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Will Bitcoin be built under rather than on top of?
Posted on 2/5/14 at 11:11 pm
Posted on 2/5/14 at 11:11 pm
I'm sure most of you have seen the comparison of Bitcoin to TCP/IP where we believe that additional developments on top of the bitcoin protocol will occur (Such as Smart Property, Digital Law, Decentralized Exchanges, et cetra).
Recently one of the prodigious devs of the bitcoin network, Vitalik Buterin, unveiled his new invention; Ethereum. According to him, after working on projects like Colored Coins and Mastercoin he realized the limitations of adding layers to the bitcoin protocol. With those limitations he decided to develop a protocol layer that would serve under the Bitcoin layer (Perhaps this is oversimplified, but it is what I believe could happen if the Ethereum project is a success) and allow for additional layers to be built on top of Ethereum without the restrictions that the Bitcoin protocol has.
Ethereum Introduction Video
Ethereum White Paper
I'm interested in Wiki's thoughts on this project specifically.
Recently one of the prodigious devs of the bitcoin network, Vitalik Buterin, unveiled his new invention; Ethereum. According to him, after working on projects like Colored Coins and Mastercoin he realized the limitations of adding layers to the bitcoin protocol. With those limitations he decided to develop a protocol layer that would serve under the Bitcoin layer (Perhaps this is oversimplified, but it is what I believe could happen if the Ethereum project is a success) and allow for additional layers to be built on top of Ethereum without the restrictions that the Bitcoin protocol has.
Ethereum Introduction Video
Ethereum White Paper
I'm interested in Wiki's thoughts on this project specifically.
This post was edited on 2/5/14 at 11:12 pm
1
Posted on 2/6/14 at 8:54 am to joshnorris14
Ethereum is fascinating but I'm withholding excitement until I see it actually take off. It's easy to make lofty claims and promises. Regardless of whether or not Ethereum itself is a working solution, it or something like it will eventually be widely used. The potential for decentralized technology is mind blowing. It's going to be an interesting next few years.
Posted on 2/6/14 at 9:11 am to WikiTiger
quote:
It's going to be an interesting next few years.
Really a ton of disruptors have happened over the past few decades. Decentralized technologies are growing. Very interesting time to be alive. I was born in the early 80s. I think it was just about the right time to understand the technology limitations of the past and current possibilities... before it all comes crashing down
Posted on 2/6/14 at 10:02 am to WikiTiger
quote:
The potential for decentralized technology is mind blowing.
Potential, yes. After reading through the white paper for this a little bit ago it's really amazing how simplistic all of the coding is.
The interesting thing about the whole development process is how diverging some of the directions are. On one hand you have people that are trying to move to a more, I guess, "centralized" approach and on the other hand you those (like Ethereum) that are moving the opposite way. It'll be interesting to see which side the money ends up on as I'm fairly confident that will drive the general development direction going forward.
This post was edited on 2/6/14 at 10:04 am
Posted on 2/6/14 at 11:59 am to BennyAndTheInkJets
What benefit is it to remove centralized control?
Posted on 2/6/14 at 1:11 pm to JayDeerTay84
The proper question is what is the benefit of central control.
Posted on 2/6/14 at 1:23 pm to joshnorris14
quote:
The proper question is what is the benefit of central control.
So you don't have an answer do you?
Posted on 2/6/14 at 2:03 pm to joshnorris14
quote:
The proper question is what is the benefit of central control.
STAHP
Pseudo-Socratic responses to simple questions don't make you seem intelligent, they make you seem like you can't answer simple questions.
This post was edited on 2/6/14 at 2:10 pm
Posted on 2/6/14 at 2:03 pm to JayDeerTay84
quote:He never does....
The proper question is what is the benefit of central control.
So you don't have an answer do you?
Ask him about the bitcoin message boards claiming MtGox is insolvent and is in the process of shutting down without returning to their owners the bitcoins that exchange site is holding. It's why btc dropped over $100/btc in the last 24 hours on MtGox.
Posted on 2/6/14 at 2:08 pm to JayDeerTay84
quote:
What benefit is it to remove centralized control?
The motivation for many of these developers and enthusiasts is that there is no central control of currency, therefore, theoretically, no central authority can control, and in turn erode, the value of their currency.
This is a completely different economic horse that has been beaten to death. I like the technology and simplicity of coding and have spent a good amount of time educating myself on it, but I share none of the "death of central banks" ideas or motivation that many Bitcoin enthusiasts do. I also think those that do should spend more time educating themselves on economics and finance.
Posted on 2/6/14 at 2:10 pm to BennyAndTheInkJets
quote:
I also think those that do should spend more time educating themselves on economics and finance.
I have no hopes they will do that, Benny. It's just not in their nature to accept facts.
Posted on 2/6/14 at 2:14 pm to BennyAndTheInkJets
quote:
The motivation for many of these developers and enthusiasts is that there is no central control of currency, therefore, theoretically, no central authority can control, and in turn erode, the value of their currency.
This is a completely different economic horse that has been beaten to death. I like the technology and simplicity of coding and have spent a good amount of time educating myself on it, but I share none of the "death of central banks" ideas or motivation that many Bitcoin enthusiasts do. I also think those that do should spend more time educating themselves on economics and finance.
So we would exchange governments for those who hold the most bitcoins?
Posted on 2/6/14 at 2:33 pm to JayDeerTay84
quote:
So we would exchange governments for those who hold the most bitcoins?
I wouldn't say that, but that is a rabbit hole that has been visited one too many times.
Posted on 2/6/14 at 2:34 pm to BennyAndTheInkJets
I don't know if you've read Socrates, but my statement certainly wasn't Socratic.
The base state in nature is not centralized. So when talking about the benefits of decentralization it is sensical to understand the point of things being centralized
The base state in nature is not centralized. So when talking about the benefits of decentralization it is sensical to understand the point of things being centralized
Posted on 2/6/14 at 2:36 pm to joshnorris14
Bitcoin pros I see are about being decentralized.
Why is that important to you?
Why is that important to you?
Posted on 2/6/14 at 2:37 pm to BennyAndTheInkJets
quote:
I also think those that do should spend more time educating themselves on economics and finance.
I think this is one of the biggest points that we've made over the last few years. You can have this really cool decentralized currency that has the potential to work out in the long run (not saying Bitcoin, just decentralized currency) but to discount the impacts of the financial and economic world on them is obtuse.
Posted on 2/6/14 at 2:38 pm to LSURussian
You try way to hard to be a convincing liar.
Mt Gox has been abandoned, the community hasn't used the Gox price for at least 6 weeks now. Gox will likely die, yet the prices on the exchanges with higher volume (Bitstamp, BTC-e, et cetra) have only dropped $20-30.
Mt Gox has been abandoned, the community hasn't used the Gox price for at least 6 weeks now. Gox will likely die, yet the prices on the exchanges with higher volume (Bitstamp, BTC-e, et cetra) have only dropped $20-30.
Posted on 2/6/14 at 2:38 pm to JayDeerTay84
quote:
Why is that important to you?
He is a closest anarchist who doesn't have a closet.
Posted on 2/6/14 at 2:39 pm to joshnorris14
quote:
Mt Gox has been abandoned,
Wasn't this the proclaimed "gold standard" for bitcoin just a few months ago?
ETA: I'll go ahead and answer that for you. Yes, yes it was. And it got all frickered up and we decided to use something else when it benefits us.
This post was edited on 2/6/14 at 2:43 pm
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