Post
Topic
Board Altcoin Discussion
Re: Changes to the Alogrithm Prohibited or disputed?
by
S.Boxx
on 26/11/2014, 03:54:18 UTC
I generally agree with these principles:
https://en.bitcoin.it/wiki/Prohibited_changes

1) Bitcoin is defined with 21 million units
2) Demurrage is prohibited
3) Rules which increase centralization are prohibited

Additionally, I would like to suggest

4) Any changes which destroy fungibility (I.E..blacklists) are prohibited
5) Any changes which destroy the Pseudonymity of Bitcoin is prohibited

These 5 principles are core ideals which define bitcoin and any divergence from these and I will consider the hardfork an Alt and quickly lose all interest in supporting these changes.

What is listed as disputed involves changing the consensus mechanism away from 100% PoW. As many know I have been very critical of the security weaknesses found in existing PoS implementations so am certainly no alt shill or fanboi, regardless am open to a fruitful discussion of different mechanisms to better secure Bitcoin at lower costs.

Vitalik Buterin has been a great contributor to the bitcoin space and has written a recent article which appears to address many NaS problems:
https://blog.ethereum.org/2014/11/25/proof-stake-learned-love-weak-subjectivity/

Personally, I think we should be open to discussing these ideas honestly and don't make any rush decisions in suggesting a hardfork. There are some huge elephants in the room we all must acknowledge between the near impossibility of mining at a profit for the average user, reliance on centralization of pools, and the security costs from disposable ASIC's and electricity.

Discuss....



Let me try to translate Vitelik's bulshiteese into more straightforward English:

Quote from: me in somebody's else voice

"I have zero experience in working with actual financial software. I even have no amateur's interest in learning how it works. I'm writing a demagoguery targeted at the lowest common denominator of code monkey: Javascript or PHP programmer for the web services."

                                                                                                                                                                                    ©2112