MasterNodes

[tadspoles]

I'm starting to really like the concept of master nodes that help vote and pay for advertising along with providing other benefits.  Very interesting.  That could benefit a lot of coins with the understanding and resources to use the code base and implement it. 

[Stouse49]

Masternodes are used in Dash and they receive part of the mining reward for the services they perform:  Coin Mixing and verifying Instant Payments, etc.  Masternode owners can vote on proposals.  Proposals are a funding mechanism to pay for services, development, advertising, etc.  If a proposal gets enough votes, then it will be funded.  Funds come from "superblocks" once per month which amounts to 10% of the block reward for Dash.

Masternodes may differ in other currencies.  There are some that copied Dash, like PIVX.

[tadspoles]

Thanks Stouse49!

[tadspoles]

I keep hearing rumors about GoldCoin masternodes.  When and if that happens, I sure would like to invest in a couple.   Even Ethereum is going to that model.  I guess it makes sense since the community is able to invest back into the coin and can fund it's advancement.

[kelsey]

go down that path and you go further away from satoshi's dream of a decentralised currency.

[tadspoles]

No idea why people say that.  I think masternodes are more decentralized.   In fact, they aren't appropriately named.  They should just be called 2nd layer nodes.  You still have mining,now you just have another layer of services on top of it that can be run from anywhere in the world.  That sure seems like more decentralization to me.  I've seen people complain about rich people being able to buy more nodes but that's not true either if you can get masternodes via shares.  Also, mining is the same exact way.  A wealthier person can afford more asics, gpus, etc.   

Anyhow, it was probably just a rumor I read somewhere. 

[kelsey]

No idea why people say that. 

actually tis very easy to see, (god i've been members of so many crypto groups that have tried to pull this one off from emunie to dash).

the whole masternode idea is almost like creating a modern banking system, defeats the purpose of crypto, and others like dash make out like the superblocks to pay for it all come out of thin air (you can't print money, generate bonus coins for free).

i agree obviously the more funds you put up the more mining in pow, hell the more coins you can buy in pos.
 the rich in fiat can equally (pay their way into) being the rich in crypto,

cryptos not about redistributing the planets money, fairer, its about using individuals own money fairer ie without the greedy money changes taking their cut.

once the masternode idea comes up in crypto people support it because they are personally thinking "hey i'll invest and get myself a piece of the masternode action" just like the greedy money changes 

[tadspoles]

I still don't see how this has anything to do with "greedy money changes" when anyone can buy shares.  The benefits far outweigh any perceived negatives if you ask me.   There's a reason Dash is number 3 and Ethereum is moving to masternodes. 

[kelsey]

There's a reason Dash is number 3

yes its called the The greater fool theory

(The greater fool theory states that the price of an object is determined not by its intrinsic value, but rather by irrational beliefs and expectations of market participants. A price can be justified by a rational buyer under the belief that another party is willing to pay an even higher price.  In other words, one may pay a price that seems "foolishly" high because one may rationally have the expectation that the item can be resold to a "greater fool" later.)

[tadspoles]

Lol...well we know where you stand on that.   I'll withhold judgment until I see what happens with the Evolution release.  If they are able to scale to Visa levels, that will be the most impressive thing I've seen from crypto. 

Still, there is value in GoldCoin remaining what it is--a solid coin with a growing user base.   

GoldCoin is the sleeper coin that is WAYYY undervalued.  Perhaps people are starting to catch on.

[Stouse49]

I am watching Dash also.  Their Evolution idea seems like pie in the sky pipe dreams, but we will wait and see.

[kelsey]

If they are able to scale to Visa levels, that will be the most impressive thing I've seen from crypto. 

well i for one woke up this morning thinking; "you know what the world really needs? .......................another Visa" 

well dash start was very dodgy to say the least and i'm yet too see anything to lift its credibility (from an exceedingly low level). people in crypto easily overlook those thing when they're out for personal profit (ie all drinking the same koolaide).

but each to their own.

imo goldcoin has plenty of honesty behind it, i might not always agree with microguy however i have seen him support goldcoin even at its lowest point, always having faith (and many around him likewise). i know he's not in it simply for the fiat, thats rare in the crypto community.

[cryptosolar]

imo goldcoin has plenty of honesty behind it, i might not always agree with microguy however i have seen him support goldcoin even at its lowest point, always having faith (and many around him likewise). i know he's not in it simply for the fiat, thats rare in the crypto community.

 

 

[tadspoles]

well i for one woke up this morning thinking; "you know what the world really needs? .......................another Visa"

 

That's not an argument or even remotely,tangentially related.  We're talking about scaling.  If ANYONE figures out how to scale at Visa levels, all of crpto better pay attention.  The only question is whether or not they have figured that out.  For what it's worth, even if they did become Visa like and could scale that way, they'd be worth 1000 times more than Bitcoin is now. 

Also, this isn't a comparison to Goldcoin.  Truth is it's not too hard for any coin to strap a layer 2 network on top of itself.  The only question is whether it's worth it.   

i might not always agree with microguy however i have seen him support goldcoin even at its lowest point, always having faith (and many around him likewise). i know he's not in it simply for the fiat, thats rare in the crypto community.

 

Woah....climb on out of Microguy's butt there.  You gotta ask permission to go that far in. 

[kelsey]

well i for one woke up this morning thinking; "you know what the world really needs? .......................another Visa"

 
That's not an argument or even remotely,tangentially related.  We're talking about scaling.  If ANYONE figures out how to scale at Visa levels, all of crpto better pay attention.  The only question is whether or not they have figured that out.  For what it's worth, even if they did become Visa like and could scale that way, they'd be worth 1000 times more than Bitcoin is now. 

actually was very related, i was just covering way more ground then just your post about scaling to visa level. if take a long step back and look at crypto in its entirety and especially bitcoin we have big problems with how its evolving.

the most toxic people in crypto aren't the ones that are even pumping and dumping or scaming, they're the new wave of would be entrepreneurs that are twisting the scene to be all about making simply a high-tech new banking system.

we need to seriously look at the whole point of p2p currencies, not saying that scale aint need but you shouldn't sell the decentralised, boardless, trustless, true p2p (without the greedy money changes)  to achieve this, for as i say the world doesn't need another Visa, paypal or whatever your poison is.