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Throughout years of my academic research I came across a number of techniques of application development on bitcoin-like ledgers. I can say with 100% certainty there is no lack of technologies and techniques of developing well-designed and functional applications on Bitcoin, including token-applications. It is a matter of the community and its leaders - where they want to direct Bitcoin.
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Throughout years of my academic research I came across a number of techniques of application development on bitcoin-like ledgers. I can say with 100% certainty there is no lack of technologies and techniques of developing well-designed and functional applications on Bitcoin, including token-applications. It is a matter of the community and its leaders - where they want to direct Bitcoin.
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Trying to pretend something different can lead to defeat. It is good that there are different options in crypto and if some of them will survive and develop then Nakamoto's work gave viable sprouts and it is good. Trying to compete with Ethereum or other tokenizable nets will hardly make bitcoin more competitive, it will make it the same like others. Being particular gives bitcoin his own reputation. Right, it should develop in some direction, but definitely not in direction on copying fancy tools.
- Well, stepping into the field of platforms Bitcoin could have its own stake.
Some needs smart contracts', someone speed. Bitcoin can offer greater security.
.... But indicating that bitcoin will lose half of its marketcap when its market cap went down from over $1 trillion to $464 billion now confirms how wrong you are.
I didn't say it would lose half of its markecap. I'm sorry if you understood my statement. I my video was a bit more accurate though. The talk was about "dominance". The proportion of it cap among others.
Though it was just an opening argument. The point was about its utility and the use of Bitcoin as a platform (no need to fork or change its core).
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I hate people not to know anything but coming up to take attention of people and posting rubbish because if the little he knows. Where did you see it that bitcoin is cash? Bitcoin is digitally created. Another of wrong in your post is that bitcoin is not money, who told you so? What is money? You will need to learn what money is to begin to know that bitcoin is money.
Hatred is a very strong feeling. For example, I hate russians that invaded my home country last year and killed so many innocent people. I don't understand why you hate me and call it rubbish? You could be less toxic, couldn't you?
Where do I see bitcoin is cash? Right here:
https://bitcoin.org/bitcoin.pdf
Bitcoin: A Peer-to-Peer Electronic Cash System
Abstract. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution...
web3/dapp can't be implemented on Bitcoin directly due to lack of turing-complete scripting. However, it's already possible on Bitcoin sidechain such as RSK/Rootstock. Unfortunate it's far from popular, even on Bitcoin community.
I replied several times above showing the example of OMNI layer - a technique of app development on top of Bitcoin.
I came across other techniques. So, my point is that it does not need forking or a sidechaining.
firstly OP calls himself a scholar.
this does not mean he is wise, old and well experienced. it means he is young and still learning
but is/recently was in some higher end educational system, where his life experience is mostly just that educational system
This shows the flaws in the educational system and the "wrong knowledge" that people sometimes learn exiting that system. For example OP is so wrong that he is referring to the most centralized shitcoin with a massive premine, serious flaws in the protocol and worse of all a mutable blockchain a "creditable blockchain".this does not mean he is wise, old and well experienced. it means he is young and still learning
but is/recently was in some higher end educational system, where his life experience is mostly just that educational system
If someone with a "PhD in blockchain" has so little knowledge and is this misled, what can we expect from regular people with no background in the field who hand over their money to the very shitcoins that OP thinks are "credible" just because they were pumped by these newbies.
How exactly premining in Ethereum compromised its security? Do you have any facts that you can refer to?
In other words, you want Bitcoin to become something that would suit you the most, and that would be some kind of endless creation of applications and tokens on which people like you would profit - unless you left a lucrative job as a lawyer to become some new Satoshi or rather correct (according to you) his idea of Bitcoin as a currency?
If you think that your idea makes sense and that you will save Bitcoin, you have the option, like many others, to make a fork and convince people to follow you.
There is another option. With no forks or changes in the core.
I wrote above it and mentioned OMNI Layer - a technique of app development on top of Bitcoin (I wrote about omni many times above, and now hate myself for it, as I don't want to promote it - but it is on the surface and easy to grab the idea.
