[CLOSED] Sunny King Interview #2 Scheduled 90 min starting 9:30pm UTC Oct 24

If there are any questions that you feel need to be asked next (see list below), please let me know here. I’ll send Sunny the next batch of questions on Sunday night and see if we can schedule the next interview on Tuesday.

http://www.ppcointalk.org/index.php?topic=611.0

John

Here’s the 10 questions I picked out for the next interview. If you would like to add/remove certain questions, as a community, you need to tell me. I’ll submit the final questions to Sunny at 11:00pm UTC Sunday October 20th.

  1. Is its design more for long-term security and sustainability? (Coolbeans94)

  2. If tx fees will continue to be fixed at 0.01, which solutions do you imagine for micropayments? (D5000)

  3. Can you tell us more about ‘sendtoaddressfrom’ and Avatar mode? (JustaBitofTime)

  4. Could you please explain exactly how the level of PoW and PoS difficulty is calculated? (Alertness)

  5. Do you plan to release another currency? (Muto)

  6. What are your thoughts about F@H? Do you see a place for it in crypto coins? (JustaBitofTime)

  7. How much longer do you think it will be before PPC v0.5 comes out and we have the user-enabled checkpoint system? (Alertness)

  8. What mechanism prevents PPC to collapse in a worst-case-scenario, e.g. a year-long strong bear market with steadily dropping hashrate, increasing mining rewards and higher inflation? (D5000)

  9. Could we migrate/copy all the features of BTC to PPC in the long run? like colored coin/mastercoin stuff? (Redlee)

  10. Who are your business and personal heroes? (MeBeingAwesome)

90 minute interview confirmed, we will have exactly what we need to start the aggressive push.

On the question I raised “20. Could we migrate/copy all the features of BTC to PPC in the long run? like colored coin/mastercoin stuff? (Redlee)”
I think it has already been answered by J.R Willet himself (developer of Mastercoin) in the following link:

https://bitcointalk.org/index.php?topic=265488.msg3356836#msg3356836

Proof of stake is very interesting to me. If we see a POS system take off, we might set up a parallel MSC on top of it someday, just to cover all our bases. Note that if we do something like that on ANY alt chain I’d want to look for a way to seed it by giving current MasterCoin holders the new coins, rather than starting with a new fundraiser.”

However, I do want to listen to Sunny’s insight regarding P2P exchange.

When will the development team release the official ppcoin specification?

If you are looking for the white paper: http://www.ppcoin.org/static/ppcoin-paper.pdf

If you are looking for the white paper: http://www.ppcoin.org/static/ppcoin-paper.pdf[/quote]

We got the paper last year, but we need a protocol specification detail similar to https://en.bitcoin.it/wiki/Protocol_specification , especially for POS and the integration of POW with POS. The specification is important to developers and the general users who are interested in ppcoin.

I saw this question posted in another place, and thought it would be a good question to ask Sunny:

Is PPCoin less anonymous than PoW coin? If you solo mine your own coin on POW and use it, it’s untraceable. I wonder if coin mined with POS contains the origin of the stake mining it, thereby can be traced. (romerun)

I have added a calander to the site… i would like to see if we can post on it this event, i’ll see if i can do this now

FuzzyBear

edit: Ok i can create an event on that day, but would need to start a new thread to link it to a thread in the forum, so next time start an event, select the board you want to post in, then you post an event on a day and get to write the thread underneath at the same time.

“If you solo mine your own coin on POW and use it, it’s untraceable. I wonder if coin mined with POS contains the origin of the stake mining it, thereby can be traced.” - Romerun

"1. Bitcoin Transaction Fees

As the cost of payment processing with Bitcoin is so much lower, and has less risk, than accepting payment by credit card online. If the transaction fees had to rise to support miners in continuing to providing the hashing power to the Bitcoin network, then wouldn’t companies such as Amazon just run mining farms to process transactions then allowing them (and potentially others) to offer free or very low cost transaction fees on Bitcoin payments.

This would be beneficial to Amazon provided the cost of running the mining farm was outweighed by their payment processing costs (I’m going to guess these are around 1 - 1.5% of their $61 billion turnover so could be in the range of $61 million per year which would run a lot miners).

  1. 51% Attack

51% attack on the blockchain - With the rise of ASIC miners and the Bitcoin network passing 2 PH/s it would now be very capital intensive to mount a prolonged 51% on the blockchain.

This also brings the question of why would someone attempt it as the benefits of controlling 51% of the blockchain are probably outweighed by the costs of acquiring the hardware to mount it.

