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They are building all this on very weak foundations. The assumption is that all these services built on top of crypto currencies will somehow be more efficient
by xchaotic 8y ago
They are building all this on very weak foundations. The assumption is that all these services built on top of crypto currencies will somehow be more efficient than existing systems.
They are not. It takes more time and electricity to confirm a BTC transaction, therefore it's slower and more costly.
Those shaky foundations mean that the actual winners may be other fintech companies like Revolut, Stripe or TransferWise who are not distracted as much by the whole crypto mania.
- whataretensors 8y agoPOW limitations. Check out POS and DAG systems
- Semirhage 8y agoSo far they’re long on talk and short on results, with no indication that’s likely to change.
- whataretensors 8y agoPOS works right now on several chains, although I think they are not nearly as robust as Casper will be. Various DAG mainnets are launching or have launched and are operational today.
- shepardrtc 8y agoOr consensus.
- JeremyBanks 8y agoIsn't every merkle object a dag? Seems like a bad name for whatever that is.
- AlexCoventry 8y agoBitcoin is not the only cryptocurrency, and there are forms of distributed consensus in which the economic commitment is denominated in the currency itself (proof of stake) rather than any real-world resource like the computation required for proof of stake. Ethereum will likely operate on proof of stake within two years.