Re: [ANN][DRK] Darkcoin | First Anonymous Coin | Inventor of X11, DGW and Darksend | Instant TX
The ideas I see amount to forming a private cartel for the dozen or so vocal members of the community, fundamentally changing the way a coin works to the detriment of the general user and betraying the philosophical principals of crypto in general.
And I see a bunch of people, who should be ashamed of themselves, agreeing with it.
And I see a bunch of people, who should be ashamed of themselves, agreeing with it.
I agree with you.
Proof of Work is not just waste of energy, it is also the Proof that transactions really happened.
I always assumed that Darkcoin was going to make the public ledger into an anonymous ledger (not readable by outsiders), but certainly not to make it totally disappear?!?. That would be disastrous.
If we only had masternodes, and no POW, I am not sure that the integrity of who owns which coins can be guaranteed AT ALL.
As I keep saying, you don't need 100GH worth of GPU's to maintain a simple blockchain with a few transactions per minute, or even a few thousand.
Nobody is talking about doing away with the blockchain, we're debating (or at least I am
) whether the contribution of miners is really worth 4X more than the contribution of Masternodes to Darkcoin. I don't think it is.Darkcoins come into existence thru mining. And only thru mining. The miners share a few of their new found coins with the masternodes.
Mining is not only about maintaining the blockchain.
Even if there are no transactions for days, it doesn't matter. If there are NO transactions for days, then THAT'S the state of blockchain that has to be integrated and shared for everybody to accept.
The amount of transactions (low or high or whatever) has nothing to do with the validity of mining. It just is what is.
We have Petahashes of POW miners mining for Bitcoin because more and more people want to go after fewer and fewer coins, while technology combined with free market competition creates innovation. (faster and faster machines, which in turn make the coins even more scarcer and scarcer... which is key for value creation in the first place.)
If we only had masternodes... we would basically take darkcoin out of the most insane innovation cycle we have seen in the last decades.
(If only servers had the innovation that miners have, lol
, but how are they going to have innovation without competition? Just masternode holders sitting on their piles of coins is not something that is very "competitive")So, the key concepts to not forget are: competition creates innovation which in turn creates scarcity (value). Ergo mining.