261–270 of 277 posts
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No it doesn't. ETC is worth something like 2% of the value of ETH, it's a joke in comparison. Besides, the existence of "Ethereum Classic" is not something special, it's the inevitable side effect of suddenly having the balance of your ETH wallet "cloned" in a fork, you only have to lose if you don't treat both wallets like they're real.
But if the market did not like the new direction, it was super easy to move to ETC. Just like with the OpenOffice, LibreOffice fork. Everyone was free to use one or the other. The community chose.
The "community" chose to roll back a $40 million transaction that was very inconvenient for Vitalik. If he had instead said "code is law, and we stand by it" then ETC would never have existed in the first place. My point is, it was Vitalik's prerogative to reverse a million dollar transaction that he didn't like, a privilege reserved for the elite.
Beyond that, the community didn't really have a choice either way. By definition of owning ETH you are incentivized to (primarily) support whichever chain the creator says he will continue to support. What kind of choice is that? There is no "market" in the sense you speak of, ETH users are a captive audience.
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But if the market did not like the new direction, it was super easy to move to ETC. Just like with the OpenOffice, LibreOffice fork. Everyone was free to use one or the other. The community chose.
> The community chose The "community" chose to roll back a $40 million transaction that was very inconvenient for Vitalik. If he had instead said "code is law, and we stand by it" then ETC would never have existed in the first place. My point is, it was Vitalik's prerogative to reverse a million dollar transaction that he didn't like, a privilege reserved for the elite. Beyond that, the community didn't really have a…
It's especially problematic for a project that was supposed to be PoS, where the coin holders are also the miners, with the privileges that brings.
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The existence of ETC says to me that ETH has the same problem, that is a bunch of power users can change the rules if they want to (if it is financially beneficial for them to do so). No different to a fiat currency controlled by the government.
Yeah that's just wrong. If you want to change the rules, you need to update the client software which means forking. Are you saying that a group of core devs can fork the chain and not have it be contentious?
If Facebook can pull this off they will have brought about the first universal internet currency, which would be a stunning achievement and could revolutionalize the web as we know it. Failed projects give us some idea of what their challenges will be. Cryptocurrencies right now have a trade off between scalability and decentralization. Bitcoin is theoretically decentralized even though the reality is more complex. B…
> Facebook’s currency will probably use this method...the holders of the currency vote for what happens on the network What are you basing this assumption on? From everything Facebook has ever done to date, I expect Zuckcoin will use the method of "what FB says goes, and if you don't like it, you can pound sand."
If Facebook can pull this off they will have brought about the first universal internet currency, which would be a stunning achievement and could revolutionalize the web as we know it. Failed projects give us some idea of what their challenges will be. Cryptocurrencies right now have a trade off between scalability and decentralization. Bitcoin is theoretically decentralized even though the reality is more complex. B…
The choice of consensus algorithm (PoW/PoS) has nothing to do with scalability (tx/s)
If Facebook can pull this off they will have brought about the first universal internet currency, which would be a stunning achievement and could revolutionalize the web as we know it. Failed projects give us some idea of what their challenges will be. Cryptocurrencies right now have a trade off between scalability and decentralization. Bitcoin is theoretically decentralized even though the reality is more complex. B…
There's a strong argument to be made that "the first universal internet currency" is the US dollar.
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You're forgetting how much credit card transaction suck. As I see it this is the main problem facebook could solve through sheer volume of use: microtransactions. Granted this is about the worst way this future could come about....
If Libra is a threat to credit cards, then why are Visa and MasterCard investing at least $10M each in it?
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You're forgetting how much credit card transaction suck. As I see it this is the main problem facebook could solve through sheer volume of use: microtransactions. Granted this is about the worst way this future could come about....
Who thinks credit card transactions suck?