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CirclesUBI / whitepaper

Circles Protocol Whitepaper
https://joincircles.net
Creative Commons Attribution Share Alike 4.0 International
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Fixing exchange rate? #10

Closed ankurdelight closed 3 years ago

ankurdelight commented 6 years ago

If the exchange rate is always one, i think there would be 10 fake alice coins for 10 alice coins?

edzillion commented 6 years ago

Hey thanks for the PR!

After looking into this I think there are more problems with this example than just that, stemming from the fact that (I think) this is a combination of two cases.

In the one case we have FakeAlice (FA) just giving her coins to A so that A can try to spend them with B.

Alice wants to buy something worth 10 PersonalCoins from Bob using FakeCoin
FakeAlice gives 10 FakeCoin to Alice
Alice gives 10 AliceCoin to Bob

The second case is where there is a transitive transaction, in which FFA (FakeFakeAlice) tries to spend her coins using A as a link in the chain:

FFA - FA - A - B

Alice wants to buy something worth 5 PersonalCoins from Bob using her fake identity FakeFakeAlice
FakeFakeAlice gives 5 FakeFakeCoin to FakeAlice
FakeAlice gives 5 FakeCoin to Alice and and takes 5 AliceCoin from her
Alice gives 5 AliceCoin to Bob

Might be worth adding this extra case and cleaning up the first, what say you @apmilen