Gridcoin: An open-source cryptocurrency that rewards volunteer computing • Hacker News Board

Re: Gridcoin: An open-source cryptocurrency that rewards volunteer computing

#141

Post by noxer » Fri, Feb 26, 2021, 7:44 AM UTC

roboticmind wrote: post #131

noxer wrote: post #115

Earlier quoted context omitted.

Maybe I should have said a "unique use case" and also one that out-competes other similar systems. Buying stuff with the coin may be an use case but this coin is in no way better than the thousands others for doing just that. Its very much end of the line for acceptance and thus this use case is not really valid.

Ah that makes more sense I see using it a currency backed by scientific work is already something that makes using it unique and can make people interested in accepting it and use it. I see that you don't view it the same way, but that's okay too As well, here's one thing that may or may not usecase per se, but it is something a that's different from most cryptos in use of the coin itself. It's nice feature that only…

>backed by scientific work

Sorry to rain on your parade but this is utter nonsense. Its not backed by anything. Words have meanings and you cant just use an existing word to describe some different imaginary concept. There is no such thing as baking "money" with past work. The benefit of past work is already "used", it can not somehow hold value for the rest of time. If you calculate the larges know prime number that number does in no way have or hold the value of work you put in to get it. the number is in fact worthless once it is known.

>sidestakes I'm impressed what kind of nonsense people come up with and can somehow present as something valuable. Sounds like the self fueling money printer system named gridcoin has a builtin function to donate fractions of the printed money to different addresses. literally donation by inflation - should be called stimulus lol.

Re: Gridcoin: An open-source cryptocurrency that rewards volunteer computing

#142

Post by noxer » Fri, Feb 26, 2021, 8:00 AM UTC

roboticmind wrote: post #130

noxer wrote: post #126

Earlier quoted context omitted.

Let em guess, the work was paid with gridcoins.

Originally the main developers didn't request any compensation for this, but yes they will be compensated in Gridcoin. The reason for this is partly that Gridcoin is really community run and doesn't have much USD or other fiat just lying around, but with the history of the foundation address (not an organization), there's a fair amount of Gridcoin that can be spent on it and other tasks

let me rephrase:

"Originally it wasn't mean to be paid by printing "money" but then they did exactly that because somehow they hand no fiat lying around."

Its useless development paid by useless coins for the sake of making the useless coins spendable to pay for the useless development. A self-feeding nonsense system that happens to produce software that no one would actually want to pay for.

The whole system is only prevented from collapsing by the fact that some people hold on to the coins in hope of future profit and some may even buy them for that reason.

Re: Gridcoin: An open-source cryptocurrency that rewards volunteer computing

#143

Post by noxer » Fri, Feb 26, 2021, 8:05 AM UTC

webinvest wrote: post #129

noxer wrote: post #125

Earlier quoted context omitted.

So its just another "better" bitcoin. But bitcoin is already useless. And we already have FBA coins instead of PoW/PoS which are way more efficient. It remove the external "useful" work completely.

Such as?

FBA coin? XRP and XLM are the oldest and most well known. But there are probably dozens more by now.

Re: Gridcoin: An open-source cryptocurrency that rewards volunteer computing

#144

Post by roboticmind » Sun, Feb 28, 2021, 10:47 PM UTC

noxer wrote: post #141

roboticmind wrote: post #131

Earlier quoted context omitted.

Ah that makes more sense I see using it a currency backed by scientific work is already something that makes using it unique and can make people interested in accepting it and use it. I see that you don't view it the same way, but that's okay too As well, here's one thing that may or may not usecase per se, but it is something a that's different from most cryptos in use of the coin itself. It's nice feature that only…

>backed by scientific work Sorry to rain on your parade but this is utter nonsense. Its not backed by anything. Words have meanings and you cant just use an existing word to describe some different imaginary concept. There is no such thing as baking "money" with past work. The benefit of past work is already "used", it can not somehow hold value for the rest of time. If you calculate the larges know prime number that…

Maybe backed was a bad word to use. I more just meant that it's creation is linked with scientific work having been done. That it has a value linked to helping science - not a direct one to one thing you can exchange for helping science. More so that accepting it means that you know that part of it came from helping science

> If you calculate the larges know prime number that number does in no way have or hold the value of work you put in to get it. the number is in fact worthless once it is known.

