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It's incredibly satisfying to watch this unfold after getting downvoted to death and told "bitcoin is inherently flawed, BlockChain Technology is muh future" in

It's incredibly satisfying to watch this unfold after getting downvoted to death and told "bitcoin is inherently flawed, BlockChain Technology is muh future" in other threads. After spending 4 years in bitcoin and having watched all the copy+pastecoins fail similarly to alternative internets I can say that any new blockchain isn't revolutionary or innovative in the way most people shallowly believe in the hopes of finding "the next bitcoin". It's already here just accept it.

oolongCat 10y ago
>incredibly satisfying What an incredibly rude thing to even say. While it is 100% the fault of the people who "invested"(if you can call it that) in this. At the end of the day its someone else's hard earned money, perhaps stupid at spending, but hard earned money. I honestly feel really bad for the people who are loosing so much of their money, it should not happen to anyone. Its a horrible horrible situation for the people involved.
- tromp 10y ago
  it could be someone else's easy earned money...
lossolo 10y ago
I agree with strong bitcoin position. I can tell you one thing, I've read paper about bitcoin and know it's architecture (I've written software communicating with bitcoin network) and person that wrote it is genius. I encourage you to read about bitcoin architecture (if you did not already), it's beautiful. Every detail was thought about including 51% of hashing power attack, blockchains with different length, inflation, double spending etc. It's battle tested solution and i don't see any other crypto currency to challenge bitcoin anytime soon.
solotronics 10y ago
It's not a binary win/loose situation. Cryptocurrencies are like neighboring countries who's economies are intertwined. For proof see the 10% fall in BTC when the DAO was hacked. This 'hack' could bring a lot of innovation in creating proper smart contracts so there is a small upside to this.
- jsprogrammer 10y ago
  Hunh? BTC/$ has been basically rising D/D for over a month, at least as far as you can tell from a chart like this: http://bitcoincharts.com/markets/bitfinexUSD.html http://bitcoincharts.com/markets/bitfinexUSD.html Looks up close to 100% in two months.
street 10y ago
You could make the same claim about bitcoin not being needed, given that we have money and a working banking system. Your POV is just as invested in bitcoin as others are in Ethereum.
- paavokoya 10y ago
  No. Bitcoin IS different. Its network is vastly larger. Newspapers became obsolete when the internet came to fruition. Bitcoin is doing the same to fiat currency. There are many intranets but we all know which one we are talking about when someone says "the internet".
  - gnaritas 10y ago
    Bitcoin is different, but by no means is it or will it in any way obsolete government issued currency (it's wrong to call it fiat as if bitcoin isn't also fiat, which it is). It is however the only crypto currency that matters and will remain so.
    - danbruc 10y ago
      It is however the only crypto currency that matters and will remain so. Or it will just die once users have to pay the real transaction costs and it becomes really obvious how expensive that system is.
      - 21echoes 10y ago
        This. Bitcoin is currently paying transaction fees through inflation, but as the halving process continues, those fees will shift back into the marketplace in a less implicit way, as miners need to continue being paid. https://blockchain.info/charts/cost-per-transaction-percent https://blockchain.info/charts/cost-per-transaction-percent
      - gnaritas 10y ago
        Tech like this will never die, it will just become less used if that problem isn't solved, but there will always be some group of people willing to use it despite those charges due to the nature of decentralized cash transfers without a trusted party.
api 10y ago
The key criticism I can make toward Etherium is that it tries to do too much in one system. If we want smart contracts it would be better to build an orthogonal smart contract system that uses Bitcoin.
- paavokoya 10y ago
  Exactly my thoughts
kalleboo 10y ago
So are you just a Bitcoin fanboy? Because otherwise most people interested in bitcoin seem more on the "let the market decide" side of the fence, and don't really have an emotional investment in "the others" failing.
jrpt 10y ago
This was a bug in the DAO, not Ethereum. From what I read, this was the bug: https://github.com/slockit/DAO/commit/f01f3bd8df5e1e222dde625118b7e0f2bfe5b680 https://github.com/slockit/DAO/commit/f01f3bd8df5e1e222dde62... I'm not sure why you'd find this satisfying, unless you hate innovation. Also, I agree that the same Dapps can be run with Bitcoin, so it's not like everyone needs to switch to Ethereum. It does have some advantages over Bitcoin, though that might not be enough given the huge adoption Bitcoin has already.

