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Your impression is spot on. Nevertheless there are still lots of people who have lots of money in it and that's part of the problem why there is so much controv

by bhaak 11y ago

Your impression is spot on. Nevertheless there are still lots of people who have lots of money in it and that's part of the problem why there is so much controversy and why some people don't want to move away from their position. If you are interested in blockchain technology you don't have to go to bitcoin. There are lots of other cryptocurrencies where you could learn about it. Ethereum is currently the new kid on the block. Ethereum is often described as "Bitcoin 2.0". Better technology, better leadership, no toxic community, IMHO it looks like how bitcoin should look like (at least for now, who knows what it will be like in a year). Because of that lots of money has been going to Ethereum altely, even long time hodlers of bitcoin have sold bitcoin to get some ether.

vertex-four 11y ago
Ethereum has the same potential scaling issues as Bitcoin and has not yet defined a plan for scaling infinitely, aside from pushing for the development of technologies which move some forms of communication off the blockchain entirely. At the point where Ethereum gets to where Bitcoin is now, it's entirely possible its community could have exactly the same issue.
- bhaak 11y ago
  "Scaling infinitely" is a pretty steep requirement. I wouldn't go there yet, either implementation of the blockchain technology is useful long before the insane transactions per seconds which VISA is handling. But yes, Ethereum has similar constraints as Bitcoin. Vitalik did some scalability blog posts on https://blog.ethereum.org/ https://blog.ethereum.org/ but it's entirely possible that any blockchain technology just won't scale as we would like it to (that is, as good as a centralized approach). OTOH, if there is a good technological solution, currently I have much more confidence that it gets implemented in Ethereum than in Bitcoin. The current infighting, bickering and actual threats and actions (e.g. DDOS at dissenting miners) is slowly but steadily destroying the Bitcoin community.

by bhaak 11y ago

vertex-four 11y ago

Ethereum has the same potential scaling issues as Bitcoin and has not yet defined a plan for scaling infinitely, aside from pushing for the development of technologies which move some forms of communication off the blockchain entirely. At the point where Ethereum gets to where Bitcoin is now, it's entirely possible its community could have exactly the same issue.

bhaak 11y ago
"Scaling infinitely" is a pretty steep requirement. I wouldn't go there yet, either implementation of the blockchain technology is useful long before the insane transactions per seconds which VISA is handling. But yes, Ethereum has similar constraints as Bitcoin. Vitalik did some scalability blog posts on https://blog.ethereum.org/ https://blog.ethereum.org/ but it's entirely possible that any blockchain technology just won't scale as we would like it to (that is, as good as a centralized approach). OTOH, if there is a good technological solution, currently I have much more confidence that it gets implemented in Ethereum than in Bitcoin. The current infighting, bickering and actual threats and actions (e.g. DDOS at dissenting miners) is slowly but steadily destroying the Bitcoin community.