Ninjastic
PostEdited versionsQuotes to this post
Post
Topic
Board Bitcoin Discussion
Re: lol: blockchain - yes; bitcoin - no
by
TrueBeliever
on 23/07/2015, 05:48:44 UTC
Quote from: AtheistAKASaneBrain on July 22, 2015, 02:27:07 PM
Quote from: TrueBeliever on July 22, 2015, 02:19:39 PM
Quote from: JPage on July 15, 2015, 07:53:11 PM
This is the third story today by someone who asserts their brilliance by saying: "we are interested in blockchain; bitcoin not so much".  It is meant to show you are a bigshot if you can put forth another version of this over-used line.  
Here is one: http://www.cityam.com/220231/why-i-chose-float-fintech-business-london

Here is another: c-touts-blockchain-tech-for-trade-finance/

It reminds me of the time an English man was explaining to his son on an airplane that: 'it is the wings that makes the airplane fly'.  I immediately thought - it's the fucking engine that makes it fly - and the rudder too, and the cockpit too, and the pilot too.  Even the landing gear - although I'd have to argue the landing gear makes it fly again.

There isn't such thing as Bitcoin or blockchain.  Bitcoin includes a blockchain and a bunch of other stuff. Go ahead, try to make your blockchain without some bitcoin behind it.  Let's see where that will get you.  

People need to quit showing how smart they are by expressing their keen interest in the 'blockchain' while at the same time saying 'bitcoin' isn't so interesting.  All this really does is show you don't understand cryptocurrency.  There is not blockchain without bitcoin.  

The Blockchain is beautiful technology.  The Bitcoin network is the greatest example of this beautiful technology in action.  However not all applications of the Blockchain will be in the public sphere, for example Western Union might create a Blockchain where their 'Public' ledger is located within their country HQ nodes.  Banks might create a Blockchain for storing customers accounts, the nodes are located in each regional headquarters (or even in each bank branch!). 

The point is there really are good applications for the blockchain outside the Bitcoin network.  We should not feel threatened by these, they are not applications as they are not competing with Bitcoin which is a cryptocurrency in the public domain.

Bitcoin is strong not only because of its network but because its technology has not been disproven.  I personally welcome any private companies investing in R&D in the blockchain as it only benefits us all in the end.

BTW your aeroplane analogy doesn't fly with me, the Bitcoin network could be represented by the the airports and flight routes which you didn't mention, the rest is all part of the Blockchain.

There's no need to invest ridiculous amount of money on your own blockchain if you want a different behavior, you just use side-chains once properly implemented so everything stays within the Bitcoin security.

where exactly are the ridiculous amounts of money being spent?  a bank can implement their own blockchain by deploying a server in each region.  they can mine with the server CPU because it is not an arms race to get more hashing power.  with this small Blockchain network they can store all customers transactions in a decentralized and secure fashion.  Remember the 51% attack is based on a percent of hashing power, all bank nodes can mine on CPUs to secure the network like we once did.

I think too many people are fixated on the Bitcoin Blockchain as the solution for everything.  For internal applications where there is no hashing power arms race, creating a new network is a perfectly good application of the technology.