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Smart contracts on Bitcoin

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Re: Smart contracts on Bitcoin

#45

Post by gruez »

Acrobatic_Road wrote: post #37
gruez wrote: post #18

Earlier quoted context omitted.

>the community voted with their wallets, ETH won, give it a bone already Isn't this the exact problem? That the blockchain isn't actually immutable and community will step in to revert transactions?

Maybe under very exceptional circumstances, i.e. a systemic network risk. Since the DAO fiasco we've had a number of high profile incidents and the community has rejected stepping in (look at the failure of EIP 999). I'm not sure if there's presently anything on Ethereum, that should it fail, would be as bad as the DAO failure. Maybe MakerDAO?

>Maybe under very exceptional circumstances, i.e. a systemic network risk.

that sounds awfully like the justification for bank bailouts.

Re: Smart contracts on Bitcoin

#47

Post by tphyahoo2 »

kylebenzle wrote: post #39
gruez wrote: post #26

Earlier quoted context omitted.

>From day one Bitcoin was designed to have low or no fees How are miners supposed to be compensated, given that the block reward halves every few years? >because Blockstream was able to wrestle control of the GitHub repo Can you rebut these counter-claims made by one of the Core devs? https://news.ycombinator.com/item?id=25566420 >is a broken system designed to enrich developers of "Second Layer" solutions like this.…

> How are miners supposed to be compensated, given that the block reward halves every few years? A solved problem by Satoshi. The block reward covers miners expenses for the next 100 years or so, THEN, once the block size is large enough and transactions are in the millions, a fee of a few cents per transaction replaces the block reward. > Can you rebut these counter-claims made by one of the Core devs? Yes, easily.…

lol.

https://taaalk.co/t/bitcoin-maxima-other-crypto-things

Transactions need to be expensive, like the guy you were replying to said. It is beyond obvious.

Re: Smart contracts on Bitcoin

#49

Post by lacker »

malux85 wrote: post #16
TekMol wrote: post #13

Earlier quoted context omitted.

The problem with Ethereum is that if the guys in power do not like what is going on in their blockchain, they fork and rewrite history.

Oh for the love of science, GIVE IT A REST. ETC exists, if you don’t like ETH go use ETC, the community voted with their wallets, ETH won, give it a bone already

One of the best features of cryptocurrency is that other people cannot simply vote to take your money away.

Re: Smart contracts on Bitcoin

#50

Post by lacker »

muneeb wrote: post #12
DennisP wrote: post #6

Moving bitcoins to Stacks is easy, since Stacks reads the Bitcoin chain. But how do you move them from Stacks back to the Bitcoin main chain? Since Bitcoin clients aren't aware of Stacks, it's difficult to see how that would work without trusting someone to issue the correct transaction. I looked over the Stacks site and didn't see a clear answer to this question.

Muneeb here, Stacks co-founder. Great question. You are right that Clarity smart contracts have direct visibility into Bitcoin, so you can write a contract that has logic triggered by pure Bitcoin transactions. Moving Bitcoin to Stacks is a bit more complicated and there are several ways: a) Wrapped assets. Tokensoft + Anchorage (custodian) have a solution that they're calling xBTC where a "wrapped Bitcoin" is issued…

There sure is a lot of different stuff named "xBTC"....
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