Chad Ellis
United States
Brookline
Massachusetts
flag msg tools
designer
publisher
badge
Avatar
mbmbmbmbmb
Move Over, Bitcoin:

One of the problems with digital currencies is that if you're on the outside looking in (and the cost of entry has gone way up) you have to ask whether you'd rather adopt some new currency.

Six months ago, the total value of Ether currency was 5% of the value of Bitcoin. Bitcoin has gone up since then but Ether has gone up faster and is now 84% of the value of Bitcoin. A survey of digital currency users showed 94% have a favorable view of Ether while only 49% were positive about Bitcoin. (I have no opinion about whether the survey was well done.)

I think the technology behind these currencies is really interesting, and I can see them being used in all sorts of ways. But this highlights one of the major problems any given digital currency faces -- it was made out of ether and can get replaced...by Ether.
 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
fightcitymayor
United States
Pennsylvania
flag msg tools
badge
"This is a really weird game, and you’ll find that most people will not want to play this."
Avatar
mb
Dude, Lightrider is gone.
10 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Junior McSpiffy
United States
Riverton
Utah
flag msg tools
badge
Avatar
mbmbmbmbmb
fightcitymayor wrote:
Dude, Lightrider is gone.


Fuck off, troll.
14 
 Thumb up
2.00
 tip
 Hide
  • [+] Dice rolls
Chad Ellis
United States
Brookline
Massachusetts
flag msg tools
designer
publisher
badge
Avatar
mbmbmbmbmb
fightcitymayor wrote:
Dude, Lightrider is gone.


And that makes discussing Bitcoin less enjoyable and productive?

Hell, I might finally start a thread about what a resource-based economy could look like and how we might transition into one!
11 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Michael Pustilnik
United States
Bronx
New York
flag msg tools
mbmbmbmbmb
Chad_Ellis wrote:

Hell, I might finally start a thread about what a resource-based economy could look like and how we might transition into one!


And you might even be willing to actually explain what a resource-based economy is. I still haven't figured that one out . . .
1 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Jorge Montero
United States
St Louis
Missouri
flag msg tools
badge
I'll take Manhattan in a garbage bag. With Latin written on it that says "It's hard to give a shit these days"
Avatar
mbmbmbmbmb
Chad_Ellis wrote:

I think the technology behind these currencies is really interesting, and I can see them being used in all sorts of ways.


Why is that? I see multiple problems that appear insoluble: No mechanisms that force a reverse transactions, operability requirements for security that are logistically out of reach for anyone that isn't a large corporation, and a computational design that either stops providing good guarantees, or makes the total throughput on a chain laughably weak, unless we defy the laws of physics.

I've seen a lot of companies try to build things around blockchains, both internally and externally but I've yet to see anyone get real value, outside of resume building for developers that want to make more money out of VCs in blockchain-only companies.
 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Chad Ellis
United States
Brookline
Massachusetts
flag msg tools
designer
publisher
badge
Avatar
mbmbmbmbmb
hibikir wrote:
Chad_Ellis wrote:

I think the technology behind these currencies is really interesting, and I can see them being used in all sorts of ways.


Why is that? I see multiple problems that appear insoluble: No mechanisms that force a reverse transactions, operability requirements for security that are logistically out of reach for anyone that isn't a large corporation, and a computational design that either stops providing good guarantees, or makes the total throughput on a chain laughably weak, unless we defy the laws of physics.

I've seen a lot of companies try to build things around blockchains, both internally and externally but I've yet to see anyone get real value, outside of resume building for developers that want to make more money out of VCs in blockchain-only companies.


I'm a business person, not a tech person, so all I have at this points are my impressions. If I was actually involved in trying to build a business around Bitcoin I'd be more informed.

