The Bitcoin blockchain

[mikewirth]

The bitcoin blockchain is already very powerful.  Private blockchains can't catch up.  The security is far greater with Bitcoin.  Even Ethereum shows why an alternative blockchain is so weak.  The community doesn't like some of the activity on the chain - Bam! Do-over!.  Not possible with a very high secure system like Bitcoin blockchain. 

Advanced system are attaching to the Bitcoin blockchain too.  Over $1.7 million Tether were traded in last 24 hours on the Bitcoin blockchain.  Tether is basically 'dollars on the blockchain'.  You can move dollars to any Bitcoin address you like.  No exchange rate risk.  All that is done without any external chain.  It is 100% Bitcoin blockchain. 

While Ethereum is in big trouble.  The Bitcoin blockchain presses on with some great stuff. 

[Lauda]

The idea of private blockchains is just idiotic - Andreas Antonopoulos has some great talks about that. One needs to figure out where the intrinsic value of a blockchain truly lies. We are talking about decentralization, immutability, censorship resistance and such. Who in their right mind would think that a private blockchain could retain any of those aspects? Surely, those companies could cut down costs using the 'block-like' structure and other features of the blockchain technology, but those private blockchains can't even come close. If Bitcoin would to lose those 3 values, we would just be left with a inefficient, centralized system. Why would anyone want to use it, right? I guess the whole idea that private blockchains are just as good is a spin-off by banks to draw attention away from Bitcoin.

[thejaytiesto]

Is Thether what is on Poloniex listed as USDT? I saw some threads on this and I was considering it since it seems it's the only anonymous way to go in and out of BTC to play a bit in the market with the ups and downs, without having to give all your data since when you want to deal with fiat they ask about all that extra data, and I don't trust the exchanges to give them a scan id and shit, so USDT seems like a cool solution, but im a bit paranoid that it would fail, since I remember NuBits tried something similar and I think it was a disaster.

[JPage]

Is Thether what is on Poloniex listed as USDT? I saw some threads on this and I was considering it since it seems it's the only anonymous way to go in and out of BTC to play a bit in the market with the ups and downs, without having to give all your data since when you want to deal with fiat they ask about all that extra data, and I don't trust the exchanges to give them a scan id and shit, so USDT seems like a cool solution, but im a bit paranoid that it would fail, since I remember NuBits tried something similar and I think it was a disaster.

Yeah, USDT on Polinex.  They've been running a long time.  Their transparency is good.  Their boss (Tether) is a really well known and well liked honest guy.  The volume is pretty darn high.  Someday, I think you'll be able to trade it directly on the blockchain with NO exchange.  Just peer-to-peer.  The Omni Dex should enable this.  Does anyone know if that is running yet?  I think that will be the holy grail because no fees, no ID, all blockchain seems like a great solution.

[yayayo]

The bitcoin blockchain is already very powerful.  Private blockchains can't catch up.  The security is far greater with Bitcoin.  Even Ethereum shows why an alternative blockchain is so weak.  The community doesn't like some of the activity on the chain - Bam! Do-over!.  Not possible with a very high secure system like Bitcoin blockchain.

The decision of Ethereum to void certain agreements made on their network has severely damaged the trust in this altcoin as a whole. It's a precedent that renders what was supposed to be a neutral decentralized system into a centralized political one. One cannot trust such a system, since it is the very same we have with interventionist fiat money scam today.

Ethereum will not survive in the long term. Its functionality will be taken over by 2nd layer technology linked to the Bitcoin blockchain (for example rootstock). Bitcoin's network effect (and hence its security) is far too strong to allow for the existence of an equally successful altcoin. Instead Bitcoin will in one or another way incorporate useful features that were first field-tested by the various altcoins, rendering them obsolete in the process.

ya.ya.yo!

[JPage]

One cannot trust such a system

Especially if that 'one' is the hacker.  He can no longer trust those guys for sure.

[raphma]

dude.. there is a bitcoin hardfork being discussed right now...
http://www.newsbtc.com/2016/07/01/chinese-miners-allegedly-planning-hard-fork-bitcoin/

and yeah, i agree with you. just dont think it's impossible to do the same with bitcoin... it's just harder.

[TKeenan]

dude.. there is a bitcoin hardfork being discussed right now...
http://www.newsbtc.com/2016/07/01/chinese-miners-allegedly-planning-hard-fork-bitcoin/

and yeah, i agree with you. just dont think it's impossible to do the same with bitcoin... it's just harder.

And for different purposes.  2Mb fork is far different than a fork to undo a theft. 

