sipa changed the topic of #bitcoin-wizards to: This channel is for discussing theoretical ideas with regard to cryptocurrencies, not about short-term Bitcoin development | http://bitcoin.ninja/ | This channel is logged. | For logs and more information, visit http://bitcoin.ninja
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<r0ach>
bob, do you agree or disagree:
<r0ach>
<r0ach> proof of burn is the #1 most powerful underutilized tool in cryptocurrency
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<bsm1175321>
r0ach: I neither agree nor disagree. I don't like to see coin scams. I don't think proof of burn is a panacea.
<luke-jr>
proof-of-burn is a one-way peg ;)
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<r0ach>
well, proof of burn is hugely powerful, but if you're burning the thing that's supposed to function as a currency, it kind of destroys the economic system
<r0ach>
so you either need to have a central bank built into the protocol that constantly monitors the coin supply, or you build a 2 coin system and burn one token to do something but not burn the actual currency
<r0ach>
which is what I based my idea on that I was telling you about yesterday
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<midnightmagic>
sigh.
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<bsm1175321>
I think luke-jr has it right, burning is a 1-way peg. 2-way pegs are better. If only we could get rid of that whole "federation" thing...
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<musalbas>
andytoshi, thanks for the info
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