Quote from: monsterer2 on July 13, 2017, 10:55:35 AM

Quote from: Come-from-Beyond on July 13, 2017, 10:12:17 AM

Quote from: monsterer2 on July 13, 2017, 09:38:00 AM

If you don't understand what I've written, I suggest you do some research into the subject to better acquaint yourself with the problem at hand.

No, thx. You sounded as Shelby Moore in disguise, your replies just proved that. We can stop at this point.

Ok, no problem, that's your choice.

For other readers who may be interested in ELI5 explanation of the problem:

*) Network hashrate is the overall power of the network - in bitcoin, this is the computing power needed to generate a block.
*) Bitcoin employs a mining reward which creates a competition between miners to produce a block and claim their reward for doing so. Slower miners lose out to faster miners, but they still participate in the competition to produce a block because they stand a chance of winning occasionally.
*) This mining subsidy provides a positive incentive to miners to play by the rules, and encourages them not try to double spending, because they might as well claim the mining reward instead of trying to double spend which is often much more difficult than producing a single block.
*) The mining subsidy also encourages all miners to participate in the mining process, which gives an overall metric for total network hashing power, which you can then use to give an estimate of when it is safe to accept a transaction of a given size, as confirmed, because (on average), the block reward is equal to the electricity cost of mining that block. That means that when your transaction has been buried under enough blocks that the mining subsidy equals the transactions size, it is more or less safe to accept that transaction as confirmed.

Now, imagine the situation with no mining reward.

*) Instead of participating in a competition to win the block reward, miners have no positive incentive to participate anymore. They now are left with the negative incentive to try and double spend.
*) Since these miners are not contributing their hashing power to the network anymore, the overall hashrate of the network in unmeasurable, since these miners are quite likely to leave their ASICs in sleep mode until they want to double spend
*) With the network hash rate unmeasurable, there is no way to put an estimate on when it is safe to accept a transaction as confirmed.

When there is no way to estimate when it is safe to accept a transaction as confirmed, that currency is now useless because any transaction can potentially be reversed.

This is why both byteball and iota use trusted third parties to secure the network, but at that point, you might as well be using VISA.

edit: ELI4 - You work at a bank dealing with money every day. You get paid for your job. Do you steal the money you work with? Now imagine if you didn't get paid. Are you more tempted to steal money? Now imagine if you could never get caught and everything was anonymous.

Cheers, Paul.

Paul this is compelete bullshit what you said right here. Seriously.

How are you comparing the people who specifically mine bitcoin "MINERS" that was born with a consensus specifically PoW which earns the "MINERS" a reward for securing the chain, with a totally new TECH with a different consensus for securing the graph, which didn't promise any "MINERS" any reward because they are not needed in the first place.

GTFO!

You see we live in a time where the ignorent is ruling the world.

and Yes this is my first post with this account.