Bitcoin's Bastards - page 2. | Bitcointalksearch.org

BlindMayorBitcorn

legendary

Activity: 1260

Merit: 1115

Quote from: Pecunia non olet on January 02, 2015, 08:44:51 PM

Quote from: BlindMayorBitcorn on January 02, 2015, 08:44:02 PM

Quote from: Pecunia non olet on January 02, 2015, 08:42:03 PM

Quote from: BlindMayorBitcorn on January 02, 2015, 08:37:45 PM

You keep editing your message lol. I don't have all the answers, but the whitepaper suggests that any exploit will be contained in the sidechain. The parent chain will be unaffected

sure - besides the bloat of course.

All this doesn't rule out the possibillity for sidechains to collapse in on itself in case the two-way-peg is open to exploits which it likely will be.

How does a blockchain collapse in on itself exactly? Is it like a polar vortex?

no, the two way peg fails, all the locked bitcoin get stolen - the sidechain stops to exist with no prior warning at the flip of a switch.

People having value parked on the sidechain will be left with nothing then...

If the sidechain is of no interest to you then you stay on the parent chain. No big woop I should think. But for the rest of us it opens up some interesting possibilites

Pecunia non olet

full member

Activity: 882

Merit: 102

PayAccept - Worldwide payments accepted in seconds

Quote from: BlindMayorBitcorn on January 02, 2015, 08:44:02 PM

Quote from: Pecunia non olet on January 02, 2015, 08:42:03 PM

Quote from: BlindMayorBitcorn on January 02, 2015, 08:37:45 PM

You keep editing your message lol. I don't have all the answers, but the whitepaper suggests that any exploit will be contained in the sidechain. The parent chain will be unaffected

sure - besides the bloat of course.

All this doesn't rule out the possibillity for sidechains to collapse in on itself in case the two-way-peg is open to exploits which it likely will be.

How does a blockchain collapse in on itself exactly? Is it like a polar vortex?

no, the two way peg fails, all the locked bitcoin get stolen - the sidechain stops to exist with no prior warning at the flip of a switch.

People having value parked on the sidechain will be left with nothing then...

So i'll actually would want to see it work for up to a year before i would put my own money on these sidechains (if ever).

I would still invest in alts - sidechains or not

Sidechains is just a feature - wouldn't stop alts - maybe stops some of the shitcoins but not all of altcoin industry.

So the good stuff still will be independant coins and all the crap, scams and spam gets loaded onto bitcoinchain and will be secured with btc hashpower. Great innovation! Scams and shitcoin that do not even die when nobody mines them. The scammers will be really happy.

BlindMayorBitcorn

legendary

Activity: 1260

Merit: 1115

Quote from: Pecunia non olet on January 02, 2015, 08:42:03 PM

Quote from: BlindMayorBitcorn on January 02, 2015, 08:37:45 PM

You keep editing your message lol. I don't have all the answers, but the whitepaper suggests that any exploit will be contained in the sidechain. The parent chain will be unaffected

sure - besides the bloat of course.

All this doesn't rule out the possibillity for sidechains to collapse in on itself in case the two-way-peg is open to exploits which it likely will be.

How does a blockchain collapse in on itself exactly? Is it like a polar vortex?

Pecunia non olet

full member

Activity: 882

Merit: 102

PayAccept - Worldwide payments accepted in seconds

Quote from: BlindMayorBitcorn on January 02, 2015, 08:37:45 PM

You keep editing your message lol. I don't have all the answers, but the whitepaper suggests that any exploit will be contained in the sidechain. The parent chain will be unaffected

sure - besides the bloat of course.

All this doesn't rule out the possibillity for sidechains to collapse in on itself in case the two-way-peg is open to exploits which it likely will be.

In the end of the day sidechains provide no big benefit over an independant altcoin.

BlindMayorBitcorn

legendary

Activity: 1260

Merit: 1115

Quote from: Pecunia non olet on January 02, 2015, 08:26:13 PM

Quote from: BlindMayorBitcorn on January 02, 2015, 08:24:01 PM

Quote from: Pecunia non olet on January 02, 2015, 08:20:36 PM

Quote from: BlindMayorBitcorn on January 02, 2015, 08:17:40 PM

This year will be all about sidechains. It's an altcoin pump and dump killer. I propose a boycott of all alts until then.

can't wait for sidechains to take the last bit of life out of BTC Roll Eyes

Sidechains provide a clean, scam-free environment to experiment with crypto-features. Problem?

what leads you to believe it would be scam-free?
What's your definition of 'clean'?

