They'd have to break the encryption. And if the encryption is ever broken it won't be a secret for very long.

Hmmm.... Does anyone else smell Indian Spam?

The way it was explained to me by a PhD in CS is the phsyics requirements to brute force a 256 bit long key private key basically violates every law of quantum physics.

As far as a backdoor, if they had a backdoor they would have used it to break the silk road operators private key and seize all of his bitcoins not just the wallet on his PC.

ok. I'm talking intellectual property

The records of the transactions are downloaded into your personal wallet (right now about 14950 blocks), and the wallets act as a sort of network node keeping the network active also.

The advanced hardware takes mining out of reach of most users who have a couple extra pc's or only want to spend a few hundred dollars to begin mining versus thousands of dollars to be competitive.



A pool is a pool of miners that pool together their resources to mine cryptocurrencies. Each miner gets a share of the block reward as a percentage of the work they put into the pool.

A Mining rig is typically a computer with several dedicated graphic cards running a computer program that mines the coins.

We're not breaking encryption, but using it to verify the block chain and that transactions are valid, sort of how traditional accounting uses double entry ledgers for accounting practice.

Even if the NSA were able to brute force SHA256 through standard dictionary attacks(using known words) it would basically be impossible via our current understanding even of quantum physics.

The following link is a good explanation of why 256 bit keys are very secure. http://security.stackexchange.com/questi...

Mining is the process of adding transaction records to GaltCoins's public ledger of past transactions. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place.

This is done via computer programs running usually on dedicated hardware. GaltCoin is built on an encryption algorithm that is resistant to the advanced hardware currently used with bitcoin. Most people mine via a CPU on a pool, or I mine via a "mining rig" specially built to mine cryptocurrencies.

Sorry I never replied to you. We're actually hosting it on a colocated server I use for side projects. If galtco.in ever gets large enough it will be hosted on it's own server.

coins are rewarded currently for each block that is verified by the "mining" or verification of each block. There is also a reward paid to miners for verifying transactions.

As far as how it cannot be increased in the future is the code itself is open source and can be verified by anyone with programming knowledge.

Sort of like youtu.be I'm fairly certain they're not in Belize.

Downloaded and built.

1. No economy users GaltCoin, yet. We have to build the network, and show a reason why it should be used. We're actually building a store to sell a few products using GaltCoin. First and foremost though we have to build the network, and start mining operations.
2. Galtcoin is valued at whatever two persons intend to trade it for. Pegging it to a "currency" value is short sighted. Again I reference the Subjective Theory of Value. What is a chicken worth? What ever your neighbor will give you for it.
3. 42 million coins is a fixed value, but every coin can be broken down to a denomination we're calling a gulch. So the total number of coins available should be 41,999,999.999999999496 or 419,999,999,999,999 total units read 419 Trillion, so far more than all United States "Dollars" currently in circulation by about 400 times over. Part of the problem when people think of a cryptocurrecy they generally forget about the smallest denominations which dramatically increases the number of units available for trade one all coins are mined.

dherik, et.al.

Please do not think that I am just interested in tearing down your project. I asked that question out of self-interest, and your reply and my intended reply to it got me to thinking and doing a little research. So, I am going to type my way through a line of thought for our discussion and would be interested to see your logic on these points.

My question "Will it be backed by something of comparable value or fiat?" is the instinctive self-interest of knowing that when I choose to labor for something that it is of sufficient value that I can use effectively in the time frame that I will possess it. Its value is related to the interrelated things "who will take it?" and "what it is worth?". Taking an excerpt of Francisco D'Anconia from Atlas Shrugged Part 2 chapter 2 " Money is a tool of exchange, which can't exist unless there are goods produced and men able to produce them. Money is the material shape of the principle that men who wish to deal with one another must deal by trade and give value for value. Money is not the tool of the moochers, who claim your product by tears or of the looters, who take it from you by force. Money is made possible only by the men who produce." This quote also brings up an interesting point that the economy preexisted the currency, which goes back to the "who will take it?" question of "which economy is this currency serving?".

Aside from the concerns (concerns are not necessarily nails in the coffin but may be simply good questions to ask) of not being able to transfer value outside the network that accepts that currency (which is true of any currency worldwide), and the fact that Cryptocurrencies are a Fiat based system (the value is not fixed to any one thing and is without intrinsic value), I find it interesting that the currency is limited in the total quantity. Initially that leads one to react with "that is a zero sum game!" . Aside from a zero sum game being something that is a logical flaw in the argument that moochers use to claim that wealth is stolen property not created property, is it of value to a system of currency? Investors will tell you that inflation is the silent thief stealing from you while you attempt to build and protect your wealth. Zimbabwe, North Korea, and many others have experienced the effects of the central bank printing presses killing the value of the coin in hand. The Galtcoin will not be made again, thus they cannot be devalued through running the presses. This is an interesting solution and may work, it may also have some flaws. Berkshire Hathaway has refused to split its A shares which allows for an easy accounting of value. Then after the share price reached really high values, individual share owner participation fell off due to the entrance step being so large. Then people began forming corporations to pool money to buy a share. Buffet felt that this hurt the investor's return and increased risk for the investor due to dishonest dealings that occurred within some of these corporations they created the B share with a fixed split ratio and having a one way split direction allowing the split of an A share into a fixed number of B shares, but preventing the merging of B shares to form an A share. Thus individual investors can participate again without corporate inefficiencies of small investing corporations. This question is "what do you intend to do if the value of a Galtcoin exceeds some point at which entrance into the Galtcoin economy becomes too onerous to the individual?”.

So to recap without being exhaustive in one post reply
1. What economy uses Galtcoins? Not an easy question to answer but maybe an easier one to help you would be, “what can I buy with Galtcoins? What can I sell for Galtcoins?”
2. What is a Galtcoin worth, if not backed by value, what are you doing to earn one?
3. Your experiment with a fixed quantity of Galtcoins may prove effective and interesting. I may join just to see what happens.
I would love to see further discussion from you along this topic line as well.

You should!

Did you say SHOT show? That sounds like some real fun. I am thinking very seriously of going to the NRA show this year.

Where in Colorado? need any IP help?

No worries.
I have a few other things going at the moment.
But eventually, I'd like to download your source and maybe contribute some code.

That would be why we didn't add it. Quote #2 was actually my suggestion, and I flubbed on the "get" part first draft by using "adeptus", "agetare ex meus via" is as close as I could come without even more mangling of things

"The hell" is an idiom in English used to add emphasis.
I could be wrong, but I don't believe that there is an equivalent in Latin.
Using a Latin word for hell (e.g. avernus or chaos) would make no sense.

One could use "now" or "at once" for a type of emphasis, but Galt didn't say "Get out of my way, now!"

That's why you do it ;-)
I'm in. Mr. NMA gets home from the SHOT show mañana.... We'll talk. (Imagine a cigar/bourbon roughened voice).

I understand the thought process, but the vanity domain is something I decided was worth the risk. We've been trying to secure the .com, because honestly .org and .net domains are no better than out of country imho.