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Author Topic: [2015-01-16] Mainstream understands the btc block chain  (Read 768 times)
LiteCoinGuy
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January 16, 2015, 03:57:06 PM
 #1

Why Bitcoin's Astonishing Price Collapse Doesn't Matter

http://uk.businessinsider.com/why-bitcoins-astonshing-price-collapse-doesnt-matter-2015-1?r=US




The 'internet weirdos' of bitcoin are shaping the way money works

http://www.theguardian.com/business/2015/jan/16/internet-weirdos-bitcoin-shaping-way-money-works

"I'm sure that in 20 years there will either be very large transaction volume or no volume." -- Satoshi
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Lethn
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January 16, 2015, 04:15:03 PM
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The reason people are excited about bitcoin has less to do with bitcoin and more to do with the technology that supports it. That technology is called "blockchain." Essentially, blockchain creates a new type of internet.

*bashes head against desk repeatedly*
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January 16, 2015, 04:56:16 PM
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The reason people are excited about bitcoin has less to do with bitcoin and more to do with the technology that supports it. That technology is called "blockchain." Essentially, blockchain creates a new type of internet. Bitcoin is just the first application on top of the blockchain.

To look at the failure of bitcoin, and say that it was just a fad, according to Rosenberg, is to look at early web products that were bad and say, "Well, looks like the internet isn't going to work!"

I just wish others can see this and past the current price and it's true value lying in the future potential of the blockchain.

The 'internet weirdos' of bitcoin are shaping the way money works

http://www.theguardian.com/business/2015/jan/16/internet-weirdos-bitcoin-shaping-way-money-works

Quote
There’s no reason to mourn the fall of bitcoin prices. Anyone who is crying over bitcoin’s recent face-plant – losing one-third of its value in two days – must be a speculator. Gambling is gambling – sorry pal. If you’re celebrating the price drop because of schadenfreude, or just straight-up skepticism about the cryptocurrency itself, you’re missing the point, too.

The nosediving price of bitcoin matters in the short term because rattled confidence hurts any currency, especially a relative newborn that is only used to grease a tiny sliver of global commerce.

In the long run, however, the price swings won’t matter.

I agree and hope they're right, though I don't like their speculation that The currency called bitcoin itself may not even matter, though I guess they could be right.

Quote
The reason people are excited about bitcoin has less to do with bitcoin and more to do with the technology that supports it. That technology is called "blockchain." Essentially, blockchain creates a new type of internet.

*bashes head against desk repeatedly*

I think what they should have said was a new type of network.

Lethn
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January 16, 2015, 05:16:34 PM
 #4

How? How can they get it so fucking wrong when there are hundreds of explanations and thousands of people all saying essentially the same fucking thing? They have access to the internet, they shouldn't be capable of getting it so fucking wrong.
LiteCoinGuy
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January 16, 2015, 05:19:36 PM
 #5

haha, you are pros, they not.  Smiley

they "understand" it means something like: "hey, no drugs&silk road, they dont even talk about the BTC currency alot, they talk about the BLOCK CHAIN - WOHOO!"

in 3-5 years they are perfect  Grin

Lethn
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January 16, 2015, 05:35:11 PM
 #6

The point is, it's not a whole 'new' internet, it's certainly a new network and a very sophisticated network, but it's still completely reliant on being connected to the internet in order to work, for a whole seperate internet you'd have to look at stuff like mesh networks which people are prototyping.
Lethn
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January 16, 2015, 06:00:42 PM
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The point is, it's not a whole 'new' internet, it's certainly a new network and a very sophisticated network, but it's still completely reliant on being connected to the internet in order to work, for a whole seperate internet you'd have to look at stuff like mesh networks which people are prototyping.
My bad, I did say "in a way" though Smiley

lol At least you'll admit you're wrong, these fucking journalists just make up shit and will only apologise for it when absolutely everyone calls them out on it.
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January 16, 2015, 06:40:37 PM
 #8

Quote
The reason people are excited about bitcoin has less to do with bitcoin and more to do with the technology that supports it. That technology is called "blockchain." Essentially, blockchain creates a new type of internet.

*bashes head against desk repeatedly*

Ah damn I knew that this would come back to haunt us lol.
All the statements of think of it as the internet in 1995 before it grew into what it is today
Everyone else (OH It's a new internet)

Insert head bashing lol.

Carlton Banks
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January 16, 2015, 06:48:09 PM
 #9

Blockchains are not networks. And the principle innovation of bitcoin is not the networking aspects, novel as some of them may be.

Vires in numeris
Lethn
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January 16, 2015, 09:46:09 PM
 #10

Blockchains are not networks. And the principle innovation of bitcoin is not the networking aspects, novel as some of them may be.

I tend to liken the whole idea very much to peer to peer filesharing which I think would be more accurate, the problem is though there really is no other technology like it currently, the problem is trying to simplify that down so that people actually get it which is almost bloody impossible especially if they're like the writer of that article.
Carlton Banks
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January 16, 2015, 09:51:28 PM
 #11

the problem is trying to simplify that down so that people actually get it

database

Vires in numeris
Lethn
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January 16, 2015, 09:54:29 PM
 #12

the problem is trying to simplify that down so that people actually get it

database

That doesn't work either, because it's not on one computer or central server as was claimed by the Guardian awhile back, like I said, this is a totally new technology.
grendel25
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January 17, 2015, 06:30:32 AM
 #13

Well, articles are still getting various details wrong.  But from personal experience, I'm much more educated on btc and various crypto currencies. But yeah, there's soooo much more to it.

                               
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Carlton Banks
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January 17, 2015, 12:54:11 PM
 #14

the problem is trying to simplify that down so that people actually get it

database

That doesn't work either, because it's not on one computer or central server as was claimed by the Guardian awhile back, like I said, this is a totally new technology.

The blockchain is definitely a database technology. It just so happens that the guy who first used it did so for a networking application, but that doesn't stop it from being used for an application without a network.

Bitcoin is a money technology, made up of other technologies working together, one of which is blockchain storage.

Vires in numeris
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