Quote from: vnhyp0 on April 10, 2015, 11:40:27 PM

Quote from: ej4uo9aB1eiz on April 10, 2015, 03:50:11 PM

Quote from: Paul Revere on April 10, 2015, 03:27:23 PM

Another thing I have not heard mention of either during the Whitewash or in the Hashtalker romper room is any thought about IF the ownership of these XPY pooping Prime Controllers are actually split between different entities, how exactly is that good for the price?

You've missed the point somewhat, there's no way to ever "fix" paycoin. Lets look at the options.

The Prime Controllers are removed with a hard fork. PayCoin is now a shitty PeerCoin fork that's broken, the client doesn't sync more than 500 blocks at a time, and there's nobody around to fix shit if it breaks even more. The coin distribution is fucked beyond repair due to the Prime Controller bullshit, so it's dead.

Team PayCoin attempts to pick up the pieces, maintaining their 5 Prime Controllers and trying to enforce "only" 100% inflation, Garza of course keep the other 45 keys which pump out coins until the end of time for no reason. Coin is dead due to it being stupidly over inflated and nobody ever wants or needs PayCoin to pump up the cost.

At the end of the day there's no reason for PayCoin to even exist.

https://c91475e716c8925e05c6-d2659d433205cf4410415f8dd63807af.ssl.cf5.rackcdn.com/paycoinwhitepaper.pdf

Instant transactions aren't something that needs to be solved by an altcoin (Bitcoin can have them with multisignature oracles, just nobody can be bothered making them because there's no huge financial exit).

Blockchain "compression" obviously doesn't need prime controller centralized bullshit to work (it's built into Bitcoin for fucks sake), the rest of the nonsense about Orion Controllers and stuff was just to justify to people why there should be people getting hyperinflation keys (so they can sell them to people with hashstaker contracts they bought from GAW, of course).

"Immutable transactions" well, Bitcoin has those and they didn't need centralized Prime Controllers to manage it. It's being soft forked in right now. https://github.com/bitcoin/bips/blob/master/bip-0062.mediawiki

"HybridFlex Blockchain provides archival and final confirmation of all balances" well, funny thing is that balances aren't used in the block chain at all so that was always impossible.

"FundSafe" was never mentioned again after their whitepaper, it was just ignored because it made no sense to have "biometric signatures" as a concept in a cryptocurrency (it's impossible anyway).

"Paycoin features an extensible block chain" (SIC) funny, Bitcoin has that too with replaceable nop-codes. You could add the entire x86 instruction set to Bitcoin with no modifications and (gasp) no altcoin.

"Time based contracts", "Smart Property", "Advertising Micro Payment System", "Crowdfunding", "built in escrow" all just random words thrown into the soup without any real justification. Some impossible, some already in Bitcoin, none justify the coin and none of them have ever been mentioned ever again by anybody.

"Orion Controllers" and "Voting" never existed, transaction fees are destroyed by PeerCoin anyway.

"The hard problem of quantity theory" what.

Prime controllers were supposed to "perform archiving functions on the hybridflex blockchain", "reconciliation instructions for the blockchain to orion controllers", "participate in voting" (why would you vote for anyone but yourself), "have the exclusive rights to perform inter blockchain cold storage functions" (cold storage has nothing to do with the network), "stake rate of 5%" (all wallets do that anyway and it's what, like 3600% compounded for a prime controller), "voting rights to proposed changes in the codebase" (lol no). Same as above, impossible pie in the sky, just a random list of whims that were never actually coded up and never checked for sanity.

All the stuff about prime controller eligibility is literally impossible in a decentralized network, and all the prime controllers are hardcoded anyway, there's no way of changing them or moving them without hard forking the coin.

So, what's there to save? The only people with an interest in saving PayCoin are the bagholders. Nobody wants to buy PayCoin, nobody wants to use PayCoin, nobody has a compelling reason to even want paycoin. The only reason people have PayCoin in the first place is that they saw images like this.

Who decided it was a good idea to make a "whitepaper" that's all images you can't copy from too. Unbelievable.

Thanks for the link to the white paper. I found an interesting part of it under "6.2.2 Prime Controller Functions":

"Stake rate of 5% on all funds locked in the winning bid address[9]"
9: Prime Controller stake rate is 5% of all locked bid funds as a six month yield with the stake paid daily.

Does this correlate with the current stake rate?

I don't think you need instant transactions with a Blockchain, since you don't want to be paying for cups of coffee without any Blockchain compression, XPY currently does not work because it requires a hardfork to make changes and fix problems but no one knows anything so Josh/GAW would have to generate more Coins to pay for expenses (power, payroll, marketing etc and deflating the price) I think you could actually define it as a Ponzi scheme since you are trading the devaluing currency without constant new influx of people.