It’s going to be interesting reading these articles ten years from now.
It's already interesting reading articles about how Bitcoin would be dominating already by now written several years ago... Are we going to wait much longer for the Rapture?
Systems built on trust, norms, and institutions function better than blockchain
181–190 of 226 posts
Re: Systems built on trust, norms, and institutions function better than blockchain
#182Earlier quoted context omitted.
> Bitcoin is more than 10 years old. It is a mature tech that is still in search of a problem. I don't understand how this can be said with a straight face. Aeronautics, ballistics, these are examples of mature tech. I can't think of a single example of technology that was considered mature after a mere ten years.
Bitcoin is a data structure. It isn't like the invention of flush toilets, the standardized shipping container, or sliced bread. It's been on the market for 10 years and so far its only use seems to be a great way to run pump & dump penny stock scams....
And the first plane could fly a distance of 60 meters after 10+ years of developement..
Re: Systems built on trust, norms, and institutions function better than blockchain
#183Earlier quoted context omitted.
Not all. I think you are specifically talking about Bitcoin (Proof of Work)
What live implementations are using POS (Poof of Stake)? It's all academic and likely to be only marginally faster without a lot of risky optimizations.
Ethereum will be switching soon.
Re: Systems built on trust, norms, and institutions function better than blockchain
#184Earlier quoted context omitted.
> digital property that cannot be reproduced for free. Sure, all through the magic of using a medium sized country's worth of electricity.... > Smart contracts add another new thing to the world: the ability to build immutable software that interacts directly with the financial system. "Immutable" as in "immutable up until the folks at the top decide to alter history to benefit themselves financially". See also - Eth…
>> digital property that cannot be reproduced for free. > Sure, all through the magic of using a medium sized country's worth of electricity.... Exactly. Also, I'd question if having more kinds of "property that cannot be reproduced for free" is a good thing. We have plenty of that already. The world becomes better as more things can be reproduced cheaper.
It's like saying free/easy dollar reproduction would make the world better.
Re: Systems built on trust, norms, and institutions function better than blockchain
#185Earlier quoted context omitted.
I moved from the US to Canada. Banks wanted to hold my transferred money for a month even though they got the cash within 3 days. with cryptocoins I wouldn't have had to move the money at all.
So why didn't you convert your USD to Bitcoins, move, then convert your Bitcoins back to CAD as you needed CAD?
I kept the money in kind. It was merely transferred from bank to bank.
FWIW I kept my BTC in kind as well.
Re: Systems built on trust, norms, and institutions function better than blockchain
#186> Venmo is a free service to transfer dollars, and bitcoin transfers are not free Venmo is not free. There's a cost, it's just hiding. > Blockchain-based trustworthiness falls apart in practice... The particular brand of trustworthiness the author is arguing against is indeed a myth, but that doesn't mean blockchain is "crappy technology" or "a bad vision for the future" Blockchain adds a new thing to the world: digi…
> cannot be reproduced for free Only if you opt into the particular set of constraints that define what that property is (as set forth in the base of protocol code most commonly used to define it). If you don't, as innumerable forks of Bitcoin have demonstrated, you certainly can reproduce it for free. I suspect there is a hypothesis of "property" at work here that is being subject to some very privileged and Protean…
Sure. You can print your own money for free and call it FakeDollar. Nobody will confuse it with the real thing
Re: Systems built on trust, norms, and institutions function better than blockchain
#187Earlier quoted context omitted.
> Ultimately, it was the market that decided to recognize the Ethereum Foundation's fork as the winner. So instead of a carefully designed system of law that has thousands of years of evolution to get where it is today, we'll just regress back to what is basically mob rule?
Any currency is only worth what the market values it at. (Yes, this is true for fiat currencies too, as evidenced by countries that have suffered hyperinflation.) You can still use Ethereum Classic if you really want to, but it has a significantly smaller userbase and market cap than the Ethereum Foundation's fork.
> You can still use Ethereum Classic if you really want to, but it has a significantly smaller userbase and market cap than the Ethereum Foundation's fork.
That is comforting if my mortgage or deed to my house was tied to a smart contract running on that platform.
Re: Systems built on trust, norms, and institutions function better than blockchain
#188Earlier quoted context omitted.
The internet was consistently useful year after year, and more so over time. Bitcoin has been around for almost a decade and has pivoted from being a decentralized currency to being a quasi-decentralized store of value amidst a classic speculative investment bubble. It has actually gotten increasingly less useful over time.
Yet, in general, more valuable, thus increasing in usefulness over time. 1 bitcoin in 2018 is objectively more useful than a 2010 bitcoin, as it has more buying power. So I would argue that any deflationary cryptocurrency will more likely be more useful over time as it has increased buying power. (But not necessarily value!)
That is such a silly and intellectually dishonest argument. The value of tulips in Feb. 1637 in Amsterdam was also quite high, but that didn't last, neither will bitcoin's valuations.
Re: Systems built on trust, norms, and institutions function better than blockchain
#189Earlier quoted context omitted.
It's already interesting reading articles about how Bitcoin would be dominating already by now written several years ago... Are we going to wait much longer for the Rapture?
https://www.bloomberg.com/news/articles/2018-04-06/george-so...
Yeah, that proves bitcoin's bright future /s
Re: Systems built on trust, norms, and institutions function better than blockchain
#190> I would assert that there is no single person in existence who had a problem they wanted to solve, discovered that an available blockchain solution was the best way to solve it, and therefore became a blockchain enthusiast. He hasn't been paying attention to the space long enough: Many traders in contraband meet that description, and used to talk about it at length in r/darknetmarkets, before it was banned. (BTW, d…
Contraband markets, ransomware authors, and scammers. The world is wasting power on hashing to support that .
Clearly the scions of a new age!