My assumption has been that technologies like this provide advantages for transferring certain types of information -- not merely for transactions in pseudo-currency. If that's not actually correct -- if it's all hype -- then never mind.
 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Marshall P.
United States
Wichita
Kansas
flag msg tools
"Nothing in Biology Makes Sense Except in the Light of Evolution" - Theodosius Dobzhansky
badge
There is grandeur in this view of life, whilst this planet has gone cycling on according to the fixed law of gravity, from so simple a beginning endless forms most beautiful and most wonderful have been, and are being, evolved.
Avatar
mbmbmbmbmb
fightcitymayor wrote:
Dude, Lightrider is gone.


Did I miss it? Did he get banned or voluntarily leave?
 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Chengkai Yang
United States
Cupertino
California
flag msg tools
badge
Avatar
mbmbmbmbmb
mdp4828 wrote:
fightcitymayor wrote:
Dude, Lightrider is gone.


Did I miss it? Did he get banned or voluntarily leave?


Was like 4-5 weeks ago? He had a meltdown and verbally assaulted someone else in that cop thread.
 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Damian
United States
Enfield
Connecticut
flag msg tools
Avatar
mbmbmb
One thing that's killing Bitcoin for actual use (aside from no one wanting to spend it because the price keeps going up) is the transaction fee. The average fee has skyrocketed this year and is up to a couple bucks now.
 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Grand Admiral Thrawn
United States
New Jersey
flag msg tools
badge
Avatar
mbmbmbmbmb
Chad_Ellis wrote:
Hell, I might finally start a thread about what a resource-based economy could look like and how we might transition into one!

4 
 Thumb up
1.00
 tip
 Hide
  • [+] Dice rolls
Bojan Ramadanovic
Canada
Vancouver
BC
flag msg tools
badge
Avatar
mbmbmbmbmb
One thing I do not get about bitcoin is - what prevents it from being hugely deflationary?
The way I understand there is supposed to be finite number of bitcoins ever minted with minting becoming every harder as the number approaches the limit.
Any real currency with that limitation would over long term cause substantial deflation as the same amount of currency is supporting ever increasing amounts of goods and services.
Why is this not a problem for bitcoin or is it considered to be some sort of feature by people who so hate inflation that they would rather suffer substantial deflation instead ?
1 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Khalid Shabazz
United States
NYC
flag msg tools
Avatar
mbmbmb
bramadan wrote:
One thing I do not get about bitcoin is - what prevents it from being hugely deflationary?
The way I understand there is supposed to be finite number of bitcoins ever minted with minting becoming every harder as the number approaches the limit.
Any real currency with that limitation would over long term cause substantial deflation as the same amount of currency is supporting ever increasing amounts of goods and services.
Why is this not a problem for bitcoin or is it considered to be some sort of feature by people who so hate inflation that they would rather suffer substantial deflation instead ?

Yes, the deflation is by design and it's supposed to be a good thing, IIRC. More likely it will prevent Bitcoin from becoming a viable alternative currency (that and the hard limit on concurrent transactions), but it also means that early adopters have made a nice amount of real money now, including the inventor/s who is/are said to own a significant portion of all Bitcoin.
1 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Sweden
Stockholm
flag msg tools
designer
Avatar
mb
hibikir wrote:
Why is that? I see multiple problems that appear insoluble: No mechanisms that force a reverse transactions, operability requirements for security that are logistically out of reach for anyone that isn't a large corporation, and a computational design that either stops providing good guarantees, or makes the total throughput on a chain laughably weak, unless we defy the laws of physics.

I've seen a lot of companies try to build things around blockchains, both internally and externally but I've yet to see anyone get real value, outside of resume building for developers that want to make more money out of VCs in blockchain-only companies.

Google Estonia+Blockchain for interesting examples. (How interesting they really are, I don't know, but would appreciate any input from smarter people.)

I got into Ether last year btw, which was a nice offset to my less successful deals. (Such as dumping everything after the American election.)
 
 Thumb up
 tip
 Hide
  • [+] Dice rolls
Front Page | Welcome | Contact | Privacy Policy | Terms of Service | Advertise | Support BGG | Feeds RSS
Geekdo, BoardGameGeek, the Geekdo logo, and the BoardGameGeek logo are trademarks of BoardGameGeek, LLC.