About 2 weeks ago, the Peercoin community put together a series of questions for Sunny King about the future of PPC. In an effort to start up conversations surrounding the coin and crypto in general, we’ll post some of Sunny’s responses to the Q&A that was hosted and hopefully develop a great dialog.
Question:
“The main thing I want to see Sunny address in detail is the accusation that proof of stake is setup like central banking, where the rich get richer and the poor get poorer. Certain people have problems with the fact that those who own the most coins will get the most newly minted coins. (Sentinelrv)”
Sunny’s Answer:
"For argument’s sake let’s assume that proof-of-stake minting is free from the risk of
hacked wallet. So the argument boils down to whether holding the currency should deserve some
compensation. It’s a similar debate to whether some interest on money is deserved. From my point of
view I think interest by itself is not the problem, who wants to lend money without interest? As a free
market phenomenon I think interest has some legitimate roots, so it’s very much separate from central
banking, which is an entirely different animal based on statism ideologies.
The proof-of-stake minting provides a service to the ppc network, so why shouldn’t those
who provide the service receive some compensation? The rich and the poor are treated the same here,
both can provide proof-of-stake minting, and rate of income is proportional to their holding. So you can
say that the rich get richer, and the poor also get richer, at the same rate, so long as they both try to
provide the service to the community. Meanwhile, those who transact in the network with high velocity
pay the security cost via low inflation. "
Do you agree or disagree? Either way, we’d like to hear why.
Response on Sunday November 3rd
Question:
“About how many more weeks until PPC v0.4 comes out? What will be the new features? (Alertness)”
Sunny’s Answer:
"Merge with bitcoin v0.8 is more work then I thought. Meanwhile I am evaluating whether
to provide the cold-locked transaction feature in v0.4, as it has become a higher priority item. But v0.4
would get most bitcoin v0.8 features for sure. I think it’s at least still several weeks away. "
What features would you like to see in an upcoming release of Peercoin?
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Response on Sunday November 7th
Question:
Have you looked at Zerocoin? If so, do you see that or something similar as a direction for PPC? (JustaBitofTime)
Sunny’s Answer:
" There are other more cost-effective approach to privacy in my opinion. For example in Bitcoin privacy is compromised mainly through the fact that coins belonging to different keys owned by the same user are often combined in the same transaction when spending. This allows blockchain analysis to easily establish what set of keys are from the same user. In Bitcoin client combining of inputs from different addressed is automatic, however if this is left to the user to decide then privacy can be much stronger. I call this approach ‘avatar mode’, where each key/address is considered an avatar. So the client would not automatically spend coins belonging to different avatars in the same transaction. So you would have a number of avatar addresses to manage. Of course this doesn’t guarantee absolute privacy but could be quite an improvement practically speaking. "
What are your thoughts on Zerocoin and other efforts for anonymous transactions?
Are we supposed to respond to these or are you preparing them to post somewhere else? What is the goal behind this, just getting people thinking or something else?
Getting people talking in the community. It’s an opportunity to share our vision while also soliciting feedback. Through the criticisms, we’ll be able to strengthen peercoinmyths.com.
- Our supporters push us forward
- Our critics help us address the next wave of critics
- All the while, people are bumping posts
Win/Win