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Author Topic: could OP-RETURN, metadata and the blockchain be more valuable than BTC ?  (Read 1295 times)
hazenyc
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February 24, 2015, 02:30:39 AM
 #1

Already with OP_RETURN functionality people can coopt the bitcoin blockchain to digitally sign, notarize or provide proof of existence. Is this the real value of blockchain based cryptocurrency systems? Will the value in these metadata 'services' exceed the proof-of-work value of BTC in and of itself?
These are just open ended questions that I think are going to be very much at the forefront of the evolution of the bitcoin ecosystem in 2015-2016.

And if the blockchain becomes more valuable, do Bitcoins also become so? Of course someone could fork it to specifically focus on these auxillary functions, however why bother when there is ~400 petahashes of labor just waiting to verify your documents?


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February 24, 2015, 06:16:08 AM
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They add to the value of bitcoin. Bitcoin = The currency + The protocol and together they can do some pretty amazing things. These auxillary functions can be done with very small amounts of bitcoin, but without bitcoin as the currency having value then there is little reason for the miners to secure the network. As long as the protocol has value, bitcoin the currency must also have value as well.

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February 24, 2015, 06:24:18 AM
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I think the blockchain is the 60-70% of the value of bitcoin (as currency) but I do not know if this percentual will grow each day. We can't determine for sure, but all know that also if bitcoin will "die" the blockchain (modified) will rest for sure.
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March 05, 2015, 08:23:24 AM
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Like asking if oxygen is more valuable than air. Air ain't air without oxygen, and the blockchain ain't nothing without a valuable token.
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March 05, 2015, 08:32:29 AM
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Already with OP_RETURN functionality people can coopt the bitcoin blockchain to digitally sign, notarize or provide proof of existence. Is this the real value of blockchain based cryptocurrency systems? Will the value in these metadata 'services' exceed the proof-of-work value of BTC in and of itself?
These are just open ended questions that I think are going to be very much at the forefront of the evolution of the bitcoin ecosystem in 2015-2016.

And if the blockchain becomes more valuable, do Bitcoins also become so? Of course someone could fork it to specifically focus on these auxillary functions, however why bother when there is ~400 petahashes of labor just waiting to verify your documents?

A lot of the chatter on mainstream websites about bitcoin is that it can be used for security and as a public ledger.  The PTB don't really want a global cheap currency to help the people, but they do see the advantage of being able to send encrypted data publically, as well as being able to have things permanently noted online, without security concerns.
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March 05, 2015, 03:37:33 PM
 #6

Like asking if oxygen is more valuable than air. Air ain't air without oxygen, and the blockchain ain't nothing without a valuable token.

exactly, bitcoin and its blockchain is inter connected, and the value of one without the other is nothing.
But if OP is asking are there many more tech. inovations that can be built on blockchain then definetly yes, but bitcoin will always be there as a token of value for the entire network,
unless someone creates new blockchain(altchain), but then one would loose infrastructure and security bitcoin allready has, so i dont see a point in doing that.

cheers
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