[2015-10-13] Rootstock Is Coming, Are Ethereum’s Days Numbered?

ttookk

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Quote from: ulhaq on February 12, 2017, 03:22:07 PM

I do not get the idea behind Rootstock. What can it do that ethereum cannot?

My understanding of rootstock is that it is a turing-complete language (like ethereum), with which to run smart contracts off bitcoin. I do not know exactly how they do it, but the idea is that bitcoins are locked (or transferred into another account), equivalent tokens that have the value of the bitcoins are run on rootstock, when some consensus is agreed upon for the outcome (by some voting mechanism), the bitcoins are released. The exact same thing can be done with ethereum by creating a bitcoin-ethereum 2-way peg. What am I missing?

Nothing, really. But:

Ethereums value is tethered to its usability and its use, while Bitcoin is first and foremost supposed to be a value storage tool.

This is more of a philosophical standpoint than something I can fund with real world facts, but I think, that a base which is as widely used as possible has a lot of big advantages, as opposed to this weird balkanisation we have right now with hundreds of projects with really specialized usabilities, which is kinda like having cash you can only buy very specific products with.
Imagine a scenario in which you have a special money to buy bread, another to buy fruit, one for gas and so on. In addition to the hassle of exchanging one currency for another if you need bread but only have fruit money, they change their exchange rates all the time. That's not what a currency is meant to do; a currency is supposed to be a representation of universal value. Bitcoin tries to be such a thing. Ethereum on the other hand is supposed to be the "fuel" to run smart contracts and so on, so essentially, Ethereum would be "smart contract money" in the above scenario.

By the way, here are some additional thoughts from me regarding a possible project that moves in a similar direction:

https://bitcointalksearch.org/topic/pre-ann-hub-1689947

ulhaq

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I do not get the idea behind Rootstock. What can it do that ethereum cannot?

My understanding of rootstock is that it is a turing-complete language (like ethereum), with which to run smart contracts off bitcoin. I do not know exactly how they do it, but the idea is that bitcoins are locked (or transferred into another account), equivalent tokens that have the value of the bitcoins are run on rootstock, when some consensus is agreed upon for the outcome (by some voting mechanism), the bitcoins are released. The exact same thing can be done with ethereum by creating a bitcoin-ethereum 2-way peg. What am I missing?

greatk

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Is there any update on Rootstock?

TraderTimm

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Nice blaring graphic of crap there.

How about this graphic - a nice chart of ETH/USD showing how its in a nice downtrend and probably will hit 6 (if not lower) due to all its mismanagement and constant forking -- https://www.tradingview.com/chart/LrqUp8gM/

What a frickin' train wreck of a coin.

Kaznachej123

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Rootstock (RSK) Running Turmeric platform RSK Testnet Network Smarter Bitcoin

https://youtu.be/ZSUuiKrESGM

TraderTimm

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Quote from: KoinMaster on March 23, 2016, 10:58:00 AM

@TraderTimm

Hey Tim, do you a have a dog in this fight against ETH?

Could you please rather argue with the following assessment on DumbIt instead of spreading FUDs?

https://www.DumbIt.com/r/ethtrader/comments/4af4ni/ethereums_advantages_for_bitcoin_highlight_how/

Lets see, Rootstock, vapor, vapor, vapor, sidechains, vapor, vapor, PR-News style posturing... oh yes, it has it all.

Until sidechains are implemented on Bitcoin, all of these claims are .. vapor.. The laughable idea that you can have non-partial escrow partners in lieu of algorithmic enforced escrow is ... idiotic. But please, don't take my word for it, put all of your money into Ethereum, then go to your favorite bank and ask for a line of credit so you can lever-up and push as much money as you can to this narrowly defined use-case that still is looking for a "killer app".

I'll just watch price fall, thanks, which it has today to the tune of -8% and change.

KoinMaster

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@TraderTimm

Hey Tim, do you a have a dog in this fight against ETH?

Could you please rather argue with the following assessment on Reddit instead of spreading FUDs?

https://www.reddit.com/r/ethtrader/comments/4af4ni/ethereums_advantages_for_bitcoin_highlight_how/

TraderTimm

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ETH/USD is now rounding out the right "shoulder" of a large head-and-shoulders formation that has an implied neckline decline to 6.00 (Kraken). Not looking good for the recent pump, in my opinion. But hey, if people want to shove money at something that has no real use-case, go right ahead.

mangox

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Rootstock - a dream for both Miner and Smart Contract developer.Zaldivar admitted that his vision in some aspects Ethereum resembles, but is convinced that it will evolve over time in a different direction. It will be so Zaldivar, develop in a different direction from Ethereum, a direction that has more to do with financial services.
Within the last few weeks Etherem has caused a lot of stir. Including through the launch of Homestead releases an update that now allows even more innovations in Smart Contracts

