I’m trying to find a way to distill the concepts behind !cryptocurrency and mining into normal American English (and ignoring ubermath terms like hashing). The above feels close-ish, but not there yet.
After wrestling with various alternatives for hours, and clearing tens of gigs of space on my disk, I finally went with a LineageOS x86 VM and Coinomi for the company's Ether wallet.
@maiyannah @verius From what I've read in the past, banks love #Ripple, and would prefer that #cryptocoin to become the primary surviving !cryptocurrency. I always assumed that means it contains a means for them to control manipulate it easily where other coins may not.
> In each participant’s turn, they use a tool to sample some randomness and perform a computation. The result of each computation is then added to a public transcript, so that the entire protocol can be publicly verified. As long as one participant successfully destroys their randomness when they’re finished, the resulting parameters are secure. As more and more participants are added, it becomes unlikely that an adversary could have compromised everyone. This is especially true as participants have enormous flexibility in the counter-measures they employ.
A fair assessment of the !cryptocurrency phenomenon. The bad, and the good. Smart contracts in particular.
> Within like 30 seconds of smart contracts being a thing, people started making tokens with them. Tokens are simple smart contracts that put coins in your coins, so you can speculate while you speculate.
The STEEM Dollar (SBD) is supposed to be pegged to 1 USD.
I'm assuming it's like the BitUSD, which is pegged only downward, not upward, because it's now fluctuating between 5 and 6 USD. Until November it was at 1 USD as designed.
If it works like BitUSD, why isn't someone creating great amounts of SBD from STEEM and shorting them to bring the price back down and earn a lot from the arbitrage?