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RE: Burst Coin - Development Fund Misappropriation Exposed
The PoC concept is interesting and is "green" however your correct, if Burst ever becomes valuable it will be a victim of it's success. I have evaluated the algorithm and while initially it was thought to be ASIC proof may not be as solid as originally thought
Can you by any chance substantiate this claim?
Yeah, the use of writing to disk as a form of stake in the network is ripe for attacks. The economics don't work out. See my post history for a burst lowdown
Thanks kyle, will dig dig into this, however i must say that if his claims are right...I will be very sad as the proposal is beautiful. The equitable accessibility to this kind of resource makes it a perfect candidate for the aim of crypto in my opinion.
That is how they want you to feel. I agree with the aims to prevent miner centralization, there are actual mining algorithms that are more resistant to ASICs and thus more assessable to your average joe. CryptoNote coins are profitable on consumer CPUs. They have actual proof of work behind them. Also just because mining may end up requiring specialized hardware and skills - such that you are not able to mine - does not mean that mining will become centeralized. People and groups who have those skills will still experience the competition that drives decentralization.
I hope your right.
Well the economics of mining have shown themselves over the last 7 years, dispite some flaws it is doing OK.
It is insecure is what it is. It is anything but green. Who cares about the algorithm, the game theory is dangerous.