Chris Odom Decentralisation
Chris Odom declaring altcoins obsolete?
Must have something to do with who is paying him… Little bit unsettling though.
[quote=“Cybnate, post:102, topic:2002”]Chris Odom declaring altcoins obsolete?
Must have something to do with who is paying him… Little bit unsettling though.[/quote]
I’m not sure if this applies to Peercoin…
The man also known by his online alias FellowTraveler claimed, “[Developers] are creating additional functionality and they’re using these appcoins to fund development, but the actual additional functionality that they’re creating would be perfectly viable without the appcoin itself.”Odom went on to state, “Whenever you make a system that uses an appcoin, there’s going to be some comparable system in the near future that doesn’t have an appcoin that has the same functionality.”
They seem to be talking about the many people that are launching coins with some slight improvement, such as anonymity improvements, etc… Peercoin and Proof-of-Stake directly challenge the entire system that Bitcoin runs on. It’s not just a mere improvement. It’s a total overhaul of the system itself. Open Transactions may be able to provide a lot of the same features that developers are trying to build into altcoins, but they can’t fix Bitcoin’s fundamental problems. Bitcoin may reign for a long time, but it’s not designed to last forever, especially if the majority of transactions end up taking place within OT, which would cancel out the fees that miners rely on.
I’d really like to hear lclc’s opinion on this.
I don’t know about Chris position on POS / Peercoin, but I think when he talks about Altcoins, he means Dogecoin, Litecoin and other coins that are actually just Bitcoin clones and add nearly no extra functionality.
I agree with what Sentinelrv wrote here (and in the reddit thread), POS is a very interesting fit with OT.
In the end the market will decide what is the best solution (yay :)). Like I said before, from a companies perspective it’s best to go with Bitcoin first, even though that might not be the best technical solution long-term.
A new interview with people from Monetas can be found here:
http://letstalkbitcoin.com/blog/post/beyond-bitcoin-16-the-future-is-not-mad-max
Even if you already know about OT, it’s worth listening to this podcast.
I’m very happen to see that the Peercoin community has picked up on OT. If anyone missed it, there is an ongoing port of btcd to Peercoin ( http://www.peercointalk.org/index.php?topic=3145.0 ) which is a major step towards a full marriage between Peercoin and OT.
I think the future of Peercoin is incredibly bright.
I think the future of Peercoin is incredibly bright.Why is it so? is it because of Nubits or OT? That is intriguing and interesting, so I would love if you could elaborate. I have just listened to http://letstalkbitcoin.com/blog/post/beyond-bitcoin-16-the-future-is-not-mad-max , but I did not give many clues as for hosting any cryptos
I think the marriage between Peercoin and OT is important to allow better utility of Peercoins as a currency.
However, the volatility issue also needs to be solved if Peercoin want to be a currency. This might be possible with sidechains or OT but both solutions are a while away at best in my opinion. That is where NuBits can support Peercoin in becoming a stable currency for those who want to use it like that. NuBits can be used as a hedge for holding peercoins, the more seamless you can make that for the end user the better peercoin can serve as a currency. See also my thread on NuBits vision linked here: http://www.peercointalk.org/index.php?topic=3473.0 But again, it can also still be held as an asset.
I think OT, sidechains, NuBits all have a role to play in the Peercoin story. Some overlap in time and some are overlapping technologies or applications, but they are all relatively immature. So it is best to bet on a few horses going forward which also have the potential to strengthen the coin as a whole. OT is certainly one of those in my opinion, and peercoin would be even stronger with sidechain technology and NuBits’ volatility solution.
So I do see a bright future for a versatile, improved (over Bitcoin) and proven blockchain as Peercoin.
I will read your NuNet vision - thanks for your pointer.
But at the moment, I believe peercoin as well as bitcoin are not designed to be currencies, whatever auxiliary network they may use.
They are little pieces of Commodity, called Peercoin and Bitcoin.
“In economics, a commodity is a marketable item produced to satisfy wants or needs.[1] Economic commodities comprise goods and services.[2]
The exact definition of the term commodity is specifically used to describe a class of goods for which there is demand, but which is supplied without qualitative differentiation across a market.[3] A commodity has full or partial fungibility; that is, the market treats its instances as equivalent or nearly so with no regard to who produced them. As the saying goes, “From the taste of wheat it is not possible to tell who produced it, a Russian serf, a French peasant or an English capitalist.”[4] Petroleum and copper are other examples of such commodities,[5] their supply and demand being a part of one universal market. Items such as stereo systems, on the other hand, have many aspects of product differentiation, such as the brand, the user interface and the perceived quality. The demand for one type of stereo may be much larger than demand for another.