LiteCoinGuy

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In Satoshi I Trust

Rootstock Raises $1 Million to Bring Smart Contracts to Bitcoin

http://www.coindesk.com/smart-contract-1-million-bitcoin-rootstock/

classicsucks

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Quote from: TraderTimm on March 20, 2016, 09:42:01 AM

Based on where it is now, I fully expect the pump-and-dump bubble to deflate to 6.00, and then sink lower in a general cycle of despair and deflated dreams as reality takes hold. Everyone, and that includes every alt that has been created since Bitcoin came on to the scene, has been trying to recreate that "lightning strikes" moment with their own brainchild. The problem is, besides the network effect, is most ideas out there are piss-poor in implementation and conception.

+1

Ethereum is like a dork's wet dream - it sounds like it will solve every problem nobody ever thought of, but ends up effectively doing nothing well. Think https://en.wikipedia.org/wiki/GNU_Hurd. Buterin blabbing about blockchains (BBB) causes dumb money to think they know what they're investing in - the truth is that blockchains are the largest WEAKNESS of the entire cryptocurrency innovation, unless blockchain pruning is proven to be secure (working on that now). In the near future, how many people will want to host, index, and sort (let's say) 120 exabytes of data that describe shit that happened 25 years ago?

The ETH pump wasn't quite as fast as the usual scams, so the dump will drag on for a few months...

The only way any non-bitcoin crypto will succeed is if bitcoin is killed legally by enough governments (death by 1000 papercuts). I'm not saying this won't happen...

TraderTimm

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Ethereum's use-case has always been on shaky ground, what with open-source alternatives for computing and established commercial services. Quite frankly, nobody needs what Ethereum is selling, which is probably why its reached its peak and is down nearly 20%. (ETH/USD, Kraken)

Based on where it is now, I fully expect the pump-and-dump bubble to deflate to 6.00, and then sink lower in a general cycle of despair and deflated dreams as reality takes hold. Everyone, and that includes every alt that has been created since Bitcoin came on to the scene, has been trying to recreate that "lightning strikes" moment with their own brainchild. The problem is, besides the network effect, is most ideas out there are piss-poor in implementation and conception.

But that sure doesn't stop the "true believers" who think they can get rich off of ETH, does it. It isn't about computing resources to them, no, its an imaginary unicorn investment that they hope will be crapping rainbows over everything "really soon" (TM). Maybe in "two weeks"? LOL.

Kprawn

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This will flush out some Ethereum shills on this forum, just give it some time... they will come up with some sort of excuse or counter argument to say that Ethereum will be

better than Rootstock. It is about time, someone post something to counter the shill posting for Ethereum. The end of Ethereum will come, when the pumpers decide to sell,

leaving the bag holders with red eyes. Roll Eyes

mangox

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this is going to be vaporware for a while, but eventually i think we shall see forks of the EVM running on all decent blockchains (if technically feasible, which I think so)

Minecache

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Vave.com - Crypto Casino

Quote from: Morton Bitcoin Management on October 13, 2015, 06:26:52 PM

Won't Ethereum's blockchain be more efficient because it's blockchain was built in mind for smart contracts? I think cheaper prices will beat bitcoin's network effect in the long run.

Cheaper prices and faster confirmations.

mangox

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Quote

https://medium.com/@CryptoIQ.ca/rootstock-smart-contracts-on-the-bitcoin-blockchain-e52b065421a8#.t0ep2c319

Rootstock is an open-source peer-to-peer smart-contract platform and payment network with a 2way peg to Bitcoin. Rootstock goal is to add value and functionality to the Bitcoin ecosystem by enabling smart-contracts, near instant payments and higher-scalability.

VoR0220

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Lol no....Ethereum is way faster and better equipped to handle these kinds of transactions...and it's still slow...Rootstock is going to be 60s computation speed compared to Ethereum...which is currently in the 90s for speed....maybe they'll get more modern the sooner they switch to a Proof of Stake.

Morton Bitcoin Management

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Won't Ethereum's blockchain be more efficient because it's blockchain was built in mind for smart contracts? I think cheaper prices will beat bitcoin's network effect in the long run.

LiteCoinGuy

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In Satoshi I Trust

Rootstock Is Coming, Are Ethereum’s Days Numbered, Or Will The $18 Million Dollar Idea Survive

There is a mindset among the greater Bitcoin development world, known as 'Bitcoin Maximalism'. It refers to the opinion that building apps upon Bitcoin, and its’ particular blockchain, is the best and most efficient way of going forward, and other crypto currencies, and their respective blockchains, will eventually succumb to the Network Effect.

http://bravenewcoin.com/news/rootstock-is-coming-are-ethereums-days-numbered-or-will-the-18-million-dollar-idea-survive/

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