Re: Polycoin (PC): Brilliant New 2nd Generation CryptoCurrency
where en when to mine ? 
??
first page I'm famous hello mom and dad. I made it. I'm rich by the time you read this.
??first page I'm famous hello mom and dad. I made it. I'm rich by the time you read this.
Way to read the OP.
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No Mining:
August 7, 2010 (BitcoinTalk Forums): The utility of the exchanges made possible by Bitcoin will far exceed the cost of electricity used. Therefore, not having Bitcoin would be the net waste., as said by Satoshi is being, if not already proved false, as many alt coins improve upon the amount of electricity needed to mine.
Miners are the greatest non-crpytographic threat to Bitcoin retaining value on geographic time scales. Mining introduce human factors and greed into the survivability of Bitcoin as a currency
- Dishonest miners may destroy Bitcoin
- We are close to a 51% attack
- gigahash.io has abused its hashing power to steal Bitcoin from gambling sites
- services such as cex.io allow people to rent a 51% attack by the minute
- mining pools will form cartels to orphan blocks mined by non-cartel members, to enhance their block rewards
- mining cartels will rent capacity to orphan blocks from other pools, if the reward is greater than the cost
- pools have begun capping block size to drive up transaction fees. Bitcoin transaction processing rate may be unable to keep up with growth in transactions from new users. Bitcoin is becoming unusable for micro-transactions.
- Every month more mining power is concentrated in the hands of a smaller number of people
- Mining ensures majority of new crypto-coins go to people with botnets, GPU farms and ASICs not available to the public.
- No one benefits from mining except miners and electricity companies
- electricity used by mining is wasted. Money spent on mining is being thrown into a hole, burnt and the costs are passed on to every Bitcoin holder
- Mining will substantially increase transaction fees to unsustainable levels when block rewards decrease. Bitcoin transaction fees may reach a level higher than the banking system Bitcoin was created to replace.
- Miners selling newly created Bitcoins to pay equipment and electricity costs, drives down the price of Bitcoin.
- If Bitcoin reaches viability as the next global reserve currency, the incentives for nation states to monopolize and control mining will be too great to contain.
Polycoin was designed to eliminate mining completely and eliminate the problems it creates. Polycoin replaces reliance on honest miners with reliance on mathematics.
- Polycoin is more secure because it does not rely upon the good will of miners
- Polycoin transactions will be cheaper because there are no mining costs being passed on to users
- Polycoin transactions are not subject to 51% attacks by mining cartels
- Polycoin is environmentally friendly and sustainable. Polycoin does not require twelve coal power plants to power mining
Eliminating mining creates new problems for coin distribution.
- We will not do a Nxt or Mastercoin style IPO because we believe they are unfair and discourages new users.
- We will not create 100,000,000,000,000 coins and give 10k coins to each user and hoard the other 99,999,996,000,000 coins like Ripple did.
- There will be no Ripple style secret back door deals at below market price.
- People who contribute to the success of Polycoin will receive whole bags of coins
Distribution will be as fair as possible.
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No Mining:
August 7, 2010 (BitcoinTalk Forums): The utility of the exchanges made possible by Bitcoin will far exceed the cost of electricity used. Therefore, not having Bitcoin would be the net waste., as said by Satoshi is being, if not already proved false, as many alt coins improve upon the amount of electricity needed to mine.
Miners are the greatest non-crpytographic threat to Bitcoin retaining value on geographic time scales. Mining introduce human factors and greed into the survivability of Bitcoin as a currency
- Dishonest miners may destroy Bitcoin
- We are close to a 51% attack
- gigahash.io has abused its hashing power to steal Bitcoin from gambling sites
- services such as cex.io allow people to rent a 51% attack by the minute
- mining pools will form cartels to orphan blocks mined by non-cartel members, to enhance their block rewards
- mining cartels will rent capacity to orphan blocks from other pools, if the reward is greater than the cost
- pools have begun capping block size to drive up transaction fees. Bitcoin transaction processing rate may be unable to keep up with growth in transactions from new users. Bitcoin is becoming unusable for micro-transactions.
- Every month more mining power is concentrated in the hands of a smaller number of people
- Mining ensures majority of new crypto-coins go to people with botnets, GPU farms and ASICs not available to the public.
- No one benefits from mining except miners and electricity companies
- electricity used by mining is wasted. Money spent on mining is being thrown into a hole, burnt and the costs are passed on to every Bitcoin holder
- Mining will substantially increase transaction fees to unsustainable levels when block rewards decrease. Bitcoin transaction fees may reach a level higher than the banking system Bitcoin was created to replace.
- Miners selling newly created Bitcoins to pay equipment and electricity costs, drives down the price of Bitcoin.
- If Bitcoin reaches viability as the next global reserve currency, the incentives for nation states to monopolize and control mining will be too great to contain.
Polycoin was designed to eliminate mining completely and eliminate the problems it creates. Polycoin replaces reliance on honest miners with reliance on mathematics.
- Polycoin is more secure because it does not rely upon the good will of miners
- Polycoin transactions will be cheaper because there are no mining costs being passed on to users
- Polycoin transactions are not subject to 51% attacks by mining cartels
- Polycoin is environmentally friendly and sustainable. Polycoin does not require twelve coal power plants to power mining
Eliminating mining creates new problems for coin distribution.
- We will not do a Nxt or Mastercoin style IPO because we believe they are unfair and discourages new users.
- We will not create 100,000,000,000,000 coins and give 10k coins to each user and hoard the other 99,999,996,000,000 coins like Ripple did.
- There will be no Ripple style secret back door deals at below market price.
- People who contribute to the success of Polycoin will receive whole bags of coins
Distribution will be as fair as possible.
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