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> Etherium, and most crypto-currencies for that matter, were initially made to fix a broken financial system No? Buterin argued to the bitcoin core developers

by ikt 5y ago

> Etherium, and most crypto-currencies for that matter, were initially made to fix a broken financial system No? Buterin argued to the bitcoin core developers that Bitcoin and blockchain technology could benefit from other applications besides money and needed a more robust language for application development that could lead to attaching real-world assets, such as stocks and property, to the blockchain.[15] It's like you're trying to describe Ethereum from what bitcoin fanboys have told you.

jstx1 5y ago
I think that you're confusing money and finance. In addition to being money (like Bitcoin), Ethereum is clearly doing a lot in the space of finance - that's the whole point of DeFi (it's also supported by what Vitalik said according to your own comment).
amarant 5y ago
But the only kind of application that would even theoretically benefit of running on the Blockchain is a finance application, and it's not better at that than the current system. In fact, it's worse. The whole idea of "code is law" is deeply flawed, and I think the hard forks prove that. The problem then is that smaller financial injustices that do not get the attention of the core Devs, will go unchecked and unfixed forever. The idea of zero trust financial applications is intriguing, but in practice "zero trust" means "trust Vitalik", and to be honest, I trust my current bank more than I trust some random dude in the internet, thank you very much. (Not that I'm a fan of my current bank, they suck, just slightly less than any alternative I'm aware of) I know some people develop other kinds of applications too, but I completely fail to see the point of running (for example) a video game on the Blockchain other than the novelty..
- sanderjd 5y ago
  > But the only kind of application that would even theoretically benefit of running on the Blockchain is a finance application People have lots of theories of what other kinds of applications benefit from running on a blockchain. These are at various stages of being proven out. One that seems promising is attributing ownership to digital assets. But there are other theories too. This is all very new and speculative and it might all go nowhere, but it definitely isn't accurate that only financial applications would theoretically benefit.

by ikt 5y ago

jstx1 5y ago

I think that you're confusing money and finance. In addition to being money (like Bitcoin), Ethereum is clearly doing a lot in the space of finance - that's the whole point of DeFi (it's also supported by what Vitalik said according to your own comment).

amarant 5y ago

But the only kind of application that would even theoretically benefit of running on the Blockchain is a finance application, and it's not better at that than the current system. In fact, it's worse. The whole idea of "code is law" is deeply flawed, and I think the hard forks prove that. The problem then is that smaller financial injustices that do not get the attention of the core Devs, will go unchecked and unfixed forever. The idea of zero trust financial applications is intriguing, but in practice "zero trust" means "trust Vitalik", and to be honest, I trust my current bank more than I trust some random dude in the internet, thank you very much. (Not that I'm a fan of my current bank, they suck, just slightly less than any alternative I'm aware of) I know some people develop other kinds of applications too, but I completely fail to see the point of running (for example) a video game on the Blockchain other than the novelty..

sanderjd 5y ago
> But the only kind of application that would even theoretically benefit of running on the Blockchain is a finance application People have lots of theories of what other kinds of applications benefit from running on a blockchain. These are at various stages of being proven out. One that seems promising is attributing ownership to digital assets. But there are other theories too. This is all very new and speculative and it might all go nowhere, but it definitely isn't accurate that only financial applications would theoretically benefit.