PookTwo

But this has two issues if i am reading this right:

1. Since only Gridcoin has the information of the users, than what is to prevent them from creating fake accounts that they themselves hold and paying themselves more Gridcoins?

2. Unless if every single donor has an encrypted Comodo (or something similar) email with Gridcoin, then emails can be stolen. And if gridcoin becomes valuable enough and emails are not encrypted, then its a sure thing that they will be stolen.

I disagree. I think that Counterparty adds value to the Bitcoin platform. I envision BTC almost being like gold, not something that will ultimately be used everyday. I think a token built inside of Counterparty will be that everyday used token.

Its kind of like the internet, the original value of the internet was to transfer files from point A to point B. Then came: email, the browser, instant messaging, online shopping, social media, streaming, ext.....

This adds additional value to the Bitcoin blockchain thus making it more desirable to have.

But i do agree that the miners should work on useless algorithms, that is the best way to keep it just and fair, but building applications inside of that is just fantastic

Fair enough, i did not know that, and i do love Gridcoin as they are supporting a different platform than us. I wish them the best of luck, though i do think they should move over to Counterparty rather than a new POS blockchain they have been creating.

But with FLDC, you can have both :) The ASIC miners for Bitcoin cannot fold proteins, we are trying to bring in the Altcoin miners still using CPU and GPUS

Actually non of the money goes towards protein folding, its the power of the folders that does. All of the FLDC (money) goes directly to those that fold.

As for the IPO, we dont need one. Since a counterparty asset is very easy to create, our overhead is low. Thats why we are running a fundraiser, we plan on implementing additional features, but really no features are required to distribute FLDC. The features will help better the currency and the economy surrounding the currency, but unless people wish to give us money to do these things, then we will simply keep coding ourselves and distribute FLDC everyday.

Other blockchains require a lot of maintenance and patches, we do not. Almost no overhead

The miners are there because Counterparty assets are built inside of the bitcoin blockchain. So without the miners hashing the blockchain, the transactions for CP assets (FLDC) will not go through.

As for why not just donate to standford? You absolutely could and i am sure they would love that :) But we are trying to harness the 330 PetaFLOPS of CPU and GPU computational power used in the other altcoins. So by giving an incentive to fold to the miners, the hopes are they will move over to folding, rather than hashing at blockchains that in many cases die off or get abandoned.

Where there is profit there is competition. As a miner years ago, i was able to produce a lot of bitcoins with my GPU setup. When the ASICs came out i tried to compete, but simply did not have the capital. But other people did. And it wasnt just one person, it was a few big companies that did this.

So no longer is the individual able to mine BTC, its now a profession. So if this happened to FLDC, that wouldnt really be a bad thing, because if it is to happen, then that would mean FLDC has gained enough value for someone to pour money into being the top folder. So then the economy of FLDC would be where the general public has the interest and the Folders would simply be a profession.

if you are a certified medical researcher you can request to review the WUs. Many might not produce real results, but in the words of thomas edison:

I have not failed. I've just found 10,000 ways that won't work.

We love gridcoin as they are a different platform. Being able to payout the same crypto for BOINC and FAH would be hard because the credits values are different.

You simply could not say half the Gridcoins go to BOINC and half go to FAH because what if there are more users on FAH in compared to BOINC?

Also POS has its issues like POW does: if someone controls half of the currency, then they could attack the network. At this point.. it would be very easy for somone with a couple thousands of dollars to buy half of the Gridcoin out there and perform the attack, its very expensive to buy half of the BTC mining hashrate.

BOINC has not released this system yet, it is still in the works and i look forward to seeing how it would work. Even though FLDC is centralized to an extent, every possibly solution dealing with BOINC and FAH has centralization leaks, just different degrees.

Also with BOINC, anyone can create a project to work on. Someone could potentially create a cron job application masked as lets say a protein folding aplication to harness BOINC power for not only A. Gridcoins but B. computational power used for something malicous like cracking email passwords. This bad actor would then gain two benefits.

Though after awhile BOINC may discover this and remove them, the possability for even a days worth of work could be problematic. Dont get me wrong, I love BOINC, but for this system to work, they would need to have an approved list of specific projects one could work on to receive Gridcoin.