Which Proof of Stake System is the Most Viable - page 16.

clout

full member

Activity: 207

Merit: 100

Quote from: jonald_fyookball on May 21, 2014, 11:21:58 AM

Quote from: clout on May 21, 2014, 10:42:14 AM

Quote from: jonald_fyookball on May 21, 2014, 09:32:12 AM

Quote from: sumantso on May 21, 2014, 08:31:28 AM

Quote from: pgbit on May 21, 2014, 07:04:35 AM

The new DPOS from Bitshares sounds very carefully thought out, and promises to be faster - its not released yet though. I hope its fairer than PPC.

To me it sounds almost ideal, and I am very excited to see it work. I hope there is no huge overlooked flaw in it.

The huge overlooked flaw is that it's not really distributed consensus.

how is it not?

Well, it could be argued that it is.

But to me its not a good system because you have to trust the
supernode you voted for, etc. You get into the whole trust
thing, almost like voting for politicians to represent your interests.
I would much prefer the whole thing be trustless and governed
by math and protocols like Bitcoin.

Do you really think bitcoin is a trustless system...?

sumantso

legendary

Activity: 1050

Merit: 1000

Quote from: jonald_fyookball on May 21, 2014, 11:21:58 AM

Quote from: clout on May 21, 2014, 10:42:14 AM

Quote from: jonald_fyookball on May 21, 2014, 09:32:12 AM

Quote from: sumantso on May 21, 2014, 08:31:28 AM

Quote from: pgbit on May 21, 2014, 07:04:35 AM

The new DPOS from Bitshares sounds very carefully thought out, and promises to be faster - its not released yet though. I hope its fairer than PPC.

To me it sounds almost ideal, and I am very excited to see it work. I hope there is no huge overlooked flaw in it.

The huge overlooked flaw is that it's not really distributed consensus.

how is it not?

Well, it could be argued that it is.

But to me its not a good system because you have to trust the
supernode you voted for, etc. You get into the whole trust
thing, almost like voting for politicians to represent your interests.
I would much prefer the whole thing be trustless and governed
by math and protocols like Bitcoin.

I was initially thinking the same and was against anything of that sort; but the process is very different and simple. The client keeps voting for delegates with good track record, which is producing blocks on time and including transactions, and doesn't let it overvote.

Its actually very nifty solution. How it works in practice remains to be seen, though.

jonald_fyookball

legendary

Activity: 1302

Merit: 1008

Core dev leaves me neg feedback #abuse #political

Quote from: clout on May 21, 2014, 10:42:14 AM

Quote from: jonald_fyookball on May 21, 2014, 09:32:12 AM

Quote from: sumantso on May 21, 2014, 08:31:28 AM

Quote from: pgbit on May 21, 2014, 07:04:35 AM

The new DPOS from Bitshares sounds very carefully thought out, and promises to be faster - its not released yet though. I hope its fairer than PPC.

To me it sounds almost ideal, and I am very excited to see it work. I hope there is no huge overlooked flaw in it.

The huge overlooked flaw is that it's not really distributed consensus.

how is it not?

Well, it could be argued that it is.

But to me its not a good system because you have to trust the
supernode you voted for, etc. You get into the whole trust
thing, almost like voting for politicians to represent your interests.
I would much prefer the whole thing be trustless and governed
by math and protocols like Bitcoin.

clout

full member

Activity: 207

Merit: 100

Quote from: jonald_fyookball on May 21, 2014, 09:32:12 AM

Quote from: sumantso on May 21, 2014, 08:31:28 AM

Quote from: pgbit on May 21, 2014, 07:04:35 AM

The new DPOS from Bitshares sounds very carefully thought out, and promises to be faster - its not released yet though. I hope its fairer than PPC.

To me it sounds almost ideal, and I am very excited to see it work. I hope there is no huge overlooked flaw in it.

