Ninjastic
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Board Announcements (Altcoins)
Re: [ANN][XCP] Counterparty Protocol, Client and Coin (built on Bitcoin) - Official
by
Probably
on 20/02/2014, 18:28:20 UTC
Quote from: ddink7 on February 20, 2014, 05:01:43 PM
Quote from: Probably on February 20, 2014, 04:45:06 PM
Quote from: IamNotSure on February 20, 2014, 08:47:46 AM
Quote from: Chuck on February 20, 2014, 08:16:30 AM
Quote from: ginko-B on February 20, 2014, 08:02:04 AM
... I wonder if it is technically realistic?  How would this solution actually be implemented?  

Hard code into the next version, recognizing an address that PhantomPhreak controls as having a balance of 35,000 XCP on the first block. Then, PhantomPhreak sends this to busoni.  I would think it could be a 1 liner, not too hard?

I would hope that, if this is done, we can also set a date for when this type of fix is permanently "off limits". Maybe 6-12 months from now. In other words, a date where we all agree it is no longer Alpha software, but Beta.

And secondly, raise a pool of funds (controlled by PhantomPhreak?) to have a security audit done by an outside party, before we declare the transition from Alpha to Beta.  I would donate to this and I think many others would too.

That's completely defeating the purpose of PoB.


No it doesn't. Burning again doesn't defeat the purpose of burning, it just reestablishes value.

 

Burning again undermines the entire protocol, because it creates the possibility of unlimited inflation. We could just reinitiate a burn whenever people feel like it.

What's this we shit?

First of all, that already could happen. It doesn't undermine anything regarding the protocol past the point that the protocol is ALPHA and changes / reestablishing the burn amount is part of CHANGING THE PROTOCOL TO MAKE IT BETTER.

Pretty simple. So no, it doesn't "create" any more or less possibility of unlimited inflation than there already is. Stating "the burn is final" is as rigid a rule as saying "we will only burn in alpha when doublespend vulnerabilities are found to have been implemented" or as stating "haha we'll burn whenever we feel like it."



It creates minor inflation up front in response to a critical bug that was only revealed by people having enough invested in it to make it worthwhile to abuse.

Congrats. Hope the grey hat hacker gets enough bounty to make giving up more coin worthwhile. Laff.

How about just consider the plunder the bounty? Oh that would be too obvious, eh