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Peter Todd: The Ethereum DAO Bailout Needs A Coin Vote

Sounds like one of the biggest fans of our "snake oil" is advocating something strikingly similar to our DGBB for The DAO:

https://petertodd.org/2016/ethereum-dao-bailout-vote

He is indirectly validating our direction while publicly mocking us. Good times. Thanks, Peter! :p

What is "snake oil", the DGBB? I know the DAO is that ETH thingy but this whole post makes my head hurt!


:confused:
edit:
I though ETH was dying?/
 
No problem. Peter Todd referred to Dash as "snake oil" and it's community as a "cargo cult".

https://m.reddit.com/r/CryptoCurrency/comments/3dpmah/peter_todd_calls_dash_snake_oil/

DGBB: Decentralized Governance by Blockchain, the official title of the budget system.

Thanks for that information! I am less confused now!

Why is it called something so wretched? DGBB? Why not something more easier to understand?

And I never really liked the peter guy anyways, I think I saw hi once on RT or something though...

:rolleyes:
 
Are there any bitcoin devs that are openly 'disloyal'? But that comment does seem petty - I wouldn't have expected it from him... btw I met him briefly at Anarchapulco 2015 - somehow we didn't get onto alt-coins... ;)

But who does he think we're aping to no effect? I wonder if he'd be willing to get into that on a Dash - Digital Cash interview...
 
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Sounds like one of the biggest fans of our "snake oil" is advocating something strikingly similar to our DGBB for The DAO:

https://petertodd.org/2016/ethereum-dao-bailout-vote

He is indirectly validating our direction while publicly mocking us. Good times. Thanks, Peter! :p

Ether is centralized in mining like bitcoin much like DASH could become. What can we do now to limit centralized mining and for masternode hosting.
 
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Ether is centralized in mining like bitcoin much like DASH is becoming. What can we do now to limit centralized mining and for masternode hosting.
I think i remember evan talking about how in the future miners will have to form some sort of contract with MNs. To avoid centralisation. I'm not exactly sure of the details. I think it was only mentioned in passing.
 
...centralized in mining ... much like DASH is becoming. ...

I can't agree with that one.

Screen Shot 2016-06-24 at 18.43.29.png


https://chainz.cryptoid.info/dash/#!extraction

Comparing to constant ~50% of coinmine.pl that we had in GPU-mining era I think it's much better distributed now.
 
The fact that X11 was supposed to be ASIC resistant, and therefore more accessible to individual miners with off-the-shelf mining rigs, but turned out not to be shows that X11 should be reassessed. Potentially, it would only take a minor tweak to one algorithm to break the hold ASICs have on the Dash mining market and return it to a more level playing field. If, after that point, the ASIC manufacturers weren't savvy enough to stay out this market, Dash could simply commit to a series of such PoW changes done on a scheduled basis. Or perhaps just switch to something entirely new like Equihash. https://z.cash/blog/why-equihash.html
 
The fact that X11 was supposed to be ASIC resistant, and therefore more accessible to individual miners with off-the-shelf mining rigs, but turned out not to be shows that X11 should be reassessed. Potentially, it would only take a minor tweak to one algorithm to break the hold ASICs have on the Dash mining market and return it to a more level playing field. If, after that point, the ASIC manufacturers weren't savvy enough to stay out this market, Dash could simply commit to a series of such PoW changes done on a scheduled basis. Or perhaps just switch to something entirely new like Equihash. https://z.cash/blog/why-equihash.html

I feel like its a good long term goal for a coin to rely on ASIC's. Because of the higher costs of entry, these professional miners can provide better support for the network with better gear and bandwidth than the average user running a miner on a 5 year old computer and a home line. It seems like a good goal to stat out with individual miners, but I don't fully understand why some people are so anti-ASIC.

Pablo.
 
IMO, (Newbie opinion, that is), there is a strong probability large scale mining will be conducted closest to the source of the electronics required, closely coupled with utility costs to the miner.
Pretty EZ to determine where that shall be, if the algorythm is susceptible to ASIC mining, wouldn't you say ?
Best
rc
 
Aside from the centralisation issue, ASICs are an additional barrier to entry - and not at all easy to acquire in certain parts of the world.
 
