Post by itoldyousoso in Shinto Wallet Now has Windows Support!

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sustainability

nothing to do with crypto is in any way sustainable in a large scale. and a large scale is needed for a real world application like money.

mining on mobile phones

if it can be done on mobile phones, it is worthless. literally. crypto is essentially telling people with a proof how much energy you wasted. and exactly that. nothing more. you proove that you have calculated something difficult. and that means energy costs. you do not have that power on mobile.

Cryptos have the potential to bring financial liberation to all of humanity

no, it makes us dependent on specific hardware and whoever has the most calculating power. and it does waste a huge lot of energy. not in potential. in the real world. crypto does not scale up and is essentially a huge pyramid scam. the first ones to "mine" have the most out of it, breaking the system down when they leave the system and cash out.

IaidoProtocol3 days ago

Proof of work can't really be done on mobile phones, but using the Federated Byzantine Agreement protocol is. It can be mined on mobile because it's not using machine power to compete against other wallets to mine a block. Nodes come to consensus through agreements in the existence of certain data. You're thinking of proof of work, and proof of work gets exponentially difficult as time goes on. That's exactly what happened with bitcoin. In its early stages, bitcoin could be mined on any computer or mobile phone(if there was a mobile app) as it grew, the PoW protocol turned into something that incrementally grew too complex for regular computers to mine, and today no one can mine it without an immense amount of computing power to even extract a little bit from it.

IaidoProtocol3 days ago

Anyone using the wallet is actually mining, either on their phone or there desktop. If it can be mined on mobile phones, then it's sustainable, rather than worthless. That's how it should be. The requirement to purchase expensive equipment should not be necessary to have access to generating cryptocurrency, and is in fact the sign of an inefficient means of energy and financial alocation. Bitcoin introduced the world to proof of work, and since bitcoin has become ubiquitous in the marketplace, that's all people know. Federated Byzantine Agreements are completely different, and magnitudes less energy hungry. Just because something can be mined on a mobile phone, doesn't deem it worthless. If people use it, then it has value. The monetary system has value because that's what we agree to use as a medium of exchange, but if a shop for example, accepts a precious rock as a payment, then that precious rock has value.

IaidoProtocol3 days ago

...Additionally, one of the keys to making something valuable is building a community around it, for if everyone within the community is actively using the coin and interacting with the infrastructure, it is inherently valuable to those who use it, and there for has utility which can eventually be scaled in the outer sphere.

itoldyousoso3 days ago

then it should not be called "mining". it implies figuratively hard work and in practical terms that is difficult calculations.

if it can be achieved on cheap hardware it begs the question if it really is "crypto". crypto is another word with implied meaning. you do not do crypto on a mobile device. if the thing you do is easy to calculate it ain't crypto. (not talking about actual cryptography here, but the buzz word crypto)

that fba has nothing to do with blockchains nor crypto. it is a means of reaching agreement with a subset of authorities in a scenario where some of those authorities are not reachable or could be lying. you can use it to decentralize authorative decisions: like, has that payment be made or not.

but just because you use some fba algorithm does not create worth. you could try to manage existing worth with it. let us call it a coin for lack of a better word. but who has coins to begin with? who has authority to mint new coins? or authority to "mint" new nodes? in olden and the new days that was and is the ruling goverment. in the crypto world that is done by hard work of extra difficult mining, so you can prove you did it. and not just claim you did it and spam the system with more generals to make your fake coins legit.

the existing crypto "currencies" are parasites. they only have worth because someone bought them with real money and there is a lingering promise that the coins can be traded back for real money. and that promise was broken often enough. buying real goods is usually not really possible. the currency is too volatile and the cost of authorizing a transaction is too costly, even with all that optimisation. you do not pay for a 5 dollar game if paying for that game costs additional 5 dollar in transaction energy costs distributed to a large network of nodes. (or 500 dollars in case of bitcoin).

