How can we make Crypto currency fair?
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[quote name=“Aldanga” post=“38786” timestamp=“1386005476”]
I believe fairness and freedom tend to be mutually exclusive; if not always, they trend that way.
[/quote]You’re confusing equality with fairness. Fairness means risk gets reward. Equality means equal work gets equal pay. Truth is most people wouldn’t be motivated at all if they had to think about every little detail. Too much to think about and keep track of. One advantage of freedom is you don’t have to wait for the perfect scenario. You take a chance.
Also, who cares if you miss the boat or not. I have seen quite a bit of money pass through my hands where I traded for coin and which I made a bit on.
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How can we make Crypto currency fair?
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When was the last time you beat your wife?
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[quote name=“gavztheouch” post=“38545” timestamp=“1385949240”]
Lets see where crypto goes in the next few months, hopefully in the trash so the 99.9999% of us that don’t hold any can build a better system.
[/quote]So you want someone else to suffer so your personal features come out on top? But you also want to hold, which means you benefit from other people’s work. You want equality and you want to win. Pick one.
Every time your holdings go up it’s because someone ELSE worked or risked or bought or traded. I was in at the beginning of some of these cryptos. I mined 7600 LTC at one point. I lost because I believed people would take a long time to go along with LTC.This is not what this community is about. This community is not about holding to benefit from someone else’s work. Once you begin buying and selling it doesn’t matter what the coins are worth as long as you make more than you used to have.
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Hi all,
I’m not a programmer but I have some thoughts, maybe they will be useful. Specifically with regard to this:
[quote]Maybe generation of coins should not have been based on computational power or something that can be easily automated.[/quote]
One thing I dont like about crypto coins is that they use energy to be produced, energy that is finite and could be better used elsewhere. I know that the main reason for this is that so cryptos are backed by something, i.e. energy, rather than nothing, but isn’t there a better, or more green, solution?
e.g. why not use [b]time[/b]?
For example, let’s say something like a TimeCoin was available wherein every X units of time a certain number of coins were released to the clients online at that time, and this number of time released coins reduced gradually etc.
This seems to be more green, and encourages people onto the TimeCoin network, which is what you want.
I have some other thoughts, but we’ll start with this one. :)
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[quote name=“Kramer1122” post=“39611” timestamp=“1386181467”]
Hi all,I’m not a programmer but I have some thoughts, maybe they will be useful. Specifically with regard to this:
[quote]Maybe generation of coins should not have been based on computational power or something that can be easily automated.[/quote]
One thing I dont like about crypto coins is that they use energy to be produced, energy that is finite and could be better used elsewhere. I know that the main reason for this is that so cryptos are backed by something, i.e. energy, rather than nothing, but isn’t there a better, or more green, solution?
e.g. why not use [b]time[/b]?
For example, let’s say something like a TimeCoin was available wherein every X units of time a certain number of coins were released to the clients online at that time, and this number of time released coins reduced gradually etc.
This seems to be more green, and encourages people onto the TimeCoin network, which is what you want.
I have some other thoughts, but we’ll start with this one. :)
[/quote]Before this goes any further, PLEASE read the original Satoshi witepaper. It’s here: [url=http://bitcoin.org/bitcoin.pdf]http://bitcoin.org/bitcoin.pdf[/url]
You need to understand what the blockchain is, how it’s created, and WHY a proof of work is required before you can replace it with something better. If you can produce a solution that doesn’t require a proof of work, and still provides distributed consensus, that’s fantastic. We’re all ears.
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[quote name=“zerodrama” post=“39553” timestamp=“1386167333”]
[quote author=Aldanga link=topic=5102.msg38786#msg38786 date=1386005476]
I believe fairness and freedom tend to be mutually exclusive; if not always, they trend that way.
