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The Bitcoin Model for Crowdfunding

startupboy.com

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Re: The Bitcoin Model for Crowdfunding

#31

Post by maxerickson »

Nursie wrote: post #30
DennisP wrote: post #28

He 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?

The value of the confirmations roughly corresponds with the amount of computation wasted on them.

(or whatever word you want to swap in for wasted; it's the difficulty of matching the computation that is interesting, not the number of blocks)

Re: The Bitcoin Model for Crowdfunding

#32

Post by Nursie »

maxerickson wrote: post #31
Nursie wrote: post #30

Earlier quoted context omitted.

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?

The value of the confirmations roughly corresponds with the amount of computation wasted on them. (or whatever word you want to swap in for wasted; it's the difficulty of matching the computation that is interesting, not the number of blocks)

Ah, fair enough. I had assumed it was to do with having a few block set in stone and propagated around the network, but it sounds like its more entwined with the 51% question and that sort of stuff...

Re: The Bitcoin Model for Crowdfunding

#33

Post by maxerickson »

Nursie wrote: post #32
maxerickson wrote: post #31

Earlier quoted context omitted.

The value of the confirmations roughly corresponds with the amount of computation wasted on them. (or whatever word you want to swap in for wasted; it's the difficulty of matching the computation that is interesting, not the number of blocks)

Ah, fair enough. I had assumed it was to do with having a few block set in stone and propagated around the network, but it sounds like its more entwined with the 51% question and that sort of stuff...

I think it's one reason we won't really see a huge proliferation of alt coins (even here you regularly have dreamers posting 'there should be cryptocoin for that').

Re: The Bitcoin Model for Crowdfunding

#34

Post by DennisP »

Nursie wrote: post #32
maxerickson wrote: post #31

Earlier quoted context omitted.

The value of the confirmations roughly corresponds with the amount of computation wasted on them. (or whatever word you want to swap in for wasted; it's the difficulty of matching the computation that is interesting, not the number of blocks)

Ah, fair enough. I had assumed it was to do with having a few block set in stone and propagated around the network, but it sounds like its more entwined with the 51% question and that sort of stuff...

Max is correct, but the new idea is basically to incorporate all the computation that goes into side branches that end up abandoned, so you get equivalent security in a much shorter time.

Re: The Bitcoin Model for Crowdfunding

#35

Post by torbjorn »

panabee wrote: post #20
compare wrote: post #4

Exactly what I've been thinking over the past week as I've watched some cause-themed coins start to take off. Most people try to squeeze their mental model of what cryptocoins are into something like a currency, but there are really interesting equity / p2p database aspects too.

would you mind elaborating?

this addresses the p2p database aspect http://expectedpayoff.com/blog/2013/03/22/bitcoin-and-the-by...

Re: The Bitcoin Model for Crowdfunding

#36

Post by quadrangle »

rayiner wrote: post #27
quadrangle wrote: post #17

If 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?

It's copies that aren't scarce.
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