So, some low-iq faggot has been posting piss-poor uninformed FUD on almost every Holochain thread in Biz. Here is a rebuttal to that, direct from an admin at Holochain's official Telegram. Of course, it's probably over the head of that fag and he'll just go back to posting "feet!" and "wheelchair feminists" tomorrow.
>"have to pass KYC + credit check for every coin on holochain." Holochain is a design pattern. There are no "coins" in Holochain. KYC is necessary in Holo hosting for those who wish to redeem Holo Fuel from the reserve account.
"The whitepaper calls it the "membrane function." " Holochain dApps can each choose the level or type of security, and permeability (or passability of data between dApps). This is one function of the dApp (Distributed Application) Membrane. There are many ways to implement security. KYC is only one of them where the risk of fraud is greater. It is also possible to use Distributed Public Key Infrastructure, Invitations, local Proof of Work, Proof of Stake, Proof of Presence, Time Proofs, and Proof of Reputation (amongst others). Holo hosting primarily uses Proof of Service when calculating how to pay hosts. This is only one example of the many ways a dApp membrane could be utilised.
"Holochain is ultimately based on trust, which means when you join a new subchain you have to have someone vouch for you." I'm not sure what this person means by "subchain", but I assume it means a Holochain dApp being hosted on Holo. Having "someone vouch for you" or joining an app through invitation, is only of many ways a dApp author could implement security in their dApp. They could also, for example, use Proof of time spent within a chatroom as a method of allowing membership or a higher tier of membership within that chatroom.
Continued: "The only way to get money in holochain is through debt." It's hard to get money in a design pattern, but I assume they actually mean being paid Holo Fuel for hosting in Holo. All a Holo hoster has to do to get Holo Fuel is host. They will then have a positive balance
"Meaning you can spend money even if your balance is zero. You end up with negative balance and the other guy ends up with positive balance." In almost all cases of users on the network, only a positive balance can be spent. If someone attempts a transaction that would send their Holo Fuel account into a negative balance, the transaction will be automatically rejected.
"If it was someone completely random with no KYC the debtor could just delete their account and make a new one over and over to get infinite money; a sybil attack." And that's one reason why Holo hosts who plan to redeem from the Reserve account need to undergo KYC. Holo hosts who have a Credit Limit applied to their account due to their ability to host over a sustained period of time and generate enough Holo Fuel are a subset of Holo hosts. They will have to have an excellent hosting uptime and reputation on the network to be able to have a Credit Limit, and have a proven capacity to be able to pay back the Holo Fuel, primarily through continuing their hosting efforts.
"The membrane function prevents that from happening." As mentioned earlier, membranes have many uses. This is not their primary usage as a dApp developer would be concerned with.
Austin James
Continued: "You have to reveal who you are and prove you aren't a scammer. You have to prove that you are worthy of being issued credit. Its KYC or a credit check, however you want to call it." In the case of the very small percentage of Holo users who would even want or be eligible to have a Credit Limit applied to their Holo Fuel balance, yes, KYC and ability to generate Fuel should be and is mandatory. This will likely be a miniscule minority of all people who will eventually use Holo Fuel (if I was to guess, I would say less than 0.1% of all Holo Fuel users and 0.001% of all Holo dApp users).
"You cant just show up with your **** in your hand like bitcoin." Man, I'm not even touching that one. Literally and figuratively.
"Joining a coin on holochain requires social interaction." If they mean using a Holochain dApp hosted on Holo, no, social interaction is not necessary unless of course the purpose of the dApp is to enable people to interact socially.
"So you better practice your firm handshake and looking them in the eye." Only necessary if you plan on going to a Holochain meetup. If you do, please don't show up the way you described with Bitcoin.
>"have to either maintain your own personal blockchain history, or trust that someone else is storing it for you." In Holochain, key personal data is encrypted and stored in your personal hashchain. This is backed up, again with deep encryption and only permissioned by yourself.
"If either party loses the chain data you lose all your money." Holo Fuel balances will have a great deal of redundancy built in. Should one node that contains a person's fuel balance be offline, another will be queried. Should all the computers in the world hosting Holo go down at the same time, we are probably talking about next level global emergency status. In this case people could always use locally installed Holochain networks for disaster help and recovery.
Cameron Morris
Final continued: "It doesn't have guaranteed permanence like bitcoin." I do not think that means what you think it means.
"If being a notary (a node that maintains records) ever becomes unprofitable they will dump your records and bail in a heartbeat." All nodes maintain records, not just notaries. Notaries agree to run high availability servers, and must adhere to their agreement to keep these servers running. One of the Notaries' primary purpose is to prevent double spend of Holo Fuel in the shortest time possible. >"have to pay fees to notaries any time you do anything." A person could do almost anything on the network, except make a Holo Fuel transaction without a notary being paid.
"Its ethereum all over again." It is impossible to run a sophisticated social network on Ethereum, let alone trading pictures of mutant cats.
"This incentivizes the notary to maintain and preserve the Distributed Hash Table." Yes, the very minor fee that goes to notaries do compensate them for the service they provide.
"The DHT is a database that prevents people from double spending." That is currently one function of the DHT, but in time there will likely be more uses for the DHT.
Jackson Adams
Man, Biz used to be a great place. We found Antshares, Raiblocks, and so on, and many of us made nice gains out of those. But Biz has gone way downhill, with the influx of these low-iq, forever-poor newbie fags who don't have an ounce of the tech knowledge of the OGs here since the golden age of Biz.
Adrian Garcia
That's nice, but will it make me more money as an ERC20 or as holofuel?
t. give no fucks about tech, just want $
Anthony Lee
good question, user.My hunch is that the real price discovery won't start until holofuel launches, but I would be super-surprised if we don't see gains before holofuel launches. Good luck whatever you do...
Cooper Cook
Let the brainlets FUD if anyone is stupid enough to believe it without researching let them be poor
Josiah Murphy
True user, true. The ship will sail without them
Gabriel Cooper
Thanks OP for the well laid out post. At this point though I'm pretty sure the fud coming regularily is done with the intent to accumulate or because of hatred of the team's philosophy. I don't think you have that many people left to convince or that would change their mind
