5 ms·

Then why has nobody done that then? It blows my mind how so many people proliferate how useful blockchain companies can be yet despite all of the different blo

by mrep 9y ago

Then why has nobody done that then? It blows my mind how so many people proliferate how useful blockchain companies can be yet despite all of the different blockchains, ICO's..., practically none [1] have taken off because they are technologically and economically worse than current market products and services. [1]: Illegal markets are the only market I have seen that do like it because companies/governments have specifically made it harder for illegal transactions to take place over traditional currencies.

deleted 9y ago
[deleted]
darawk 9y ago
Nobody has done it because it's inefficient right now, and the ecosystem is still only trusted by a relatively small minority of nerds like myself and others here. This proposal is a solution to one of those problems.
- weego 9y ago
  Why will the future change the level of inefficiency?
  - bhouston 9y ago
    Proof of stake should increase efficiency a lot.
  - darawk 9y ago
    That's what the link in the OP is all about. Plasma + Proof of Stake should mean an efficient, scalable blockchain for smart contracts.
- mrep 9y ago
  When will it ever be efficient? All blockchains rely on re-computing the same transaction across many different entities due to mistrust. However, despite the common sentiment that computers are cheap; at scale, the are definitely not. Every additional computation to validate something increases the cost of business and 99% of businesses are cutthroat when it comes to cost. Add in the other downsides/costs of crypto.* (my insights on the downsides of blockchain specifically: hard to use, one way transactions, high transfer costs due to low block size, super easy to get hacked and lose all your money...) and it's no wonder they are all failing. 99.999% of the time, the costs outway the benefits.
  - bhouston 9y ago
    There is proof of stake algos coming that make it efficient.
    - spookthesunset 9y ago
      Proof of stake is something that "has been coming along" for years now. Sounds like vaporware to me.
      - darawk 9y ago
        Proof of stake is implemented in tons of coins already.
    - tylersmith 9y ago
      PoS does not have anything to do with all nodes having to validate transactions. You're looking for sharding.
  - darawk 9y ago
    Proof of stake and the contents of this paper are solutions to that exact problem.
paulgerhardt 9y ago
They have. I have. How you take funds for your campaign is configurable. The projects which took USD raised millions more than the projects which took various cryptocurrencies at the time of funding. The upside of having a smart contract 'guarantee' your funds was outweighed by the downside of drop-off in getting your potential customers to acquire and pay you using an obscure financial instrument. This looks to be changing.
- mrep 9y ago
  Can you reword your comment as I don't quite understand what point you are trying to argue?
  - mdpopescu 9y ago
    He is saying that more people are used to USD than cryptocurrencies. If you have two companies, one which uses a "donate here in USD" button and one which has a "donate using Ethereum smart contracts", the donations for the first one will drown the second so the second will look like a failure by comparison.
corysama 9y ago
> Then why has nobody done that then? http://www.sgsme.sg/news/startups/singapore-startup-launching-seas-first-cryptocurrency-crowdfunding-platform#xtor=CS2-2 http://www.sgsme.sg/news/startups/singapore-startup-launchin...

by mrep 9y ago

deleted 9y ago

[deleted]

darawk 9y ago

Nobody has done it because it's inefficient right now, and the ecosystem is still only trusted by a relatively small minority of nerds like myself and others here. This proposal is a solution to one of those problems.

weego 9y ago
Why will the future change the level of inefficiency?
- bhouston 9y ago
  Proof of stake should increase efficiency a lot.
- darawk 9y ago
  That's what the link in the OP is all about. Plasma + Proof of Stake should mean an efficient, scalable blockchain for smart contracts.
mrep 9y ago
When will it ever be efficient? All blockchains rely on re-computing the same transaction across many different entities due to mistrust. However, despite the common sentiment that computers are cheap; at scale, the are definitely not. Every additional computation to validate something increases the cost of business and 99% of businesses are cutthroat when it comes to cost. Add in the other downsides/costs of crypto.* (my insights on the downsides of blockchain specifically: hard to use, one way transactions, high transfer costs due to low block size, super easy to get hacked and lose all your money...) and it's no wonder they are all failing. 99.999% of the time, the costs outway the benefits.
- bhouston 9y ago
  There is proof of stake algos coming that make it efficient.
  - spookthesunset 9y ago
    Proof of stake is something that "has been coming along" for years now. Sounds like vaporware to me.
    - darawk 9y ago
      Proof of stake is implemented in tons of coins already.
  - tylersmith 9y ago
    PoS does not have anything to do with all nodes having to validate transactions. You're looking for sharding.
- darawk 9y ago
  Proof of stake and the contents of this paper are solutions to that exact problem.

paulgerhardt 9y ago

They have. I have. How you take funds for your campaign is configurable. The projects which took USD raised millions more than the projects which took various cryptocurrencies at the time of funding. The upside of having a smart contract 'guarantee' your funds was outweighed by the downside of drop-off in getting your potential customers to acquire and pay you using an obscure financial instrument. This looks to be changing.

mrep 9y ago
Can you reword your comment as I don't quite understand what point you are trying to argue?
- mdpopescu 9y ago
  He is saying that more people are used to USD than cryptocurrencies. If you have two companies, one which uses a "donate here in USD" button and one which has a "donate using Ethereum smart contracts", the donations for the first one will drown the second so the second will look like a failure by comparison.

corysama 9y ago

> Then why has nobody done that then? http://www.sgsme.sg/news/startups/singapore-startup-launching-seas-first-cryptocurrency-crowdfunding-platform#xtor=CS2-2 http://www.sgsme.sg/news/startups/singapore-startup-launchin...