Official Response to “Bancor Is Flawed”
blog.bancor.network
Official Response to “Bancor Is Flawed”
1–10 of 103 posts
Re: Official Response to “Bancor Is Flawed”
#2> Should all token development stop now that we have ETH? Should ETH never have been created because we had BTC? Should BTC never have been created when the USD was already a liquid medium of exchange?
Bitcoin was created because it isn't possible to do Bitcoin with USD.
Ethereum was created because it isn't possible to do Ethereum with BTC.
Bancor was created because you want to make fat stacks of cash. It would work just as well (or better) if it was using ETH directly instead of having its own token.
Disclaimer: I am almost completely uninformed about Bancor.
Re: Official Response to “Bancor Is Flawed”
#3> Should all token development stop now that we have ETH? Should ETH never have been created because we had BTC? Should BTC never have been created when the USD was already a liquid medium of exchange? Bitcoin was created because it isn't possible to do Bitcoin with USD. Ethereum was created because it isn't possible to do Ethereum with BTC. Bancor was created because you want to make fat stacks of cash. It would wor…
I must admit that my familiarity with the term "Bancor" was only from Yanis Varoufakis explaining about Keynes, Bretton Woods, the Nixon Shock as background explaining the current plight of the Euro and the Eurozone:
Re: Official Response to “Bancor Is Flawed”
#4NXDOMAIN... Real trustworthy lol
Re: Official Response to “Bancor Is Flawed”
#5For reference: https://news.ycombinator.com/item?id=14591454
Re: Official Response to “Bancor Is Flawed”
#6> Should all token development stop now that we have ETH? Should ETH never have been created because we had BTC? Should BTC never have been created when the USD was already a liquid medium of exchange? Bitcoin was created because it isn't possible to do Bitcoin with USD. Ethereum was created because it isn't possible to do Ethereum with BTC. Bancor was created because you want to make fat stacks of cash. It would wor…
> Ethereum was created because it isn't possible to do Ethereum with BTC.
I don't think that is true. You can absolutely reuse BTC for your so called "smart contracts".
Re: Official Response to “Bancor Is Flawed”
#7> Should all token development stop now that we have ETH? Should ETH never have been created because we had BTC? Should BTC never have been created when the USD was already a liquid medium of exchange? Bitcoin was created because it isn't possible to do Bitcoin with USD. Ethereum was created because it isn't possible to do Ethereum with BTC. Bancor was created because you want to make fat stacks of cash. It would wor…
> Ethereum was created because it isn't possible to do Ethereum with BTC. I don't think that is true. You can absolutely reuse BTC for your so called "smart contracts".
In theory, but in practice almost nobody did.
I've been looking into this question. Szabo first proposed "smart contracts" in 1994, but Ethereum is basically the first practical smart contracts platform ever - the first one that people actually use a whole lot.
(You can squint at things and say "well that's a bit like a smart contract", but that's retrospectively applying a label - like calling Git a "blockchain". I'm speaking of things that were expressly labeled "smart contracts".)
Re: Official Response to “Bancor Is Flawed”
#8> Should all token development stop now that we have ETH? Should ETH never have been created because we had BTC? Should BTC never have been created when the USD was already a liquid medium of exchange? Bitcoin was created because it isn't possible to do Bitcoin with USD. Ethereum was created because it isn't possible to do Ethereum with BTC. Bancor was created because you want to make fat stacks of cash. It would wor…
> Ethereum was created because it isn't possible to do Ethereum with BTC. I don't think that is true. You can absolutely reuse BTC for your so called "smart contracts".
That's not entirely true. Bitcoin's scripting language is not Turing complete, among other limitations that Ethereum addresses.
Re: Official Response to “Bancor Is Flawed”
#9yeah, not taking Emin Gün Sirer critiques seriously is not the sort of thing that works out well in cryptos.
Re: Official Response to “Bancor Is Flawed”
#10> Should all token development stop now that we have ETH? Should ETH never have been created because we had BTC? Should BTC never have been created when the USD was already a liquid medium of exchange? Bitcoin was created because it isn't possible to do Bitcoin with USD. Ethereum was created because it isn't possible to do Ethereum with BTC. Bancor was created because you want to make fat stacks of cash. It would wor…
> Ethereum was created because it isn't possible to do Ethereum with BTC. I don't think that is true. You can absolutely reuse BTC for your so called "smart contracts".
You can build some smart contracts on Bitcoin, but it's not nearly as powerful as with Ethereum.