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In that vein, I'd like to point out Gridcoin[1], a crypto-currency that rewards you for throwing your computing power at a BOINC project (basically scientific d

by nebw 11y ago

In that vein, I'd like to point out Gridcoin[1], a crypto-currency that rewards you for throwing your computing power at a BOINC project (basically scientific data crunching) [2] instead of wasting it on pointlessly solving crypto problems. It's certainly not perfect, but an interessting idea nonetheless. [1] http://gridcoin.us/ http://gridcoin.us/ [2] http://boinc.berkeley.edu/ http://boinc.berkeley.edu/

Nursie 11y ago
That's quite cool, I like that idea a lot more. I think I'd still rather a currency that didn't rely on burning power as fast as possible, but using that power for good is, well, good :)
- STRML 11y ago
  Well, there needs to be some proof of work, something that is hard to do at scale but easy for individuals. To that degree, Bitcoin has failed, because massive SHA256 crunching is now easy to do at scale and hard for individuals. More varied challenges, like BOINC, or PoW that is bandwidth, connectivity, latency, or disk-space based, will provide a lot more value to the community and make it easier for individuals to contribute. I eagerly await the day that one of these alternatives becomes mainstream.
  - Nursie 11y ago
    Alternatives are good but.... well, disk-space based would push up the price of hard drives. Bandwidth connectivity and latency could again be owned by big players... I don't know. What I do know is that in a centralised crypto-currency system you don't need any of this as the issuing authority merely signs the transactions and we're away. I hope that some bright spark comes up with a way to make a decentralised one almost as simple...
- mywittyname 11y ago
  The current system for USD is pretty close to ideal. Short term money is creating through lending, long term money through bonds. It's a great mechanism and could be readily adapted to digital currencies. Have a group of banks that may issue loans in the currency and have a central authority that will issue bonds and pay interest on them in the currency. Set the lending rate to under the bond rate to "bootstrap" the initial currency flow, then manage it from there. Management could be automated by computers to constantly find the optimal rates for loans and bonds.
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sebastianconcpt 11y ago
I like the moral of this idea

by nebw 11y ago

Nursie 11y ago

That's quite cool, I like that idea a lot more. I think I'd still rather a currency that didn't rely on burning power as fast as possible, but using that power for good is, well, good :)

STRML 11y ago
Well, there needs to be some proof of work, something that is hard to do at scale but easy for individuals. To that degree, Bitcoin has failed, because massive SHA256 crunching is now easy to do at scale and hard for individuals. More varied challenges, like BOINC, or PoW that is bandwidth, connectivity, latency, or disk-space based, will provide a lot more value to the community and make it easier for individuals to contribute. I eagerly await the day that one of these alternatives becomes mainstream.
- Nursie 11y ago
  Alternatives are good but.... well, disk-space based would push up the price of hard drives. Bandwidth connectivity and latency could again be owned by big players... I don't know. What I do know is that in a centralised crypto-currency system you don't need any of this as the issuing authority merely signs the transactions and we're away. I hope that some bright spark comes up with a way to make a decentralised one almost as simple...
mywittyname 11y ago
The current system for USD is pretty close to ideal. Short term money is creating through lending, long term money through bonds. It's a great mechanism and could be readily adapted to digital currencies. Have a group of banks that may issue loans in the currency and have a central authority that will issue bonds and pay interest on them in the currency. Set the lending rate to under the bond rate to "bootstrap" the initial currency flow, then manage it from there. Management could be automated by computers to constantly find the optimal rates for loans and bonds.

deleted 11y ago

[deleted]

sebastianconcpt 11y ago

I like the moral of this idea