I see the high cost of ASIC's as a good thing, it ensures a professionalization of mining infrastructure, and a higher quality network. I concede centralization is an issue, but if push comes to shove there are ways to code around this.

Again, perhaps I'm not grasping your point too well, but to me, a higher quality network is worth me not being able to mine on my old desktop. There is no reason for users to think they are entitled to be able to mine on regular hardware at the expense of a more reliable and higher quality infrastructure. And even if mining were democratic (which I think is impossible long term), then those who have access to cheaper GPU's, or those who have access to cheaper electricity, etc. will have an edge, where do you draw the line?

Crypto mining is undergoing a process of commodification, and that is a good thing for the network.

:)

Pablo.
 
Oh, I forgot: I've been here since around April 2014; I recall a chart stating that ASIC's were part of our growth cycle. It was not expected that X11 would be ASIC resistant forever, and this was viewed as a good thing. I'll see if I bookmarked it somewhere.

Pablo.
 
I can't agree with that one.

View attachment 2515

https://chainz.cryptoid.info/dash/#!extraction

Comparing to constant ~50% of coinmine.pl that we had in GPU-mining era I think it's much better distributed now.
I haven't kept up since the dawn of ASIC this year for X11. I retract my statement for now it looks DASH miners are spread out enough but still 5 pools are almost 75% we cant ensure it stays this way, if value goes up some big data center could singly become 25% Will evolution make it so the miners are not responsible for block competition / winning but just block creators of what the MN network has locked? It's bad that large pools are being asked block transactions. Isn't part of the block chain and decentralized crypto so that you are in control of your funds seems a few bad actors in ETH network could setup blocking f your funds pretty easily....
 
The fact that X11 was supposed to be ASIC resistant, and therefore more accessible to individual miners with off-the-shelf mining rigs, but turned out not to be shows that X11 should be reassessed.
Education is what needs to be re-assessed.

LTC already prove this when it fraudulently touted scrypt as being ASIC-proof.

Any static algorithm is, in fact, suited to ASIC better than anything else. It's a static algorithm! Duh!

The more complex you make it,the slower it goes on CPU/GPU, but, duh, this is exactly what ASICs do best! It's not only "not ASIC-resistant" it's ASIC specific!

Application Specific Integrated Circuit. A.S.I.C. Hashing algorithms are nothing more than very complicated Specific Applications, to which an ASIC is really the only answer... It's not just possible, is inevitable, and the best possible choice...

The fancier you get, the more suited to an ASIC it becomes. The only thing that determines if an ASIC is created for it, is if the coin in question is worth the investment.

The fact that someone needs to explain that is sad.

Now, using other network metrics that exist in Proof of Service, to completely eliminate the electron waste that is mining... That's something worth talking about. Stack the votes into Proof of Service by adding an "abstain" option, and you've got spectacular entropy...

If anyone ever claims that their hashing algorithm is "ASIC-resistant" that person is a fucking liar and you should kick them in the nuts until they bleed out their ears.
 
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No problem. Peter Todd referred to Dash as "snake oil" and it's community as a "cargo cult".

https://m.reddit.com/r/CryptoCurrency/comments/3dpmah/peter_todd_calls_dash_snake_oil/

DGBB: Decentralized Governance by Blockchain, the official title of the budget system.
Lols! There are plenty of real things to criticize in DASH. The fact that he would resort to mindless name-calling means he's really mad, and isn't even paying attention...

He could have called-out any one of at least a dozen issues and made a legitimate point instead...

But, at least he got kinda close with his observations of the community being retarded...
 
Hey Camosoul,

I do generally enjoy reading your posts, and it is great to have forthright opinions and views expressed that may differ radically from those of others. There is often wisdom in what you say. But the above post is starting to get nasty and spiteful. If you are feeling bitter because you've been dissed and you think it better to sit it out from the sidelines, then that's one thing. But please don't undermine the value of the Dash for other people here (and presumably yourself as a major investor?) with such deliberate negativity. Thank you.
 
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