you need to have a primal mover. an inherent worth. for gold it was the rulers that liked jewelery (and now the computer industry) and the fact that gold is hard to literally mine. for money it is the promise of a government to accept it for paying your taxes.

the primal mover for "crypto currency" was once that decentralized money thing. but this evaporated for lack of real life application. it now is only the pyramid scam promise. and this insanity can go on for decades.

summary: who mints new coins, how could you transfer real money into the system, who creates new nodes. in "crypto", this is done by caluclations that prove you put did hard work. if your system does this by magic and majority agreements, it is not crypto, even if you use a blockchain to store your agreements. you sure you even need the blockchain for your system... ;-)

IaidoProtocol3 days ago

I've already laid out why it has worth, so no need to try to explain it again.

FBA makes it a cryptocurrency because the coin employs cryptography to come into existence,

Actually FBA does have something to do with blockchains, because transactions are recorded on a blockchain.

The inherent worth is in the value that it is given by those that participate in it. If people exchange something, then it has worth. That's just the very definition of something being valuable. And additionally, the coin is going to be on an exchange, so it will be compared against other coins and fiat, so it will then have monetarily measurable worth as well.

Existing cryptocurrencies are parasites because those that run them want them to be that way so they bring in huge profits. It's not an inherent feature of cryptocurrencies. It's an inherent feature of human behavior.

IaidoProtocol3 days ago

If you got burned in the cryptocurrency space before, then you don't even need to worry about what this coin is doing. Just don't interact with it. No one's forcing you to do anything here. This is just a service that I've made available for those to use who want to. If you don't want to, then feel free no to ;)

IaidoProtocol3 days ago

...And it is precisely all the corruption and scamming in the crypto space that I'm attempting to combat with Shinto. Shinto isn't about making immense profits. I'm building a community of people who want to have exposure to something other than greedy coin executives taking all their money. Shinto isn't about greed; it's about helping people. People should be able to live their lives without mortgaging away their lives to overcontrolling interests.

itoldyousoso3 days ago

i was not burned by crypto, the earth is, from all the hot air. "crypto" is not the things you advertised. if your project does what you now elaborated, it is not crypto in my opinion.

and no, your system does not need a blockchain. a distributed ledger need not be a blockchain, it is just so prevalent to use that thing for that application. those byzantine generals sure would not have used a blockchain to agree on strategy. smarter people than me phrased it very good: a blockchain is a solution seeking a problem and not the solution for an existing problem.

if new nodes come into the system by installing the app and if worth comes into system by using the app, and worth comes out of the system by a real money exchange, your system will be abused and crippled, once it has enough worth for anyone to care to do so.

if worth only comes into the system by buying in, it goes the way of all the other crypto scams you lament about. it is a pyramid. first buyers make profit, late buyers have worthless bits when the exchange rate drops to nil. or many first buyers also are left with nothing as seen so often.

you need an authority to regulate money. if your authority is decentralized, that costs effort. a lot of it. if it would not cost effort, it could be easily exploited. for example by the so called 51% attack. or just by "mining" a lot of "worth" and cashing out with real money. "mining" in your system consists of agreeing on the transactions or something like that. so what hinders bad agents to just do random transactions they approve in their subset of owned nodes to create "worth" and cash out later? they would just make sure somehow that other nodes would be unreachable, so their running in circles gives them profit and not the other nodes of real people. and how would you battle such exploits? you either cannot do so because it is decentralized or you can fight it, proving the system is actually not dezentralized and making the blockchain a farce.

when it comes to money, the scammers and exploiters know no boundaries and their imagination and creativity will baffle anyone designing a "fool proof" system. money in any form is something you need to have trust in. and there is absolutely no "crypto" currency that has trust. it just is too volatile. your 1 coin might be worth half or double the next day. it is useless for paying. but it is usefull for doing trades on exchanges and making money from investors hoping to increase their money.

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