[/quote]You’re confusing equality with fairness. Fairness means risk gets reward. Equality means equal work gets equal pay. Truth is most people wouldn’t be motivated at all if they had to think about every little detail. Too much to think about and keep track of. One advantage of freedom is you don’t have to wait for the perfect scenario. You take a chance.[/quote]
Not at all. Just playing to the many definitions. I think you missed the next couple sentences in that paragraph. ;)
[quote author=Aldanga link=topic=5102.msg38786#msg38786 date=1386005476]
Freedom does not support fairness through any means, if you think that fairness means that all things are equal for everyone. However, if you believe that fairness means that people have the rights and freedoms to make their own way and succeed, then freedom means the ultimate fair playing field. There are no restrictions, no governments stepping in the way of profitable businesses which provide valuable services; there is only the freedom to forge one’s own path and make greatnessâ€"or to fail spectacularly, but that’s the beauty of it all.[/quote] -
[quote]
What I would like to see in a better Crypto.1. A steady supply of coins - This should prevent hoarding (Is inflation always a bad thing)
[/quote]
Crypto is a currency - it’s meant to be used to purchase commodities/goods/services, etc. Right now people hoard because Crypto is speculated more like a stock/commodity and less like a currency. Currently there aren’t many well known vendors accepting crypto on a global scale with enough stuff that people want.I mine FTC throughout the day - On a single rig that isn’t meant for mining, I don’t get much at all, maybe 2 FTC a day - I don’t plan on selling that FTC for $$, at least not currently, because I don’t feel like playing crypto like a commodity market - With the way this stuff currently works its less investing and more lucky speculation. . .I wouldn’t call that “hoarding” - I’d call it waiting until it becomes more useful to me.
Eitherway, I think you’re confusing the word “fair” with something else.
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Kevlar,
Thanks for that info. I have not read the paper, but if it is not possible to utilise computers to check/work out the time then I guess the time idea would not work, due to the proof of work requirement. Or maybe it would work but require the same amount of computing power, thus giving no “greener” solution.One of my concerns is the wild fluctuation in price of bitcoin and cryptos in general. People are assuming it will settle down with little fluctuation, but I’m not sure what sound reasoning or facts that is based on. For example, I’m no economist but AFAIK the value of money to remain steady it’s creation must be in proportion to the provision of goods/services, balance of supply/demand etc. I think with BTC/FTC the max number of coins stops after a certain point, thus I don’t see how the price would settle. Of course, I can see it getting more stable, but not as stable as a paper currency might. I know fiat currency over long term is not stable, purchasing power declines, but it is still likely more stable than BTC.
If there is significant adoption of BTC, then I’d expect the price to keep rising steadily, so as an investment perhaps it is good (albeit high risk) but as an everyday trading currency I’m not so sure.Perhaps others can shed some light on this. Thanks.
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Kramer, I agree with you - I don’t see a future where crypto steadies out, because I don’t see something to keep it steady. In reality the thing that keeps the value of other currencies steady is that the value of the currency is finite [$1 is always $1, $5 is always $5 and $10 is always $10] because inflation increases the cost of the actual service, not the currency. [A movie may have cost $1 10 years ago. but costs $10 now. . .The moneys value has actually significantly decreased but we don’t notice it as the currency’s implied value is the same, but the service price has risen.]
With cryptos backing being other currencies what we are seeing is the price of cryptos fluctuating AS WELL AS the price of services [in relation to USD or other currencies, not into the relation of crypto price fluctuation].
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[quote name=“Kramer1122” post=“39672” timestamp=“1386188881”]
One of my concerns is the wild fluctuation in price of bitcoin and cryptos in general. People are assuming it will settle down with little fluctuation, but I’m not sure what sound reasoning or facts that is based on. For example, I’m no economist but AFAIK the value of money to remain steady it’s creation must be in proportion to the provision of goods/services, balance of supply/demand etc. I think with BTC/FTC the max number of coins stops after a certain point, thus I don’t see how the price would settle. Of course, I can see it getting more stable, but not as stable as a paper currency might. I know fiat currency over long term is not stable, purchasing power declines, but it is still likely more stable than BTC.
If there is significant adoption of BTC, then I’d expect the price to keep rising steadily, so as an investment perhaps it is good (albeit high risk) but as an everyday trading currency I’m not so sure.Perhaps others can shed some light on this. Thanks.
[/quote]I’ve certainly not made that assumption. From what I can see, your math is about right on. I DO expect it will continue to rise steadily… specifically I expect linear growth on a logarithmic scale. So far, I’ve been exactly right too, and I see no reason for this trend to not continue.
