be getting somewhere.
Then again though maybe DOGE was just a fluke little stupid meme not an extremely well-crafted expert deployment so who knows, maybe another meme will pop up and show that truly well executed use of viral media/memes can come up with enough power to blow even that combined power away.
It is very fortunate that the DOGe meme happened to be a "lets be yet another scrypt coin" meme instead of a "lets PWN all the scrypt coins" meme because the amount of hashing power raised was enough to blow away any scrypt coin.
Since then yes the balance of power has shifted. Both litecoin and DOGE though are still pathetically insecure. Implementing merged mining for them might maybe help but so far no one seems to be working on doing that.
-MarkM-
DOGE had enough hashpower to trash litecoin: to 51+% attack it, double spend it, etc.
A currency needs to be SECURE. If a stupid meme can whip up enough power to trash it virtually overnight it is no-where near secure.
If all the hashing power that litecoin has plus all the hashing power that DOGE has were all added together then maybe possibly that might add up to enough that some other meme couldn't whip up enough hashing power almost overnight to be able to attack it then maybe that would start looking secure.
So maybe if there could be merged mined together so all that hashing power could be combined, maybe scrypt might be getting somewhere.
Then again though maybe DOGE was just a fluke little stupid meme not an extremely well-crafted expert deployment so who knows, maybe another meme will pop up and show that truly well executed use of viral media/memes can come up with enough power to blow even that combined power away.
It is very fortunate that the DOGe meme happened to be a "lets be yet another scrypt coin" meme instead of a "lets PWN all the scrypt coins" meme because the amount of hashing power raised was enough to blow away any scrypt coin.
Since then yes the balance of power has shifted. Both litecoin and DOGE though are still pathetically insecure. Implementing merged mining for them might maybe help but so far no one seems to be working on doing that.
-MarkM-
I didn't say no-one else does.
Basically who-ever it is that you are not / do not have needs salary. Whatever you yourself are - the founder - doesn't need a salary because they are the idea person whose idea is so great in their own eyes that they are willing to take a year or few living on Ramen sleeping under bridges to spare every penny they have to hire who-ever they need to do the parts they cannot do themselves...
Or if they do need a salary, they get a job, and work on their idea the other 16 hours of each day except the days they collapse a few hours into sleep.
-MarkM-
Yea I agree I'm interested in a hire but? I want someone motivated by something else, that wants to brainstorm and be actively involved in the growth of a coin. Is it to much to ask maybe? Basically who-ever it is that you are not / do not have needs salary. Whatever you yourself are - the founder - doesn't need a salary because they are the idea person whose idea is so great in their own eyes that they are willing to take a year or few living on Ramen sleeping under bridges to spare every penny they have to hire who-ever they need to do the parts they cannot do themselves...
Or if they do need a salary, they get a job, and work on their idea the other 16 hours of each day except the days they collapse a few hours into sleep.
-MarkM-
For a crapcoin, also known as a blockchain based coin for which you do not control more hashing power than the rest of the planet, yes.
As such crap is something you simply cannot secure.
Look what happened to Litecoin: a stupid meme blew it away. If that meme had said lets PWN all the scrypt coins instead of saying lets be yet another scrypt coin, boom, it'd be obvious that scrypt is way too insecure, so insecure a stupid meme could come up overnight with enough hashing power to PWN it.
Kind of ironic really, since it had been thought that what was insecure about it was its lack of ASICs, which implied that it was vulnerable to any attacker willing to create an ASIC for it. Turned out all it took to beat its hashing power was a stupid meme, without any ASICs at all.
-MarkM-
lol Buddy Litecoin did not get blown away. Pump and dump coins come and go look what happened to doge and now Aurora.
litecoin hashing power Network Hash/Sec: 132,598.31 Mh/s
dogecoin 76.897 Ghash/s
http://bitinfocharts.com/comparison/hashrate-ltc-doge.html
why does a hero member make false nooblike statements ??
That's Brainstorming!
I agree.... but I don't know how to design a new algo, i don't claim to but I am willing to work with the right people to develop that algo, implement that algo, and market that algo if it really has potential.
