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A faster, more efficient cryptocurrency

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Re: A faster, more efficient cryptocurrency

#221

Post by SkyMarshal »

>In experiments, Vault reduced the bandwidth for joining its network by 99 percent compared to Bitcoin and 90 percent compared to Ethereum, which is considered one of today’s most efficient cryptocurrencies.

Ethereum is not considered one of today’s most efficient cryptocurrencies, not remotely. One of the most full-featured perhaps, but not efficient. Not even Bitcoin is since the invention of the MimbleWimble protocol, and more recently the even more efficient Coda Protocol. The real efficiency comparison is against those two.

https://grin-tech.org

https://codaprotocol.com

Re: A faster, more efficient cryptocurrency

#222

Post by ryan_j_naughton »

sbenitoj wrote: post #181
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…

Absolutely — I would gladly trade all my gains for a world where governments have no control over the creation and regulation of money.

A predetermined monetary policy would be great when a financial crisis or credit crunch hit, causing a collapse in the velocity of money /s

While I have invested in crypto and believe it has great potential, one of its touted benefits by its supporters is also one of its biggest pitfalls, namely that its money supply is predetermined. The inability to actively manage a money supply given exogenous shocks to the economy is a big problem.

Re: A faster, more efficient cryptocurrency

#223

Post by bhaak »

SideburnsOfDoom wrote: post #134
sametmax wrote: post #82

Earlier quoted context omitted.

How do you think bitcoin started ? You'd had to be crazy to believe in it 9 years ago, and spend time and energy in the community, nlt to lention monney, to foster the project. My family and friends said i was stupid, utopist, being conned, wasting my time, and so lany things. Btc was banana money at first, and only people believing it would be a great thing as a concept made it work. We didn't expect to make banks,…

> My family and friends said i was stupid, utopist, being conned, wasting my time, and so lany things. ... All great things start like that. "But the fact that some geniuses were laughed at does not imply that all who are laughed at are geniuses. They laughed at Columbus, they laughed at Fulton, they laughed at the Wright Brothers. But they also laughed at Bozo the Clown." -- Carl Sagan https://www.brainyquote.com/qu…

But they were right to laugh at Columbus. He was right for the wrong reasons.

Of course, if you don't ever try it, you can never be right for any reasons.

Bitcoin is IMO likely somewhere in between. It kickstarted a new concept in IT but money is a really simple (although powerful) usecase. I'm more interested what will be done with the concept in the future.

Re: A faster, more efficient cryptocurrency

#224

Post by jchanimal »

ses1984 wrote: post #48
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…

The anarchist in me wants to believe that cryptocurrency will diminish the power of the state but I don't actually have enough faith in humanity that we will come up with something better than crypto-oligarchy.

Why the surprise? BTC is a shallow clone of the bad parts of commodity currency. Nothing new, no new values. Just tightening the same old screws another notch.

Re: A faster, more efficient cryptocurrency

#225

Post by justicz »

thesausageking wrote: post #215
EthanHeilman wrote: post #198

Earlier quoted context omitted.

>In addition, if the network were ever to go offline, there isn't a deterministic way to get it back online. I haven't heard anyone say this about Algorand. Can you provide more details? Lets say a bug causes all the Algorand nodes to crash. After a patch is released 90% of the network comes back online. What prevents the selected users from arriving at consensus over the next block?

If the network goes down completely, as it's coming back up, groups of nodes will start adding blocks before all of the other nodes are back online. When connectivity is completely restored, you end up with different parallel chains, each of which thinks it's the main chain. With Bitcoin, there's a simple, deterministic way to decide which chain to trust: the one which has had the most work done it. With Algorand, it…

(I work for Algorand) This is false. The BFT protocol that Algorand uses guarantees that each round may have exactly one block (up to our security assumptions with regard to honest stake); this is one of the protocol’s “safety” guarantees. In the case that a large number of participating nodes crash, the network will refuse to produce a block until a sufficient amount of stake begins participating again. Nodes that fall behind can use the standard catchup protocol — the one that nodes new to the network make use of — to pick up where they left off.

Re: A faster, more efficient cryptocurrency

#226

Post by throwaway415415 »

Ar-Curunir wrote: post #168
naveedi wrote: post #38

Full disclosure: I work on the cryptocurrency in this article, Algorand. There are a lot of questions and speculation here about this paper and Algorand. I would be happy to try an answer them to your satisfaction. Some context may be helpful first, though. This paper is an innovation about one aspect of our technology. Algorand has a very fast consensus mechanism and can add blocks as quickly as the network can deli…

What do you think of the lack of privacy of algorand, compared to something like Zcash or Monero?

Zcash, monero, dash, mimblewimble and quisquis have big challenges. It is not trivial to solve the encrypted coins problem because:

- it is very hard to audit the chain for bugs. If someone finds a bug to create coins through thin air you probably won't notice it.

- regulations by states is made hard. If you are required to pay taxes, and you live in a society, then these things do matter.

If you want cryptocurrencies to work, we need cryptocoins that are not encrypting transactions.

Re: A faster, more efficient cryptocurrency

#227

Post by kakarot »

lostjohnny wrote: post #79
kakarot wrote: post #58

Earlier quoted context omitted.

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 cryptocurr…

> Couldn't get started on what? On owning them. > Anyone can buy in at market value and start using coins for their stored value Not everybody can, that's the point. Almost nobody can, expanding the first point. It's not really a democratic and open process. It involves a lot of prerequisites that are usually not met by the general population. > Look at Venezela's attitude towards Bitcoin. You mean Maduro's? AFAIK Ma…

> Almost nobody can, expanding the first point.

Now expand on this point. What about crypto is preventing people from owning some that isn't also preventing them from owning regular money?

> You mean Maduro's?

It's pedantic to differentiate between a State and its actors when discussing policy like this. I mean Venezuela.

I'm talking the Petro Coin, the raids, everything. The whole policy was a response to fears of increased economic freedom for Venezuela's poorest citizens at a time when the government was trying to offload the pain of its bad economic decisions onto them.

Re: A faster, more efficient cryptocurrency

#228

Post by DSingularity »

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…

Way to hit at the heart of so many issues.

Re: A faster, more efficient cryptocurrency

#229

Post by sparkie »

Synaesthesia wrote: post #32
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…

I want a cryptocurrency which is egalitarian - evenly distributed among people in the world, rather than one in which a few people own the majority and profit hugely.

An early adopter will always have an advantage over somebody who gets on board later. The only way you could prevent this is by actively punishing early adopters. Good luck achieving adoption if you try this.

Re: A faster, more efficient cryptocurrency

#230

Post by DenisM »

neokantian wrote: post #179
DenisM wrote: post #167

Earlier quoted context omitted.

How did we manage to ship anything so far? In practice that hasn't been a problem. Or has it?

That is also what horse-and-cart sellers said when they saw the first car. The lack of digital proof of payment is obviously not felt when you don't have it in the first place. The same for multi-signature contracts. The same for atomic swaps. None of these things are needed if they do not exist in the first place. People did not even need a roof over their heads until they built the first one.

How is a wire/ACH transfer not an immediate proof of payment?
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