[ExI] proto-bitcoin

[Kelly Anderson]

On Fri, Apr 19, 2013 at 10:06 PM, Mike Dougherty <msd001 at gmail.com> wrote:

> On Fri, Apr 19, 2013 at 11:49 PM, Kelly Anderson <kellycoinguy at gmail.com>
> wrote:
> > Why does that suck? It means that the original bitcoins will not be
> devalued
> > by later coins mined with more exotic equipment. There is also a limit on
> > how many coins total will ever be minted.
>
> In the sense that it takes increasing amounts of work to get less
> amount of coin.  I was also a little disappointed that the secret
> sauce wasn't more exotic math than you described.
>

I don't know the exact details of how it gets exotic. It might be from
multiple hashes of similar length strings, or some other approach... but
it's just described as a "difficulty" rating. I don't think it needs to be
overly complex to meet it's goals.


> Of course, you are correct:  you would want to build the system to
> anticipate investment in hardware solutions that trivialize even the
> best you can imagine in today's computation.
>

Yeah, and now that they are building hardware specific for bitcoin mining,
it could get very interesting. There is NO POINT whatsoever to trying to
mine bitcoin with a CPU these days.

-Kelly
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