Sounds like a bank or venmo type service...
410 karma · joined December 19, 2017
Maybe you can explain the solution to the problems highlighted?
The actual math amounts to a best effort guess in a lottery for write access to a database.
The network would function just as fast with 3-10 computers as it does with 3 billion times the amount of "computing" power.
In summary, Proof of Work is designed to waste as much energy and capital input as possible.
Even if you are it sounds like you're in violation of The Investment Advisers Act of 1940, 15 U.S.C. § 80b-1 through 15 U.S.C. § 80b-21.
https://www.forbes.com/sites/feeonlyplanner/2011/05/19/are-y...
Seems like a conflict of interest which I'd imagine your lawyer should have been aware of if you're part these two ICO fintech startups - starmine.ai and vectorspace.ai
interesting story from an investor who got burned from the starmine ICO due to inability for starmine to be listed on exchanges:
https://www.reddit.com/r/icocrypto/comments/73xbo2/starmine/
Will the funds be in blockchain escrow to assure Anthony Daniel who is the CEO of Dream Comet Studios will not misuse the funds, or pull an exit scam?
Someone already tried this, and they predictably setup LLC shell companies with empty office spaces.
https://davidgerard.co.uk/blockchain/2018/01/26/children-of-...
If a smart contract relies on an external data source from a normal server (oracle), then why even take the risk of deploying the smart contract?
If you're using an oracle for a data source you might as well do everything on a normal database.
Why not do everything more efficiently via the "oracle" server?
Most of the coins in circulation already exist, and sellers can easily sell for less than it cost to produce today because most of the coins were produced for far far less than today's cost.
http://www.phoenixnewtimes.com/news/feds-raid-home-of-arizon...
Consider where and how these assets are created, as it's more than likely a system designed to extract wealth from greater fools.
If the system does not let you produce the asset for the same amount of work that someone else put in (cryptocoins generate the bulk of the supply very early, and then cut off produciton to new users forcing low liquidity markets to exploit new users), why would you want to contribute to that cryptosystem?
https://medium.com/@jonaldfyookball/mathematical-proof-that-...
http://www.coppolacomment.com/2018/01/probability-for-geeks....
The ecosystem has some serious issues to solve for it to be ready for an everyday user.
Every bit of computer power beyond the minimum threshold of efficiency needed to operate the transactions and database is a net loss.
Peak efficiency of the Bitcoin mining network would be about 3-10 basic desktop computers. Instead Satoshi Nakomoto's Proof of Work will waste more and more energy with nothing to show as time goes on.
Hmmmmmmmmmmmmmmmmmmmmmmm.........
"Distribution is complete" - how was the supply created and distributed?
https://raiblocks.net/page/frontiers.php?limit=100
Basically someone created Raiblocks by forking another DAG 'blockchain' database, and allocated themselves millions of coins spread across many addresses. A few thousand coins were given to the public if they clicked captchas.
These people who generated raiblocks / nano are now essentially multi-level marketeers trying to convince you to buy their beanie babies.
https://www.youtube.com/results?search_query=raiblock+captch...
Remember, anytime you buy a cryptocurrency means someone else is trying to cash out.
http://thoughtmaybe.com/hypernormalisation/
More of Adam Curtis's filmography:
Curing cancer with a bullet works too but the host suffers some adverse side effects.
It's just software.
No one has provided proof of withdraw from Bitfinex USD or Tether since they've gotten kicked out of their banks.
Recent wires from Bitfinex have been associated with a rural bank in Poland which is normally only used only by farmers.
https://www.trustnodes.com/2017/11/22/bitfinex-reveals-new-p...
To explain further, PoS blockrewards are settled as lotteries to stakeholders with each staked coin being granted a lottery ticket. Due to the all or nothing nature of newly printed coins from blockrewards, the wealthiest users will not just accumulate more newly printed coins on average but the statistical odds of them accumulating more of the future supply increases with time whereas poor users are entirely disqualified from thresholds required for "staking" and earning newly minted coins.