Looking into primecoin I came across a hard fork called [datacoin]( https://github.com/foo1inge/datacoin-hp). Same PoW method and has tooken off in China. 1 DTC = 1 CNY. On Nov 26, 2013 7:01 PM, "Bill Stewart" <[email protected]> wrote:
> At 05:43 PM 11/25/2013, David Vorick wrote: > >> Bitcoin has a lot of problems. >> Andy, the problem isn't the denomination, the problem is that Satioshi >> has 5% of all the currency, and the Winklevoss twins have another 0.5%. If >> bitcoin becomes worth 100 trillion dollars, they've got a solid 500 billion >> for being nobody and doing nothing. That's a problem to me. >> > > Satoshi gave us the technology and got people to start using it. If he > gets fabulously wealthy by owning 5% of it, I'm not jealous (well, ok, a > bit jealous, but I'm not going to contend that he shouldn't have it just > because of jealously.) > The Winklevossen are just speculators; I don't particularly like using a > currency whose value is mostly from speculation, but experimentation is a > critical part of rolling out something like a new type of currency, so > whatever. At least they pumped some cash into the system early on. > And that guy in Norway who was an early experimenter, then kind of forgot > about his bitcoins until he suddenly noticed they were worth $800K? Cool, > good for him! > It wouldn't be surprising if the first people to do GPU-based mining also > got a large pile of bitcoins compared to the CPU-based miners. > > I'm working on one right now. It's not built but the idea is to use >> proof-of-contribution instead of proof-of-work, where contribution is disk >> storage contributed to a distributed network. >> > > I think "proof of useful contribution" is a much better thing than "proof > of wasted electricity"; good luck getting it off the ground. > I'd recommend reading all of Zooko's Tahoe-LAFS work for getting some > ideas about privacy and reliability issues, both of which are harder than > they look. > The other catch is that storage costs do keep decreasing, and storage in a > cloud is always a lot slower than local storage, so you'll have to think > hard about business models. > > One of the cool things Bitcoin did was created a way to have the > proof-of-work turn into currency without needing a banker in the middle; > that means that users and miners don't have to worry (much) about the > creator absconding with the value or being shut down, and there's built-in > protection against hyperinflation, unlike some of the dotcom silly > currencies like Beenz and Flooz that appeared and vanished along with the > dogfood-on-line dotcoms. It's been interesting to watch Bitcoin's value > surviving after the loss of the Silk Road site (which got around the > "Nothing To Buy With It" hurdle that helped kill the original Chaumian > Digicash.) > >