Do you have anything againsts innovations if they bring value and their creators can earn?
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You Australians really have strange intentions when it comes to Bitcoin, I mean considering a so-called doctor from that same country claims to be Satoshi - are you perhaps in some kind of family or business relationship?
I am Ukrainian.
Cryptocurrency is not money - it is a unit of account in the decentralized infrastructure for dApps.
That's a pretty bold statement since money is a unit of exchange. It doesn't have to be globally accepted to be money. You can use an example of prison money where they use cigarettes and packs of instant noodles as money.
Bitcoin is money because it can be used to buy numerous things online. You can find a long list of stores that accept it. Over the years I used bitcoin to buy a lot of things. Not as many as I bought with fiat money but I'm trying to save my bitcoin and spend fiat.
Bitcoin isn't only for speculation. I'm a type of saver by nature and when there was no bitcoin I used to save foreign currencies in cash, jewelry, silver coins. Bitcoin is superior to all of these.
- In my video (find the link in my post) there was an example with shell money. Broadly speaking, I completely agree with you, many things can be used as money.
It does not change the situation - Bitcoin has a very distinctive and undervalued feature – its scale and security. Which can be used as a platform for apps (no need to fork) - which will make bitcoins even more valuable.
I clearly realise that Bitcoin should change its strategy.
You've misunderstood Bitcoin then. Bitcoin is characterized by conservatism. Monetary conservatism to be precise. And, apparently, it works. People want financial conservatism, because it acts as ground to the potential flaws a progressive economy might have. You don't do experiments to Bitcoin on a protocol level, because they break this important part of the system. The need for a decentralized cryptocurrency has become satisfied. If you've thought of anything beyond that, propose it / talk about it / implement it. The risk of messing up the world's reserve currency to bring some questionable progress isn't worth it.
- looks like where was one thing that I should have clarified. I wrote about the use of bitcoin as a platform. And it looks like a lot of people perceived that I am talking about yet another forking or any other intrusion in the core.
In further clarified that there are remarkable techniques of app development without forking. OMNI is probably one of the most famous. But it can be improved with other advanced (but less known) techniques.
It's cool that you have a blockchain degree and that Bitcoin changed your life so much. I hope it didn't bring you sadness, and you don't regret leaving the lawyer's career you had. But why do you believe Bitcoin will lose half of its market value (share of market capitalization?)? It's currently at 40%, and it was at 38% in 2017, more than 5 years ago. It fluctuates, but it's at record low level or anything, and it's the top market share that makes the coin #1. Ethereum was at 18% in 2018 and is currently at 17.2%, so again, it's not like it's gaining on Bitcoin. Bitcoin can lose some of its share, yes, but that doesn't mean that Ethereum won't lose any of its and would surpass Bitcoin.
Bitcoin is the strongest crypto out there, the leader by market capitalization. It is used in various ways, such as for trading, as money, for long-term investment, and I think it will continue to be used this way. Bitcoin seemed to be losing slowly against cryptos in 2017, but didn't. The bear market of 2018-2019 left many deeply disappointed in altcoins, various applications and promises they made. I don't see that sort of potential being regained by anything else, and I feel like Bitcoin is now standing more confidently as a king than it was years ago.
Bitcoin is the strongest crypto out there, the leader by market capitalization. It is used in various ways, such as for trading, as money, for long-term investment, and I think it will continue to be used this way. Bitcoin seemed to be losing slowly against cryptos in 2017, but didn't. The bear market of 2018-2019 left many deeply disappointed in altcoins, various applications and promises they made. I don't see that sort of potential being regained by anything else, and I feel like Bitcoin is now standing more confidently as a king than it was years ago.
Thanks for sharing your thoughts. As you might have noticed even though my projection is more pessimistic than yours in either scenario the extension of bitcoin utility will strengthen its value.
Look, I wrote many times up there - I am not offering forking. But combining of various techniques of building apps on top of Bitcoin. I used OMNI layer as a well-known example (I am not promoting; it has merits though).
so, what do you think if more people start developing their applications on Bitcoin?
