Wonderful Premine in DAG cryptocurrency
Once, sitting on the couch, I read about cryptocurrencies.
And I met such wonderful cryptocurrencies as IOTA, RaiBlocks, Byteball, and I admired the beauty of these technologies. After all, they use DAG instead of blockchain. And it looks like this:
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If you don’t go into details of what it is all about and why it’s beautiful, then the answer will be this: this excellent technology allows us to solve the problem of the speed of transactions in cryptocurrencies.
But something was wrong here. Let's think about that.
For many years, the emissions of most cryptocurrencies used mining in order to distribute resources relatively honestly among people.
Gallant gnomes were spending holy electricity with all their might and received their reward for it (this is called the Proof of work). Later, this approach began to be condemned, and increasingly began to use alternative approaches such as Proof of Stake (this is when your money allows you to generate new money in the system).
However, someone on the wave of this hatred of proof of work decided to file cryptocurrencies in which there is no distributed emission, and the creators decided to transfer all emissions to themselves, arguing that proof of work is bad and they have a completely new cryptocurrency based on DAG (and it would be best to divert attention from all problems with words about quantum cryptography and a great future).
The whole idea boils down to the fact that all future users of this cryptocurrency should believe the creator, that he honestly distributed his resources and distributed equally, but if the creator is not an angel, then he can simply take and transfer 95% of his cryptocurrency to his dog’s accounts (no one he will not understand what lies behind the public keys of your cryptocurrency), and the remaining 5% should be distributed to people.
Then you will understand that, in fact, the capitalization of this new cryptocurrency amounts to one and a half pennies, and with such a large amount of money, the owner of the cryptocurrency will be able to fairly easily regulate the value of his coin.
Here is an example of the useless cryptocurrency, which made a big jump up by 100500% in a short time.
But with such indicators it is impossible to say that it represents something of itself, because there is no turnover there:
But in our case it does not matter. The owner of this malicious cryptocurrency will rather play its own cryptocurrency in the market a little and condition itself for a slow but sure growth, while other people will not even know that in fact there is only one person who controls everything on the exchanges.
What we have at the moment:
RaiBlocks - users solved captcha to get coins. Could something prevent the developers to give all the coins to themselves and pretend that everything is honestly divided between all? Well, in general, could not.
IOTA - as far as I know, they scored 1337 bitcoins as a donate for the development of their cryptocurrency. What could prevent them from taking 1330 Bitcoins from Satoshyk Nakamoto, transfer them to themselves, give Satoshyk, and pay the commissions with the remaining 7 Bitcoins, which were driven by people on the HYIP wave? Yes, there is also nothing.
Byteball - the owner distributes it free of charge to all Bitcoin owners who have confirmed their wallet in the Byteball network. This is actually not bad, but it is worth clarifying the actual distribution procedure (I will be glad for comments).
There are obviously others using DAG, and I have no idea how they attracted investment. I would be happy to hear comments on this issue and the opinion of people.
Based on the above, you can boldly speak in person to the creators of IOTA or RaiBlocks , that they are cryptocurrency scam, because 95% he gave to his dog, and they can not prove the opposite, even if it is not. And despite the fact that such cryptocurrencies like Bitcoin, Litecoin, Ethereum have problems with the speed of transactions, they remain mostly honest, which cannot be said about what they are doing now on the basis of DAG.
I would welcome comments.
And I met such wonderful cryptocurrencies as IOTA, RaiBlocks, Byteball, and I admired the beauty of these technologies. After all, they use DAG instead of blockchain. And it looks like this:
')
If you don’t go into details of what it is all about and why it’s beautiful, then the answer will be this: this excellent technology allows us to solve the problem of the speed of transactions in cryptocurrencies.
But something was wrong here. Let's think about that.
For many years, the emissions of most cryptocurrencies used mining in order to distribute resources relatively honestly among people.
Gallant gnomes were spending holy electricity with all their might and received their reward for it (this is called the Proof of work). Later, this approach began to be condemned, and increasingly began to use alternative approaches such as Proof of Stake (this is when your money allows you to generate new money in the system).
However, someone on the wave of this hatred of proof of work decided to file cryptocurrencies in which there is no distributed emission, and the creators decided to transfer all emissions to themselves, arguing that proof of work is bad and they have a completely new cryptocurrency based on DAG (and it would be best to divert attention from all problems with words about quantum cryptography and a great future).
The whole idea boils down to the fact that all future users of this cryptocurrency should believe the creator, that he honestly distributed his resources and distributed equally, but if the creator is not an angel, then he can simply take and transfer 95% of his cryptocurrency to his dog’s accounts (no one he will not understand what lies behind the public keys of your cryptocurrency), and the remaining 5% should be distributed to people.
Then you will understand that, in fact, the capitalization of this new cryptocurrency amounts to one and a half pennies, and with such a large amount of money, the owner of the cryptocurrency will be able to fairly easily regulate the value of his coin.
Here is an example of the useless cryptocurrency, which made a big jump up by 100500% in a short time.
But with such indicators it is impossible to say that it represents something of itself, because there is no turnover there:
But in our case it does not matter. The owner of this malicious cryptocurrency will rather play its own cryptocurrency in the market a little and condition itself for a slow but sure growth, while other people will not even know that in fact there is only one person who controls everything on the exchanges.
What we have at the moment:
RaiBlocks - users solved captcha to get coins. Could something prevent the developers to give all the coins to themselves and pretend that everything is honestly divided between all? Well, in general, could not.
IOTA - as far as I know, they scored 1337 bitcoins as a donate for the development of their cryptocurrency. What could prevent them from taking 1330 Bitcoins from Satoshyk Nakamoto, transfer them to themselves, give Satoshyk, and pay the commissions with the remaining 7 Bitcoins, which were driven by people on the HYIP wave? Yes, there is also nothing.
Byteball - the owner distributes it free of charge to all Bitcoin owners who have confirmed their wallet in the Byteball network. This is actually not bad, but it is worth clarifying the actual distribution procedure (I will be glad for comments).
There are obviously others using DAG, and I have no idea how they attracted investment. I would be happy to hear comments on this issue and the opinion of people.
Based on the above, you can boldly speak in person to the creators of IOTA or RaiBlocks , that they are cryptocurrency scam, because 95% he gave to his dog, and they can not prove the opposite, even if it is not. And despite the fact that such cryptocurrencies like Bitcoin, Litecoin, Ethereum have problems with the speed of transactions, they remain mostly honest, which cannot be said about what they are doing now on the basis of DAG.
I would welcome comments.
Source: https://habr.com/ru/post/345800/
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