The huge overlooked flaw is that it's not really distributed consensus.

how is it not?

jonald_fyookball

legendary

Activity: 1302

Merit: 1008

Core dev leaves me neg feedback #abuse #political

Quote from: sumantso on May 21, 2014, 08:31:28 AM

Quote from: pgbit on May 21, 2014, 07:04:35 AM

The new DPOS from Bitshares sounds very carefully thought out, and promises to be faster - its not released yet though. I hope its fairer than PPC.

To me it sounds almost ideal, and I am very excited to see it work. I hope there is no huge overlooked flaw in it.

The huge overlooked flaw is that it's not really distributed consensus.

sumantso

legendary

Activity: 1050

Merit: 1000

Quote from: pgbit on May 21, 2014, 07:04:35 AM

The new DPOS from Bitshares sounds very carefully thought out, and promises to be faster - its not released yet though. I hope its fairer than PPC.

To me it sounds almost ideal, and I am very excited to see it work. I hope there is no huge overlooked flaw in it.

pgbit

sr. member

Activity: 771

Merit: 258

Trident Protocol | Simple «buy-hold-earn» system!

Peercoin POS is not user-friendly, in my opinion. To, mint, the wallet gets unlocked, and at that stage is the wallet secure? Information and security of the minting process is limited. Plus, having set up the minting process perfectly OK on other coins, not managed to get any POS from PPC, ever, despite going through the process and waiting months, following all instructions etc. Seems that other people find the instructions hard to understand:
https://bitcointalk.org/index.php?topic=187714.100

The new DPOS from Bitshares sounds very carefully thought out, and promises to be faster - its not released yet though. I hope its fairer than PPC.

sumantso

legendary

Activity: 1050

Merit: 1000

Quote from: sockpuppet_5 on May 02, 2014, 12:48:29 AM

I've heard that PeerCoin's version of POS is more vulnerable because it calculates the size of the stake using the number of days the coins have been held. This supposedly makes it more vulnerable to attack, but I can't find the post where this was discussed. come-from-beyond mentioned it on the NXT forum (I think).

I love them all. POW is doomed eventually, but it might be a few years off yet.

I think you can only build up 90 coin days at most.

jonald_fyookball

legendary

Activity: 1302

Merit: 1008

Core dev leaves me neg feedback #abuse #political

Quote from: AnonyMint on May 02, 2014, 04:39:40 PM

Quote from: jonald_fyookball on May 01, 2014, 10:51:24 PM

Quote from: AnonyMint on May 01, 2014, 09:58:54 PM

The poll lacks a choice for "no proof-of-stake system will win".

Proof-of-stake will never remain decentralized:

https://bitcointalksearch.org/topic/m.6501774

Send all proof-of-stake currencies to the trashcan.

Note: this poster is a troll who knowingly
tried to spread misinformation and FUD about
Bitcoin for months.

So take anything he says with a grain of salt.

Interesting that Dark Wallet just debuted. So much
For all the "bitcoin is doomed because it will
Never be anonymous" fear-mongering.

You can listen to someone with a low IQ or someone with a high IQ and 30 years programming experience and multi-million user commercial software accomplishments.

In short, he has no fucking clue.

Classic ad hominem attack instead of facing the facts. For the record, I also have a high iq but i feel no need to use fancy words or brag about my accomplishments. You may indeed know more about math or cryptography than I do, but I still see right through your agenda. Still think bitcoin will fail due to widespread theft and clawbacks?

I'm not saying I'm pro PoS, just saying that you are not to be taken seriously on any topic.

clout

full member

Activity: 207

Merit: 100

I don't think you understand the economics well enough to be an authoritative voice. Dan Larimer certainly has a high iq. I go to the most prestigious college in the world. I too have a high iq. I don't know why you are trying to make it about intellectual capacity when that misses the point. Bitcoin is an expression of decentralized consensus. Capitalism is the same type of decentralized consensus through a resource-democracy. If you have missed the parallelism between pow, pos, and all other resource democracies you cannot speak intelligently about cryptocurrencies and their viability. I really wish you would add to the discussion instead of bashing things that you do not understand.

