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Bitcoin VS Ethereum
- mtgx 9y agoI think Ethereum's implementation of (now hybrid) Proof of Stake has the potential for some serious disruption (and thus investor fear) when it will happen: http://www.coindesk.com/ethereums-big-switch-the-new-roadmap-to-proof-of-stake/ http://www.coindesk.com/ethereums-big-switch-the-new-roadmap...
- ShabbosGoy 9y agoWhat? If anything, proof of stake will increase investor interest, because any holder of Ethereum can potentially win the lottery, where the probability of winning is determined by how much Ethereum one holds.
- mtgx 9y agoI'm talking about risk. PoS is likely to have many more security issues than Proof of Work does. Other things could break, too, because of it. We may see other attacks such as the one that led to the big fork (ETH vs ETC), and so on.
- KZeillmann 9y agoI'd love to read this article, but the website is absolutely broken for me on Chrome -- HTTPS issues.
- nyae 9y agoSame on ff
- odabaxok 9y agoIt works with 'Reader view'
- Svekax 9y agoSame here. Also Chrome. http://i.imgur.com/p9VdBM9.png http://i.imgur.com/p9VdBM9.png
- dest 9y agosame here. reader view is good (tested with firefox)
- westoque 9y agoSame. Getting HTTPS issues.
- k-mcgrady 9y agoLikewise. I disabled uBlock and HTTPS Everywhere but still no luck. Edit: If you're on Mac, Safari with Reading mode works.
- gagege 9y agoSame. Opera.
- jdpedrie 9y agoFor those having trouble with the site: https://gist.github.com/jdpedrie/9b841e73c8a674be2e9d69072bde71be https://gist.github.com/jdpedrie/9b841e73c8a674be2e9d69072bd...
- halite 9y agoSomewhat readeable version (with hyperlinks): http://docdro.id/uW83epK http://docdro.id/uW83epK
- palakchokshi 9y agoSame here on Chrome. I tweeted @JamesMeirowsky who is their Director of Engineering. Hopefully they'll fix it.
- monkmartinez 9y agoCan you pay your taxes with bitcoin or ethereum?
- Svekax 9y agoNo. Can you pay your taxes with stock or houses?
- j2bax 9y agoAre stocks and houses aspiring to someday replace fiat currency?
- sambe 9y agoAre Bitcoin and Ethereum?
- ascendantlogic 9y agoIf you listen to the technoliberterians on the respective subreddits, BTC and ETH will destroy all fiat and central banking. The realists realize that is highly unlikely.
- monkmartinez 9y agoThank you, this is exactly what my rhetorical question was aiming for. If BTC/ETH are investments, fine... that is a world away from currency.
- ascendantlogic 9y agoI have no doubt they will eventually be used as a class of currency. Thinking they will replace/destroy fiat currencies that have been around for hundreds of years is a bit of a stretch though.
- wruza 9y ago
- TD-Linux 9y agoThe author's assertion that "nobody uses Bitcoin Script" is a bit silly - EVERY transaction uses Bitcoin Script, just a very simple one, for addresses [1]. The next most popular scripts implement multisig. OpenTimestamps also uses a simple script to commit a hash in a transaction. Currently uncommon uses are HTLC's which allow you to spend based on a zk-SNARK [2], and the Lightning network. I would actually say a bigger difference is that Bitcoin state is limited to a set of unspent transaction outputs with value (UTXO set), whereas Ethereum allows the script to store arbitrary state in its output. On a side note, Proof of Stake is a really cool feature if it works, but Ethereum doesn't have it, only the promise that it would hardfork to it if a viable solution is found. [1] https://en.bitcoin.it/wiki/Script https://en.bitcoin.it/wiki/Script [2] https://bitcoincore.org/en/2016/02/26/zero-knowledge-contingent-payments-announcement/ https://bitcoincore.org/en/2016/02/26/zero-knowledge-conting... (and yeah, I had to use Fx reader mode to parse the jumble of text at all)
- Olshansky 9y agoI agree, that was poor wording on my end... Thank you for the clarification. I should have said that it's very limited and much more difficult to use than Ethereum's smart contracts. I also wanted to avoid going into a deeper discussion that would involved the potential adoption of segwit, which would enable lightning networks and a bunch of other sidechains.