None of the projects on Gridcoin are currently for finding Prime numbers. There was one in the past, but it was removed from the whitelist per the admin's request. I also disagree with the notion prime numbers they are worthless once they are known, but I'm not going to go into that because it's not relevant here

With Gridcoin the work is meaningful after it has been done. Take for instance the biomedical research done by a bunch of projects. The proteins and the drugs they help lead to have massive impacts to a lot of people. Now it isn't something you can exchange back and forth through time obviously, but its result is something you can still see is meaningful

> literally donation by inflation

I didn't say it wasn't from inflation, but it's opposed to many making no donations at all and there still being the same amount of inflation. It's used a lot because it's convenient to setup and it doesn't result in any extra transaction fees or the like. The alternative in other coins is that people just don't end up sending anything more and just take all of the newly minted coins

> should be called stimulus lol

:/

not going to go into this

I think continuing this conversation is not going to really result in much. I'm not sure what exactly you are looking for that you see in other cryptocurrencies. I think this is going keep going in circles.

Re: Gridcoin: An open-source cryptocurrency that rewards volunteer computing

#145

Post by noxer » Sun, Feb 28, 2021, 11:55 PM UTC

roboticmind wrote: post #144

noxer wrote: post #141

Earlier quoted context omitted.

>backed by scientific work Sorry to rain on your parade but this is utter nonsense. Its not backed by anything. Words have meanings and you cant just use an existing word to describe some different imaginary concept. There is no such thing as baking "money" with past work. The benefit of past work is already "used", it can not somehow hold value for the rest of time. If you calculate the larges know prime number that…

Maybe backed was a bad word to use. I more just meant that it's creation is linked with scientific work having been done. That it has a value linked to helping science - not a direct one to one thing you can exchange for helping science. More so that accepting it means that you know that part of it came from helping science > If you calculate the larges know prime number that number does in no way have or hold the va…

The prime number thing was an example not related to this coin.

The stimulus thing was just a joke.

I'm not looking for anything that "I see in other cryptocurrencies". I was just looking for a reason why this coins should be used by anyone. The other 9k coins are irrelevant.

Re: Gridcoin: An open-source cryptocurrency that rewards volunteer computing

#146

Post by roboticmind » Tue, Mar 02, 2021, 4:00 PM UTC

noxer wrote: post #142

roboticmind wrote: post #130

Earlier quoted context omitted.

Originally the main developers didn't request any compensation for this, but yes they will be compensated in Gridcoin. The reason for this is partly that Gridcoin is really community run and doesn't have much USD or other fiat just lying around, but with the history of the foundation address (not an organization), there's a fair amount of Gridcoin that can be spent on it and other tasks

let me rephrase: "Originally it wasn't mean to be paid by printing "money" but then they did exactly that because somehow they hand no fiat lying around." Its useless development paid by useless coins for the sake of making the useless coins spendable to pay for the useless development. A self-feeding nonsense system that happens to produce software that no one would actually want to pay for. The whole system is only…

I just want to note that I meant originally for the 5.0.0 work the developers didn't request compensation, and so it hasn't been sent just yet since it the request was recent. It has nothing to do with being paid in Gridcoin or not.

> Its useless development paid by useless coins for the sake of making the useless coins spendable to pay for the useless development. A self-feeding nonsense system that happens to produce software that no one would actually want to pay for.

It's community run. There isn't really a "they" deciding anything or paying for things. It's not paid for so much as compensated. Some people have done work on it without requesting any compensation. I think you think there is a more formal system in place here than there is. The only reason there is a bunch of Gridcoin lying around in that foundation address for this is because of the transition from Gridcoin-Classic to modern Gridcoin [1] which arguably probably shouldn't have been done the way it was, but it's too late for anyone to reverse that decision from 2014.

As with the other thread, I don't think continuing this thread will be lead to very much either.

Lastly, I just want to note that for me, the reason that some of this doesn't matter as much to me personally (not that it doesn't matter at all) is because I view Gridcoin more as an addition to the science. If Gridcoin collapsed and went to zero, I still would have done something useful with my machines and helped science. I can't say that about many other coins.

[1] https://gridcoin.us/wiki/gridcoin-classic