Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
2021: NFTs! ICOs with even LESS utility! (also possibly the worlds most complex troll)
NFTs are a good technology being abused for >99% trash, instead of the use cases where they would make sense.* Not unlike early Bitcoin. Notice the refrain?
* For one illustrative example, merely to establish the threshold credibility of the idea: I think that NFTs will someday revolutionize the recording of real property deeds and chains of title. Real-world real property, not low-grade cartoons of bored apes. Anyone who has real-life experience with homeownership or other real estate will see the benefit of taking the public records out of the current inefficient systems, and cryptographically authenticating them on a blockchain.
By the way, cAPSLOCK: When Richy_T civilly disagreed with me based on his outdated information about Blockstream Satellite, and I corrected him, he kinda-sorta acknowledged his mistake; and he continued with a constructive discussion. Why do you dodge the factual correction of your very rude misinformation?
ZCASH is a fucking trusted setup
Your are ill-informed. The trusted setup is dead. Gone with Halo2. Zcash’s Orchard shielded value pool, activated on mainnet in May 2022, has no trusted setup!
That is one of several major reasons why I declare the technology now “mature”: No more trusted setup. I put up with the trusted setup in Zcash myself, from its beginning until 2022; but I disliked it. I would not want to bring it to Bitcoin. The Zcash team also disliked it—actually, they hated it! Therefore, they spent years working on improved cryptography to get rid of it forever.
You also have not answered my point about a “dev tax”. cAPSLOCK, you hate the idea of a “dev tax”; and you insult altcoins that have a “dev tax”. So, over all these years that you have enjoyed Bitcoin, have you donated any nontrivial amounts to support Bitcoin Core development? Developers need to be paid somehow. I know that some big BTC HODLers are very good about this; they tend not to be the ones who sneer at little altcoins for having a “dev tax”, for they understand that developers need to be paid somehow.
I agree NFT's might end up useful tech for just the thing you are mentioning (titles, other single certificate type uses) but I think the best implementation would be a federated sidechain. I think cities, counties, states and the federal government, title companies etc. could be members of the sidechain, and others could subscribe. It would be hash-anchored to bitcoin, but maintained by the federation.
A to my railing against ZCash, you are right, though I had heard about them moving to the non trusted new tech I have not followed closely to see that they had. That's a plus. But there are many minuses still for me. And with life being how it currently is for me (one child in the hospital long term, another in a country halfway around the world, and a personal visit this weekend to the ER I have not had time to respond to much here.
That said I have several complaints about that project. Do not agree with the Dev tax argument, though I am sympathetic. Have anonymously donated to both Bitcoin Development as well as another project along the way. Both my own money and my time in the form of community contributions and merged pull requests on both projects. But along with my personal circumstances, as it has been mentioned here alts are taboo, which I try to respect 90% of the time..
