Sunday, September 24, 2017

Digital Currency

Units of measure

Science Fiction has always shaped reality. Tablets were predicted by Star Trek, Hitchhiker’s Guide to the Galaxy, and many more. Mashable even published a list of sci-fi books that predicted future events. I’m not implying that theses people posses some special skill, but rather that society follows ques. Science fiction writers happen to be particularly adept at telling what science may actually do in the near to long term future. In one specific case many sci-fi games & movies have currencies that are defined by “credits” or “units”. Theses terms both represent possession, rather than wealth. Some of these movies …continue reading

Altcoins are about to go crazy

At some point late last year the price of bitcoins started to go crazy. We saw huge month over month gains, anyone who got in at the right time did fairly well. Altcoins are just about to do the same thing. If you buy into Gresham’s Law this all starts to make a lot more sense. The value of money is directly related to it’s security. Security is comprised of two components, price stability and actual security. Price stability is still tough with crypto-currency but things are getting better, albeit slowly. Security on the other hand is pretty simple. Assuming …continue reading

ASIC-Proof Digital Currency

The other day someone proposed a hard fork of the litecoin protocol aimed at reducing the efficiency of ASICs. The idea of keeping users and mega-mines on equal footing is great in concept but in practice this will ultimately fail. ASICs by their very nature can attack any known problem. The solution to ASICs isn’t in a different algorithm, rather it lies in changing the algorithm on a regular or, perhaps, random basis. An ASIC simply can’t hit a moving target. By shifting the algorithm on a regular or random basis the best tool for the job becomes a general …continue reading