It is conceivable that Governments could mount such an attack - China, Russia and the USA are probably the only ones with the means to do it. China and Russia would like to see an end to the dollar domination so not in their interest to do it… The USA could do it, but if it was ever traced back to the USA/Fed then it would be a disaster for them internationally.

  1. Power Consumption

What would be useful, and I’ll see if I can find some figures, is to compare the power consumption of the Bitcoin network with future predictions with the Peercoin network on PoW/PoS and then also the current payment services providers network (for example, the power of the DCs that Visa/Mastercard/Amex run to process transactions)." Nox-

Questions Sent.

Is it too late to submit questions?
I got 3 more:

  1. What are the development priorities/future features of PPC/XMP in Sunny’s mind?
    online wallet? ppc-blockchain.info? etc.

  2. What is the ratio of PoW blocks versus PoS blocks?
    http://www.peercointalk.org/index.php?topic=504.0

  3. What happen to Scott? We need more developers to help Sunny?
    http://www.peercointalk.org/index.php?topic=278.0
    I am so happy to see PPC activists are marketing and promoting enthusiastically, which is a great relief for Sunny. However to survive and expand the market share, we need more talents to speed up the development.

[quote=“redlee, post:13, topic:468”]Is it too late to submit questions?
I got 3 more:

  1. What are the development priorities/future features of PPC/XMP in Sunny’s mind?
    online wallet? ppc-blockchain.info? etc.

  2. What is the ratio of PoW blocks versus PoS blocks?
    http://www.peercointalk.org/index.php?topic=504.0

  3. What happen to Scott? We need more developers to help Sunny?
    http://www.peercointalk.org/index.php?topic=278.0
    I am so happy to see PPC activists are marketing and promoting enthusiastically, which is a great relief for Sunny. However to survive and expand the market share, we need more talents to speed up the development.[/quote]

I’ll get these in there for you as well.

I think question #43 is very important. I’ll post a more detailed version of the question below to replace it with if you wish to. I was reading a discussion about it in this thread…

http://www.peercointalk.org/index.php?topic=498.0

“If the tax fees are to remain fixed at 0.01 and Peercoin becomes widely adopted, (Thus a sharp rise in value) the fees could become too much for microtransactions. What would happen in this case? What solutions do you imagine to get around the microtransaction issue?”

[quote=“Sentinelrv, post:15, topic:468”]I think question #43 is very important. I’ll post a more detailed version of the question below to replace it with if you wish to. I was reading a discussion about it in this thread…

http://www.peercointalk.org/index.php?topic=498.0

“If the tax fees are to remain fixed at 0.01 and Peercoin becomes widely adopted, (Thus a sharp rise in value) the fees could become too much for microtransactions. What would happen in this case? What solutions do you imagine to get around the microtransaction issue?”[/quote]

Will ask the expanded question, thank you.

3. What happen to Scott? We need more developers to help Sunny? http://www.peercointalk.org/index.php?topic=278.0 I am so happy to see PPC activists are marketing and promoting enthusiastically, which is a great relief for Sunny. However to survive and expand the market share, we need more talents to speed up the development.

Last interview sunny say if he somehow disappears Scott will fill in. But up till now we don’t really know who he is, or how much commitment of him to the project / etc. There could be the issue of impostor too, so it would be benefit to the community to clear this up. And wouldn’t it be better to have a few more key devs to PPC.

[quote=“JustaBitofTime, post:16, topic:468”][quote=“Sentinelrv, post:15, topic:468”]I think question #43 is very important. I’ll post a more detailed version of the question below to replace it with if you wish to. I was reading a discussion about it in this thread…

http://www.peercointalk.org/index.php?topic=498.0

“If the tax fees are to remain fixed at 0.01 and Peercoin becomes widely adopted, (Thus a sharp rise in value) the fees could become too much for microtransactions. What would happen in this case? What solutions do you imagine to get around the microtransaction issue?”[/quote]

Will ask the expanded question, thank you.[/quote]

Yes, I also think this question is better asked this extended way. It would be interesting if there are non-centralized solutions for this issue.

How do the Peercoin protocol motivate POS miners to stay connected to the network 24/7? From my understanding you can just connect to the network a short period each month and collect your 1 %. Is this correct?

Not quite. You won’t generate stake all at once or even in a particular order. I’ve been connected since the beginning of October and I’ve minted as follows:

4th - Once
5th - Twice
6th - Once
10th - Twice
11th - Once
12th - Once
17th - Once
20th, 21st, 22nd, 23rd, and 24th - Once.

It’s by no means a once a month thing. In fact it’s neat, you feel like you are getting rewarded consistently. It’s also proof of the energy effiency already as my computer was simply on and would have been on anyways, no ASIC or GPU taking up electricity. :slight_smile: