Proof of Stupidity NATURALLY occurs in NATURE so you don't even need to write any code for it to occur. It is by far the best way to reach decentralized consensus. In this video, we discuss three examples that illustrate Proof of Stupidity's superiority over other alternatives:
- "Long Island Iced Tea Corp" rebranding themselves as "Long Blockchain Corp"
- Hooter's starting a cryptocurrency rewards program
- Kodak launching Kodakcoin
Perhaps in the future we'll talk about more examples of proof of stupidity given how NATURALLY it occurs in NATURE. Why don't more people talk about this revolutionary consensus algorithm?
Man, you are a master! but, me, as a student, really wonder the reason's behind their masters advice... ive heard you talk sooo much about bitcoin and what it really does, the stupidity behind its true value, and so on and so forth..
And, i've watched you inviting everyone to Steemit in order to follow you, but, watching your wallet, you really have no incentive into keeping value into the platform... you earn, you cash out...
What are your really thougths about Steemit? I know it migth hurt a lot of us... but, please, make a video upon that... any way, if steemit is willing to fail, it shall not depend on your opinion... and if it takes a lot of followers off, please then dont say "it dont care about anyone opinion"... so, people like me, who really intend to question their own belieifs, really beneift from your proposal: to question everything, and even more, to question what really brings value to humanity.
Thanks for your videos, its being a pleasure!!
I really hope you answer this question...
I have much more invested in Steem than you know - I just prefer not keeping it on this account which is already a target as is. I'll be talking about my "real" opinion of Steemit in a future video likely this month. I've already voiced my main criticisms, which is that it is abused to all hell and overpays many of its contributors for work they'd be willing to do for much less.
If the goal of a company is to generate value for its shareholders, then the goal of Steemit ought to be to generate value for the Steem token by increasing the network value of its social media platform. Unfortunately, far too much gets paid out to content creators. I've seen examples of someone paid... wait for it... $2,000 for a post that garnered 50 views.
FYI, when I wrote for Seeking Alpha, I got paid $10 per 1k views. This is considered generous for a nobody with no prior social media, by the way! Many contributors on Steemit are spoiled, and their content shows it with often very little effort put into it. Not saying that the pay needs to be THAT low, but it should be limited to views in someway or other forms of engagement (given views can be gamed, but there are ways to detect "fake" views). Too many people quitting their jobs for Steemit who will be abruptly forced back into the "real world" when the crypto bubble pops because even though I like Steem a lot, it will be influenced when the crypto bubble pops regardless (correlations of all cryptocurrencies will spike during this event).
Otherwise, Steem is one of the few cryptocurrencies that both works(ish) and has a huge community of support behind it. I hope while the token value is so high, more developers will come along and other sharp minds that can fix some of these problems with rampant abuse. I know @transisto is actively working with several individuals who aim to improve this network of applications. The most effort should be put into Steemit & SMT, because those two contribute (in my opinion) over 90% of Steem's value. Fix Steemit so it is less abusable and easier for "average Joe" to understand + get involved and you'll have the first real cryptocurrency killer app.
@ned, i hope you read this.
You clarified most of my thougths about Steemit. I also think CDN's (Content Delivery Networks) will be the forms of crpyto that will come to stay, and having being made, as social media based, its really rpomesing... Any way, it was really dissapointing for me to see @dan posts a couple day ago, "Proof of governance", basiclly explaining the rape in the reward pool (ss you brilliantly pointed out), and @ned counter-arguing with visceral thougths. The dissapointment came to see that these guys are non longer in the same track about Steemit, BUT, what i found interesting about @ned's argument, was recognizing this rape, and the actions he is planning to implement in order to counter that in SMT future. i'll quote:
If that's the case, that would truly incentive quality, fairness in the distribution, and with such an interface like the one APPICS is promesing (for example), ill bet that "average Joe" will jump in and stay for decades in these platforms.
About Steemit (as social meia) if it doesnt implement greater changes, im wouldnt be so bullish neither...
However, i read the whitepaper, and i don't quiet understand how SMT and STEEM price is going to be related. @ned says if demand in A increase, demand in B will also increase. That can only be true if trade market for SMT depends on STEEM which wont be the case... maybe im missing something, i dont know...
Man, thanks for every video you have made so far, your reasoning is just flawless.
It's being a pleasure to read you.
D.
Glad to see someone else has about the same views about steemit. I mean the amount of money that flows to the platform abusers is just insane. Bad quality content gets rewarded just because a whale votes it up.
Also all the fake positivism makes me cringe to the bone. People sucking up to each other just for some upvotes. It's pretty pathetic.
Not to say that everything is bad about this platform but.. oh my.. it needs so much more improvement..
I'm amazed at how people can blindly throw there money around in this market. It's crazy!
I'm a big fan of your videos and you're the main reason why I made a Steemit account.
Anyways, I can't agree with you more. The whole consensus around Crypto lately has transformed into a penny stock dart throwing arcade game. Too many "HODL" sheep are investing in companies that they swear can change the world with their technology that hasn't even proven anything. It reminds me of the weed penny stockk craze that kind of still is going on today.
Anyways, I appreciate your videos and insight into the market. I try to share your videos with all my friends who are lunatics and sheep fanboys who want to "ride it to the moon". They'll learn when their altcoins flounder and money goes back into BTC.
More than the corporations I am amused by people who argue for these changes and then try to justify them with absurd reasoning.
eg. Recently Justin Sun announced that he is hiring a developer from Alibaba group. Whole public went gaga after seeing that tweet. There were reddit threads that were discussing that Tron will jump 5x - 10 x. Really?
Coming from a tech world I know how many developers jumps ships and keep changing companies.so should I just go and buy some ABC company stock, because apparently they hired a Google developer. I won't. It wont even be noticed. I will however be excited if someone leading google Chrome or Search engine project joins another company and leads the efforts.
This Crypto world is getting crazy and more crazier are the people justifying the craziness.
This was so awesome, laughed my ass off, you nailed it :)
I dont get people buying these stocks based on a name change. PoS works.
Man we have to rename Proof of Stake to something else now hehe
"Proof of stupidity"... if you are the one who coined this term you should file for a patent and collect royalties cause it's amazing! Or make your own coin and add it to binance. It will go straight to Top10.
This is pure gold! Essentially, you described the whole cryptocurrency market in one sentence.
Further examples:
That's the funniest thing I've seen all week, thankyou :)
How to build hype.
People are sinking money in everything that has to do with crypto at the moment hoping to make an easy dollar...
Never discount someone doing wash trading on an exchange. Sure you lose a few bucks on transfers, but buying your own inflated sell orders with another account can really jack the price of a stock up quick.
this is the source behind a lot of pumps for almost every crypto.
I believe wash orders are how Bitconnect and all of the lending tokens keep their prices up. As long as you have enough liquidity you can pump whatever you want on an exchange you run.
LOL Love it! I must say, your videos never fail to both surprise and educate. Before your XRB video I was a MAJOR Raiblocks shill. Though I still like the tech, I now understand the importance of succesful use-case/ adoption when valuing crypto assets! Thanks for pumping out grade A content.
Hilarious! So true that it hurts.
This is literally the funniest thing I've seen all week!
Wait, @cryptovestor can tell jokes? What?
But in all seriousness, Proof Of Stupidity is what will cause the bubble to burst in the future. My parents told me during the dotcom bubble any random company putting "Internet", "Website", etc in their name would result see massive increases in their stock price. We are in the early stages of that right now in the blockchain bubble. At this rate, the bubble will definitely burst in 2020, if not in 2019 or even 2018 if we are unlucky.
It all depends on how the technology develops. It's hard to predict. As the video showed, in this day and age, as always in history, lots of people tend to be more of a sheep than men. That's why governments, banks and corporations are taking advantage of them everywhere you look. maybe 2020, but I doubt I can Imagine what I would think of 2021, one year from now. If it gets to the point that anybody in the world could readily access the bitcoin network, I don't get surprised If we see extensions of the bubble. the market cap is small in comparison to potentials. unfortunately, it is also not even mature for the current market evaluations. As bitcoin gains price, it grows in popularity. Of course, it could also crash which is a thing we should take in to account. A technology in monetary systems, deeply entangled with IT. It's hard to predict.
"but I doubt I can imagine what I would think of 2021, one year from now"
Implying you are speaking in 2020. Are you from the future? lol
I'm considering the case, In which I'm still alive in 2020. :D
I also can't assign a particular probability to that. It's all stochastic in nature. lol
Without a doubt this is your funniest video to date! Totally sincere outrage. Kudos! Loved it.
You can resume educating me later but for now ROFLMAO
Thanks,
Rick
I am calling three other PoS(tup) we might see in 2018:
BlockBerry, really? Doesn't stand a change to NokiaCoin, the true visionaries!
And the airline biz should be more like FlyCoin or BirdChain XD
Actually the airline industry could be a huge market for any biz implementing blockhain tech. Maintenance, tickets, loyalty programs, security and identity are some of the implementations where blockchain tech could be used.
But the way it goes now it probably end up with an ICO for every airline and airport trying to grabb some quick $$$...
Everybody wants to jump on the hype train. However nobody knows where the tracks may lead them to.
Kodak is not shy to do such a jump.
