That's how Ethereum will be launched, too, and once it's launched thousands of others can do the same on top of Ethereum, without having to reinvent their own "coin" from scratch. Building their own DAO's will also be much easier.
The Bitcoin Model for Crowdfunding
21–30 of 36 posts
Re: The Bitcoin Model for Crowdfunding
#22I've been thinking about this for a while, particularly with bandwidth as the scarce resource. I don't quite grok the connections between the crypto aspect, the stock aspect and the currency aspect. The problem is that (the way Naval treats them) each of the main variables seem arbitrary, but could easily determine whether the economy you create is viable. > Pre-mine or early-mine Appcoins and keep some non-threateni…
It seems to me that bitcoin is the wrong model for this. There are lots of other crypto-currency models that have central control as a feature. These are anathema to the bitcoin sect, but allow all sorts of other neat stuff - offline transactions for example. As they are also centrally controlled they don't require the crazy processor thrashing that is bitcoin mining, either.
Re: The Bitcoin Model for Crowdfunding
#23Earlier quoted context omitted.
There is no such thing as intrinsic values in any currency Fiat, digital or crypto. The value in a crypto-currency is determined by how much the "nodes" trust the network. This trust takes time to build as we are seeing with the various alternative CCs coming out these days and thats just ok. But keep in mind that the currency is only one way to use the technology. You could in theory have an ebook be based on the te…
>> The value in a crypto-currency is determined by how much the "nodes" trust the network. Could someone explain it clearer?
The value, like with anything else, is simply what someone will give you for it. It's psychology. There is no hard calculation you can do to arrive at the 'value' of a bitcoin.
The trust between the nodes and the network may be a factor that informs some people. Some people will use it because they consider it to be free from central control, or anonymous, or because "Hey! Computer Money!", or simply because they have a gut feeling it's the next big thing.
HTH.
Re: The Bitcoin Model for Crowdfunding
#24I've been thinking about this for a while, particularly with bandwidth as the scarce resource. I don't quite grok the connections between the crypto aspect, the stock aspect and the currency aspect. The problem is that (the way Naval treats them) each of the main variables seem arbitrary, but could easily determine whether the economy you create is viable. > Pre-mine or early-mine Appcoins and keep some non-threateni…
It seems to me that bitcoin is the wrong model for this. There are lots of other crypto-currency models that have central control as a feature. These are anathema to the bitcoin sect, but allow all sorts of other neat stuff - offline transactions for example. As they are also centrally controlled they don't require the crazy processor thrashing that is bitcoin mining, either.
> they don't require the crazy processor thrashing that is bitcoin mining, either
How do you verify someone did something worth of getting the coin?
Re: The Bitcoin Model for Crowdfunding
#25Earlier quoted context omitted.
It seems to me that bitcoin is the wrong model for this. There are lots of other crypto-currency models that have central control as a feature. These are anathema to the bitcoin sect, but allow all sorts of other neat stuff - offline transactions for example. As they are also centrally controlled they don't require the crazy processor thrashing that is bitcoin mining, either.
> they don't require the crazy processor thrashing that is bitcoin mining, either How do you verify someone did something worth of getting the coin?
You trust the central authority
Re: The Bitcoin Model for Crowdfunding
#26Earlier quoted context omitted.
> they don't require the crazy processor thrashing that is bitcoin mining, either How do you verify someone did something worth of getting the coin?
You trust the central authority
I get that part. But how would clients mine? Can't they just tell the central server that they did something, when in fact they didn't?
Re: The Bitcoin Model for Crowdfunding
#27If this is used for proprietary business models, that's completely backwards. The future involves recognizing that digital works are NOT scarce, only development time or server bandwidth is. Paying this way for server bandwidth is fine. Otherwise, this is about excluding poorer people from accessing resources, just like the traditional broken proprietary business model. I hope this idea dies quickly. We don't need an…
If digital works are not scarce, where are all the great public domain licensed movies, TV shows, and video games?
Re: The Bitcoin Model for Crowdfunding
#28He mentions FastCoin as a fast-clearing currency. Bitcoin's confirmations are slow for the sake of security. There's a new method that makes it possible to get fast confirmations with good security, but I don't see any indication that FastCoin is using it. For details and a link to the academic paper, see here: https://bitcointalk.org/index.php?topic=359582.0
Ethereum is the only new coin I know of that's planning to use this protocol, though I'm sure there are others.
Re: The Bitcoin Model for Crowdfunding
#29Earlier quoted context omitted.
You trust the central authority
I get that part. But how would clients mine? Can't they just tell the central server that they did something, when in fact they didn't?
>> I get that part. But how would clients mine?
Why would they need to? I'm not sure I really understand why it has to be part of the model in the first place? The company in question (as central authority) could give out coin any way it saw fit.
Is it because you need their buy-in or the currency won't work? Why would that be? Miners make up a smaller and smaller proportion of BTC users all the time so. They may be needed to bootstrap a crypto currency as we understand it in the case of BTC, but it doesn't seem to be necessary that they make up a large proportion of the continuing userbase. In BTC they're also important because they secure the network, but a centrally issued crypto-currency doesn't have that problem.
Re: The Bitcoin Model for Crowdfunding
#30He mentions FastCoin as a fast-clearing currency. Bitcoin's confirmations are slow for the sake of security. There's a new method that makes it possible to get fast confirmations with good security, but I don't see any indication that FastCoin is using it. For details and a link to the academic paper, see here: https://bitcointalk.org/index.php?topic=359582.0 Ethereum is the only new coin I know of that's planning to…
Bitcoin's confirmations are slow because it takes several new blocks to be generated before a transactions is considered really confirmed. A block takes about 10 minutes.
If you speed up the block time, you speed up the confirmation time, no?