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So much money and yet this is what they are betting on: https://www.stateofthedapps.com/ https://www.stateofthedapps.com/. I just baffles the mind, how much mon

So much money and yet this is what they are betting on: https://www.stateofthedapps.com/ https://www.stateofthedapps.com/. I just baffles the mind, how much money is being thrown at this. I think Ethereum is still mostly just a foggy idea of something that might have potential. But it is nowhere near ready to host any dapp that creates value. The chief problem is that while you can execute code in a decentralised manner, you cannot interact with the real world in a decentralised manner. You still need to have a trusted source of information from the outside world. And if that wasn't enough of a problem, anything that isn't a stupid game is going to run into legal hurdles very quickly.

wrinkl3 9y ago
The current solution is to rely on a Blockchain Oracle, a third-party smart contract that is hooked to real-world data feeds and acts as a data career.
- dperfect 9y ago
  > ...hooked to real-world data feeds I think that's what is meant by "a trusted source of information from the outside world". You can have as many layers of smart, trustless technology as you want sitting between the dapp and the data source, but it always comes back to relying on a trusted (and potentially corrupt/compromised) real-world source. Maybe it has to be multiple independent sources? Sorry - there's still no way for those sources to cryptographically disprove any collusion.
  - philipodonnell 9y ago
    > There's still no way for those sources to cryptographically disprove any collusion Honest question, do blockchains do this? My understanding is that blockchains operate under the assumption that collusion is common and bad actors are rampant and are designed to mitigate it, not that they can prove collusion is not happening. Hypothetically, if every mining node provided a real-world value in every broadcast, then wouldn't the consensus mechanism operate as an oracle just like the transactions operate as a ledger?
cslarson 9y ago
Oh the cynicism here is so sad. To everything there is a season, I guess. Anyway! Does the Dai stablecoin not undermine this idea that nothing worthwhile can be built on Ethereum? Don't like ICOs? Neither do I. While the evolution of ICOs in 2017 was really interesting I think DAOs (and things like DAICOs) will see more prominence in 2018. It is an exciting world!
- deleted 9y ago
  [deleted]
- IntronExon 9y ago
  It’s a common error of judgement to assume that people who don’t share your unvarnished enthusiasm are cynics. One way to test for this is to see if you can intelligently address the concerns of “cynics” without just waving your hands and invoking the rosy future you imagine. It can be helpful to look to the past and present and try to understand why people have reservations, and address them comprehensively.
  - kinggfx 9y ago
    The original comment was cynical wasn't it?

wrinkl3 9y ago

The current solution is to rely on a Blockchain Oracle, a third-party smart contract that is hooked to real-world data feeds and acts as a data career.

dperfect 9y ago
> ...hooked to real-world data feeds I think that's what is meant by "a trusted source of information from the outside world". You can have as many layers of smart, trustless technology as you want sitting between the dapp and the data source, but it always comes back to relying on a trusted (and potentially corrupt/compromised) real-world source. Maybe it has to be multiple independent sources? Sorry - there's still no way for those sources to cryptographically disprove any collusion.
- philipodonnell 9y ago
  > There's still no way for those sources to cryptographically disprove any collusion Honest question, do blockchains do this? My understanding is that blockchains operate under the assumption that collusion is common and bad actors are rampant and are designed to mitigate it, not that they can prove collusion is not happening. Hypothetically, if every mining node provided a real-world value in every broadcast, then wouldn't the consensus mechanism operate as an oracle just like the transactions operate as a ledger?

cslarson 9y ago

Oh the cynicism here is so sad. To everything there is a season, I guess. Anyway! Does the Dai stablecoin not undermine this idea that nothing worthwhile can be built on Ethereum? Don't like ICOs? Neither do I. While the evolution of ICOs in 2017 was really interesting I think DAOs (and things like DAICOs) will see more prominence in 2018. It is an exciting world!

deleted 9y ago
[deleted]
IntronExon 9y ago
It’s a common error of judgement to assume that people who don’t share your unvarnished enthusiasm are cynics. One way to test for this is to see if you can intelligently address the concerns of “cynics” without just waving your hands and invoking the rosy future you imagine. It can be helpful to look to the past and present and try to understand why people have reservations, and address them comprehensively.
- kinggfx 9y ago
  The original comment was cynical wasn't it?