I agree.... but I don't know how to design a new algo, i don't claim to but I am willing to work with the right people to develop that algo, implement that algo, and market that algo if it really has potential.
But that has already been done.
There is no point churning out more and more and more variations on "the wheel". What is needed is uses for wheels. Products you can buy, services you can use, merged mining pools that let them all work together and so on and so on and so on.
What needs doing now is securing any coins that can be secured, and building services for them and making products available for sale denominated in them and so on.
Possibly if Litecoin and DOGE were made able to be merged mined together scrypt might maybe be salvage-able, if not oh well too bad but there are still ten coins that can be merged mined together, using SHA256 ASICs so we can at least maybe hope to secure ten chains. Maybe. Well maybe at least a few of them anyway.
What would really help would be for someone to build a free open source merged mining pool package, so that merged mining could be come widespread due to a plethora of pools for doing it appearing...
-MarkM-
That's Brainstorming!
I agree.... but I don't know how to design a new algo, i don't claim to but I am willing to work with the right people to develop that algo, implement that algo, and market that algo if it really has potential.
I agree.... but I don't know how to design a new algo, i don't claim to but I am willing to work with the right people to develop that algo, implement that algo, and market that algo if it really has potential.
But that has already been done.
There is no point churning out more and more and more variations on "the wheel". What is needed is uses for wheels. Products you can buy, services you can use, merged mining pools that let them all work together and so on and so on and so on.
What needs doing now is securing any coins that can be secured, and building services for them and making products available for sale denominated in them and so on.
Possibly if Litecoin and DOGE were made able to be merged mined together scrypt might maybe be salvage-able, if not oh well too bad but there are still ten coins that can be merged mined together, using SHA256 ASICs so we can at least maybe hope to secure ten chains. Maybe. Well maybe at least a few of them anyway.
What would really help would be for someone to build a free open source merged mining pool package, so that merged mining could be come widespread due to a plethora of pools for doing it appearing...
-MarkM-
MarkM.... Is money everything for you??? I doubt it. I realize what I could do but, I like innovation and building something from scratch.
Money will come but I am way more interested in having just a chance at starting something from scratch that could change the world.
Is it to much to ask? I mean I know there is some good people looking to do more with there life than make 250k quick. Just want something more than making good money.
Money will come but I am way more interested in having just a chance at starting something from scratch that could change the world.
Is it to much to ask? I mean I know there is some good people looking to do more with there life than make 250k quick. Just want something more than making good money.
Well if you want to start from scratch, don't start from blockchain based cryptocoins, because that is so far from scratch it is just garbage garbage garbage.
Do something totally from scratch for a coin that someone - so called Satoshi Nakamoto, apparently - did make from scratch.
A whole new service or application or something from scratch for the coin that was itself a from scratch coin...
Years ago people wanted me to make currencies for them, but as we keep seeing over and over again, blockchains are insanely expensive to secure, hardly any of them are anywhere close to secure. So I had them all move over to Open Transactions, a system I have for years been working on helping the guy who built it from scratch get it ready for "prime time" aka "for grandma"...
"From scratch" nowadays for blockchains means, basically, "starting with more computing power than everyone else on the planet all put together". So basically it means first lets design a new algorithm and an ASIC to do that algorithm, then build a world class datacentre full of such ASICs and fill Future Shop, The Source, Walmart and so on full of consumer miners, so on launch day we can turn on at least one huge datacentre per continent plus have that still be less hashing power than all the units the Walmarts etc have customers waiting all night for the midnight hour to buy...
-MarkM-
I agree.... but I don't know how to design a new algo, i don't claim to but I am willing to work with the right people to develop that algo, implement that algo, and market that algo if it really has potential.
I didn't say no-one else does.
Basically who-ever it is that you are not / do not have needs salary. Whatever you yourself are - the founder - doesn't need a salary because they are the idea person whose idea is so great in their own eyes that they are willing to take a year or few living on Ramen sleeping under bridges to spare every penny they have to hire who-ever they need to do the parts they cannot do themselves...
