21–30 of 88 posts
Earlier quoted context omitted.
The fee goes to the miner who happens to find the containing block, yes. But not to the thousands of validating nodes integral to the network. And over time fees are given proportional to hashpower... which doesn't make any kind of sense. The incentives are all messed up.
Hey, I like your assessment ability. Contact me at jkwon.work@gmail.com, I have an idea I want to share with you.
The currency has been hacked.
My first thought was why would one want their currency to be Turing-complete? It's actually a cool concept though. Being able to have your money make decisions opens all kinds of possibilities.
Is there a dedicated forum or mailing list for further discussion?
Text content: http://pastebin.com/NCGRv74u (Saw comments that the site went down and still had it loaded on my machine)
"As a result, we have a cryptocurrency protocol whose codebase is very small, and yet which can do anything that any cryptocurrency will ever be able to do."
I think the clever idea here (IMO) are the fees. An argument against implementing a Turing complete language inside Bitcoin or an Altcoin might be that it's hard to determine when execution should end. The fees allow arbitrarily complex constructs without any hard cap, while preventing abuse.
My first thought was why would one want their currency to be Turing-complete? It's actually a cool concept though. Being able to have your money make decisions opens all kinds of possibilities.
This allows for the implementation of a completely distributed trading platform.
Earlier quoted context omitted.
Hey, I like your assessment ability. Contact me at jkwon.work@gmail.com, I have an idea I want to share with you.
Are you the same guy who called the bitcoin peak perfectly in April on irc?
BTW, also contact me if you want help investing in alt-coins. I'm going to start an alt-coin hedge fund.
Text content: http://pastebin.com/NCGRv74u (Saw comments that the site went down and still had it loaded on my machine)
I'm still trying to understand how the whole system works. It appears to be groundbreaking but I'm not really sure. The last sentence in the document should catch your interest: "As a result, we have a cryptocurrency protocol whose codebase is very small, and yet which can do anything that any cryptocurrency will ever be able to do."
Note that Bitcoin is purposefully not turing complete. http://bitcoin.stackexchange.com/questions/17258/turing-comp...