"Ice tea is cool, but we would better mine"
"Burgers, beers, tits, cryptomoney"
"Yes, we do the cameras, but crypto is also cool"
Hey C-vestor
Bet you wish you'd stuck to that 17K sell call. I sold my chunk just north of that. Wish I'd sold more. Been dipping a toe back in on the way down. Won't go all-in until sub 10K
Re Kodak: Their "proof of stupidity" actually happened a long, long time ago. I'm not sure how many people know this, given how duplicitous digital cameras are today, but kodak INVENTED digital cameras and had the patent. But, they felt that digital cameras were cheap and would dilute/besmirch their brand. So what did they do? They leased the patent out to other companies and didn't bother renewing it, and by the time they realised their mistakes it was too late.
Just as much as "proof of stupidity" is naturally occurring in nature, 'huge companies' are naturally prone to making 'huge mistakes'.
That is very unfortunate that this technology has come to this day.
Hope the hype cools down a bit and people would stop speculating. until all the technology needed would be implemented.
This the dot com bubble all over again. We could be heading into trouble. It seems to me that most major cryptos are nowhere near ready for mainstream adoption. The dumb money is starting to pour in, which can only lead to disaster. With the dot com bubble and the tulip bubble, there were basically 3 stages: 1. The hype.
2. The crash.
3. The silent revolution.
I expect the same with crypto, and I intend to be ready for it.
You are one of the very few sane men in this insane world, and I watch all your videos to get that regular dose of reality. But once I am done watching , I'll probably go and get a shit ton of that Kodak coin.
I tend to love your market analysis, although it would be so cool for you to do more videos like this! They don't even have to be long, this timecode is perfect!
Proof of stupidity is by far the best consensus algorithm available, it processes instantly and is infinitely scalable.
Thank you!
Some of this ar darwin awards.
This just represents the lack so sense for most people that just follow the herd and have no reasoning of their own!
The current reaction to blockchain is indicative of all that most people know about the technology. Like the internet back in its infancy, it is just another buzz word thrown around generate hype and seem in the times without doing anything.
I suspect this is just the beginning, even if bitcoin loses half its value the news has talked about the revolutionary new tech, 'the blockchain', want some of that pie? Talk to your doctor if blockchain is right for you, then ignore him.
Forget about Iota, Cardano, Raiblocks and all those other shitcoins. Stupidity is what will truly drive fee-less instant transactions. Trump alone could handle 7000 transactions per second.
"Proof of stupidity" love the term :D Its as good as the name: Idiocracy
(being a name that poped into my head some years back and i searched for it and was suprised to find a movie called Idiocracy)
Why wil people buy this new coin thats the same as any other coin? Because proof of stupidity! BEcasue we are still in an ICO craze.
I already renamed to chkoenig blockchain... Didn't work so far. Probably I should add long to it :D
STUPIDLY FUNNY!
It's just like when all those knock-off Pogs and beanie babies came out. who want's to play milk caps?
I think Kodakcoin does provide a service that's required. It solves the problem of photographers earning money for their photographs without having them stolen or distributed on the internet with no way to trace.
It's the mining operation Kodak just launched that is ridiculous to me.
That service already exists here on Steemit. Upload a picture into a post, and it is locked forever in the blockchain, irrefutable proof that it is your photo (if it doesn't already exist online) because it is time stamped and cannot be edited after seven days. Kodak is trying to centralize this concept around their brand, which is totally an oxymoron of decentralization.
That is true, I hadn't thought of it that way!
Thanks for you're opinion.
@blck0 you also have this: https://binded.com/
Personalty, didn't try it yet but seems the same.
And @briggsy habing something locked in the blockchain has nothing to do with copyright. Nevertheless, treating digital art as something unique (like cryptocurrency that can't be copied, which would go against it's purpose) may be one way to do it, who knows.
I know that locking something on the blockchain doesn't mean it is copyrighted, but rather in the case of someone arguing that you stole their work when it was your own, the blockchain allows a person to defend their right to ownership, and thus Steemit serves that purpose.
To be fair there is no way to prevent something digital from being copied. every time it's accessed on the internet it is copied. encryption does help solve this for 99% of users, but that doesn't require blockchain to do, you are correct.
If anything, Kodakcoin only helps to immortalize the Kodak brand name for an otherwise dinosaur brand. Kodak really did try to keep up with their Kodak share and series of printers and digital cameras.
Yea and they're bringing ektachrome back to life as trial sell this year. I wish they done that some years ago when I had time to shoot film :p
Wouldn't something like po.et be better?
So how does that prevent me from stealing a photograph though? People will still use photos that aren’t theirs...
It won't completely stop it but it should limit the amount that happens.
Will at least make it easier to charge and pay for it. Some people don't pay royalties because it's too freaking more complicated than just downloading it.
Cut and paste is still alive and well
The problem with the entier idea is that you cannot 100% prevent someone from copying any picture posten online. And why whould anyone buy something that can be copyed? Now ofc if you want the high resolution , none compressed picture thats another story, but still. And as @briggsy pointed out, similar services exist alreaddy that can do the same thing.