[mobnepal]

Advanced system are attaching to the Bitcoin blockchain too.  Over $1.7 million Tether were traded in last 24 hours on the Bitcoin blockchain.  Tether is basically 'dollars on the blockchain'.  You can move dollars to any Bitcoin address you like.  No exchange rate risk.  All that is done without any external chain.  It is 100% Bitcoin blockchain. 

I know about tether but don't understand how they run on decentralized platform because there is only one site which is selling tether on tether.to and i can't find other exchanger expect 2 (bitfinex and poloneix) accepting USDT. So i find it more like decentralized dollar token with one company holding all fiat backing all tether in market. So i find it difficult to choose between using it or not.

[Lauda]

Especially if that 'one' is the hacker.  He can no longer trust those guys for sure.

It doesn't matter from whose perspective this is being viewed from, any blockchain that enlists coin control is not immutable.

dude.. there is a bitcoin hardfork being discussed right now...
http://www.newsbtc.com/2016/07/01/chinese-miners-allegedly-planning-hard-fork-bitcoin/

For the time being, there is no "HF" being discussed. This was just a FUD attempt by some random person trying to rally shills and HF supporters. There has been zero evidence that any of the major pools have been participating in this.

And for different purposes.  2Mb fork is far different than a fork to undo a theft.  

Indeed, but this has evolved into a very complex situation.

[calkob]

yeah private blockchains make no sense, all the benifits of the blockchain are lost when they go private there is just no point.

[Kprawn]

These private permissioned Blockchains serve a whole other purpose. They are meant to replace the old legacy private systems that the banks and financial systems use... So they are not public and

also not decentralized in a way... if a company or a group of companies control all the nodes and they control all the development, then it cannot compete with Bitcoin. We have full transparency on a

public Blockchain and also pseudo anonymity, that they will never have. It's like comparing Apples and Coke.   

[c789]

The idea of private blockchains is just idiotic - Andreas Antonopoulos has some great talks about that. One needs to figure out where the intrinsic value of a blockchain truly lies. We are talking about decentralization, immutability, censorship resistance and such. Who in their right mind would think that a private blockchain could retain any of those aspects? Surely, those companies could cut down costs using the 'block-like' structure and other features of the blockchain technology, but those private blockchains can't even come close. If Bitcoin would to lose those 3 values, we would just be left with a inefficient, centralized system. Why would anyone want to use it, right? I guess the whole idea that private blockchains are just as good is a spin-off by banks to draw attention away from Bitcoin.

Completely agree. I keep hearing banks (or other entities) saying they want to develop their own blockchain. I can see some use for this, but I've yet to see them answer these: "How will that blockchain be secured? Will all users of the bank be required to run a node?" Even if only the branches of the bank are node operators, there are bad governments and organizations that could invest enough hardware to create a 51% attack. And of course it would be centralized. Who would want that, other than the bank?

If they want their own blockchain for private internal use, then that's a much better use case.

[Lauda]

Completely agree. I keep hearing banks (or other entities) saying they want to develop their own blockchain. I can see some use for this, but I've yet to see them answer these: "How will that blockchain be secured? Will all users of the bank be required to run a node?" Even if only the branches of the bank are node operators, there are bad governments and organizations that could invest enough hardware to create a 51% attack. And of course it would be centralized. Who would want that, other than the bank?

If they want their own blockchain for private internal use, then that's a much better use case.

No, users having to run nodes is definitely out of question. There's no reason for the customer to agree to this, additionally the banks would lose a bit of their centralized 'grip'. Honestly, I don't see a way (at the moment) in which the banks could harvest the full benefits of blockchain technology and remain centralized as they are now. We've yet to see the full impact of the technology on the current system.

[Patatas]

The idea of private blockchains is just idiotic -

Correct.Moreover,there should be nothing such as a "private blockchain".Dissolves the entire meaning of it.Its totally opposite to the reasons it was created for.TrashCoin creators will never learn..

 
Advanced system are attaching to the Bitcoin blockchain too.  Over $1.7 million Tether were traded in last 24 hours on the Bitcoin blockchain.  Tether is basically 'dollars on the blockchain'.  You can move dollars to any Bitcoin address you like.  No exchange rate risk.  All that is done without any external chain.  It is 100% Bitcoin blockchain. 

Yeah,your point being ? It's all said and done and we provably are over that phase.By now,big monsters like IBM/Cisco have already started running IOt based projects using blockchain.Nothing new,if you're comparing the existence of shitlods of other altcoins,I have some good news for you,there are going to be there,just there.Not affecting the bitcoin culture in anyway.Most of them are either pump and dump or investment scammers.

 
While Ethereum is in big trouble.  The Bitcoin blockchain presses on with some great stuff. 

You must not compare.They aren't even in the same league anymore.