Bitcoin and the Blockchain | A reflection on the current state of bitcoin

Beliathon

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https://youtu.be/PZm8TTLR2NU

Quote from: AtheistAKASaneBrain on May 17, 2015, 08:01:05 AM

Quote from: Beliathon on May 17, 2015, 07:35:20 AM

Quote from: pereira4 on May 16, 2015, 05:27:43 PM

Why is it so hard to understand that, without bitcoin there is no fucking blockchain?

Because that statement is technically incorrect. Without a valued bitcoin there is no blockchain security. Which yes, for all intents and purposes also means there is no blockchain, but if you're going to correct people you should do so correctly.

Sorry to be that guy.

Lol, there is not only no blockchain, there is no useable blockchain at all (beside the lack of security). Transactions are processed thanks to miners, which get us to the conclusion that without BTC there is no miners, without miners there is no blockchain.

You're right. No incentives, no miners, no security, no functionality, no bitcoin, no blockchain.

AtheistAKASaneBrain

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Quote from: Beliathon on May 17, 2015, 07:35:20 AM

Quote from: pereira4 on May 16, 2015, 05:27:43 PM

Why is it so hard to understand that, without bitcoin there is no fucking blockchain?

Because that statement is technically incorrect. Without a valued bitcoin there is no blockchain security. Which yes, for all intents and purposes also means there is no blockchain, but if you're going to correct people you should do so correctly.

Sorry to be that guy.

Lol, there is not only no blockchain, there is no useable blockchain at all (beside the lack of security). Transactions are processed thanks to miners, which get us to the conclusion that without BTC there is no miners, without miners there is no blockchain.

Beliathon

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https://youtu.be/PZm8TTLR2NU

Quote from: pereira4 on May 16, 2015, 05:27:43 PM

Why is it so hard to understand that, without bitcoin there is no fucking blockchain?

Because that statement is technically incorrect. Without a valued bitcoin there is no blockchain security. Which yes, for all intents and purposes also means there is no blockchain, but if you're going to correct people you should do so correctly.

Sorry to be that guy.

Q7

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Company A has is part of NASDAQ’s pilot project.

Ownership of the shares for Company A is documented onto the blockchain.

X amount of bitcoins are then ‘colored’ to represent the corresponding shares for Company A.

- This will most likely be done through a protocol similar to Counterparty (XCP)

Ownership of those colored bitcoins would also represent legal ownership of the shares for Company A.

Afterwards, all transactions pertaining to the shares for Company A can be processed through blocks without need for an intermediary between two peers. Keep in mind that this project relies on bitcoin’s blockchain and therefore is subject to both bitcoin’s strength and weaknesses. This upcoming project along with its pending success has several implications for bitcoin’s value and security.

Initially I thought the Nasdaq project was meant to extract only the blockchain technology and leave behind bitcoin. But as far a I understand, after reading further on what they are trying to achieve, it should overall be positive. I mean it would be good depends on how it gets implemented.

Kprawn

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We speak of a decentralized blockchain technology {protocol} - The currency feature based on the technology is influenced by a lot of factors, not just the posting on this forum.

The media are one of the most influential factors, not this forum.

All of these things influence the price of the currency, but not the technology. {There is no single authority, that is constantly messing with the supply to manipulate the price of the currency}

So it's pretty much decentralized in my books. Wink

Amph

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Quote from: MicroGuy on May 17, 2015, 12:45:32 AM

Quote from: SpanishSoldier on May 16, 2015, 06:40:24 PM

Some idiots clearly want bitcoin to tear off from the blockchain. But, today or tomorrow those idiots will understand that blockchain is strong only when it is decentralized and creating another blockchain as decentralized as bitcoin wont be possible in near future.

I wish people would quit incorrectly claiming that bitcoin is decentralized. As long as there's a central broadcasting (core altering) authority it's centralized. To the best of my knowledge, bitcoin is one of the most centralized currencies on earth.

If I bury 100 gold coins in my back yard, and $100,000 in cash, tell me how any central authority can track and/or invalidate those funds. However, with a single upload and update announcement broadcast on this forum, every bitcoin user on the planet is affected. That's the exact opposite of decentralization.

he was speaking about the blockchain not bitcoin, and besides that the people working behind it which are needed anyway(i can't see how this can be sonsidered centralization) bitcoin is not centralized at all, usually we refer to the distrubution of those coin, and they appear to be decentralized from this point of view, there is a single big node that control all the other....

