Author Topic: How can I get some truthcoin?  (Read 1675 times)

blackhatzw

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How can I get some truthcoin?
« on: April 27, 2016, 03:39:01 am »
How can I get some truthcoins? Can I buy some or mine?

psztorc

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Re: How can I get some truthcoin?
« Reply #1 on: April 27, 2016, 04:39:33 pm »
There will exist a mechanism to transform BTC in to Truthcoin's "CashCoin". So, you should just buy more BTC.

Unless you would like to become a reporter. I haven't decided how the VoteCoins will be distributed. It wouldn't hurt if you helped with the code.
Nullius In Verba

blackhatzw

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Re: How can I get some truthcoin?
« Reply #2 on: April 28, 2016, 02:51:41 am »
There will exist a mechanism to transform BTC in to Truthcoin's "CashCoin". So, you should just buy more BTC.

Unless you would like to become a reporter. I haven't decided how the VoteCoins will be distributed. It wouldn't hurt if you helped with the code.

Thanks for explanation, how many CashCoin exist totally? How will CashCoin be distributed?  How to secure the CashCoin's network, is it PoS or new Consensus algorithm? Where can I find the documents about this?

psztorc

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Re: How can I get some truthcoin?
« Reply #3 on: April 28, 2016, 11:10:20 pm »
There will exist a mechanism to transform BTC in to Truthcoin's "CashCoin". So, you should just buy more BTC.

Unless you would like to become a reporter. I haven't decided how the VoteCoins will be distributed. It wouldn't hurt if you helped with the code.

Thanks for explanation, how many CashCoin exist totally? How will CashCoin be distributed?  How to secure the CashCoin's network, is it PoS or new Consensus algorithm? Where can I find the documents about this?

CashCoins *are* Bitcoins. They are two words for the same thing -- when BTC are in Hivemind world, they are labeled CashCoins to distinguish them from Votecoins.
Nullius In Verba

zack

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Re: How can I get some truthcoin?
« Reply #4 on: April 28, 2016, 11:39:08 pm »
For bitcoin hivemind:

Cashcoin IS bitcoin. Since there are 21 million bitcoin, if we moved all the bitcoin onto truthcoin, then there would be 21 million cashcoin.
If you have 1 bitcoin, you could move it from the bitcoin blockchain to the truthcoin blockchain, and it transforms into a cashcoin. So you no longer have any bitcoins, but you have 1 cashcoin. Then when you are done on truthcoin, you can move your cashcoins back to the bitcoin blockchain, and they become bitcoins again.

Truthcoin is going to be merge mined, similar to how namecoins works.
So it is being secured by the same hash power that secures the bitcoin blockchain.

A big limitation of merge mining is that if you have less than 1/2 the total mining hashpower supporting you, it is cheap to cause forks on your blockchain. Miners are paid to support you, but it wasn't enough for namecoin.

It isn't clear if namecoin is successful at merge mining. Their difficulty is 26 billion vs bitcoins difficulty of 179 billion, about 15% of the bitcoin miners are merge mined with truthcoin.

namecoin is securing domain names. Do you trust the bitcoin miners not to collude to hold your domain name for ransom?

truthcoin is securing the outcomes of predictions that people are betting large amounts of money on. Do you trust the bitcoin miners not to collude to hold the money in your prediction market for ransom?

Look at page 28 of the white paper near the bottom: http://bitcoinhivemind.com/papers/truthcoin-whitepaper.pdf

For Augur: ether are the cashcoin. https://blog.ethereum.org/2014/04/10/the-issuance-model-in-ethereum/
Currently it is secured by POW, but they are planning to move to POS.

For Flying Fox: flying foxes are the cashcoin. It has a new distribution method.  https://github.com/BumblebeeBat/FlyingFox/blob/master/docs/coin_creation.md
https://github.com/BumblebeeBat/FlyingFox/blob/master/docs/coin_creation_price.md
Flying Fox is secured by a PoS consensus I invented that is based around the idea of payment channels.
https://github.com/BumblebeeBat/FlyingFox/blob/master/docs/lightning_consensus.md

bacchist

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Re: How can I get some truthcoin?
« Reply #5 on: May 13, 2016, 12:43:51 pm »
There will exist a mechanism to transform BTC in to Truthcoin's "CashCoin". So, you should just buy more BTC.

Unless you would like to become a reporter. I haven't decided how the VoteCoins will be distributed. It wouldn't hurt if you helped with the code.

What is a reporter, exactly? Are they the voters?

I've been trying to get a sense of how it will work. Voting users are associated with Branches? How are these entities organized and how would I go about joining one?

zack

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Re: How can I get some truthcoin?
« Reply #6 on: May 14, 2016, 04:24:54 pm »
A reporter is someone who owns votecoins for a branch.
Each branch has a different flavor of votecoins.
If you want to be a reporter for a branch, then you buy some votecoins for that branch.
Votecoins are similar to reputation from the Augur project.
Augur had a crowdsale to distribute their reputation.

For a branch to decide who won a bet, it asks the votecoin holders.
The votecoin holders participate in a game designed to extract the truth from them.
This game is more accurate if there are lots of people owning small amounts of rep rather than a few people owning a majority.

Since the Augur rep is worth over $100 million, I would be very surprised if Paul Sztorc decides not to have a crowdsale.
 Hivemind has the bitcoin community behind it, which is bigger than the ethereum community.
The world record for a crowdsale was $113 million.
Hivemind could raise much more than that, which would bring a lot of attention to the project.

That is such a large amount of money to refuse.
But, his motivations in building truthcoin so far has been ideological rather than financial.
He wants us to be wise and honest.
If the votecoin crowdsale somehow interfered with his goal of improving the world, he might avoid the crowdsale.

I plan to have a crowdsale to distribute the votecoins for Flying Fox.