FTC's future
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while some may argue pow leads to centralisations, DPos is centralisation by design. Don’t get me started on POS, but in anycase whatever your poison continually changing on the fly scares investors away.
trust is more important then innovation when we are talking money. whether it be miners or traders few people have trust in feathercoin and thats because of the constant changes and no clear path or direction or even stated purpose.
NO, DPOS is not centralization.
Not at all.
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It is!
Or at least it can be.
100 or 101 individuals/miners/… are selected and one of them will be drawn to mine the next PosSblock. I doubt, that the selection of delegates will change often, so it will be always the same group.
Stake holders have no interest to change their vote, once given, so after an initial phase of selections the situation will become more static.
Imaginge, that nobody even selects/votes for a delegate.
Then I think the 101 richest Wallets will gain the right to mine PoS Blocks.
May be I totally misunderstood the principle, but that what I get from the descriptions and discussions
I call that centrailzation.
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Confidence (an opinion) is necessary, not trust (a dependency). The whole point of cryptocoins is ZERO trust.
We’re not innovating here. We are securing the coin. There is no confidence without security.
when it comes to any currency trust is necessary, bitcoin claims to create a trustless system ie no need for trust as the code don’t lie (whereby fiat u need to trust the money printers, gov or some other party etc).
though you could argue bitcoin isn’t trustless, you could accept bitcoin code the way it is today yet it only needs like 5 people to change it (irony that the too big to fail banks needed more peoples approval for the bail out)…but thats all another story.
is feathercoin trustless? changing the code on a whim well you see where I am going with this…
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From what Ive read Feathercoin is to be a “stable” coin.Theres not much stability with a broken blockchain.But were not changing it on a whim, were changing it to accompany a failing market.If you cant trust the blockchain, what can you trust? The forums? The coin itself? The market? Neoscrpyt is a big hit on miners.Even people with R7 are barely pushing 97KH/sec which equates to about 10 FTC/day.The more people that own Feathercoin the better but were not going to get those people unless the money is secure.Nobody wants to invest in a failing economy. So what is Litecoin doing right to still be a $2/coin? Theyre on Scrypt and thier making it. We should be too.
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I tried to mine Neoscrypt I can not afford to mine Neoscrypt myself even with hardware that is fully owned with not that high electricity rates. I feel personally like Neoscrypt was put in then abandoned with little done to improve it. Can we not try to improve Neoscrypt and make it better for graphics cards or take Feathercoin back to Scrypt. - I am not a coder just someone looking in I may be wrong because I do not have the experience yet to know enough on this field.
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Increasing the hashrate from a CPU or a GPU or even a new ASIC won’t really make us any more from mining.
If there are 100 miners all with CPU only and they all get 1khs then that’s 100khs in total and they all get on average 1% of the coins.
Now they all buy a GPU and get 100khs so the total hashrate Is now 10,000khs or 10mhs but each miner still only gets on average 1% of the coins.
Obviously all is not that equal but as long as its fair that everyone who has a R7 or whatever gets 97khs then its the same as we would have under Scrypt even if we all got 10x the hashrate we are no better off.
If you look at a coin like worldcoin who still has scrypt and has a community similar in size to ours isn’t doing any better in regards to price.
I’m not saying a lower hashrate under neoscrypt is more secure its less secure for the blockchain as it would be easier to do a 51% attack with a botnet.
I’ve said this a few times but all these problems are due to the low price. If we can find a way to make people want FTC the price will rise and more miners will come to get the benefits and then the hashrate will rise.
DPoS sounds great but I’m not really sure if it will make any difference to the price at all.
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If DPoS is the answer (which I believe it is) then the algorithm used for mining isn’t important. Mining would be carried out at low difficulty.
The community of coin holders would get to influence who earns the rewards. It could provide an almost decentralised crowd funding, vote for these guys to get a turn mining because they are working on features you want or vote for a delegate to help cover overheads of the services you use.
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make any difference to the price at all.
DPoS could fix the blockchain security, fix the incentives increasing sustainability, stop the race to the bottom and help build a stronger coin for the community through incentivised development. Ultimately we need to prove the technology through adoption, but adoption by anyone but the most geeky needs better services and services need development and development with momentum needs incentives. Vote for the delegates that push us in the right direction. Do you like that project delegate.usefriendlywallet is working on? Vote for him.
