Topic: Why all centralized coins fail - page 3. (Read 2833 times)

Transacting.

Fun, Love, Respect?

That s another issue. I was thinking about better sharing incentives between miners and I saw that new stuff in Casper. I wonder if there are better models to share like lottery / randomizing....

You don't have to pay them money in order to pay them.  

Haven't you ever heard of barter trade which is non-fungible with money.

Casper cannot work as designed - you can't use transactions to create a consensus when those very transactions rely on consensus in the first place due to double spends.

New Casper concept contains an artificial incentive cap and a wait time ( not seen that yet ). Wonder if that helps...

If you pay miners, the best miners always have an advantage and that tends to compound over time. If you don't pay miners, there is no incentive to behave in favour of the network instead of just trying to double spend each other and fork the chain to oblivion.

Hmmm what is linked to them ?

What i have characterized as the grandest scam in all of crypto is directly tied to those guys..

This topic can not exist nor discuss Bitshares with out.. the scammiest coin ever posted here at Bitcointalk !

drum roll please..

---

ready ?




MEMORY COIN

I think I know how to do that. I have explained it, so I won't repeat myself.

Fuserleer, I think the key "why" is because top-down control (even when intentions are good) is not omniscient and can't anneal to fitness as well as diversified (many decentralized actors) trial-and-error, which is evidenced by the example in the OP of how China's leaders are not as smart as nature and the horrific mess that has been created for their arable land.

Enabling the market to act decentralized to find optimum fitness, also increases the rate of network effects and thus adoption and value. The generative essence reason that all centralized coins fail is because an exclusive club does not make a network effects movement. These centralized altcoins are circle-jerk echo chambers.

And yes the whales need to manipulate the prices (volume, and market cap) buying from themselves to motivate the jealous greater fools to enable the whales to sell and get out, before the shit collapses and withers on the vine. Then perhaps they try for round 2 and revive the carcass with another merry-go-round the centralization trough.

Remember piss from where you drink, so you don't get bored drinking from the same shit that you leave behind for everyone else. This is another "meritocracy" Socialism taught us.

Isn't your question a bit oxymoronic (is that even a word ), as they fail because they are centralized.  No why about it  

I don't really care for cryptos that have centralized/semi-centralized properties from day one, or even ones that adopt consensus technologies that are quite obviously prone to centralization over the medium term (POW, POS), bad initial distribution, huge insta-mines etc.  They are doomed to ultimately fail from the start, and can only be propped up for so long.  The only one that holds my interest in anyway at all is Bitcoin, and more in a curious sense than anything else, after all without it I wouldn't be here.

The bigger question is of course, can a decentralized system ever be so expensive in terms of resource (effort, logistics, expense) that it doesn't centralize, even though in theory centralization is possible?  Which takes us back to one of your other threads earlier.

One of the key components (among many others) to achieve that is to push and focus on mass market, which no one seems to be doing other than myself.  You have also hinted having some focus there too.  

Until someone truly cracks that market, and solves a number of other issues relating to the subject of centralization over time, pretty much everything out there right now is centralization waiting to happen.

Bitshare's Daniel's father Stan:

Etheriums IPO was announced for quite some time I'm not sure how many invested but I would guess a few. Then the price was on the market for months for 3 x ico only. So people had some time. I left it it went up and down a bit... anywheay I don't like ico's at all but still most could have got some for a decent price. I bought a few when it had already risen quite away but that's how it goes.


HOWEVER - wait for the next one IOTA  [I Own Tons Assholes] - same bunch from NXT

What?? didn't learn their lesson at all at giving it all out to a small amount of people??

I didn't see that ICO and would guess not many did. You would think after next they would have made an effort to distribute the tokens.

Ask to buy some before it hits exchange. how about 3x the ico price? nah ... okay 5x....

Yeah okay 20-30x ICO??? and still trying to hype it higher. That's like etherium's gains after the point it's at now? they want that before anyone has heard of it or seen it in action.

Somehow it's all gone wrong and there is no gui. So can't go to exchange yet on the open market. Better hype this sh1t out of it first to 100X ico.

ICO unregulated and tiny = shady as hell.

Sure you'll get the few who got some crumbs eager to defend for 20x ico. But if someone was to launch a poll here how many bought the ICO it would be tiny.

POW is the only way without in depth investigation/regulation regarding distribution.

Should introduce protocols to be followed for ICO and POW else you'll always get poor distributions and pump and dumps.

@OP
Interesting.. your comparison with NXT i think has some merit.

@CryptoHunter
I created a topic called "ETH = Scam" as it launched watching it unfold.

I will bet every coin i have there was less than 10 people who invested in that IPO called ETH
..not 100 hahhaha
AND that handful were responsible for buying up over 1 million dollars worth on launch minute 1.
Far faaaaaar BEFORE they launched they advertising campaign here on Bitcointalk and on Coindesk with stories.
It was crystal clear it's a setup and it HAS been pumped & dumped since ..fulfilling predictions.

Only ETH question i have now is..
Will they pull a Monero and try and push the "Legit coin" angle ?
What is that ?
Coercing the scene into thinking it's legit if they support it loudly long term.
This method is surprisingly effective and lures in a lot of idiots in our Altcoin scene..
SO yeah i have a hunch ETH will follow this Monero angle.

Think of it this way guys why pump and dump & abandon a coin when you can keep luring in more users
or REPEAT users ?
Once the kids get scared many will dump for a loss.
Later then will jump back in again lured in by Pump prices.
Round & round.

Whale pumpers play all these Altcoin scene idiots like a violin.
The fallacy is they think they will get in & out with a meager profit.
But like a gambler they will play the game again.. and Whales now damn well..
Put a dollar in their hand it's far easier to steal all of their money later.
And THEY DO !
The shrinking Crypto user bases is because of this vicious cycle.
It creates losers who have no choice but to quit and leave.. broke (sooner or later)

If you think etherium IPO was not well distributed you should look at some of the others that have been done on here recently. I'd be shocked if more than 100 people bought into some of them.

I don't like ipo or ico. These are so easily gamed. I mean look at nxt and even worse nas.

It's very hard to stop people gaming ico indeed. Especially ones where it's hardly mentioned only on their little sub thread, and that's if you're lucky and not ripped off and there is no intention of creating anything. 

With POW especially if it follows a fair launch protocol then everyone can have a chance. I mean you can make the POW take years if you like.

If it is announced ahead of time and anti-instamine measures are taken then you can to a certain degree ensure it's a better or wider distribution.

Funding that's tricky. If they have faith in their creation they should have an premine pot but with a full transparent ledger with the funds held in multi sig accounts and all possible precautions taken to ensure they don't just take the premine dump it and run.

The problem is if they do like a dev pot of btc to use to get it going. Therefore they did what etherium did. Mining and ICO. I don't like it and they don't have any kind of transparent ledger. Then again if they are working flat out I know coders of this level do earn fortunes so perhaps they are eating into the funds as they say. I would still have liked to see a transparent full accounting done but what can you do.

It's a shame nobody has thought of a way to stop pow mining eventually always being taken away from the small miner by the larger mining corps.
I guess it's because it's not possible to do that else they would have. .

Ethereum's IPO was not well distributed, according to Vitalik's blog and I imagine the current PoW is even more concentrated.  Where all these centralized coins start failing is when a few whales dump.

Sometimes we need to be reminded what top-down control does: