Quote from: smooth on July 10, 2014, 10:16:16 PM

Quote from: parker928 on July 10, 2014, 10:09:33 PM

Anyway, my one question is still on the table...about the blackcoins. Blackcoin in my opinion is the most innovative altcoin in the crypto scene right now.

I'm not familiar with blackcoin, so please explain to me how it is more innovative than XMR and how these innovations result in valued added to the end user.

Here's your chance to do a better job than brilliantrocket in forming and presenting persuasive arguments.

Well, I was really ASKING moreso than TELLING, and when I said more innovative than all alts I wasn't really thinking about monero. I don't consider monero an altcoin, but I should have been more clear about that. Monero is a better currency than blackcoin in my opinion but it's like apples and oranges because monero has the privacy deal where blackcoin seeks to be more transparent, they fill 2 completely different niches. Also, I am more heavily invested in monero than I am in blackcoin in terms of current dollar amount, probably should have mentioned that haha. Anyway, here it goes:

Since blackcoin to monero is apples and oranges, I would like to use bitcoin as my proverbial reference point when speaking about blackcoin. I understand you guys want monero and bitcoin to run side by side, but I envision a world where monero and blackcoin run side by side. Blackcoin, to my knowledge, is the first PURE proof of stake, other than nxt of course, but as I understand it there are problems with nxt aside from the distribution that were effectively solved by blackcoins implementation of proof of stake system. The exact mechanics of it I do not know. The proof of stake deal effectively cuts out wasteful mining, which I initially did not see as a problem until I began to think long term...

The bitcoin network uses approximately 15 million dollars worth of electricity per day to secure the network. Let's ignore the toll that takes on the environment, and concentrate on the downward price pressure that causes. Since you can not pay for electricity with bitcoin directly, I believe it leads to inevitable dumping of bitcoin by miners in order to cover costs. Also, asic manufacturers are raping people, and causing a lot of people to need to dump back to fiat to get ROI on their asics, which will likely never happen due to the fact that the manufacturer is always one step ahead of the consumer, but I digress. What would happen to the price of bitcoin if 15 million dollars worth of bitcoin was NOT being dumped every day to cover the cost required to secure the network? Or if asic miners were NOT dumping bitcoin and moving value back to fiat in order to recoup their original investment? I believe it would eliminate most of the downward pressure, and raise the price of a bitcoin, effectively adding more value to the network. Let me rephrase that - it would not ADD value, but it would stop the forces that are taking value away from it. I guess in short, what I am saying is that proof of work, whatever algorithm, is a proverbial handicap on the value a currency. By contrast one might argue that proof of stake is no good because since there is effectively less at stake, it would require fewer resources in order to perform an attack the network, a problem which is currently being worked on by the blackcoin developer, rat4, he calls it proof of stake 2.0. His github account has over 3000 commits. I am sure you are fairly well educated on the merits of proof of stake so excuse me if I am telling you shit you already know.

Also, I do not know if you heard about the whole bithalo/blackhalo thing, but basically a well educated blackcoin holder named david zimbeck developed a platform for decentralized exchanges. That is a huge innovation in my opinion, one which is tied directly to blackcoin. So I guess I see a ton of potential for blackcoin as a usable currency once the security issues with proof of stake are fixed, and it just seems so undervalued to me right now, it would be so painful to let them go only to see the value rocket to where it should be. Also, one can't ignore the transaction times for blackcoin...with a block time of one minute, average time to first confirm is 30 seconds, compared to bitcoins ten minute block time. I should definitely know the block time for monero off the top of my head, but I don't. I would assume it is under 2 minutes.

Anyway, to answer your first question directly: I do not believe blackcoin is more innovative than monero, but it fills a seperate niche, and I believe it is more innovative than anything that is based on bitcoin protocol, and part of me thinks bitcoin protocol is here to stay.

To answer your other question, how does this add value to the consumer: You kind of stumped me with that. I guess, technically, it doesn't really add value to the consumer, other than eliminating the need for a payment processing service in order to avoid waiting around at the merchants store for your transaction to confirm so he is comfortable letting you leave, but that problem would technically be solved by monero too, wouldn't it?

EDIT: After typing all that, I realize it was kind of a struggle to answer your questions, and that in itsself sort of answered MY question haha. Good think I was asking, not telling =)

another EDIT: I do think the names have an effect on people's perception of the currency too. Monero is perfect because it sounds like money, just said in a more sophisticated way, or a different language or something. It is esperanta, correct? Bitcoin's name is perfect too, bit-coin. A coin made up of bits. It's perfect. I like the name blackcoin, it sounds classy and badass, but it doesn't sound like something that you might be prompted to pay with. Neither does boolberry haha.