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Bitcoin 2.0 explained
- leishulang 13y agoSo bitcoin is the new quant?
- maaku 13y agoUh, yes? You've been living under a rock?
- Thiz 13y agoI like the idea behind protoshares and DACs. Wall Street is next to be disrupted.
- deleted 13y ago[deleted]
- notprathap 13y agovery biased. why are we talking about victory for humanity when digital currencies is very much a first world phenomenon?
- nostromo 13y agoI actually think Bitcoin could help poorer people more than it can the rich. For example, if you've ever been a poor college student, you know that banking fees can be very onerous. (Buy a $2 coffee with too little in your account; boom $40 overdraft.) But you're forced to use a bank because it's really hard to get by in the world without one. (It's hard to receive money and impossible to spend it online or send it to a friend without the risk of carrying around cash.) Bitcoin could solve those problems for the poor.
- deleted 13y ago[deleted]
- eplumlee 13y agoNot to quibble, but 'poor college student' is a statistical oxymoron. I do agree though that cryptocurrencies offer great promise for 3rd-world economies and is a democratizing influence.
- maxerickson 13y agoIf someone has less than $100 in their bank account and they aren't making small purchases in cash, I'm not sure there is any mechanism that is going to help them. They need to do some combination of increasing their income and doing without coffee. (It is super easy to budget with cash...) Edit: Just to clarify, in the parenthetical, I mean 'budget' in the sense of 'stick to spending what you have', not 'plan out what to purchase'.
- skorgu 13y agoThings online are often much cheaper (not to mention quicker) than buying in person though. Save ~10% and risk overdraft or pay more of your scarce funds is a shitty tradeoff for anyone.
- CamperBob2 13y agoI actually think Bitcoin could help poorer people more than it can the rich. It already is capable of doing that. If cryptocurrencies do nothing but put Western Union out of the foreign remittance business, they will save billions of dollars for people to whom that kind of money still means something.
- gfodor 13y agodecentralization is not a benefit in a vacuum, it comes at a cost. to be taken seriously bitcoiners need to have a thesis as to why the benefits of decentralization in each of these applications outweigh the cost.
- kerkeslager 13y agoI don't think this is really how things are going to work. In an ideal world, people would come up with a strong thesis that features of Bitcoin outweighs the cost, and only then would people take Bitcoin seriously. But the reality is that nobody really understands Bitcoin's role in the world economy well enough to evaluate such a thesis. There are tons of theses about how Bitcoin might be used. The only way to evaluate these theses is to implement them and see if they work. So basically, we can't wait to see if the benefits outweigh the costs to start taking Bitcoin seriously. Bitcoin has to be taken seriously before we can weigh the benefits against the costs. There's just no way to evaluate whether decentralization is more beneficial than costly except to take the risk and try it. In that sense, Bitcoin isn't really that different from any other new financial idea. Either you invest in a thesis or you don't, and if you invest, then either you make money or you lose money. You can make educated guesses on which theses are correct, but ultimately you can only prove or disprove a new financial idea by taking it seriously enough to try it. People are already taking Bitcoiners seriously to the tune of billions of dollars, so I think we'll see results from this experiment. Whether the results of the experiment will be positive or negative, I don't know.
- deleted 13y ago[deleted]
- gfodor 13y agoMy point wasn't about bitcoin but about people posting their thoughts on bitcoin. If someone is going to try to get people rallied behind decentralized X, a good place to start is to offer practical reasons why that would be a better scenario than the status quo. Tell me why in the future I would want to take my retirement account out of my bank and deposit it into the decentralized ether. If I screw up that process, I lose my retirement account. Introduce a third party to help me with the process and you're on the road back to centralization. The same types of arguments can be made for other "this is serious business" use case for bitcoin. Can the blockchain replace Twitter? Yeah maybe. But to compare overturning Twitter to overturning the NYSE shows a lack of proportionality and understanding of why things are the way they are in finance.
- GigabyteCoin 13y agoI must say that was a fairly well written article. The author really seemed to know his stuff. I never could fully wrap my head around protoshares from other writeups I had read, but this all made perfect sense. Even to my groggy morning mind.
- diminoten 13y agoThe "Bitcoin 2.0" phrase is a reference to the "web 2.0" phrase, not to a new protocol version of Bitcoin. May have been obvious to some, I dunno, but it's worth noting that Bitcoin can do all of these things today, with zero changes to implementation or design.
