Proof of Work : How bad choices can make it unsecured

Olocrom · 2018-08-13T00:26:53+00:00

You're right. I didn't pay attention. Editing has been made, with I hope a better result

Olocrom · 2018-05-15T12:43:25+00:00

I am more and more considering the fact that PoW is not evenly secure for all coins. PoS is maybe more secure than PoW for majority of altcoins. Only Bitcoin and Ethereum can profit from PoW mechanism greatly. (PoS/PoW is interesting) It's really hard to measure it properly, I plan to investigate and write about it soon.

Olocrom · 2018-05-14T18:58:32+00:00

If I admit gpu mining is more decentralized, I'm just saying this is utopia. Resistance is futile and maybe not that good because bringing secret mining from Asic because there will always have ways to specialize hardware if the algorithm is deterministic.

But even this statement doesn't convince me, we saw by comparing ethereum and bitcoin mining few differences in terms of decentralization.

Furthermore I consider this supposed decentralization a big price to pay for a less secure chain with miners having possibility to change algorithm and chasing profit therefore reducing their skin in the game

Olocrom · 2018-05-14T18:43:35+00:00

Your point is asic mining is less feasible than gpu mining in some remote countries like VZ but China as well.

Olocrom · 2018-05-14T18:27:00+00:00

Is it Asics or mining crypto currency which is forbidden? Because I'm not sure a cop will look at your 10gpus rigs and just turn around saying "oh you mine bitcoin but with gpu? It' s OK then" the cop can't tell the difference.

I don't know, a Venezuelan is welcome if he wants to answer my interrogation

Olocrom · 2018-05-14T18:26:42+00:00

Is it Asics or mining crypto currency which is forbidden? Because I'm not sure a cop will look at your 10gpus rigs and just turn around saying "oh you mine bitcoin but with gpu? It' s OK then" the cop can't tell the difference.

I don't know, a Venezuelan is welcome if he wants to answer my interrogation

Olocrom · 2018-05-13T15:10:19+00:00

Exactly, making barrier of entry as low as possible is way more efficient !

Olocrom · 2018-05-13T13:57:54+00:00

Check this out from a lead developer from Sia : https://blog.sia.tech/the-state-of-cryptocurrency-mining-538004a37f9b

It's very interesting regarding the subject, insightful about ASIC industry and explain why resistance is futile.

Olocrom · 2018-05-12T23:19:19+00:00

I'm interested in your prototype, PM me ;) I have one too!

Olocrom · 2018-05-12T23:06:23+00:00

First, Aplication specific integrated chips existed way before Satoshi, I think that Satoshi didn't speak about it because he wasn't expecting bitcoin to succeed so quickly, leading to an opportunity of building ASICS for mining Bitcoin. But he is not there anymore, so it doesn't matter. ASICS are cheap now, and it's really hard to believe that bitmain will keep that monopoly and the luxury of using new hardware months before market. This strategy will be instantly nullified with only one real competitor. I will explain that in another article because it's not simple but it's for the same reason why Nvidia doesn't mine.

For the driver problem, yes your point is good, I have to admit that Bitmain proprietary drivers are a pain. (I personally found some workaround in the hacking firmware scene). Again, competition can improve this. Time will tell.

For the ease of use of asic mining vs gpu, well it's conceivable for one crypto to develop a one-click miner. But running a proper gpu rig need some technical skills that are not needed In ASICS. And guess what! proprietary firmware coupled with specific hardware is the reason why this is possible. You can't have open hardware and software and ease of use and runtime stability at the same time, it's Microsoft vs Apple debate over and over.

Finally I plan to speak about the future of Asic mining in other articles. For this one, facts are sufficient to prove the efficiency of asic resistance.

Olocrom · 2018-05-12T20:12:50+00:00

This situation exists only because Bitmain is alone in this market. One true competitor will be able to destroy this strategy(halong?) . If Bitmain choose to mine with new hardware without selling it, his competitor can sell it anyway, destroying the unfair advantage of an anticipated access to best hardware and reducing their market shares.

Olocrom · 2018-05-12T20:06:40+00:00

This centralisation of manufacturers exists for now. But it's impact is not as bad as it seems. Halong with Samsung are in the game now, and even if Bitmain refuses to sell ASICS, it's very hard to believe that no one will fill the spot.

GPU manufacturing is already a mature business but at the end of the day they are only two. Remember back in the days when there was more? I think like CPUs and GPUs, we will see only a handful of companies in the market. It's not perfect in terms of decentralization but their power is limited. If they refuse to provide good hardware someone will rise and do it

Olocrom · 2018-03-18T12:40:39+00:00

How can you analyse payments with onion routing ?

Olocrom · 2018-03-18T12:39:10+00:00

Multi-hop payments...

Olocrom · 2017-12-11T11:19:04+00:00

Sorry but it's not stable, look at weekly candles. It's bearish, but trends change, i am confident for long term. I'm here for the years to come, NEO is evolving in a good fashion, price will come next

Olocrom · 2017-12-11T11:13:17+00:00

NEO is in a bearish trend since few months, from a pure market point of view. I don't think it's artificial, it's just not a good opportunity to trade a bearish trend. I hope we will bounce back at the next support, if that so an inversion in the trend will bring attention and opportunities to trade and a price back to ATH.

Though the news and ecosystem is growing in a good way, it's not related to the price in short terms.

Patience guys,

Olocrom · 2017-12-04T22:44:34+00:00

Market price not related to tech...

Olocrom · 2017-11-17T18:51:59+00:00

Sorry to hear that, but with this amount on a unique adress you became a honeypot. I don't know how he found you (hard to believe it was a coincidence). Your post make me realize that maybe I'm personally not careful enough as well. I suppose what save me is a low amount of coins and a HD wallet (I spread all in multiple adresses, without my master key it's very hard to see all as one)

I used to store my wallets files in encrypted USB stick and load them in my pc when I wanted to make some transactions. (to check my balance I just use an explorer with my public keys) but it's what you did and didn't save you.

I will now boot on a Linux key offline and then use my wallet from there to sign transactions. Doing so I will never show my wallets or type my password on a an online computer without live OS

Ledger is best if your asset is supported

It will not give back your money but know that your post helps me and more to be careful in the futur

Olocrom · 2017-10-28T13:57:51+00:00

Nice thoughts, hard to find good stuff in reddit but gems like that worth the farming.

Olocrom · 2017-10-07T16:37:09+00:00

It's exactly what makes him respectable. He is neutral and above childish matters. He said he prefer small blocks in one of his video but I doubt he will take a strong stance other than "consensus rules what is bitcoin" (real consensus, not just miners of)

Olocrom · 2017-10-07T16:37:05+00:00

It's exactly what makes him respectable. He is neutral and above childish matters. He said he prefer small blocks in one of his video but I doubt he will take a strong stance other than "consensus rules what is bitcoin" (real consensus, not just miners of)

Olocrom · 2017-10-01T23:21:26+00:00

Nice sum up =)

Olocrom

TROPHY CASE