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A faster, more efficient cryptocurrency

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Re: A faster, more efficient cryptocurrency

#51

Post by dnautics »

ForHackernews wrote: post #35
kakarot wrote: post #25

Earlier quoted context omitted.

Care to link those two unrelated concepts together a bit better? Money isn't effectively and fairly distributed and it's obviously not a pipe dream.

Money is more fairly distributed than cryptocurrencies. Credit Suisse found that 97% of bitcoin is held by 4% of addresses (though some may belong to exchanges): http://www.businessinsider.com/bitcoin-97-are-held-by-4-of-a...

If you compared apples to apples, then, instead of people "all legal entities", aka corporations and sovereigns, would your analysis hold up?

Re: A faster, more efficient cryptocurrency

#53

Post by mLuby »

salvadormon wrote: post #19
sschueller wrote: post #2

Where can I get the source code?

I don't know if the source code has been released, but I think the company funding the research has published an API: https://developer.algorand.org/docs/installing-mac

How can it both claim decentralized trust and be closed-source?

Re: A faster, more efficient cryptocurrency

#55

Post by ckastner »

malloreon wrote: post #16

I have long wondered how cryptocurrency fans would answer the question: ‘Would you be happy if the crypto-utopia you bring up happens in the next 10 years, and all value is stored/transacted through a cryptocurrency, but it was a coin that you do not possess now, nor could you transfer any of you current currencies into it?’ Say tomorrow someone releases the one true coin, but no one notices. All other cryptocurrenci…

> This is a long way of asking: do you want cryptocurrency to succeed if you knew that you could not profit from it doing so?

That is a brilliant question!

Instead of all the endless bickering between crypto-fans and -haters reaching from technology to fiscal policy to society, it reduces the conflict to one simple test, as a sort of precondition.

Anecdata, but just going through my set of acquaintances, personal profit was always a factor. And I never even thought to question it. In hindsight, however, it seems (1) such an obvious thing to do, and (2) makes it clear to me that my acquaintances probably wouldn't give a damn about crypto if there wasn't a chance to profit from it.

I mean, the only reason Bitcoin went mainstream in the first place is not because of the technology (which existed for a decade), but because there was a extreme bubble (again) and mainstream people wanted to get rich quick.

Re: A faster, more efficient cryptocurrency

#56

Post by kakarot »

ForHackernews wrote: post #35
kakarot wrote: post #25

Earlier quoted context omitted.

Care to link those two unrelated concepts together a bit better? Money isn't effectively and fairly distributed and it's obviously not a pipe dream.

Money is more fairly distributed than cryptocurrencies. Credit Suisse found that 97% of bitcoin is held by 4% of addresses (though some may belong to exchanges): http://www.businessinsider.com/bitcoin-97-are-held-by-4-of-a...

And the top 1% of the American population controls around 40% of the wealth. In accordance with the power law, the top 20% of the population owned 86% of the country's wealth.

Still doesn't seem like a pipe dream.

Re: A faster, more efficient cryptocurrency

#58

Post by kakarot »

lostjohnny wrote: post #37
kakarot wrote: post #25

Earlier quoted context omitted.

Care to link those two unrelated concepts together a bit better? Money isn't effectively and fairly distributed and it's obviously not a pipe dream.

money have replaced values already owned by people it didn't pop-up from nothing crypto currencies need to be acquired using either real currencies or through some form of mining, that requires real currencies to acquire the resources needed to bootstrap it the crypto space is already a place where rich got richer, less rich got sometimes more rich, most of the times nothing changed for them, really poor individuals…

Couldn't get started on what?

The point of cryptocurrencies wasn't to make people rich. Anyone can buy in at market value and start using coins for their stored value. That is the point. Your anger in the fact that crypto didn't magically create money where there was none before is misplaced.

Really poor individuals from poor, economically wrecked countries had quite a lot to gain from the accessibility of cryptocurrency. Look at Venezela's attitude towards Bitcoin.

Re: A faster, more efficient cryptocurrency

#59

Post by justicz »

mLuby wrote: post #53
salvadormon wrote: post #19

Earlier quoted context omitted.

I don't know if the source code has been released, but I think the company funding the research has published an API: https://developer.algorand.org/docs/installing-mac

How can it both claim decentralized trust and be closed-source?

(I work for Algorand) The project will be open-sourced prior to the public launch of the network.

Re: A faster, more efficient cryptocurrency

#60

Post by emiliobumachar »

malloreon wrote: post #16

I have long wondered how cryptocurrency fans would answer the question: ‘Would you be happy if the crypto-utopia you bring up happens in the next 10 years, and all value is stored/transacted through a cryptocurrency, but it was a coin that you do not possess now, nor could you transfer any of you current currencies into it?’ Say tomorrow someone releases the one true coin, but no one notices. All other cryptocurrenci…

Generalizing to be applicable to any utopias: ‘Would you be happy if the utopia you bring up happens in the next 10 years, but you lose some or most of your savings?’
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