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"It is impossible to independently implement Bitcoin..at reliability levels sufficient for financial applications" This is the real challenge to us crypto beli
by kang 12y ago
"It is impossible to independently implement Bitcoin..at reliability levels sufficient for financial applications"
This is the real challenge to us crypto believers. Its hard but definitely not impossible(as demonstrated by the worth ofbitcoin today). Working on it.
- tptacek 12y agoWhat does the spot price of a Bitcoin have to do with the question of whether Bitcoin can feasibly and safely be standardized to a point where there are many interoperable implementations that don't share any heritage in code? Because that's the question you posed.
- kang 12y agoHe said it unreliable for financial transactions as demo'd by the fork. I said I agree but it is worth something even today as evident by the money people store in bitcoin already.
- tptacek 12y agoIn the larger scheme of the economy, virtually nobody uses Bitcoin for transactions.
- kang 12y agoYes you are right. And that is not of importance to me. I don't even care if bitcoin dies. Lets talk blockchain.
- geofft 12y agoLots of people do lots of stupid things with money. The current $3B market cap of Bitcoin is a tiny fraction of the $64B that Madoff Investment Securities made off with (and cryptocurrency market cap is an extremely generous measure to use to compare to that value). And that's hardly a reason to claim that making Bernie Madoff trustworthy is difficult but not impossible.
- kang 12y agoOnly because you are lucky enough to see this so early. And I don't care if bitcoin dies but what I meant there was the market cap of cryptocurrencies; that will rise beyond many Madoffs because even the Madoffs would use it.