In contrast, one of the characteristics of a commodity good is that its price is determined as a function of its market as a whole. Well-established physical commodities have actively traded spot and derivative markets. Generally, these are basic resources and agricultural products such as iron ore, crude oil, coal, salt, sugar, tea, coffee beans, soybeans, aluminum, copper, rice, wheat, gold, silver, palladium, and platinum. Soft commodities are goods that are grown, while hard commodities are ones that are extracted through mining.”
Commodity - Wikipedia, the free encyclopedia
Another (amazing) presentation about Open Transactions.
I’m convinced that this is _T_he future of finance.
https://letstalkbitcoin.com/blog/post/lets-talk-bitcoin-183-beyond-the-blockchain-with-open-transactions
As Open Transaction limits the number of trades performed on the blockchain, the fee associated with transactions will have to go up, further eroding the idea of Proof-Of-Work based coins.
If just to put this into context and to make it ultra clear why decentralized trust is where we’re heading, listen to the history of our current system:
[quote=“pillow, post:109, topic:2002”]Another (amazing) presentation about Open Transactions.
I’m convinced that this is _T_he future of finance.
https://letstalkbitcoin.com/blog/post/lets-talk-bitcoin-183-beyond-the-blockchain-with-open-transactions
As Open Transaction limits the number of trades performed on the blockchain, the fee associated with transactions will have to go up, further eroding the idea of Proof-Of-Work based coins.
If just to put this into context and to make it ultra clear why decentralized trust is where we’re heading, listen to the history of our current system:
http://www.peakprosperity.com/podcast/91631/nomi-prins-sinister-evolution-our-modern-banking-system[/quote]
[quote=“pillow, post:109, topic:2002”]Another (amazing) presentation about Open Transactions.
I’m convinced that this is _T_he future of finance.
https://letstalkbitcoin.com/blog/post/lets-talk-bitcoin-183-beyond-the-blockchain-with-open-transactions[/quote]
Just listened to the show - Interesting but dont get your point.
Can you elaborate why it is the future of tx and how it can benefit peercoin or peercoin can help OT?
[quote=“crypto_coiner, post:111, topic:2002”]Just listened to the show - Interesting but dont get your point.
Can you elaborate why it is the future of tx and how it can benefit peercoin or peercoin can help OT?[/quote]
Peercoin has received some criticism for its high fee, relative to low amount payments. Say you buy a chewing gum and then have to pay 0.1 ppc, then people won’t use peercoins to do that. This is good because this would be bloating the blockchain. But then again, perhaps people instead would favor a competitor.
I think one way of dealings with this is to create micro payment channels. Another way, would be to use Open Transactions (OT), because then you could wrap peercoins in things like ricardian contracts, which eradicates the need of a blockchain. The peercoins would just go into a contract controlled by a voting pool and then ownership could be transferred with very low latency and at a very low fee.
I could go on about this (ask me if you want to hear more), but basically put Peercoin and OT is a match made in heaven.
OT creates very low latency tx, at very low cost. But you can’t trust that the issuer of assets on OT has the thing they (if its a group)/he/she/it says it has (example: hello, buy my gold, I promise I got it, just buy this GoldCoin and you can redeem it when every you want, just trust me). But by using voting pools, there do not need to be a derivative or someone issuing the coin. It would be the actual peercoins being transferred, but all transactions would be off-chain. In this way Crypto currencies hardens OT against abuse, removing even more trust from the system.
The other link was about how banking have ones contributed a valuable function, which over time have been perverted by the lack of negative feedback loops. Some people argue that we’ve reached “peak debt” or “end of the big credit cycle”, which means that all of the debt created will implode, taking the economy with it to the grave and along with that, peoples trust in the system.
Previously when peoples faith in the monetary system have failed, they have reverted back to older forms of doing it. Precious metals, bartering and stuff like that. Doing money like that is inefficient and the world, as we know it, needs money to be portable, we need low latency channels etc. But if people can’t trust “legacy banking” then what can we trust? Bitcoin? No, because Bitcoin alone won’t be able to take care of all of these needs. Again, we need low latency networks transferring not only money, but also financial contracts and market places for these.
