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This doesn't really make sense. The thing that gives cryptocurrencies value is that they are scarce. The thing that gives them security is proof of work, allo
by rothbardrand 9y ago
This doesn't really make sense. The thing that gives cryptocurrencies value is that they are scarce. The thing that gives them security is proof of work, allowing a distributed consensus algorithm that is hard to game.
Cryptocurrency isn't a source of magic money in the sense that you could tap it for a "basic income" type scheme-- where the recipients are not doing anything to earn it.
In cryptocurrency every actor in the system has a job that they do, namely, miners mine and that's how they get paid.
I'm not saying its impossible, it just seems like it doesn't make sense at first look.
- perpetualcrayon 9y agoI agree that it does seem counter-intuitive given what we've come to expect a cryptocurrency to be.
- setr 9y agoThats.. not a sufficient response..
- perpetualcrayon 9y agoI apologize, but when I double-checked I didn't see a specific question in the parent comment.
- setr 9y agoIts more of >What if we do this thing; its tricky but I think its viable >I dont believe it'd work because reasons A, B >I agree its pretty counter-intuitive, isn't it? You just kind of skipped right over the part where you'd actually address the proposed issues with the idea..
- rothbardrand 9y agoHe may have answers to those issues, and I understand he may want to keep them under his hat until they are thought out. But know this-- if you want a chance at success, peer review is going to be needed when you are ready. And a lot of testing.
- perpetualcrayon 9y agohttps://news.ycombinator.com/item?id=15544554 https://news.ycombinator.com/item?id=15544554
- anonymous5133 9y agoIt has also already been tried and basically failed. The coin was called Auroracoin. It has a 5 million market cap after a few years.