111–120 of 145 posts
What's the value of the in-app currency being a cryptocurrency (putting aside hype/pr), vs calling it a virtual currency, a Mysql database with a API on top? Dropping to a technical level, if the miners are all run by Telegram, then I think it's just a pointless overhead over Mysql. On the other hand, if anybody can run miners, I don't comprehend what value that adds, what it means.
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The main reason is because you can't edit a blockchain. With a database there's always ways around editing the data if you own the entire system. With a blockchain it's not possible to edit the data without replacing the entire chain.
You could still use merkle trees it similar technology in your own database and publish checkpoint hashes of the DB every so often
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They can't make a cool 500 million from adding a row in their Users table for currency.
I don't know if you've heard of the d2jsp forum. But the site's owner (he's essentially a 1-man operation) made a probably $10M+ by doing just that. Not sure whether this is possible (or optimal in terms of growth rate) at Telegram's scale.
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Because if Telegram ever goes under as a company, your "virtual currency" doesn't disappear overnight.
Yes, but if the Telegram app/platform was the only place I could conduct commerce using their money, I'm still screwed, unless a "secondary" marketplace emerges where you can use it. In which case, why not use Bitcoin or Eth to begin with? (Genuine question.)
Is there anyone using bitcoin for transactions anymore? Fees are absurdly prohibitive.
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Or if the world stopped to exist we also wouldn't need any currency. You know where I'm going. The default risk of Telegram cannot even be compared to that of the US.
I honestly don't know where you're going with that argument. My point was that if the central bank behind a currency goes away so does all of its utility, even if the currency is still physically or digitally there. No one said anything about default. You can't default on a currency that isn't backed by anything.
That's not true. Unless the bank is critical for conducting transactions, their presence is not required for a currency they produced/backed to have value.
Value in currencies is whatever people assign to it. Utility is whether people will accept it as payment. If the US government goes tango uniform next week, and I and those around me have enough cash available (let's also assume the banks and CC companies we rely on for card/digital transactions also disappear) we can use the remaining physical currency as our method of denominating our local economy, and likely would.
I heard of an interesting conspiracy theory that Telegram & Mr. Durov are the grandiose project of the Russian secret service. Mr. Durov's company VKontakte that is the clone of Facebook in Russia is now fully controlled by structures affiliated to Kremlin after Mr. Durov was allowed to sell the company and leave Russia. The theory says that he was allowed to do so in exchange of building fully controlled global IM w…
How do you subvert an increasingly connected population where information travels and spreads like wildfire that can force you out of power?
You bring those people on a platform where they are told they are safe because of technical jargon here.
It's in their best interest to not reveal these relationships or make it obvious that the people on such platform are being monitored. Nor are they trying to catch people who are smart enough to not use the platform. ex. "terrorists"
What's important is that they've essentially captured a large bracket of the population using such privacy tools thinking they are free from surveillance when in fact it's the complete opposite. Now you have full ability to disrupt and destroy any type of anti-government organization.
Earlier quoted context omitted.
The main reason is because you can't edit a blockchain. With a database there's always ways around editing the data if you own the entire system. With a blockchain it's not possible to edit the data without replacing the entire chain.
You could still use merkle trees it similar technology in your own database and publish checkpoint hashes of the DB every so often
Earlier quoted context omitted.
You could still use merkle trees it similar technology in your own database and publish checkpoint hashes of the DB every so often
At some point you will just be implementing your own half-assed blockchain because you "don't need a blockchain". Why?