I myself spend a while developing a concept of a new generation land registry (with title tokens). It can be created as a Bitcoin-based app. Like USDT run above Bitcoin Cash (among other chains…)
Will it be useful for bitcoin ecosystem if some high-profile projects are be hosted/anchored on bitcoin?
I was invited to speak before the 'Fintech' Committee of the Australian Senate, and the results of my study were used as Committee's recommendation to the Federal Cabinet - to launch blockchain land registry pilot (see Sections 5.34 - 5.36, 7.59 of the Committee's Report - Link is here)
From this document it's absolutely not clear what kind of blockchain is being proposed. But basically there are two options and both are bad. Either you will create a private network owned and operated by the government, which would lack many of the benefits of decentralized blockchains, like censorship-free transactions; or you will try to put the database on public blockchain like Ethereum, which has problems with scalability and the total censorship resistance can be a downside for your use case, because it would be hard to undo errors or theft.
Blockchain hype has been around for 7 years. 7 years is more than enough time to show real results, real use cases - not talks about potential, pilots, trials, proposals.
No private/permissioned chains. I wouldn't choose any of these surrogates. Because it is basically yet another centralized technology. Why it is better than any existing land registry system?
In my submission to the Australian Senate, I offered a bundle of blockchain to ensure market competition of blockchain technologies.
I didn't offer specific chains - as I think this would require a separate exercise.
I'd create a committee and invite credible experts to define criteria under which to choose chains in the bundle, how many chains should be in the bundle and criteria how and when chains are expelled, and new ones are accepted.
P.S. I impressed you read that document. Thanks.
I think it depends on what you are expecting from the coin that you are buying. If you are expecting it to make you rich, then bitcoin or doge or any other coin would work in that situation, you can buy whatever you want, because we do not know which ones will go up, just because there are only two "true" crypto currencies left, which I believe ethereum should be included, doesn't mean that it won't make you a profit if you buy something else, proven inevitably that it does work.
However, if we are talking about something that you want to "use"? In that case I agree that bitcoin is the only one I could trust, using and investing are totally different things in the end.
However, if we are talking about something that you want to "use"? In that case I agree that bitcoin is the only one I could trust, using and investing are totally different things in the end.
Thanks for replying. I would name some other true crypto s which are far down in the list – disregarding their cap. Some remarkable technologies are just unlucky…
However, what do you think about using Bitcoin as platform? without forking it? I wrote about it several times above.
People Bitcoin investors do not think like this and if they do, I don't think they will be in the market again. There are different opportunity that are available in the market for people like us and if we handle the opportunity properly then we might become wise and make good profits from the market. If you are having doubt if Bitcoin will collapse, then that would not be now. There are so many events Bitcoin had gone through that would have make the market divide but still nothing happens. So many fake news just to make sure that limited persons invested in Bitcoin but still yet the effect was not seen.
- there are different opinions about the future of bitcoin. In the rage of optimistic and pessimistic scenarios, the idea to use it as a platform is still valid, especially that no forking of changes in the core are needed.
. Doesn't matter what the app-Crypto world of smart contracts does because that is entirely separate.
Is it?
at the bottom of Ethereum is cryptocurrency. If we forget for a moment about "crypto" (e.g. smart contracts, tokens, etc.) what is left - Eth.
What I am trying to say bitcoin could be used as a platform for apps, it does not need forking or changes in the core. but techniques like omni, or more advanced. Thanks for sharing your thoughts!
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Though the problem is more than that. It has been locked in a paradigm that does not work. It had to become a [global] peer-to-peer electronic cash. [...]
Though the problem is more than that. It has been locked in a paradigm that does not work. It had to become a [global] peer-to-peer electronic cash. [...]
In tradition with other replies, let me start in the same way: No offens bro, but...
... but it doesn't matter what's written as a headline in the Bitcoin whitepaper or what Satoshi envisioned or didn't envision. Right now, Bitcoin serves mostly as a digital store of value, similar to gold. However with a bunch of massive advantages in comparison to gold.
