2016-05-13.log

--- Log opened Fri May 13 00:00:13 2016
lmatteisanyway, the concept of distributed consensus is always tied to humans: with PoW you still trust the strongest chain because energy is pretty much accessible by many people. if only a few had access to energy, PoW would not be a good basis for distributed consensus00:00
r0achdoing Rorschach tests for hours per day00:00
r0achproof of torture00:01
lmatteisr0ach: that's assuming you want to do crypto. this concept has many other applications00:01
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bramcDoes anybody know about fruitcoin?16:25
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nsh'ICO' is a tell for scamcoin generally16:44
bramcICO?16:45
gmaxwell"Initial coin offering"16:47
gmaxwellusually used for varrious premine presales, as a label to given them a sheen of respectability like some kind of regulated financial product. :)16:48
bramcPresales probably increases a coin's value by making a community of people who are bought in16:50
gmaxwellfor a brief period of time.16:50
smoothEthereum did an ICO and that's not a scamcoin right?16:50
smoothAnyway I'm curious what is interesting about this fruitcoin16:51
gmaxwellmostly it incentivzes people to behave unethically, to try to pump the price quickly though, which scares away other people.16:51
bramcdefine 'scamcoin'16:51
asynksmooth, :)16:51
smoothbramc: anything other than bitcoin of course. Fruitcoin?16:51
bramcsmooth: There's a talk going on right now at stanford about it, claims to be an incentive-compatible blockchain. There doesn't seem to be a writeup of it on the web yet.16:52
gmaxwellbramc: usually things that don't do anything at all except hype and die are pretty well deserving of the scamcoin label.16:52
smoothhmm, maybe its not the same one as the ICO? Sounds like possibly an academic project?16:52
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c0rw1n"compatible with all the incentives we could think of" "which people will completely follow rationally" "what could possibly go wrong"16:53
bramcsmooth: Yeah it's by academics, not an actual altcoin, I'm curious as to what exactly it's claiming and whether it actually accomplishes that. Unfortunately I couldn't make it to the talk.16:53
nshhehm16:53
gmaxwellhttps://bitcointalk.org/index.php?topic=1314005.0  < looks pretty scamcoiny.16:54
smoothmy guess is just name reuse16:54
bramcTo be fair, if you want to promote a coin which has something unique going for it, doing presales is probably the way to go16:54
smoothnothing about that thread suggests any sort of consensus research. Looks like a blackcoin clone with some sort of prepaid card16:55
gmaxwellbramc: probably not, because of the very strong asscoiation of scammyness, and the high attractiveness to people who _will_ engage in illegal activities.16:55
bramcYeah it's a name collision, different project16:55
bramcgmaxwell: Avoiding presales might not reduce the level of scaminess16:56
bramcMy main interest in ethereum is in seeing whether its planned switch to CoW will cause it to implode16:57
midnightmagicunethical or immoral coin forks that are usually (but not always) based on bitcoin, sometimes combined with obvious developer incompetence or code obfuscation, overly hype-like without substance to back it up in terms of innovation or novelty; scamcoins will also often criticize bitcoin in ways that only highly competent people can debunk. usually the novelties they hype for bitcoin differen16:57
smoothi can't find anything about this fruitcoin anywhere, i wonder if it has a different name16:57
midnightmagictiation are not founded in actual reason.16:57
bramcsmooth: The talk announcement mentions fruitcoin and 'hybrid consensus' which somehow leverages a slow blockchain to get fast consensus in something resembling more traditional multiparty protocols16:58
bramcIt appears to simply not be published yet.16:58
* nsh suspects either name-collision or the marketing and academic people never bothered meeting or sharing memos16:59
bliljerk101https://bitcointalk.org/index.php?topic=1177633.0 - this looks promising. it's a decentralized ledger data structure (not a blockchain) that addresses double spends without arbitrary scalability limits16:59
bramcmidnightmagic: Yes the problem is that hardly any of the altcoins offer something which Bitcoin doesn't. Maybe zcash, monero, and siacoin. The others don't even have a coherent story16:59
asynklol nsh both to me are equally plausible17:00
nshsadly :)17:00
bramcnsh: The person who's giving the talk doesn't have it on her home page, which strongly implies that it isn't on the web at all.17:00
midnightmagicbramc: My pet favourite is namecoin, and the current devs there at least seem to be making an honest effort, and offloading a large chunk of what would otherwise be entirely blockchain spam.17:01
nshah17:01
