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Sure, if the entire point of the blockchain was to be a database. But what about it's ability to run applications? I'd consider the idea of a blockchain closer

by exdsq 5y ago

Sure, if the entire point of the blockchain was to be a database. But what about it's ability to run applications? I'd consider the idea of a blockchain closer to a computer than a database nowadays.

ldiracdelta 5y ago
If the idea is to be a computer.... then I'll still take my breadboard TTL chip computer or a $1, 8-bit PIC MCU. It certainly doesn't work as cash. For digital cash, you would at least need: 1. privacy 2. transaction speed 3. reasonable transaction settle rates of less than 1 minute 4. an easy way to do transactions. They can probably fix 3 and 4, but for privacy (2) bitcoin is a PUBLIC LEDGER by design. Buy a snickers bar -- everyone IN THE WORLD knows. Go to the strip club -- everyone IN THE WORLD knows. You can paper over the problem with "coin tumblers", which is the WORST name for it. Want to look _exactly_ like you're laundering money? Put your bitcoin in a "coin tumbler". For transaction speed, see https://en.wikipedia.org/wiki/Bitcoin_scalability_problem https://en.wikipedia.org/wiki/Bitcoin_scalability_problem If it isn't cash, what is it? "A store of value"? Stores of value normally have _intrinsic_ value. What's the value of gold? Many women want it and many men will do anything up to and including murder to get access to women -- _that's_ a real store of value. What's the value of the US dollar? If a resident of the USA doesn't pay their taxes in it, the government takes away all their property and can put them in jail. -- Personally, I don't disbelieve in cryptocurrency as digital cash, I just disbelieve in bitcoin. Monero and the fork of it by signal known as mobilecoin are heading in the right direction. Privacy by default. Transaction speeds that are within 1-2 orders of magnitude of what is needed. Txn settling rates in the right direction. In the case of mobilecoin, a platform for easy transactions ( the signal app ).

by exdsq 5y ago

Sure, if the entire point of the blockchain was to be a database. But what about it's ability to run applications? I'd consider the idea of a blockchain closer to a computer than a database nowadays.

ldiracdelta 5y ago

If the idea is to be a computer.... then I'll still take my breadboard TTL chip computer or a $1, 8-bit PIC MCU. It certainly doesn't work as cash. For digital cash, you would at least need: 1. privacy 2. transaction speed 3. reasonable transaction settle rates of less than 1 minute 4. an easy way to do transactions. They can probably fix 3 and 4, but for privacy (2) bitcoin is a PUBLIC LEDGER by design. Buy a snickers bar -- everyone IN THE WORLD knows. Go to the strip club -- everyone IN THE WORLD knows. You can paper over the problem with "coin tumblers", which is the WORST name for it. Want to look _exactly_ like you're laundering money? Put your bitcoin in a "coin tumbler". For transaction speed, see https://en.wikipedia.org/wiki/Bitcoin_scalability_problem https://en.wikipedia.org/wiki/Bitcoin_scalability_problem If it isn't cash, what is it? "A store of value"? Stores of value normally have _intrinsic_ value. What's the value of gold? Many women want it and many men will do anything up to and including murder to get access to women -- _that's_ a real store of value. What's the value of the US dollar? If a resident of the USA doesn't pay their taxes in it, the government takes away all their property and can put them in jail. -- Personally, I don't disbelieve in cryptocurrency as digital cash, I just disbelieve in bitcoin. Monero and the fork of it by signal known as mobilecoin are heading in the right direction. Privacy by default. Transaction speeds that are within 1-2 orders of magnitude of what is needed. Txn settling rates in the right direction. In the case of mobilecoin, a platform for easy transactions ( the signal app ).