Everyone missed most mind-blowing feature of cryptocurrency


#1

Came across a pretty interesting article on hackernoon.

The author says that most mind blowing feature of cryptocurrency is still not implemented and this feature is equal coins distribution. He points to the fact that there are limited number of miners that own most of network’s hash power now. What do you think of an idea that coins can be distributed equally among all nodes? Sounds like crypto socialism and will definitely require creating different consensus algorithms. I don’t see any technical concept right now that will allow anyone to make equal mining contributions to the network and get equal rewards.

Another thing: author says cryptos are not vulnerable to so called ‘violence hack’. I totally do not agree. If a power structure will apply violence to a development team, they can destroy cryptocurrency. The currency can not survive without development team, it constantly needs security, scaling updates etc.

He also mentions UBI as a positive feature that can be possibly implemented with crypos. What do you think? Would it benefit the society?


#2

Sounds like it would have a high barrier to entry, especially as the mining power required increases, so would eventually become elitist as the existing miners wouldn’t want newcomers joining as their share would be reduced. Then typically as decisions needed to be made among the node owners, divides would form along moral/corrupt, social-good/self-interest lines creating opposing factions and it would all eventually die a death. I think it would follow the political world where socialism is the stepping stone to communism, which leads to despotism until there is a revolution.


#3

A violence hack is possible but improbable given how decentralized so many development teams are, and how many developers there are around the world ready to step in. If one development team gets destroyed by a government, a new development team would form that posts changes anonymously and uses VPNs to mask their ip addresses.

His mind-blowing distribution plan would fail. No one values what they get for nothing. Clean water is easily the most intrinsically valuable substance on earth but we don’t value it in trade because it falls from the sky equally on everyone. People value what they or someone else had to work for. Universal Basic Income is only a recipe for hyperinflation.

Although, the great thing about crypto is that people can choose which currency and monetary policy they want. A universal basic income cryptocurrency can be used and tested by those who support the concept without harming or forcing anyone into it.


#4

Using “Proof of Work” and “Proof of Stake” terminology, would such a scenario be something like “Proof of identity”? i.e. every miner/participant (identity) would receive the same amount of coins for taking part.

Though, I agree with Brent and CS - it will be difficult to see such a system working with our current social structure.


#5

Am I wrong or all projects are being developed on GitHub? What if someone tries to manipulate the site? Or it gets closed? Or anything else in that sense, which I can’t figure out? What would happen then? I can see a major set back and discomfort in software development as a whole.


#6

git is a distributed version control system, so I guess nothing will happen, if github will disappear. All issues and discussions will be lost, but every developer will still have full repository copy.


#7

It wasn’t as much about losing everything than making it really hard for the teams to get together and start working again.


#8

It might cause a small break in development but not much more. There are many other GitHub alternatives such as SourceForge, GitLab, Kiln, CodePlane, CodePlex, etc.


#9

Oh great! Im new to programming so I didnt know about these :slight_smile:

P.S. Why my font is messed up? :x