| General > General Technical Chat |
| BEWARE of fake EEVblog NFT's |
| << < (18/22) > >> |
| magic:
--- Quote from: NiHaoMike on January 21, 2022, 12:51:55 pm ---Curecoin and Foldingcoin use medical research as the "work" in "proof of work". Thus while that doesn't solve the energy use problem directly, it does mean that it does useful work outside of mining. --- End quote --- It's hard to have a cryptocurrency backed by proof of useful work. The work needs to satisfy the condition that it is hard to produce, but very cheap to verify that it has been produced correctly. Then you can have a distributed system that keeps track of transactions, rewards its participants and remains difficult to cheat. Case in point, --- Quote ---At the end of each month, the FoldingCoin organization downloads the stats of each folder and distributes FLDC proportionate to the amount of completed work. --- End quote --- --- Quote ---FLDC is built on the Counterparty protocol which allows for tokens to be built within the Bitcoin blockchain. So every FLDC transaction is actually a Bitcoin transaction as well. --- End quote --- :-DD |
| madires:
Blockchain based crypto money is nothing but an overly complicated and wasteful way of simple accounting. And it comes with a massive design flaw preventing it to scale up. With each new transaction (or bunch of transactions) the blockchain's size increases and that goes on forever. In classic accounting accounts' totals are carried over to the next fiscal year's ledger. So each year you start with an empty ledger and note the totals of the last year for each account as first entry. |
| SiliconWizard:
--- Quote from: madires on January 21, 2022, 02:59:26 pm ---Blockchain based crypto money is nothing but an overly complicated and wasteful way of simple accounting. --- End quote --- Not, it's not. It's a way of holding a proof of authenticity with very high probability, in a completely decentralized manner. "Simple accounting" doesn't give you that. Beyond the alleged cost - to make a fair comparison, we would need to estimate the cost of "maintaining" regular currencies, which is much greater than many think, and is clearly not just simply about "storing data" - it's very much a political question rather than a technical one, as I already said before, IMHO. So the funny part of it is, I'd be willing to bet that many people currently fiercely against cryptocurrencies will embrace them as the next great progress, the day their governments will switch to some kind of cryptocurrency - which is something that is already being studied. |
| magic:
You gotta be kidding me. There are two reasons why governments would like to adopt crytpo: - the total lack of privacy - all transactions are a matter of public record, it just takes linking a wallet to a person and you're in - no need to collect taxes to run the system - peers pay for their electricity, problem solved That's about all I can see. |
| SiliconWizard:
--- Quote from: magic on January 21, 2022, 08:06:03 pm ---You gotta be kidding me. There are two reasons why governments would like to adopt crytpo: - the total lack of privacy - all transactions are a matter of public record, it just takes linking a wallet to a person and you're in - no need to collect taxes to run the system - peers pay for their electricity, problem solved That's about all I can see. --- End quote --- Yes, and? How is that contradicting what I said above? Of course, if/when governments switch to a "cryptocurrency", it will likely be a system close to what nctnico seems to be advocating - "supernodes", which governments and central banks will have complete control over. Which is kind of the opposite of the current model, which is entirely decentralized. Maybe your "You gotta be kidding me" was to answer my "many people currently fiercely against cryptocurrencies will embrace them as the next great progress, the day their governments..." point? You may neither like cyrptocurrencies as they are now, nor a possible future use by governments, but that's another story entirely. Judging from yout typical opinions here, you do not seem to have the opinion of the "majority", which I was targeting here. I am pretty convinced what I said is what is going to happen, at least for a majority of people. =) |
| Navigation |
| Message Index |
| Next page |
| Previous page |