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0 pointslettergram8y ago0 comments

We actually won't track IOTA or anything else we feel is too close to a scam on our website:

It's amazing how many scams are in the cryptocurrency space. To some extent even I personally even view Ripple and all the other completely pre-mined or tokenized cryptocurrencies (i.e. 100% centralized systems) as a scam. There's no guarantee manipulation of the underlying technology isn't happening. Essentially, removing the advantage of cryptocurrencies.

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4 comments · 2 top-level

snissn8y ago· 2 in thread

Do you feel there's a way to have a proof of stake coin without meeting your standard for being a scam?

0wing8y ago

Proof of Stake algorithms so far amount to various rationalizations on giving the wealthiest users more wealth.

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.

snissn8y ago

I'm really impressed by RAIBlocks, and trying to decide what to think about it. There are no fees or printing.

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api8y ago

Watching the crypto space has led me to realize that it's actually pretty hard to create any kind of financial system that is not mostly fraud.

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