oolongCat 10y ago

>incredibly satisfying What an incredibly rude thing to even say. While it is 100% the fault of the people who "invested"(if you can call it that) in this. At the end of the day its someone else's hard earned money, perhaps stupid at spending, but hard earned money. I honestly feel really bad for the people who are loosing so much of their money, it should not happen to anyone. Its a horrible horrible situation for the people involved.

tromp 10y ago
it could be someone else's easy earned money...

lossolo 10y ago

I agree with strong bitcoin position. I can tell you one thing, I've read paper about bitcoin and know it's architecture (I've written software communicating with bitcoin network) and person that wrote it is genius. I encourage you to read about bitcoin architecture (if you did not already), it's beautiful. Every detail was thought about including 51% of hashing power attack, blockchains with different length, inflation, double spending etc. It's battle tested solution and i don't see any other crypto currency to challenge bitcoin anytime soon.

solotronics 10y ago

It's not a binary win/loose situation. Cryptocurrencies are like neighboring countries who's economies are intertwined. For proof see the 10% fall in BTC when the DAO was hacked. This 'hack' could bring a lot of innovation in creating proper smart contracts so there is a small upside to this.

jsprogrammer 10y ago
Hunh? BTC/$ has been basically rising D/D for over a month, at least as far as you can tell from a chart like this: http://bitcoincharts.com/markets/bitfinexUSD.html http://bitcoincharts.com/markets/bitfinexUSD.html Looks up close to 100% in two months.

street 10y ago

You could make the same claim about bitcoin not being needed, given that we have money and a working banking system. Your POV is just as invested in bitcoin as others are in Ethereum.

paavokoya 10y ago
No. Bitcoin IS different. Its network is vastly larger. Newspapers became obsolete when the internet came to fruition. Bitcoin is doing the same to fiat currency. There are many intranets but we all know which one we are talking about when someone says "the internet".
- gnaritas 10y ago
  Bitcoin is different, but by no means is it or will it in any way obsolete government issued currency (it's wrong to call it fiat as if bitcoin isn't also fiat, which it is). It is however the only crypto currency that matters and will remain so.
  - danbruc 10y ago
    It is however the only crypto currency that matters and will remain so. Or it will just die once users have to pay the real transaction costs and it becomes really obvious how expensive that system is.
    - 21echoes 10y ago
      This. Bitcoin is currently paying transaction fees through inflation, but as the halving process continues, those fees will shift back into the marketplace in a less implicit way, as miners need to continue being paid. https://blockchain.info/charts/cost-per-transaction-percent https://blockchain.info/charts/cost-per-transaction-percent
    - gnaritas 10y ago
      Tech like this will never die, it will just become less used if that problem isn't solved, but there will always be some group of people willing to use it despite those charges due to the nature of decentralized cash transfers without a trusted party.

api 10y ago

The key criticism I can make toward Etherium is that it tries to do too much in one system. If we want smart contracts it would be better to build an orthogonal smart contract system that uses Bitcoin.

paavokoya 10y ago
Exactly my thoughts

kalleboo 10y ago

So are you just a Bitcoin fanboy? Because otherwise most people interested in bitcoin seem more on the "let the market decide" side of the fence, and don't really have an emotional investment in "the others" failing.

jrpt 10y ago

This was a bug in the DAO, not Ethereum. From what I read, this was the bug: https://github.com/slockit/DAO/commit/f01f3bd8df5e1e222dde625118b7e0f2bfe5b680 https://github.com/slockit/DAO/commit/f01f3bd8df5e1e222dde62... I'm not sure why you'd find this satisfying, unless you hate innovation. Also, I agree that the same Dapps can be run with Bitcoin, so it's not like everyone needs to switch to Ethereum. It does have some advantages over Bitcoin, though that might not be enough given the huge adoption Bitcoin has already.