Post
Topic
Board Speculation
Re: Gold collapsing. Bitcoin UP.
by
tvbcof
on 15/11/2014, 21:07:39 UTC

I'd love to see the look on your face as you find yourself sitting on a pile of useless CorpGovCoins (formerly Bitcoin) when it turns out that they are as interesting to people as PayPal-II and some other solution has taken the place that Bitcoin could have occupied as a trusted and autonomous value foundation.

this is exactly the dilemma all of us will be placed in by for-profit Blockstream creating all these SC's for whomever will pay the fee.  don't expect them to be selective in their choice of clients.  they are for profit, they have $15M worth of investors looking for returns based on SC construction fees, AND the SC clients who pay the fees expect them to work, as in siphoning off as many BTC from MC as possible to create liquidity and value.  this is a problem.  especially when 40% of core devs + 3 key committers are part of Blockstream.

Dude, you know as well as I that if the parties worked on sidechains under a non-profit of some sort you would be screaming bloody murder that there was something wrong with that and they cannot be successful without Adam Smith's invisible hand.  Your arguments are so transparent and silly that I don't think you are probably fooling even total newbs.

if any one of these speculative SC's get traction, you will fact a choice; move to SC or stay put on MC.  will SC become the new Bitcoin or will it be possible to upgrade Bitcoin to CorpGovCoins?  do you even want that?

Actually, there are a multitude of failure modes which could impact Bitcoin.  Sidechains helps a bunch on a variety of fronts, but it is no guarantee that Bitcoin will not be subverted.  Should Bitcoin fall, I do see a possibility that some of the sidechains will switch to a credible and defensible backing store although I expect that everyone hopes that doesn't happen.  It would be a giant hassle.  I expect that the core Bitcoin devs, and in particular the highly credible ones associated with Blockstream, will do everything they can protect Bitcoin against such an eventuality, but if Gavin and the Bitcoin Foundation manages to insert unsound system growth there may not be much that anyone can do to recover Bitcoin itself.

Bitcoin was always meant to be its own Self Contained Financial System.  And by that i meant an inextricable link btwn its BTC and Blockchain (MC).

Sidechains will be absolutely part of the 'self-contained financial system'.  An integral part.  Sidecoins ARE Bitcoin.  It has no impact on the 'inextricable link btwn its BTC and Blockchain(MC)' which is kind of a 'no duh' statement with no meaning.