Decentralized Blockchain-Based Electronic Marketplaces
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Re: Decentralized Blockchain-Based Electronic Marketplaces
#2Aren't you guys tired of this whole blockchain thing? I'm a bitcoin proponent and love the technology, however it's becoming a truly "fake news" type of environment where new cryptocoins are so complicated to understand that only the creators know how they work.
I'm mind blown by the fact that none of these new-cryptocoins are getting hacked - there's an enormous bounty out there for who's able to figure out how to double-spend these things! How's it possible that they all work well, but are based on different principles? My conclusion is that there are hackers that are currently double-spending to their advantage: without telling anybody and without making it clear that it's happening.
Also, the whole idea of "scarcity" (which was my main attraction to this field) doesn't exist anymore because of forks: if a group of people decides to fork the software, your coins are duplicated and aren't scarce anymore, so it's not even like gold anymore.
Sometimes I wonder if we'd be better off without a blockchain, and instead with a system where we trust lots of big entities to record the ledger in a way that still allows us to get some level of freedom-of-use, anonymity, censorship-resistance and anybody-can-enter kind of system.
Re: Decentralized Blockchain-Based Electronic Marketplaces
#3Aren't you guys tired of this whole blockchain thing? I'm a bitcoin proponent and love the technology, however it's becoming a truly "fake news" type of environment where new cryptocoins are so complicated to understand that only the creators know how they work. I'm mind blown by the fact that none of these new-cryptocoins are getting hacked - there's an enormous bounty out there for who's able to figure out how to d…
Scarcity still exists because the fork creates another coin than the original but a fork. Keep in mind that scarcity is due to trackability (history).
Re: Decentralized Blockchain-Based Electronic Marketplaces
#4Aren't you guys tired of this whole blockchain thing? I'm a bitcoin proponent and love the technology, however it's becoming a truly "fake news" type of environment where new cryptocoins are so complicated to understand that only the creators know how they work. I'm mind blown by the fact that none of these new-cryptocoins are getting hacked - there's an enormous bounty out there for who's able to figure out how to d…
Scarcity still exists because the fork creates another coin than the original but a fork. Keep in mind that scarcity is due to trackability (history).
Is anyone actually auditing all these blockchains?
Re: Decentralized Blockchain-Based Electronic Marketplaces
#5A decentralized marketplace based on cryptocurrency already exists and has thousands of users right now. It's called OpenBazaar.
Re: Decentralized Blockchain-Based Electronic Marketplaces
#6Earlier quoted context omitted.
Scarcity still exists because the fork creates another coin than the original but a fork. Keep in mind that scarcity is due to trackability (history).
Is anyone actually auditing all these blockchains?
You wouldn't have to that's the whole point of the blockchain that the validation is done by the network itself.
All you need is to know which coin/token you are on and you know whether you have the original or not.
Re: Decentralized Blockchain-Based Electronic Marketplaces
#7Aren't you guys tired of this whole blockchain thing? I'm a bitcoin proponent and love the technology, however it's becoming a truly "fake news" type of environment where new cryptocoins are so complicated to understand that only the creators know how they work. I'm mind blown by the fact that none of these new-cryptocoins are getting hacked - there's an enormous bounty out there for who's able to figure out how to d…
Scarcity still exists because the fork creates another coin than the original but a fork. Keep in mind that scarcity is due to trackability (history).
With the Bitcoin Cash fork I can spend my coins on both histories. That is the opposite of being scarce.
Re: Decentralized Blockchain-Based Electronic Marketplaces
#8Aren't you guys tired of this whole blockchain thing? I'm a bitcoin proponent and love the technology, however it's becoming a truly "fake news" type of environment where new cryptocoins are so complicated to understand that only the creators know how they work. I'm mind blown by the fact that none of these new-cryptocoins are getting hacked - there's an enormous bounty out there for who's able to figure out how to d…
I am going to guess that you did not study economics (not an insult, just observation). Many of the things you point out (lack of understanding in non-practitioners, the role of scarcity in pricing, the effect of forks on market cap) all have ready parallels within our existing financial systems and all are legatimite problems that are explicitly what blockchains are trying to address.
Dismissing it because it is still struggling with the same issues seems premature.
Re: Decentralized Blockchain-Based Electronic Marketplaces
#9A decentralized marketplace could avoid the problems with near-monopolies like Amazon because the cost overhead on transactions could be made minimal. The problem is that in order to not become the black market like OpenBazaar, the decentralized market would need to be able to comply with local and regional laws and regulation; laws and regulations which change over time. That is a tall order, and in not easily reconcilable with decentralization.
Re: Decentralized Blockchain-Based Electronic Marketplaces
#10Aren't you guys tired of this whole blockchain thing? I'm a bitcoin proponent and love the technology, however it's becoming a truly "fake news" type of environment where new cryptocoins are so complicated to understand that only the creators know how they work. I'm mind blown by the fact that none of these new-cryptocoins are getting hacked - there's an enormous bounty out there for who's able to figure out how to d…
I think you're underestimating how truly small and how early the space is still. Normal people still can't easily buy a majority of the tokens/coins/cryptocurrencies out there. Every major exchange is having trouble scaling and many have closed user registrations. Coinbase has more active users than Schwab at this point by a couple million. Binance is the fastest growing private company to hit $2Bn in valuation ever in history (it only took them 6 months)...
It's a very very small amount of people involved in Crypto globally - certainly not big enough to collapse any economy anywhere. The whole space is still in the process of being erected, the foundation is being built as we speak which is why money is going in rapidly and valuations are growing rapidly. The amount of noise Crypto makes in the media is disproportional to the amount of people actually involved and invested in the space. It won't be like this forever and there will be corrections, but for this small window of opportunity where everything seems crazy - it won't seem so crazy when you zoom out a year or two from now.
As a result of that, there will be scams and people trying to get in on the unregulated gold-rush but at the same time there are still legitimate projects being started right now that could become very valuable in the next couple of years.