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> We are still in very early stages. Bitcoin is 12 years old. Comparing cryptocurrencies to the early days of internet and the web is beyond ridiculous. There'

> We are still in very early stages. Bitcoin is 12 years old. Comparing cryptocurrencies to the early days of internet and the web is beyond ridiculous. There's still zero evidence of what will most likely happen, except for more of what we've seen so far: speculation, extortion, money laundering.

bouncycastle 5y ago
Did I say bitcoin? Forget about bitcoin! It's going to be a tiny part of crypto in the future. Bitcoin is 12 years old, but that's the reason why things haven't progressed as much in the last decade. We're slowly getting over speculation & wild-west phaze and moving to the next phase, and discovering many new uses along the way, which I've listed in my parent post. Why I say it's still early? Currently most of the projects are infrastructure and protocol development - kind of like when the internet was still developing. We're still on something like HTTP 1.0 and HTML 2.0 when it comes to crypto. The internet wasn't built in a single decade. It took multiple decades to get to where it is now, this is exactly the same thing playing out now. The amount of building and development is only intensifying. I'd urge you to take a look at what a16a has been investing in https://a16z.com/crypto/ https://a16z.com/crypto/
- cinquemb 5y ago
  > We're still on something like HTTP 1.0 and HTML 2.0 when it comes to crypto. I agree, and even though avalanche (one of a16z investments in ava-labs works on this) seems to have solved the consensus problem, I have yet to see an l1 tackle the state growth issues similarly. I think it will require some novel ways of information compression, mapping and/or storage/revival, and I suspect at least one l1 way will be related to the the DAG approach with avalanche however with the relationship between prior blocks (if you consider a block a matrix related to it block size limit at max) a series of transformations such that block x_n = sum of block transformations from 0 to n (this will be heavily reliant upon group theory) so instead of storing blocks themselves, you store the transformation matrices mapped to the hashes (sacrificing some compute for less storage). [0] https://thecontrol.co/state-growth-a-look-at-the-problem-and-its-solutions-6de9d7634b0b https://thecontrol.co/state-growth-a-look-at-the-problem-and...
dot1x 5y ago
Bitcoin != DeFi. If you don't know that, why even comment?

bouncycastle 5y ago

Did I say bitcoin? Forget about bitcoin! It's going to be a tiny part of crypto in the future. Bitcoin is 12 years old, but that's the reason why things haven't progressed as much in the last decade. We're slowly getting over speculation & wild-west phaze and moving to the next phase, and discovering many new uses along the way, which I've listed in my parent post. Why I say it's still early? Currently most of the projects are infrastructure and protocol development - kind of like when the internet was still developing. We're still on something like HTTP 1.0 and HTML 2.0 when it comes to crypto. The internet wasn't built in a single decade. It took multiple decades to get to where it is now, this is exactly the same thing playing out now. The amount of building and development is only intensifying. I'd urge you to take a look at what a16a has been investing in https://a16z.com/crypto/ https://a16z.com/crypto/

cinquemb 5y ago
> We're still on something like HTTP 1.0 and HTML 2.0 when it comes to crypto. I agree, and even though avalanche (one of a16z investments in ava-labs works on this) seems to have solved the consensus problem, I have yet to see an l1 tackle the state growth issues similarly. I think it will require some novel ways of information compression, mapping and/or storage/revival, and I suspect at least one l1 way will be related to the the DAG approach with avalanche however with the relationship between prior blocks (if you consider a block a matrix related to it block size limit at max) a series of transformations such that block x_n = sum of block transformations from 0 to n (this will be heavily reliant upon group theory) so instead of storing blocks themselves, you store the transformation matrices mapped to the hashes (sacrificing some compute for less storage). [0] https://thecontrol.co/state-growth-a-look-at-the-problem-and-its-solutions-6de9d7634b0b https://thecontrol.co/state-growth-a-look-at-the-problem-and...

dot1x 5y ago

Bitcoin != DeFi. If you don't know that, why even comment?