This article is basically a laundry list of why any legitimate money and most legitimate developers are and should be extremely wary of blockchain. Lots of buzzwords, big promises, and smoke, no real problems solved or paths to actual profit other than “I dunno, sell some tokens I guess”.
Where is the money for mobile app developers in blockchain?
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Re: Where is the money for mobile app developers in blockchain?
#22Any good resources for proof-of-work pseudo-code? I am having trouble wrapping my head around the implementation, not theory, of blockchain (ledger entry based on previously hashed ledger entry). Like, how is the beginning of the ledger created/determined? Is that just a nonce/IV? How is each entry calculated and/or verified based on the previous entry?
You create a so called Genesis block on which everything is based. Maybe include a timestamp (in case of Bitcoin a newspaper headline) to prove that you didn't pre-mine and you are done. The Genesis block is then distributed with each implementation for bootstrapping the verification process.
You calculate the hash of each block (which includes the hash of the previous block) and check if it matches the hash in the next block. Each block also includes the difficulty of the network at the time to prevent mining more than x block per hour. The difficulty describes the "format" of the hash of each block, e.g. the hash in hex format needs to have 50 times 0 at the beginning.
Re: Where is the money for mobile app developers in blockchain?
#23The only significant business in cryptocurrency is trading cryptocurrency[1], which is huge and very profitable. Non-cryptocurrency uses for blockchains haven’t taken off (mostly ideaware around immutability). [1] https://coinmarketcap.com/exchanges/volume/24-hour/
Exactly, there may be non-pyramid scheme money in crypto but so far there is no evidence for it. Look at the daily average users for Dapps here: https://www.stateofthedapps.com/rankings They are absurdly low. Like less than 100 users a day for anything that isn’t a exchange. Many of these dapps have market caps in the hundreds of millions with a few dozen users per day.
The failure rate for cryptocurrency experiments will be high, but I’m glad to see people trying. We’ll collectively learn from the efforts. Whatever the number of frauds doesn’t detract from the set of smart guys who are likely inventing something significant.
EDIT: I should have said "may be inventing". It's my opinion of a >50% chance that Vitalik's work will lead to something significant, for example. Some people will disagree and that's ok too.
Re: Where is the money for mobile app developers in blockchain?
#24Any good resources for proof-of-work pseudo-code? I am having trouble wrapping my head around the implementation, not theory, of blockchain (ledger entry based on previously hashed ledger entry). Like, how is the beginning of the ledger created/determined? Is that just a nonce/IV? How is each entry calculated and/or verified based on the previous entry?
You create a so called Genesis block on which everything is based. Maybe include a timestamp (in case of Bitcoin a newspaper headline) to prove that you didn't pre-mine and you are done. The Genesis block is then distributed with each implementation for bootstrapping the verification process. You calculate the hash of each block (which includes the hash of the previous block) and check if it matches the hash in the n…
Thank you for the response.
So, fundamentally, is everything just how many zeros prepend the "unique" hex string (for proof-of-work)?
Re: Where is the money for mobile app developers in blockchain?
#25Earlier quoted context omitted.
Exactly, there may be non-pyramid scheme money in crypto but so far there is no evidence for it. Look at the daily average users for Dapps here: https://www.stateofthedapps.com/rankings They are absurdly low. Like less than 100 users a day for anything that isn’t a exchange. Many of these dapps have market caps in the hundreds of millions with a few dozen users per day.
The failure rate for cryptocurrency experiments will be high, but I’m glad to see people trying. We’ll collectively learn from the efforts. Whatever the number of frauds doesn’t detract from the set of smart guys who are likely inventing something significant. EDIT: I should have said "may be inventing". It's my opinion of a >50% chance that Vitalik's work will lead to something significant, for example. Some people…
Why do you feel that it is "likely"?
Re: Where is the money for mobile app developers in blockchain?
#26Earlier quoted context omitted.
The failure rate for cryptocurrency experiments will be high, but I’m glad to see people trying. We’ll collectively learn from the efforts. Whatever the number of frauds doesn’t detract from the set of smart guys who are likely inventing something significant. EDIT: I should have said "may be inventing". It's my opinion of a >50% chance that Vitalik's work will lead to something significant, for example. Some people…
Why do you feel that it is "likely"?
The idea is that if there's 99 shots on goal, one's gonna be a lucky shot and score. Nevermind the problem being the ball is a cube, unfit for the game...
Re: Where is the money for mobile app developers in blockchain?
#27Where is the money for mobile app developers, period? I've yet to see the first person in my personal network reaching a state of being able to make a living from mobile apps (and obviously, I'm excluding the survivor-bias stories from the media here).
Where is the money for mobile app developers, period?
About four years past. That ship has sailed. The top apps are now all from the big players.
Re: Where is the money for mobile app developers in blockchain?
#28Where is the money for mobile app developers, period? I've yet to see the first person in my personal network reaching a state of being able to make a living from mobile apps (and obviously, I'm excluding the survivor-bias stories from the media here).
I know the guy who made the unofficial Tesla app. He's doing very well now. Personally, I had an app that was on its way to allowing me to transition to focusing on mobile app development full time. But it turns out you need a license to perform money transference, which was what my app was... and luckily Google shut me down before I got into high volume and any legal trouble. To your point: my second app was a super…
You "knowing a guy" means nothing. The point is that the signal to noise ratio is extremely low. Not in useful apps, mind you, but profitable apps. Why? Competition.
Re: Where is the money for mobile app developers in blockchain?
#29Earlier quoted context omitted.
You create a so called Genesis block on which everything is based. Maybe include a timestamp (in case of Bitcoin a newspaper headline) to prove that you didn't pre-mine and you are done. The Genesis block is then distributed with each implementation for bootstrapping the verification process. You calculate the hash of each block (which includes the hash of the previous block) and check if it matches the hash in the n…
Thank you for the response. So, fundamentally, is everything just how many zeros prepend the "unique" hex string (for proof-of-work)?
Yep, that's it as far as I know. Rather, the difficulty requirement sets forth how many leading zeroes the hash of the data plus the variable parameter must have.
Re: Where is the money for mobile app developers in blockchain?
#30Where is the money for mobile app developers, period? I've yet to see the first person in my personal network reaching a state of being able to make a living from mobile apps (and obviously, I'm excluding the survivor-bias stories from the media here).
Raises hand.
I made plenty of money in mobile app development before. My secret? Work for a large company that does business to business apps that do large 4000-10000 device deployments that are willing to pay 6-7 figures on an implementation.
Chasing after $0.99 purchases is a fool’s errand and winning at that game is no more assured than winning the lottery.