OT does all of the above. Using it one could create decentralized exchanges, where money and contracts change hands. The instruments can even jump from networks to networks, which means that OT would be totally compatible with mesh networks!
Legacy internet, is decentralized but mesh networks are distributed. As government crack down, regulate and restrict use of internet (the latest such news coming out of China where you have to register when you buy certain types of electronics) people will turn to mesh networking.
The future I foresee is a world where people print their own communication devices on 3D printers, connect with each others on mesh networks and transact using OT (and OT like) technologies, which are perfect for low bandwidth (no blockchain), high speed (no confirmations required) financial data transfer. There will probably be several competing crypto currencies and these will be the kind of money people, that doesn’t trust the old state, will prefer to use.
EDIT: This is why I’ve talked about how great it would be if OT had support for peercoins, why I think we should reach out to the 3D printing grass root communities and so forth and so on.
The only thing “missing” in this new kind of financial system is a debt market. It is possible that this issue could at least partly be solved by crowd founding and stuff similar to that.
If all of this come to be, legacy banking will be reduced to an old horror story that people with green eyes, living on satellites orbiting Mars, tell their kids. They will also have these strange facial feature, reminiscent of a guy who fled Earth just before terminators took over.
txs for your elaboration
Peercoin still on track for OT integration?
Hi everybody,
Sadly ppcd project aiming to port Conformal btcd tool to Peercoin and thus allowing easy OT integration is seriously lacking community support.
Though project is not dead yet, any help or support will be greatly appreciated.
[quote=“mably, post:115, topic:2002”]Hi everybody,
Sadly ppcd project aiming to port Conformal btcd tool to Peercoin and thus allowing easy OT integration is seriously lacking community support.
Though project is not dead yet, any help or support will be greatly appreciated.[/quote]
What kind of support is needed? Development, testing, donations?
EDIT: Anyone knows if NuBits is interested in this? Using a USD pegged coin in Open Transaction contracts, would seem like the perfect use-case.
[quote=“pillow, post:116, topic:2002”][quote=“mably, post:115, topic:2002”]Sadly ppcd project aiming to port Conformal btcd tool to Peercoin and thus allowing easy OT integration is seriously lacking community support.
Though project is not dead yet, any help or support will be greatly appreciated.[/quote]
What kind of support is needed? Development, testing, donations?[/quote]
Mostly development at the current stage, donations are always welcomed though.
[quote=“mably, post:117, topic:2002”][quote=“pillow, post:116, topic:2002”][quote=“mably, post:115, topic:2002”]Sadly ppcd project aiming to port Conformal btcd tool to Peercoin and thus allowing easy OT integration is seriously lacking community support.
Though project is not dead yet, any help or support will be greatly appreciated.[/quote]
What kind of support is needed? Development, testing, donations?[/quote]
Mostly development at the current stage, donations are always welcomed though.[/quote]
Can’t help with development coding skills are too rusty, but can do moral support 
Small donation from my side to encourage you and others to keep on working on this. Hope it is enough to keep at least the lights on in this project for a bit longer!
[quote=“Cybnate, post:118, topic:2002”][quote=“mably, post:117, topic:2002”][quote=“pillow, post:116, topic:2002”][quote=“mably, post:115, topic:2002”]Sadly ppcd project aiming to port Conformal btcd tool to Peercoin and thus allowing easy OT integration is seriously lacking community support.
Though project is not dead yet, any help or support will be greatly appreciated.[/quote]
What kind of support is needed? Development, testing, donations?[/quote]
Mostly development at the current stage, donations are always welcomed though.[/quote]
Can’t help with development coding skills are too rusty, but can do moral support Small donation from my side to encourage you and others to keep on working on this. Hope it is enough to keep at least the lights on in this project for a bit longer![/quote]
Thanx Cybnate, I would even say that moral support can be in some case more important than donations, it helps you keep faith in what you do
This thread is a little old maybe but Mably have been doing work on Open Transactions and he suggested I shared this link in a Open Transaction related thread http://stashcrypto.com
It sounds cool. On the site it says that you can even make some money by becoming a node. Could Peercoin perhaps also be used in the network thanks to Mably?