I don't want to have a vague understanding.
Yo programmers here have that and look, you can't even program a simple coin to work right. Do you get it?
All you need to know is that blockchains are INSANELY expensive to secure, so much so that even using merged mining alongside bitcoin so that the world-record, world-leading amount of hashing power directed at bitcoin can secure a chain while still also securing the bitcoin chain, STILL most of even the merged-mined coins have not been able to afford enough hashing power to come anywhere near being "secure".
Part of the reason for the coin freezing approach used for the Digitalis Open Transactions Server is the simple fact that most blockchains are far from secure. If any of those frozen coins moved, they would lose the security provided for them by the many hard-coded checkpoints that have been coded into coin clients since the coins were frozen to issue tokens on the Open Transactions server.
Even if someone managed to 51% attack a coin, reversing a transaction on a blockchain, the frozen coins the tokens on the Open Transactions server represent should not be affected, because they have not moved since many hard-coded checkpoints ago.
Even if we imagine bitcoin itself to be secure, which does not seem that bad a bet though what happens with ASICs could maybe change that prognosis, the second-most-secure merged mined chain, NaMeCoin, has vastly less hashing power securing it than bitcoin, and the next down even less, and the last few have pathetic amounts of hashing power securing them (and thus ridiculously low difficulty, making it easy for even small miners to collect nice stockpiles of them currently.)
So maybe possibly one chain in all the world might be secure, maybe if one is optimistic one might imagine two are, but in general blockchains are not secure and the more there are that cannot be merged mined the less secure most of them probably tend to become.
So it is pretty much gross negligence and dereliction of fiduciary duty to spawn more blockchain based currencies.
if you really do have a background in banking that ought to be understandable?
-MarkM-
Mark, I have always respected you for some reason, even though you've attacked me and my coin idea.
I see your point. You're part of a coin and more crapCoins buries the good coins and reduces their chance of getting notices as it splices the audience.
I get it man, and I like you so much that I almost wanna kill this coin just for you. That's not a joke.
But here's what you're missing.
Read my first article for devtome - the Coming crypto [Currency] Revoluition and you'll see everything I predicted is happening.
You see, there's gonna be hundreds of crap coins and after the Bitocon ETF THERE'S Gonna be millions in VC money hiring real and pro developer teams to make the best coin possible.
I've told this to unthinkingbit even though it goes against my personal odds and I did it cause he too seems like a very fair person. And guys like you are hard to find.
But then again looks at r3, his character is nothing what I thought.
I tried to tell this to unthinkingbit but I don't think you guys see the big picture at least not with the same urgency.
You want to kill my coin that's why you've been bashing it and its out of character for you. I asked you for advice but you Blew off when I only wanted to make a non CrapCoin.
The reason is that for every CrapCoin devcoin loses that many more audiences. It's bad for devcoin.
But this can't be stopped. Can't you see the exponential growth just like I predicted and in 18 months you're gonna look at 3,000 coins.
You may kill my coin but 3 more will pop up.
You can't stop to so if you can't stop it what ms the next best thing? That's right, you join as many coins as you can handle and help them be the best.
Look, it won't be a cnflict of interest with devcoin v devcoin is a social experiement and I bet countries like France love that coin. It's unique and so you can be part of 3 other coins, 5 other coins as long as none cross over in the territory, the niche market or devcoin. It's the best way for you to ensure your future and devcoin.
And here's the bonus. This would work with me cause I tend to be generous. You put a clause in the cntraxt of these other coins: no direct competition with devcoin or devtome, but most of all: say 5% of all coins mined goes directly to devcoin to accumulate devcoin coins on the open market.
Now imagine if you become part of just 3 successful other coins - by the time devcoin takes off those 3 coins would be pumping 5% or even 10% of their mined coned into devcoin. And why not, devcoin is the only coin helping developers it's an easy sale.
I would gladly give 10% of all mined coins to devcoin to help support their cause and their stock price.
If you don't have a plan like this while you have talent to pass around, before the the bankers bring in entire developer firms then your chance of helping devcoin will be gone and you'll be left with the small odds that it will make it on its own and with 3,000 coins coming that's not gonna be easy.
So find loyal people you can trust. Offer hour talent and in return they give back to the developers by giving 10% to devcoin - it's a win-win for everyone. Imagine if you just help launch one Litecoin coin, it would change the the e noire fortunes of devcoin snd devtome c
Cause this fighting to shut down CrapCoin won't work, its impossible and its only a matter of time before people latch on to one like crazy snf leave the rest behind. I think you're a real programmer, I think you could have done my coin right and that's a rare gift around here but not for long. So use it, become a hardcore partner wotj a few good coins and make a solid contract that 10% goes to devcoin.
That's the best you can do to ensure the survival of devcoin - burying this thing is impossible - you cut off one head and 3 pop up and it will grow exponentially so your time is limited.
Make a choice soon and good luck.