Quote from: gembitz on April 07, 2016, 06:45:49 PM

Quote from: MalReynolds on April 07, 2016, 06:33:08 PM

Quote from: HinnomTX on April 07, 2016, 04:48:51 PM

Quote from: MalReynolds on April 07, 2016, 04:03:54 PM

Quote from: fmz89 on April 07, 2016, 03:17:11 PM

mining is not stupid, its classic art of crypto,

Mining is stupid.

Mining was a way to get cryptocoins started, just like sails and coal steamships were a way to get international commerce started. Today, container ships rule. So will Lisk.

Mining is stupid.

Mining is not stupid. Mining is a legitimate way to attract nerds to crypto. It is an art form. Assembling a GPU miner, configuring the settings, connecting to a pool, seeing the coins arrive in your wallet- it's an unforgettable and very rewarding experience. It brings a sense of realism to these abstract tokens we're creating and trading. It also fosters a virtual ecosystem around the platform.

It's OK if Lisk does staking instead of mining. We'll just be attracting a different type of nerd to the foray. It would be useful to think about all the mutually beneficial ways one could earn Lisk, because you're not going to setup a virtuous economic cycle if everyone has to buy their way into a token. For a contextual example of this problem, see NXT.

I would argue that "buying your way into a token" is EXACTLY what is needed to create a "virtuous economic cycle". BTC/ETH mining and even Lisk forging is creating "money" from thin air. The "unforgetable and very rewarding experience" you refer to is an illusion that makes the participant feel incorrectly like they have contributed something valuable to society. Wasted crypto hashes generated by a miner are NOT like a bag of corn they grew or a car rolling off an assembly line where they welded the body together. All a miner has done is wasted a lot of electricity, creating a lot of environmental pollution in the process. They have also diverted trillions upon trillions of CPU cycles away from achieving something profoundly worthwhile like http://setiathome.ssl.berkeley.edu/. All in the name of greed.

"Buying your way into a token" is code for "letting something represent a store of real value", which is what you do when you open a bank account or buy a prepaid debit card. THIS is the fundamental kind transaction in our society, not "mining coins out of thin air". If Lisk can start replacing bank accounts by "buying your way into a token", we will have a market penetration and success level we can only dream about.

Wasteful, unsustainable exponential-growth mining is a type of masturbation by Bitcoin and Ethereum nerds that will never produce a baby who will grow up to change the world.

Mining is stupid.

Quote from: LitcoinCollector on April 07, 2016, 05:03:21 PM

Quote from: freemind1 on April 07, 2016, 04:58:43 PM

Everyone will have their opinion on mining, but remind you that without Bitcoin mining nobody be here.

It was groundbreaking, as was the steam engine in its days.

This.

money out of thin air ? lol you need a job on wall street! Grin

~this is BITCOINTALK after all POW is actually secure.

security is only one side of the coin. You can't just have security or bust as the only thing "going" for a coin. More like Miners who spent a ton of money on rigs are now finding they are getting left in the dust.