- pjbrunet 13y agoLast I heard, Mastercoin is just a specification. It's too early to pretend it's going to work. I heard an interview w/ the author and it sounds like lots of talk and big dreams w/ no real technology to back it up. When asked how long it will take to release a working prototype, I think he said two weeks if he gets enough donations to quit his job. OK suuuure. You can find the interview on YouTube. It's almost comical. As far as "Colored Coins" looks like the same scenario--just an idea for a protocol? Their video is vague, doesn't really explain anything. Bitcoins backed by car titles? Let me guess, a decentralized vault full of luxury cars nobody can drive? LOL. http://coloredcoins.org/about/our-team/ http://coloredcoins.org/about/our-team/
- gojomo 13y agoMastercoin appears to have a working market, transaction explorer, and reportable capitalization (at coinmarketcap.com), so it seems your information out of date. (Mastercoin might be doomed for any number of reasons, but it seems to be past the point where it can be casually dismissed with hand-wavey 'sounds like all talk'/'comical' impressions.)
- pjbrunet 13y agoBut none of that is new. A market for what? You mean an altcoin exchange? There's already websites where you can buy your own white-label exchange. Mastercoin was supposed to be an application platform/protocol layer on top of the Bitcoin blockchain. Just one of the applications was supposed to be online gambling. Sounds like a red flag to me. Anyone can create their own vanity altcoin--that part is not surprising to me. To build an application layer on top of the Bitcoin blockchain, in your spare time? Yes, sounds comical to me unless you're some Bill Gates superstar.
- tsurantino 13y agoThe author alluded to some non-currency related applications of Bitcoin, i.e., a decentralized eBay. Given the way Bitcoin and variants have been used so far, it's always been so exchange of some monetary value (i.e., shares, assets, funds, currencies, etc.). I'm having a really hard time picturing how Bitcoin can be applied in a non-monetary context. Could someone explain?
- aestra 13y agoSomeone came up with the idea of using the bitcoin network as a notary service. http://www.pcworld.com/article/2039705/could-the-bitcoin-network-be-used-as-an-ultrasecure-notary-service.html http://www.pcworld.com/article/2039705/could-the-bitcoin-net...
- nroose 13y agoI just love this: Education/Experience Some College at Virginia Commonwealth University, 4 Years Experience as a Full-Time Freelance Writer, 4-Star Author at TextBroker, 10,000+ Articles and Blog Posts on the Internet
- doctoboggan 13y agoI am working on a browser that uses colored coins for domain name resolution and BitTorrent Sync for content distribution, you can find it here: https://github.com/jminardi/syncnet https://github.com/jminardi/syncnet
- fsiefken 13y agosmart idea, i have two questions: * why not use namecoin for dns resulution instead of colored coins? * i thought bittorrent sync wasn't open source A decade ago there was talk of decentralized web sites through p2p technologies. IBM was working on such a web server. There is of course FreeNet, but it needs a gateway to access pages from the internet.
- doctoboggan 13y ago> why not use namecoin for dns resulution instead of colored coins? Colored Coins seems more interesting to me, no other reason than that. It wouldn't be hard to swap in namecoin though. > i thought bittorrent sync wasn't open source You are correct, it isn't However they present a very basic API that I believe some open source clone could replicate. As soon as that happens I plan on dropping it in as a replacement. But for now BitTorrent Sync works well enough.
- lez 13y agothere is a project called ethereum that is about to be announced. New codebase. http://ethereum.org/ethereum.html http://ethereum.org/ethereum.html
- darkbot 13y agoI'm selling 50 Colored Coins for $2,500 each. They're backed up by the gold I have securely stashed in my potato cellar.
- valarauca1 13y agoIf your interested this is roughly how much I'd charge for the Brooklyn Bridge, maybe if you throw in some of those potatoes.
- darkbot 13y agoNaww.. I need a little bit of cash in my pocket right now. But I have this 1 Colored Coin backed by the Eiffel Tower in Paris, Europe. Throw in that sack of potatoes and it's a done deal!
- orkoden 13y agoSo this is basically trying to fix the problem that bit coin just does not scale very well. Instead of using Colored Coins, I could just as well use dogecoin. btw, are there nice shibe that could help me get started with some doge? DUCHVurpx2s7s3VnXWFtcvodRatoEL2ccv