Cryptocurrency in the 2020s

Post by geekpowa » Sat, Jan 04, 2020, 4:03 AM UTC

hnews_account_1 wrote: post #132

geekpowa wrote: post #43

Earlier quoted context omitted.

Dilution / inflation is a feature not a bug. Money should be put to work doing productive stuff in the economy, not hoarded. Also crypto currencies, are not currencies. They are commodities. It is far more accurate, conceptually to think about them the same as precious metals and grains, not dollars.

> Dilution / inflation is a feature not a bug. This is not true. We have simply adopted a system where it is a feature. We did not have steady enforced inflation until the 1950s. There are entire schools of economics that believe the concept of controlled inflation should be relegated to the past, and replaced with market ruled inflation / deflation. I'm not saying I understand how such a fictional world will work (a…

Post by bdcravens » Sat, Jan 04, 2020, 4:11 AM UTC

newguy1234 wrote: post #154

_7fvc wrote: post #137

I have a different view of the 2020s. We don't need more tokens or programmable technology. Money is the dominant use case for crypto. We still haven't figured out how to make crypto money that people can use beyond speculation. Notable projects will be around money use cases. Currently, we see Bitcoin, Tether, and stablecoins. In the 2020s, there will be more coins that people can use as money. We'll spend the next…

Check out open bazaar. It is a decentralized p2p market place similar to ebay. Even has a decentralized escrow system with moderators that get paid to resolve disputes. Best part of it is that there are no fees at all to buy/sell stuff other than the cryptocurrency transfer fees. You also pay a fee if there is an issue with the product you bought/sold etc. Not much people using it though. Seems like best selling item…

Post by trevelyan » Sat, Jan 04, 2020, 4:18 AM UTC

hanniabu wrote: post #162

hnews_account_1 wrote: post #116

Earlier quoted context omitted.

Every single crypto that has tried to pass that limitation has remained centralised in one way or another. You can either: 1) have centralisation 2) assume storage space will expand exponentially since the entire point of bitcoin is many many copies of its ledger 3) come up with a new method more secure than PoW but still decentralised Good luck with (3). (1) and (2) are not good choices. So they moved it off the cha…

4) An abridged chain. I wish I could find the link for this or remember what it was called, but there's a lot of research towards making a compressed chain that's still verifiable and would be small enough to have on your phone. I believe their thesis stated they should be able to get it down to 2mb if my memory serves correct.

Post by hanniabu » Sat, Jan 04, 2020, 4:27 AM UTC

trevelyan wrote: post #165

hanniabu wrote: post #162

Earlier quoted context omitted.

4) An abridged chain. I wish I could find the link for this or remember what it was called, but there's a lot of research towards making a compressed chain that's still verifiable and would be small enough to have on your phone. I believe their thesis stated they should be able to get it down to 2mb if my memory serves correct.

I think you're thinking of Wimblemimble and ZK-snarks. They use cryptographic techniques where the signatures need to "add up" to what they should in order to be valid -- demonstrating that no new tokens have been added in the course of the new block. Quite cool approaches. The problem is that you can't attach data to transactions, so only useful for a subset of applications, those unlikely to create much bloat in th…

Post by Pumpmaster6000 » Sat, Jan 04, 2020, 4:33 AM UTC

vehementi wrote: post #25

nobleach wrote: post #12

Earlier quoted context omitted.

I remember people scoffing at the internet like there no legitimate use-cases for it. "Yeah, we have places for information, it's called Grolier's Encyclopedia on CD-ROM, and it's cheap!". "I already have yellow pages delivered for free by C&P Bell". While cryptocurrency may be quite a bit more narrow, blockchain is most likely a far more interesting technology.

It is, but approximately 100% of startups (ICOs) formed around it have failed right? That's not to say there are none, but a fuck ton of people have tried to come up with cool ideas and approximately zero worked out, like at all.