"First, the economics of scale for storage is very unfavorable, large buyers have huge advantages and others have diferent levels of availability."
Does not what you are saying hold true for any crypto currency? As regards Burst: Anyone who owns a computer or a smart phone can already start mining, so no upfront investment is needed. Obviously, those who buy more HDDs can earn more, but so do those who buy extra GPUs, ASICs or CPUs for mining other coins.
"They advertise on their web site how they have tons of nodes setup and how this leads to decentralization. The deal is, this is a tiny project with ~1000 BTC market cap; pure speculation and people making some money with their HDDs sitting around."
Those are strong claims you are expressing. Please provide some sources as to why you believe the entire Burst project is based on pure speculation? Yes, Burst has had some hiccups since inception over two years ago, but from January 2016 the market cap has been steadily rising due to a number of factors, two of them being continuous development and availability.
"There is really no long term future in this asset and although they may have ~1.5 PB of disks on their network, they don't do anything."
At least get your facts straight, according to http://burstcoin.biz/stats the estimated network size is 14.5 PB, more than ten times as much as you stated. Also, please explain to me what 'good' the ASICs, GPUs and CPUs are doing while they are mining?
"What a waste, irregardless of how everyone's mining efforts could be crushed once a big player decided to throw their drives around."
Well, if a single entity is to come up with more than 14.5 PB, either to attempt a network attack or just to make profits, it would take ages to plot the drives and it would be extremely expensive to pull it off. The network is growing in size every day, so I don't regard that as an imminent danger any more than what other crypto currencies face in a similar scenario.
For a seemingly informed and rational bloke, you come off as being the strict opposite and incredibly biased towards the other coins and tech that you mention. You don't have any particular substance behind your claims and allegations either, and I also suspect you don't know much about Burst. Yes, I am biased because I am involved with Burst, but at least I don't take cheap shots and lash out at other competitors like that.
"It is just a SHA256 hash anyways no extra security"
Burst uses Shabal256.
"Everyting about this project screams scam."
Everything about you screams scam.
I think you would be pleasantly surprised if you took the time to get to know the Burst community, and to see what we have to offer now and in the future.
https://forums.burst-team.us/
https://www.burstnation.com/
Stay informed,
-Prop
Couldnt be more well said, this Imo is just someone who Bought some news asset and is angry now, all pretty biased an unfounded
Edited for typo
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Well I certainly have never owned any Burst. I am absolutely biased, not all cryptocurrencies are created equal and my opinions clearly reflect my views on what is most important in the crypto space.
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Well said @propagadalf.
BTW, I prefer unbiased positive critique from someone who is sincerely involved and has tested the waters of what you're reviewing.
I would have loved to read about the positive features burst has to offer, like the asset, green nature etc., as you lay down the cons.
I sincerely noticed a continuous marketing of your preferred altcoin as against burst.
Just my thoughts anyways, no pun intended.
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Thank you for correcting me on several project details, I had been referencing a third party factsheet that had not been updated.
Well what the miners are doing is putting stake on the network in the form of work. Yes they are expending energy, but that is the entire point of POW. The security of the network comes directly from the energy requirement, without that energy requirement, the base cost of the equipment is not doing very much to actually secure the network.
On a side note, projects like Ethereum Casper seek to replace mining entirely with another form of consensus based on proof-of-stake. Where instead of spending money on energy costs "miners" would be locking up tokens of value on the chain.
Well yeah sure, it would cost a good amount of money to attempt such an attack. It is the ease and cost when compared to other networks that makes me very skeptical of the utility of POC. More importantly, that 14.5 PB of storage on the network is not doing anything other than acting as a sort of pseudo-stake token that people have very differing availabilities of. If you really are interested in this sort of HDD mining, take a look at Swarm which is incentivized with Ether. Or you could even take a look at other projects like Filecoin which will be based on Ethereum and support the IPFS (permanent web) network. Several other projects with useful storage rewards are Sia and Maidsafe.
For starters, I am very biased. Not all cryptocurrencies are created equal and my opinions clearly reflect my views on what is most important in the crypto space. I want people to be in control.
I promise I am not a scam. I have a very good understanding of game theory and the economic pressures behind blockchains and my opinions reflect my knowledge.
Stay informed,
-kale
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