midnightmagicbramc: but you're absolutely right, IMO. More's the pity. It's almost like the problem itself lends itself to competent developers running away as fast as they can.17:02
midnightmagic(And also therefore monolithic developer communities who work super tightly together.)17:04
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bramcYes namecoin is a real project too.17:22
bramcTo be fair, it's hard to come up with actual features for an altcoin to have, so a lot of developers who investigate it seriously just wind up working on Bitcoin17:22
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bramcSort of like what I'm doing, but I'm still working on an altcoin. Still working on getting the underlying math to a decent place though.17:24
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bramcTo that end, there's been some advance on proofs of space. I had this bright idea that a proof of space can have a root value and a number of bits of its space, k, and to make a response to a challenge you need to find two k-bit strings which have the first k bits of the hashes of them, the root, and k itself collide, and the response to the challenge is the hash of both of those put together. Its quality is the difference from17:26
dgenr8forking the bitcoin chain is a respectable way to distribute coins, if your alt is compatible enough. easier for BTC holders to love17:27
bramcThis trick still has TMTOs, but they aren't as good as simply hashing is. There are two interesting further improvements proposed.17:28
bramcMy further improvement is to have repeated rounds of hashing. That one I said is level 1, it takes two level 1 values to make a level 2, etc. That seems to make the TMTOs get kind of sad after just a few iterations and doesn't make it much more expensive to produce17:29
bramcAlso has the nice feature that looking up challenge responses is still trivial.17:29
gwillenbramc: you got cut off at "Its quality is the difference from" I think, a few lines back.17:29
bramcgwillen: Its quality is the difference from the challenge17:30
nshdgenr8, are you suggesting mainchain forks as a periodic jubilee system?17:30
nshthat might be quite progressive if it worked without problems (which i doubt it would)17:30
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bramcAsset holders tend to not like jubilees17:31
* nsh nods17:31
nshi originally had "hostile forks" for that reason17:31
nshthough you might argue that it would tend towards making people maximise their non-transferable value17:32
nshwhich might make for better human beings17:32
bramcKrystoff made the much more mathematical and beautiful suggestion of making the hash function be a modular root. That enforces an exact random permutation, and you can have a collision be between the two things which are the same except for their last bit.17:32
bramcWe have bankruptcy these days, which is sort of like jubilees. Still have inherited wealth though, which is a fairly dubious concept.17:33
* nsh nods17:34
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nsh(creditors are still repaid with priority in most bankrupcies)17:34
nshthe closest analogy to jubilees is the periodic abandonment of global monetary systems17:35
nshwhich tends to write off a bunch of dubious derivatives17:35
nshand is largely healthy and we're due another at some point, i suspect17:35
nshi don't understand the modular root observation17:37
bramcAbout modular roots: We're looking for two k-bit strings which both hash to the same value. Ideally they would all come in perfectly arranged pairs, rather than a random distribution17:38
bramcI will cut and paste, with apologies to Krystoff:17:40
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bramcwe'd need a family of one-way permutations over small domain (sth. like {0,1}^{30}) , here by one-way I mean the best inversion algorithm is as (in)efficient as algorithms for ideal random permutations.17:40
bramcA suggestion is to sample a 30 bit prime P and then using the OWP x -> g^x where g is a generator of a group of order P (should be a group over elliptic curves, not say prime order subgroups of Z_q^* as the latter allows for algorithms like index calculus that are even much better than the regular T/M trade offs).17:40
nshhow does that guarantee a collision pairs?17:42
nsh-a17:42
bramcnsh: It guarantees a random permutation, so if you lop of the last bit you've got pairs17:48
nshoh, of course17:50
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dgenr8nsh: a forkcoin is more like a rights issue than a jubilee.  BTC holders have this new thing, which probably isn't worth much to start with.  i've thought maybe it could work for zerocash18:16
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bramcAnyways, the problem with applying the same sort of hash function on the second iteration is that it's only dependent on the value collided on, not the values which lead up to it, so the TMTO resistance isn't improved any.18:43
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