But you know what? why not make another crypto token, because there is manny thats is looking for any new coin or token to get theyre hands on early so they can ride the first wave to sell later. Even fraud coins like Bitconnect is still alive, because aslong as there is a price increse to at least one top, thats all that is needed. And now BitConnectX is comming. And people wil buy it.
There are a lot of stupid coins out there.
Woow I was just thinking about this today! Kodak I saw it coming before you said it. I mean... one of the least envisioned companies in the history, due to resisting new technologies is now on the blockchain wave...! Hilarious.
Well my take on this is that this is only the beginning. During this year we'll see tons of big corporations desperate to catch the wave in the most humiliating way we can imagine. On top of shitcoins and ICO scammers we'll have bigcorps joining the mix. How many coins will we see listing the coinmarketcap next year?
What we have to keep in mind is that cryptocurrencies offer alternative solutions to ones already being implemented. Just because it is an alternative, doesn't mean its 1) necessary or 2) better. As CI mentioned before with paypal, there is no objective reason for a company to accept cryptocurrencies as opposed to cash, ignoring the hype that's generated. Of course we still may be far off from this way of thinking but I think it is important to get some of the fundamentals down before going into full speculation mode. Happy trading!
maybe we should test the theory by creating "Stupid Blockchain" token and see if people will follow?
I believe that was called Dogecoin.
https://uetoken.com/ It already exists.
Maybe out of context but still waiting for the predicted pump in BTC to 23,000
why you choose an altcoin as Salt to invest? I guess the team behind the project is really good but the idea is not compatible with free market more to banking system (not peer to peer transactions). I wonder why?
How lovely
Centralized companies jumped on the bandwagon. You know it is a bubble when the most conservative market gets pumped on blockchain news)
That said, I have a feeling Ripple will be but one of many growing, centralized companies as more careful and conservative investors seek comfort in familiar stocks that join the blockchain craze. In my opinion, this is proof that there is big money that wants to get a piece of this lucrative crypto-pie but don't want to get involved into something they don't understand (Warren Buffett comes to mind).
I am trying to understand the rationale for why someone would buy one these companies' stocks after they implement Proof of Stupidity.
My best guess is GFT. I don't believe that people who've heard of crypto/blockchain would fail to see that these things are just cash grabs.
Probably the most sarcasm I’ve ever heard in one 3:50minute segment - I was enjoying immensely until it became apparent how pissed off you are - settle down - there’s always going to be the people out there that take advantage of a situation (Kodak selling pictures - amateurs and pro - is not that far off from Steemit selling or paying for editorials and comments)
Hey all!
I have put together some picks. They are low market cap coins that I believe have great potential for profit. Obviously there is risk and do your own diligence before buying. I am not a financial planner or advisor.
In no particular order:
(Follow me on my new Steemit for daily picks, and have an excellent day!)
@cryptosee
You should explain more about what you mean by "revolutionary consensus algorithm". These examples as you said are proofs that instances of stupidity rush, happen every now and then. I guess some corporations are taking advantage of the blockchain word just to keep their business, associated with the hype.
Oooh! A chance to share my favorite stupidity quote!
Sorry, couldn't resist. It is crazy how everyone's trying to jump on crypto. When i saw the headlines i thought that maybe Kodak would do some sort of proof of picture, which would have been crazy, but a normal coin is even crazier.
Great vid, haha. I drive a cab 10 hours a day. Actually wait, I mean a Crypto Cab.....
You should start an ICO for loyalty program for your cab... co-paul crypto cab coin. Your going to get rich ;-).
Crypto is the future stock market, I believe this will happen with a lot of companies.
Yep. It's just madness.
If you look at it rationally, you'll find that humanity has always been at war with evolution itself - being successful inside a herd is often dependent on your ability to shed logic and follow your feelz and the rich stable smell. Average global IQ is now estimated to be 86. It must be considered capricious to not jump onto the stupidity blockchain.
Great idea, great topic!
it took a few years to understand and 2 master bitcoin. Although this sheepish behavior of the crowd looks stupid, they actually r following signs of very progressive and very young technology, counterintuitive, counterestablishment. Maybe, just maybe, not so stupid?
Don't b 2 harsh though; even 2
In Kodak's case, it is comparable to an adrenaline shot to the heart, which also looks very stupid.
The core idea of yours, the natural phenomenon, is just great. Develop it to an algorithm, write a paper about STPD coin, measuring markets stupidity levels. Exchanges should be fighting 4 the privilege 2 run the POC on their platform. Traders would love it. Properly thought and written, STPD will outperform Clif High's predictive linguistics in months.
It's stunning how natural and validated the theory is!
And hey, btw, perfect name you've got for it! ;P
Interesting pont