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it's not competing with grant but the voluntary BOINC work ... I think Gridcoin is one of the few great projects, of a direction in crypto that is imo underapp

it's not competing with grant but the voluntary BOINC work ... I think Gridcoin is one of the few great projects, of a direction in crypto that is imo underappreciated, where proof of work would actually be doing useful work

noxer 6y ago
Its not competing, it prints money to reward people for voluntary work. Witch attracts people who would not do the voluntary work. And it attracts gamblers who throw real money at it in hope of price gains. So essentially it gives money from gamblers to "voluntaries" although very very likely the gamblers and the "voluntaries" are mostly the same people. So its basically just screwing over gamblers with the pitch that their loses are used for something somewhat useful. While at the same time some small group of people probably enriched themself along the way.
- nathias 6y ago
  How is it screwing over the gamblers? Why would it be a problem if people got rich?
  - noxer 6y ago
    Why would they get rich if they give money to pay people for research in exchanges for worthless tokens? The research, even if it leads to something good for humans, does not add any value to the token. The token only has a value because gamblers speculate on a higher price in the future. The higher price can only be reached if more new gambler speculates on an even higher price and so on. We have a finite amount of gamblers so this can not go on forever and make everyone rich. Instead each wave of new gamblers makes the previous rich. But each wave has to be larger which untimely means the last and largest wave will be screwed over. Which Im totally fine with as long as people know the risk of being that last wave. The problem is on the side line there are people who never risked to be in that last wave because they simply printed the tokens and sold it. Like for example the devs that paid themself with these tokens thus inflating the supply which basically steals value form everyone who holds the token.
    - nathias 6y ago
      Exchange value as such has value only because of speculation, so what, nobody gets rich solely on their merit. Of course all that are cyrpto speculators are aware of the risks, people holding dollars aren't. So your main problem is with devs, the only ones who are actually doing work not just contributing machine work? All these 'concerns' are true to a much greater degree for all other economy, yet when it comes to crypto people are so giddy to pile on with their moral outrage based on their superstitions, I find it morally outrageous.
      - noxer 6y ago
        You would think they are but no, people actually believe in the nonsense that these token somehow store something of real value. You may have seen the BTC is a battery nonsense article. Same with this, some people think the token is somehow valuable because someone had to donate research to "generate it". >So your main problem is with devs, the only ones who are actually doing work not just contributing machine work? Its actual programming sure, but it has no real use therefore no real market value. The whole system exists because it pays for itself. Its kinda like a fake financial perpetuum mobile that was started with a money printer, attracted a lot people and convinced them to gable. It now keeps going but it actually sucks money from outside in people just dont see it. >All these 'concerns' are true to a much greater degree for all other economy, yet when it comes to crypto people are so giddy to pile on with their moral outrage based on their superstitions, I find it morally outrageous. Well I hold crypto since 2013. I'm not against it at all. I also have no moral problem with people gambling. This is just a useless project. There are plenty more, in fact almost all of them are but the post is about this one coin so I gotta point out the nonsense of this one. And this one is hefty one because it doesn't even try to have a use-case.
        nathias 6y ago
        I don't get it then, of course it has market value that is the 'issue'? Devs usually sell their work as premine, if they can that's the market value of their work thus far, right? I don't get what this project is doing wrong that wouldn't apply to all crypto, I think what it is doing right is making PoW into actually useful computation, which is great I hope we see much more of this, but not perhaps just for reasearch BOINC projects but also for cloud computing etc. thats where the real value of PoW imo is ...

noxer 6y ago

Its not competing, it prints money to reward people for voluntary work. Witch attracts people who would not do the voluntary work. And it attracts gamblers who throw real money at it in hope of price gains. So essentially it gives money from gamblers to "voluntaries" although very very likely the gamblers and the "voluntaries" are mostly the same people. So its basically just screwing over gamblers with the pitch that their loses are used for something somewhat useful. While at the same time some small group of people probably enriched themself along the way.

nathias 6y ago
How is it screwing over the gamblers? Why would it be a problem if people got rich?
- noxer 6y ago
  Why would they get rich if they give money to pay people for research in exchanges for worthless tokens? The research, even if it leads to something good for humans, does not add any value to the token. The token only has a value because gamblers speculate on a higher price in the future. The higher price can only be reached if more new gambler speculates on an even higher price and so on. We have a finite amount of gamblers so this can not go on forever and make everyone rich. Instead each wave of new gamblers makes the previous rich. But each wave has to be larger which untimely means the last and largest wave will be screwed over. Which Im totally fine with as long as people know the risk of being that last wave. The problem is on the side line there are people who never risked to be in that last wave because they simply printed the tokens and sold it. Like for example the devs that paid themself with these tokens thus inflating the supply which basically steals value form everyone who holds the token.
  - nathias 6y ago
    Exchange value as such has value only because of speculation, so what, nobody gets rich solely on their merit. Of course all that are cyrpto speculators are aware of the risks, people holding dollars aren't. So your main problem is with devs, the only ones who are actually doing work not just contributing machine work? All these 'concerns' are true to a much greater degree for all other economy, yet when it comes to crypto people are so giddy to pile on with their moral outrage based on their superstitions, I find it morally outrageous.
    - noxer 6y ago
      You would think they are but no, people actually believe in the nonsense that these token somehow store something of real value. You may have seen the BTC is a battery nonsense article. Same with this, some people think the token is somehow valuable because someone had to donate research to "generate it". >So your main problem is with devs, the only ones who are actually doing work not just contributing machine work? Its actual programming sure, but it has no real use therefore no real market value. The whole system exists because it pays for itself. Its kinda like a fake financial perpetuum mobile that was started with a money printer, attracted a lot people and convinced them to gable. It now keeps going but it actually sucks money from outside in people just dont see it. >All these 'concerns' are true to a much greater degree for all other economy, yet when it comes to crypto people are so giddy to pile on with their moral outrage based on their superstitions, I find it morally outrageous. Well I hold crypto since 2013. I'm not against it at all. I also have no moral problem with people gambling. This is just a useless project. There are plenty more, in fact almost all of them are but the post is about this one coin so I gotta point out the nonsense of this one. And this one is hefty one because it doesn't even try to have a use-case.
      - nathias 6y ago
        I don't get it then, of course it has market value that is the 'issue'? Devs usually sell their work as premine, if they can that's the market value of their work thus far, right? I don't get what this project is doing wrong that wouldn't apply to all crypto, I think what it is doing right is making PoW into actually useful computation, which is great I hope we see much more of this, but not perhaps just for reasearch BOINC projects but also for cloud computing etc. thats where the real value of PoW imo is ...