MicroGuy

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Twitter @realmicroguy

Quote from: SpanishSoldier on May 16, 2015, 06:40:24 PM

Some idiots clearly want bitcoin to tear off from the blockchain. But, today or tomorrow those idiots will understand that blockchain is strong only when it is decentralized and creating another blockchain as decentralized as bitcoin wont be possible in near future.

I wish people would quit incorrectly claiming that bitcoin is decentralized. As long as there's a central broadcasting (core altering) authority it's centralized. To the best of my knowledge, bitcoin is one of the most centralized currencies on earth.

If I bury 100 gold coins in my back yard, and $100,000 in cash, tell me how any central authority can track and/or invalidate those funds. However, with a single upload and update announcement broadcast on this forum, every bitcoin user on the planet is affected. That's the exact opposite of decentralization.

SpanishSoldier

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Some idiots clearly want bitcoin to tear off from the blockchain. But, today or tomorrow those idiots will understand that blockchain is strong only when it is decentralized and creating another blockchain as decentralized as bitcoin wont be possible in near future.

neurotypical

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Quote from: pereira4 on May 16, 2015, 05:27:43 PM

Quote from: Fractalhedge on May 16, 2015, 06:38:38 AM

A reflection on the current state of bitcoin and the blockchain in Q2, 2015.

"After almost a year of trading bitcoin’s price decline, 2015 has provided the bitcoin community with some positive changes in the reception of bitcoin. The media still remains obsessed with bitcoin’s price volatility while skeptical of its legitimacy. However, the underlying technology for bitcoin, which is known as ‘the blockchain,’ is being portrayed under a much different light..."

Check the link below for the full story. Roll Eyes

http://kazonomics.com/bitcoin-and-the-blockchain/

Thats the joke around the bitcoin community as we speak. All these headline shitters just have no clue about how Bitcoin works to make such claims. Why is it so hard to understand that, without bitcoin there is no fucking blockchain? why is it so hard that NASDAQ dropping by is directly investing into Bitcoin when they say they will use the blockchain, because a strong bitcoin is required for the blockchain to work? when will these clowns learn and do their job right? Jesus Christ.

Yeah, i get this on a daily by people that have heard about BTC being attached to bad things, but suddendly they all thing the blockchain is amazing, when to put it in laymans, the blockchain is the car and the BTC is the fuel/electricity. Have fun running the car without anything on the tank you dumbos.

pereira4

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Quote from: Fractalhedge on May 16, 2015, 06:38:38 AM

A reflection on the current state of bitcoin and the blockchain in Q2, 2015.

"After almost a year of trading bitcoin’s price decline, 2015 has provided the bitcoin community with some positive changes in the reception of bitcoin. The media still remains obsessed with bitcoin’s price volatility while skeptical of its legitimacy. However, the underlying technology for bitcoin, which is known as ‘the blockchain,’ is being portrayed under a much different light..."

Check the link below for the full story. Roll Eyes

http://kazonomics.com/bitcoin-and-the-blockchain/

Thats the joke around the bitcoin community as we speak. All these headline shitters just have no clue about how Bitcoin works to make such claims. Why is it so hard to understand that, without bitcoin there is no fucking blockchain? why is it so hard that NASDAQ dropping by is directly investing into Bitcoin when they say they will use the blockchain, because a strong bitcoin is required for the blockchain to work? when will these clowns learn and do their job right? Jesus Christ.

Fractalhedge

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A reflection on the current state of bitcoin and the blockchain in Q2, 2015.

"After almost a year of trading bitcoin’s price decline, 2015 has provided the bitcoin community with some positive changes in the reception of bitcoin. The media still remains obsessed with bitcoin’s price volatility while skeptical of its legitimacy. However, the underlying technology for bitcoin, which is known as ‘the blockchain,’ is being portrayed under a much different light..."

Check the link below for the full story. Roll Eyes

http://kazonomics.com/bitcoin-and-the-blockchain/

Topic: Bitcoin and the Blockchain | A reflection on the current state of bitcoin (Read 744 times)