Or if they do need a salary, they get a job, and work on their idea the other 16 hours of each day except the days they collapse a few hours into sleep.
-MarkM-
Yea I agree I'm interested in a hire but? I want someone motivated by something else, that wants to brainstorm and be actively involved in the growth of a coin. Is it to much to ask maybe? Basically who-ever it is that you are not / do not have needs salary. Whatever you yourself are - the founder - doesn't need a salary because they are the idea person whose idea is so great in their own eyes that they are willing to take a year or few living on Ramen sleeping under bridges to spare every penny they have to hire who-ever they need to do the parts they cannot do themselves...
Or if they do need a salary, they get a job, and work on their idea the other 16 hours of each day except the days they collapse a few hours into sleep.
-MarkM-
For a crapcoin, also known as a blockchain based coin for which you do not control more hashing power than the rest of the planet, yes.
As such crap is something you simply cannot secure.
Look what happened to Litecoin: a stupid meme blew it away. If that meme had said lets PWN all the scrypt coins instead of saying lets be yet another scrypt coin, boom, it'd be obvious that scrypt is way too insecure, so insecure a stupid meme could come up overnight with enough hashing power to PWN it.
Kind of ironic really, since it had been thought that what was insecure about it was its lack of ASICs, which implied that it was vulnerable to any attacker willing to create an ASIC for it. Turned out all it took to beat its hashing power was a stupid meme, without any ASICs at all.
-MarkM-
I didn't say no-one else does.
Basically who-ever it is that you are not / do not have needs salary. Whatever you yourself are - the founder - doesn't need a salary because they are the idea person whose idea is so great in their own eyes that they are willing to take a year or few living on Ramen sleeping under bridges to spare every penny they have to hire who-ever they need to do the parts they cannot do themselves...
Or if they do need a salary, they get a job, and work on their idea the other 16 hours of each day except the days they collapse a few hours into sleep.
-MarkM-
Yea I agree I'm interested in a hire but? I want someone motivated by something else, that wants to brainstorm and be actively involved in the growth of a coin. Is it to much to ask maybe? Basically who-ever it is that you are not / do not have needs salary. Whatever you yourself are - the founder - doesn't need a salary because they are the idea person whose idea is so great in their own eyes that they are willing to take a year or few living on Ramen sleeping under bridges to spare every penny they have to hire who-ever they need to do the parts they cannot do themselves...
Or if they do need a salary, they get a job, and work on their idea the other 16 hours of each day except the days they collapse a few hours into sleep.
-MarkM-
MarkM.... Is money everything for you??? I doubt it. I realize what I could do but, I like innovation and building something from scratch.
Money will come but I am way more interested in having just a chance at starting something from scratch that could change the world.
Is it to much to ask? I mean I know there is some good people looking to do more with there life than make 250k quick. Just want something more than making good money.
Money will come but I am way more interested in having just a chance at starting something from scratch that could change the world.
Is it to much to ask? I mean I know there is some good people looking to do more with there life than make 250k quick. Just want something more than making good money.
Well if you want to start from scratch, don't start from blockchain based cryptocoins, because that is so far from scratch it is just garbage garbage garbage.
Do something totally from scratch for a coin that someone - so called Satoshi Nakamoto, apparently - did make from scratch.
A whole new service or application or something from scratch for the coin that was itself a from scratch coin...
Years ago people wanted me to make currencies for them, but as we keep seeing over and over again, blockchains are insanely expensive to secure, hardly any of them are anywhere close to secure. So I had them all move over to Open Transactions, a system I have for years been working on helping the guy who built it from scratch get it ready for "prime time" aka "for grandma"...
"From scratch" nowadays for blockchains means, basically, "starting with more computing power than everyone else on the planet all put together". So basically it means first lets design a new algorithm and an ASIC to do that algorithm, then build a world class datacentre full of such ASICs and fill Future Shop, The Source, Walmart and so on full of consumer miners, so on launch day we can turn on at least one huge datacentre per continent plus have that still be less hashing power than all the units the Walmarts etc have customers waiting all night for the midnight hour to buy...
-MarkM-
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