- hdhzy 9y ago> I should have said that it's very limited and much more difficult to use than Ethereum's smart contracts. I think the biggest issue with Bitcoin Script is that only a subset of scripts is considered "standard" [0] and only standard transactions are propagated by the network. If you can find a miner that accepts non standard TX then it's fine and blockchain already contains some interesting transactions (like lottery [1]). [0]: https://bitcoin.stackexchange.com/questions/21123/which-scripts-are-currently-considered-standard-and-therefore-actually-propagate https://bitcoin.stackexchange.com/questions/21123/which-scri... [1]: https://curiosity-driven.org/bitcoin-contracts#multilottery https://curiosity-driven.org/bitcoin-contracts#multilottery
- 9y ago
- gcp 9y agoI've been avoiding the altcoin zoo as much as possible, but Ethereum is worth looking at. It fixes key features of bitcoin (12 second vs 10 minute transactions) though smart handling of stale blocks, actual memory hard mining algorithm (unlike Litecoin that didn't turn to be) and adds a whole new dimension to the blockchain with the built-in VM and computer. Just Google the DAO incident for some amusing and interesting reading. Proof of stake should IMHO NOT be mentioned, doing so is very misleading. Ethereum doesn't use it, and if a suitable algorithm was ever developed, any coin could switch to it in the same way as Ethereum will.
- aaron-lebo 9y agoPeercoin was proof of stake five years ago.
- gcp 9y agoAnd the algorithm used has weaknesses and undesirable properties (nothing-at-stake-problem), which is why it's not used elsewhere. Here's some introductory reading: https://github.com/ethereum/wiki/wiki/Proof-of-Stake-FAQ https://github.com/ethereum/wiki/wiki/Proof-of-Stake-FAQ
- TD-Linux 9y agoIt also relies on centrally signed checkpoints in order to survive stake grinding attacks. I'm pretty sure such a solution would not be considered acceptable for Ethereum. https://download.wpsoftware.net/bitcoin/alts.pdf https://download.wpsoftware.net/bitcoin/alts.pdf
- um_ya 9y agoDownside is that Ethereum doesn't have a cap on number of coins, which means it has high inflation (20% a year right now). Also, Ethereum uses A LOT of disk space, over 1GB is added every month.
- gcp 9y agoStoring the entire state history isn't really needed though. I'm not sure how much inflation is a concern given the volatile exchange rate of any coin. It can't arbitrarily change either, so it's not quite like fiat money.
- deleted 9y ago[deleted]
- cjslep 9y agoPosts such as this still don't address a large concern: What assurances are there about the "political" (for lack of a better term) controlling entities around the coin? For instance, Bitcoin is susceptible to a 51% attack to destroy opposition, and Ethereum has already shown they will do so in the DAO use case. For this reason, I stick to fiat, even though I look forward to cryptocurrencies maturing even more.
- gcp 9y agoAny coin can be subverted if the majority of the userbase agrees so - that's a fork. Note that for fiat currencies, this is true, too. It's even worse, because usually it's 51% of the issuing national government, which might be a much smaller group that the total users.
- lossolo 9y agoThe problem is that one user (entity) could gain 51% of hashing power, not majority of the user base.
- deleted 9y ago[deleted]
- um_ya 9y agoHere are the negatives of Ethereum: 1) Inflation rate is HIGH, 15% a year right now and it has no cap on the number of coins that can be created. 2) Ethereum's blockchain takes up A LOT of space. Over 1GB is added every month.
- cdrark 9y agoThere is a huge speculative bubble going on in the cryptocoin world. Check out the history of the largest non-Chinese exchanges Poloniex and Bitfinex before getting involved. They have created billions of dollars in equity in just a couple months mostly in useless altcoins.