There are lots of approaches to also add the "electronic cash" idea, such as the lightning network but that's still not it's main use-case. Your visions of a turing complete Bitcoin similar to Ethereum may become a reality. But not in the near future, and it is also not necessary at all right now.
The need for a decentralized, borderless and secure payment- and store-of-value system exceeds the need for a dApp-overflow that ETH and similar chains are experiencing - there is no majority that wants to risk Bitcoin's stability and security to implement these features.
Especially since these other chains run well and at least Ethereum does have some kind of real decentralization going on.
I clearly realise that Bitcoin should change its strategy.
You've misunderstood Bitcoin then. Bitcoin is characterized by conservatism. Monetary conservatism to be precise. And, apparently, it works. People want financial conservatism, because it acts as ground to the potential flaws a progressive economy might have. You don't do experiments to Bitcoin on a protocol level, because they break this important part of the system. The need for a decentralized cryptocurrency has become satisfied. If you've thought of anything beyond that, propose it / talk about it / implement it. The risk of messing up the world's reserve currency to bring some questionable progress isn't worth it.
Thanks for sharing your thoughts. What would you say if bitcoin could be become a platform conventionally not through a forking or core intervention?
Well, I have to apologize. I have been researching this topic for a while and when I wrote that post I didn't realize that it was not obvious for some other people. It appears idea to use bitcoin as a platform is perceived as yet another fork. I am yet another bloke that wants to raise some money…
I've clarified though in further posts that it does not need forking. But the use of techniques of app development on top of Bitcoin. For example like Tether USDT uses OMNI protocol to run their tokens above Bitcoin Cash. Probable OMNI could be improved and advanced as I came across other technologies that are worthwhile.
You looked for the wrong crowd on this forum to tell everyone that Bitcoin is useless in it's current form. 
I see what you are saying and I agree that Bitcoin needs more use cases and applications to expand it's capabilities, but forking Bitcoin to do that is the wrong way to go... we saw what happened with the BCash wars.
I think the side-chain developments are enough for now.... but on-chain solutions should still be developed to increase on-chain transactions. As for Bitcoin being used as a currency, well that is being sabotaged by many governments.... not by the technology it self.
I see what you are saying and I agree that Bitcoin needs more use cases and applications to expand it's capabilities, but forking Bitcoin to do that is the wrong way to go... we saw what happened with the BCash wars. I think the side-chain developments are enough for now.... but on-chain solutions should still be developed to increase on-chain transactions. As for Bitcoin being used as a currency, well that is being sabotaged by many governments.... not by the technology it self.
Like I clarified above, I didn't mean a fork, a sidechain or a core change.
There are techniques of app development of top of Bitcoin (or better to say Bitcoin-like system - if we are talking pure about technologies to develop apps on top of a blockchain).
It's a big topic....
You looked for the wrong crowd on this forum to tell everyone that Bitcoin is useless in it's current form. I see what you are saying and I agree that Bitcoin needs more use cases and applications to expand it's capabilities, but forking Bitcoin to do that is the wrong way to go... we saw what happened with the BCash wars.
Because people forking Bitcoin and create their forked coins not to create more use cases and applications for Bitcoin. They did that to create wealth for themselves by stealing Bitcoin from naive people who believe in their white paper, roadmap and bright future of those forks. I see what you are saying and I agree that Bitcoin needs more use cases and applications to expand it's capabilities, but forking Bitcoin to do that is the wrong way to go... we saw what happened with the BCash wars. Unfortunately, those forks are dead altcoins and after a few years since 2017 fork year, very little Bitcoin forks still alive in 2023.
How Many Bitcoin Forks Are There? You will be surprised!!!
Even not-dead-yet forks, they are far to call as successful projects. BCash is a failed project, not a successful project and it is a most famous Bitcoin fork.
Again, I have to clarify that i've never said forking or a sidechain or alt or else.
It is about known techniques of app development on top of Bitcoin.
