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Personally I believe in blockchain, but not current blockchain. Like anything it will take multiple steps and failing several times before it works. The perfe

Personally I believe in blockchain, but not current blockchain. Like anything it will take multiple steps and failing several times before it works. The perfect example is the internet, it was so wrong at the start, so ugly, and so naive. But it was free and open. Everybody said "internet is the future", and that created the dotcom bubble when everybody agreed and wanted to profit from it. I had friends at the time that got rich in the process, and I have friends today that have gotten rich with bitcoins(they have already sold all of them). At the end of course Internet was the future, but not "that Internet", it has evolved a lot and will continue evolving. With blockchain the same is happening: we have a tremendous bubble right now that will be painful when it pops. But it will continue evolving into something extremely useful in my opinion. It will be no bitcoin, it will something else be easier to mine, with more transactions, and so on...it will evolve over time learning from its errors, like anything in the History of mankind.

zeep 9y ago
But this is not like anything... If it was like any other software, someone would have found a bug to be able to steal all Bitcoins
Geee 9y ago
I think you haven't been following the scene very closely. There's already multiple solutions to these problems. Take a look at RaiBlocks (raiblocks.net) for example, which has instantaneous zero-fee transactions with very high throughput (hardware limited) without losing decentralization or other security properties (not proven atm). RaiBlocks uses delegated proof-of-stake with a block-lattice architecture. Another example would be Cardano, which has the first provably secure proof-of-stake protocol with same security guarantees as Bitcoin, and is also secure in a scalable setting with blockchain sharding (as is planned in Ethereum too). Proof-of-stake doesn't require energy to mine blocks and can be scalable but is very hard to secure. There's multiple other solutions as well, such as IOTA, Byteball, Steem, BitShares and others which might be more centralized and less secure to achieve scalability. Then there is Bitcoin Lightning Network almost ready, and also MimbleWimble coming out soon (http://grin-tech.org/ http://grin-tech.org/). Lots of things are certainly happening faster than you can anticipate. Additionally, there's projects like Enigma and Aion, which add scalability, privacy and interoperability on top of existing blockchains. This territory starts to get a bit complex for me.

zeep 9y ago

But this is not like anything... If it was like any other software, someone would have found a bug to be able to steal all Bitcoins

Geee 9y ago

I think you haven't been following the scene very closely. There's already multiple solutions to these problems. Take a look at RaiBlocks (raiblocks.net) for example, which has instantaneous zero-fee transactions with very high throughput (hardware limited) without losing decentralization or other security properties (not proven atm). RaiBlocks uses delegated proof-of-stake with a block-lattice architecture. Another example would be Cardano, which has the first provably secure proof-of-stake protocol with same security guarantees as Bitcoin, and is also secure in a scalable setting with blockchain sharding (as is planned in Ethereum too). Proof-of-stake doesn't require energy to mine blocks and can be scalable but is very hard to secure. There's multiple other solutions as well, such as IOTA, Byteball, Steem, BitShares and others which might be more centralized and less secure to achieve scalability. Then there is Bitcoin Lightning Network almost ready, and also MimbleWimble coming out soon (http://grin-tech.org/ http://grin-tech.org/). Lots of things are certainly happening faster than you can anticipate. Additionally, there's projects like Enigma and Aion, which add scalability, privacy and interoperability on top of existing blockchains. This territory starts to get a bit complex for me.