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It's disturbing how tribalism is allowing people to completely ignore reality. Ethereum's blockchain uses up over 1 terrabyte of space. Because Ethereum nodes

It's disturbing how tribalism is allowing people to completely ignore reality. Ethereum's blockchain uses up over 1 terrabyte of space. Because Ethereum nodes do not provide any search feature natively, most third-party software integrations end up being implemented via the use of centralized services (which defeats the whole purpose of Ethereum). As for Bitcoin using the same amount of electricity as an entire country to perform 2 transactions per second, that is also shocking. But modern fiat money-printing allows all pyramid schemes to thrive. I'm convinced that if Bernie Madoff had managed to keep his ponzi scheme going just one more decade, he would never have been caught.

tim333 6y ago
>Ethereum's blockchain uses up over 1 terrabyte Presumably any currency that records all the world's transactions is going to have terabytes if not petabytes of data. Either you go with a tech that will support big data or you limit the transactions like bitcoin making it impractical as an everyday payment mechanism? For me the important part of decentralized is it can be run in different places so governments can't shut it down, not that everyone can process the world's transactions on their laptop.
- cryptica 6y ago
  Why should it be a single world currency? Why not just have a system of multiple currencies which can be accepted interchangeably as payment? Automatic valuation and conversion of a cryptocurrency is possible. It can even be done in a decentralized way without trusting anyone.
  - CryptoPunk 6y ago
    You get much greater interoperability / a much larger market when everyone is on the same ledger, using the same protocol to exchange value. There are use-cases where a smaller more specialized ledger will be more optimal, but there is a very large set of use-cases for the 'financial protocol with a huge number of users'.
    - cryptica 6y ago
      It's like this currently, but it doesn't have to stay that way. You could have multiple cryptocurrencies which support the exact same public API and clients could figure out their relative values automatically by crawling DEX markets (looking at current prices and daily trade volumes). People who do business internationally are already used to the idea of accepting payment in multiple currencies - With the right set of tools, the friction involved in accepting different cryptocurrencies (e.g. within the same ecosystem) can be reduced to nothing, in fact, it might be a profitable competitive strategy for a business to accept more different cryptocurrencies (they can charge a big premium for accepting more exotic/low volume tokens).
      - CryptoPunk 6y ago
        >>You could have multiple cryptocurrencies which support the exact same public API and clients could figure out their relative values automatically by crawling DEX markets (looking at current prices and daily trade volumes). Transmitting between ledgers is associated with a cost, due to the capital requirements that make inter-chain bridges possible. Look at the current attempts at such bridges, like Connext: they require individuals to run 'routing' nodes that faciliate inter-chain transfers by locking collateral in multiple chains to act as liquidity. There is a cost to this, that doesn't exist when two parties are transacting on the same ledger.

tim333 6y ago

>Ethereum's blockchain uses up over 1 terrabyte Presumably any currency that records all the world's transactions is going to have terabytes if not petabytes of data. Either you go with a tech that will support big data or you limit the transactions like bitcoin making it impractical as an everyday payment mechanism? For me the important part of decentralized is it can be run in different places so governments can't shut it down, not that everyone can process the world's transactions on their laptop.

cryptica 6y ago
Why should it be a single world currency? Why not just have a system of multiple currencies which can be accepted interchangeably as payment? Automatic valuation and conversion of a cryptocurrency is possible. It can even be done in a decentralized way without trusting anyone.
- CryptoPunk 6y ago
  You get much greater interoperability / a much larger market when everyone is on the same ledger, using the same protocol to exchange value. There are use-cases where a smaller more specialized ledger will be more optimal, but there is a very large set of use-cases for the 'financial protocol with a huge number of users'.
  - cryptica 6y ago
    It's like this currently, but it doesn't have to stay that way. You could have multiple cryptocurrencies which support the exact same public API and clients could figure out their relative values automatically by crawling DEX markets (looking at current prices and daily trade volumes). People who do business internationally are already used to the idea of accepting payment in multiple currencies - With the right set of tools, the friction involved in accepting different cryptocurrencies (e.g. within the same ecosystem) can be reduced to nothing, in fact, it might be a profitable competitive strategy for a business to accept more different cryptocurrencies (they can charge a big premium for accepting more exotic/low volume tokens).
    - CryptoPunk 6y ago
      >>You could have multiple cryptocurrencies which support the exact same public API and clients could figure out their relative values automatically by crawling DEX markets (looking at current prices and daily trade volumes). Transmitting between ledgers is associated with a cost, due to the capital requirements that make inter-chain bridges possible. Look at the current attempts at such bridges, like Connext: they require individuals to run 'routing' nodes that faciliate inter-chain transfers by locking collateral in multiple chains to act as liquidity. There is a cost to this, that doesn't exist when two parties are transacting on the same ledger.