Thank you, cool idea and so far it works.
Show HN: Centralized Coin – A Centralized Coin
21–30 of 48 posts
Re: Show HN: Centralized Coin – A Centralized Coin
#22Earlier quoted context omitted.
What's the max precision? Any thoughts on an affiliate program or incentives to onboard more users?
> What's the max precision? 64 bits > Any thoughts on an affiliate program or incentives to onboard more users? The primary incentive to onboard is the compounding. Similar to the investing advice of "Time in the market > Timing the market", "Time in CC > Less time in CC" due to the compound reward.
You might consider offering something for services that adopt your coin and refer new users.
Re: Show HN: Centralized Coin – A Centralized Coin
#23Why make transactions public if you don't need to? If its centralized people won't trust that you're revealing all information anyways.
So you basically just took away user privacy for no good reason?
Re: Show HN: Centralized Coin – A Centralized Coin
#24Why make transactions public if you don't need to? If its centralized people won't trust that you're revealing all information anyways. So you basically just took away user privacy for no good reason?
2 reasons
1) Accountability - I believe users should know when I mint coins. They should also be able to verify that no double spend is possible
2) Extensibility - By having all transactions public, it's much easier to build integrations on top of CC
Re: Show HN: Centralized Coin – A Centralized Coin
#25On a similar fashion (centralized alternatives to crypto ideas), there is Etleneum[0], which is a centralized smart-contract platform built on top of Bitcoin (lightning).
Re: Show HN: Centralized Coin – A Centralized Coin
#26Is there anything to stop users (or a single person with two emails) from sending money to each other over and over again to abuse the "one lucky user" system?
The lucky user is randomly selected from the network. The selection has nothing to do with the users associated with the transaction.
So in other words if you do that, you're actually losing purchasing power due to the transaction fee.
Re: Show HN: Centralized Coin – A Centralized Coin
#27I first thought this was a parody, but apparently this is serious, so here are some serious questions:
- Why should anybody trust you as central authority?
- How is this different from an Ponzi scheme?
- What prevents you from just making up accounts and printing coins for yourself and your friends?
- What happens if your datacenter catches fire?
- What happens if hackers get write access to your database?
- How do you 'encrypt' and email address, do you mean salt and hash?
Re: Show HN: Centralized Coin – A Centralized Coin
#28Why make transactions public if you don't need to? If its centralized people won't trust that you're revealing all information anyways. So you basically just took away user privacy for no good reason?
2 reasons 1) Accountability - I believe users should know when I mint coins. They should also be able to verify that no double spend is possible 2) Extensibility - By having all transactions public, it's much easier to build integrations on top of CC
Accountability - I believe users should know when I mint coins. They should also be able to verify that no double spend is possible
Your structure isn't a blockchain though. Transaction 0 does not indicate where the original coin value came from (there was no "minting" transaction).
So users can't actually verify double spends.
Re: Show HN: Centralized Coin – A Centralized Coin
#29I first thought this was a parody, but apparently this is serious, so here are some serious questions: - Why should anybody trust you as central authority? - How is this different from an Ponzi scheme? - What prevents you from just making up accounts and printing coins for yourself and your friends? - What happens if your datacenter catches fire? - What happens if hackers get write access to your database? - How do y…
> Why should anybody trust you as central authority?
You don't have to.
Regarding reasons to trust me - I build in public (https://twitter.com/TheBuilderJR). All transactions are published on the "central chain". The story of how CC came to be seems reasonable
> How is this different from an Ponzi scheme?
There is no cashing out. All transactions are transparent as opposed to opaque.
> What prevents you from just making up accounts and printing coins for yourself and your friends?
You are trusting me the same way you trust Gmail. It’s a tradeoff between trust and efficiency that I think should exist in between banks and crypto.
However, since all transactions are published + there is no off ramp, I have very little incentive to tank the coin. Also, the more people who use it means more donations for me!
> What happens if your datacenter catches fire?
What happens if GCP's data centers catches fire?
> What happens if hackers get write access to your database?
What happens if GCP's databases get hacked?
> How do you 'encrypt' and email address, do you mean salt and hash?
Poor word choice. Perhaps obfuscation is a better word. I've updated the whitepaper accordingly.
Re: Show HN: Centralized Coin – A Centralized Coin
#30IMO this is kind of the worst of both worlds: - It's centralized: so all the issues that come with that, plus the authority is some random person somewhere, rather than the european central bank or something like that. And people die and individual computers catch on fire and get hacked. - It's a new digital currency: so it's completely useless as of today. I'd consider it way more likely that I'll get hit by a meteo…
Btw centralized doesn’t mean not distributed. And so it doesn’t mean that it’s not highly available/resilient.