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If DPoS is the answer (which I believe it is) then the algorithm used for mining isn’t important. Mining would be carried out at low difficulty.
At the moment there is too many ‘believes’ and arguments around DPoS.
We should try to set up a simulaton or a Sandbox and start to learn how to works, what the sweet spots and what the weak points of it.
A change that big has a lot of risks and needs to be prepared very well
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I’d love to see that happen. There is plenty of info out there on Bitshare’s DPoS, some great videos on YouTube. I’d also encourage you to install the Bitshares client and have a look at the delegates tab.
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shadowhh32 what litecoin is doing right.
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has a purpose, both a stated purpose (which people believe), and a useability purpose (which even if not the makers original purpose works for it for now).
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it doesn’t change core features and core devs aren’t influenced on ltc v USD when making crucial decisions, so it has TRUST (trust from another BIG point even over and above bitcoin especially if cryptos go mainstream).
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Its not getting into the arms race of adding ‘innovative features’ (which those with the actual cash to invest know is all bs), keeping it simple.
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At the moment there is too many ‘believes’ and arguments around DPoS.
We should try to set up a simulaton or a Sandbox and start to learn how to works, what the sweet spots and what the weak points of it.
A change that big has a lot of risks and needs to be prepared very well
and plenty of none believers in the crowd that actually knows how to code, todate there is not one smoothly working alt that using POS let alone Dpos,
sumary POS is dodgy as
also Dpos is just added compication
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shadowhh32 what litecoin is doing right.
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has a purpose, both a stated purpose (which people believe), and a useability purpose (which even if not the makers original purpose works for it for now).
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it doesn’t change core features and core devs aren’t influenced on ltc v USD when making crucial decisions, so it has TRUST (trust from another BIG point even over and above bitcoin especially if cryptos go mainstream).
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Its not getting into the arms race of adding ‘innovative features’ (which those with the actual cash to invest know is all bs), keeping it simple.
Neither Litecoin nor Bitcoin are doing anything right. Litecoin has a historical price based on a lie: Being added to MtGox. Bitcoin has a historical lie behind it also: MtGox prices were fake and Silk Road was its real foundation.
Technology is not an arms race. It’s actually serving needs. The interface is not simple, it’s sparse. The elephant in the room: Bitcoin code is ridiculously non-modular.
Anyways, you want a solution. I am doing it this week. Lizhi is onto something.
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zerodrama you are basing you’re whole argument on cryptos vs USD, thinking along those lines and you are seriously in the wrong game.
forget price give me something of value,
“Anyways, you want a solution. I am doing it this week. Lizhi is onto something.”
What is your solution?
More importantly what is the problem you are solving?
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Stagnation is the problem.
Solution:
1. I am building a method for news to actually be coordinated about cryptocoins.
2. I am working on a modular core for cryptocoins so people can stop debating the difficulty of coding for cryptocoin.
3. Link / Flux is going to get done as my life has gotten less crazy.
4. I am suggesting that a shoutbox be added to the top of the forum cuz this place looks dead.
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zerodrama on this occasion I both agree with what the problem is and your solutions :)
one of the biggest things to help ftc to is previous height (though I’m sure this round you guys want even higher), was articles everywhere to be found about feathercoin, also those oxford videos on ftc users etc where pretty cool.
now seems very little out there on ftc also yeah bit thin on the core supporters in here…improving on thats are good start.
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Oh I agree and that’s certainly an issue that needs resolving. I’m working on the new website with an aim at instilling that vibe once again. It was that which got me into feathercoin. We have dug into the forum and people can’t see in the hole and we all know that needs fixing. (BTW if anyone has any spare time and wishes to help contribute towards the website content, please drop me a PM)
But these are two separate issues both can be worked on in tandem.
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I like the ‘keep it simple’ part :)
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I like the ‘keep it simple’ part :)
There’s nothing simple about 1,116 GH/s + of screaming hot energy sucking devices in rows and rows in air conditioned warehouses all over the world that we need to secure a blockchain. DPoS is simplified, you’ve simplified the mining down to 101 miners (at any one time) and reduce the difficulty whilst securing the blockchain, incentivising develoment, community participation and making the blockchain faster. :)
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Just to clarify my point above where I said, “at any one time”; it doesn’t mean 101 miners all competing PoW style. It’s the top 101 delegates based on the democratic “stake vote” who take turns, so each of the delegated miners gets to mine a block at low difficulty in sequence.