AnonyMint

hero member

Activity: 518

Merit: 521

Quote from: jonald_fyookball on May 01, 2014, 10:51:24 PM

Quote from: AnonyMint on May 01, 2014, 09:58:54 PM

The poll lacks a choice for "no proof-of-stake system will win".

Proof-of-stake will never remain decentralized:

https://bitcointalksearch.org/topic/m.6501774

Send all proof-of-stake currencies to the trashcan.

Note: this poster is a troll who knowingly
tried to spread misinformation and FUD about
Bitcoin for months.

So take anything he says with a grain of salt.

Interesting that Dark Wallet just debuted. So much
For all the "bitcoin is doomed because it will
Never be anonymous" fear-mongering.

You can listen to someone with a low IQ or someone with a high IQ and 30 years programming experience and multi-million user commercial software accomplishments.

In short, he has no fucking clue.

Lauda

legendary

Activity: 2674

Merit: 2965

Terminated.

Quote from: ?? on ??

How can you claim that it doesn't matter if you don't even know what it is?

The only good thing in his post is the answer: none. From what OP listen, I wouldn't chose any of them. Also, yes he doesn't seem to know what POS is.

cryptohunter

legendary

Activity: 2100

Merit: 1167

MY RED TRUST LEFT BY SCUMBAGS - READ MY SIG

benjyz

full member

Activity: 140

Merit: 107

As DPOS refers to Ripple consensus, here is a link:
http://bitcoin.stackexchange.com/questions/10180/what-are-the-pros-and-cons-of-ripples-consensus-as-compared-with-bitcoins-proo

valarmg

full member

Activity: 237

Merit: 100

How did you forget to include Blackcoin?

Edit: Ah, misread. You are talking about systems rather than coins. I guess Blackcoin is a variation on the Peercoin system, just with pure PoS, faster transaction times, and lower fees.

jubalix

legendary

Activity: 2618

Merit: 1022

Quote from: franky1 on April 25, 2014, 05:54:15 PM

answer: none

if a certain mining script was any better then the other due to efficiency, then giv it enough time and greedy miners will pile on so many rigs to get the biggest slice of the reward pie. and others will do the same to compete until its no longer efficient.

no matter what th 'puzzle' is to get a reward, people will buy as much equipment as they can to compete. so changing bitcoin with an aim of efficiency is only going to last a few weeks before the competition meets or exceeds the old mining protocols.

so the big picture is that it wont change a thing

uhhh, you don't buy mining hardware for pos

xiaozhubao

newbie

Activity: 11

Merit: 0

Nxt (Transparent forging), in my opinion.

sockpuppet_5

newbie

Activity: 9

Merit: 0

I've heard that PeerCoin's version of POS is more vulnerable because it calculates the size of the stake using the number of days the coins have been held. This supposedly makes it more vulnerable to attack, but I can't find the post where this was discussed. come-from-beyond mentioned it on the NXT forum (I think).

I love them all. POW is doomed eventually, but it might be a few years off yet.

jonald_fyookball

legendary

Activity: 1302

Merit: 1008

Core dev leaves me neg feedback #abuse #political

Quote from: AnonyMint on May 01, 2014, 09:58:54 PM

The poll lacks a choice for "no proof-of-stake system will win".

Proof-of-stake will never remain decentralized:

https://bitcointalksearch.org/topic/m.6501774

Send all proof-of-stake currencies to the trashcan.

Note: this poster is a troll who knowingly
tried to spread misinformation and FUD about
Bitcoin for months.

So take anything he says with a grain of salt.

Interesting that Dark Wallet just debuted. So much
For all the "bitcoin is doomed because it will
Never be anonymous" fear-mongering.

AnonyMint

hero member

Activity: 518

Merit: 521

The poll lacks a choice for "no proof-of-stake system will win".

Proof-of-stake will never remain decentralized:

https://bitcointalksearch.org/topic/m.6501774

Send all proof-of-stake currencies to the trashcan.

Topic: Which Proof of Stake System is the Most Viable - page 16. (Read 25752 times)