It'll lead to a massive bloat in the chain and extreme spam - basically risking to rob bitcoin of all useablity for it's main job.

Not to mention people will find bugs and exploit them. The sidechains-thing is at risk of collapsing into itself if a fatal exploit was found.

You keep editing your message lol. I don't have all the answers, but the whitepaper suggests that any exploit will be contained in the sidechain. The parent chain will be unaffected

Pecunia non olet

full member

Activity: 882

Merit: 102

PayAccept - Worldwide payments accepted in seconds

Quote from: BlindMayorBitcorn on January 02, 2015, 08:32:34 PM

Quote from: Pecunia non olet on January 02, 2015, 08:29:17 PM

Quote from: BlindMayorBitcorn on January 02, 2015, 08:28:20 PM

The two-way peg. There will be a fixed or deterministic value pegging it to BTC

which doesn't make it clean or scam free...
quite the opposite: entirely new and unseen scams will become possible

Altcoins have seen every scam there is. My imagination doesn't stretch as far as yours maybe. Example?

more ipo-scams for example.
Actually a flood of them.

Massive spam in the chain - look at NXT-assetexchange to get an idea what's coming - and more.

plus: these coins will be no good as money-tokens and will be highly instabile in the markets -> more and even worse pump and dumps.

There's always a new scam to be invented - especially with new technology.

I did never fall for an alt-scam btw. Not one. Some can some can't Wink

People getting scammed in alts just have low standards imo. You don't put money on every offer - quite the opposite ...

people getting scammed with nxt-assets and shitcoins now will also be scammed with sidechain-apps later. Nothing's going to change there.

BlindMayorBitcorn

legendary

Activity: 1260

Merit: 1115

Quote from: Pecunia non olet on January 02, 2015, 08:29:17 PM

Quote from: BlindMayorBitcorn on January 02, 2015, 08:28:20 PM

The two-way peg. There will be a fixed or deterministic value pegging it to BTC

which doesn't make it clean or scam free...
quite the opposite: entirely new and unseen scams will become possible

Altcoins have seen every scam there is. My imagination doesn't stretch as far as yours maybe. Example?

Pecunia non olet

full member

Activity: 882

Merit: 102

PayAccept - Worldwide payments accepted in seconds

Quote from: BlindMayorBitcorn on January 02, 2015, 08:28:20 PM

The two-way peg. There will be a fixed or deterministic value pegging it to BTC

which doesn't make it clean or scam free...
quite the opposite: entirely new and unseen scams will become possible

BlindMayorBitcorn

legendary

Activity: 1260

Merit: 1115

Quote from: Pecunia non olet on January 02, 2015, 08:26:13 PM

Quote from: BlindMayorBitcorn on January 02, 2015, 08:24:01 PM

Quote from: Pecunia non olet on January 02, 2015, 08:20:36 PM

Quote from: BlindMayorBitcorn on January 02, 2015, 08:17:40 PM

This year will be all about sidechains. It's an altcoin pump and dump killer. I propose a boycott of all alts until then.

can't wait for sidechains to take the last bit of life out of BTC Roll Eyes

Sidechains provide a clean, scam-free environment to experiment with crypto-features. Problem?

what leads you to believe it would be scam-free?
What's your definition of 'clean'?

The two-way peg. There will be a fixed or deterministic value pegging it to BTC

Pecunia non olet

full member

Activity: 882

Merit: 102

PayAccept - Worldwide payments accepted in seconds

Quote from: BlindMayorBitcorn on January 02, 2015, 08:24:01 PM

Quote from: Pecunia non olet on January 02, 2015, 08:20:36 PM

Quote from: BlindMayorBitcorn on January 02, 2015, 08:17:40 PM

This year will be all about sidechains. It's an altcoin pump and dump killer. I propose a boycott of all alts until then.

can't wait for sidechains to take the last bit of life out of BTC Roll Eyes

Sidechains provide a clean, scam-free environment to experiment with crypto-features. Problem?

what leads you to believe it would be scam-free?
What's your definition of 'clean'?

It'll lead to a massive bloat in the chain and extreme spam - basically risking to rob bitcoin of all useablity for it's main job.

Not to mention people will find bugs and exploit them. The sidechains-thing is at risk of collapsing into itself if a fatal exploit was found.

BlindMayorBitcorn

legendary

Activity: 1260

Merit: 1115

Quote from: Pecunia non olet on January 02, 2015, 08:20:36 PM

Quote from: BlindMayorBitcorn on January 02, 2015, 08:17:40 PM

This year will be all about sidechains. It's an altcoin pump and dump killer. I propose a boycott of all alts until then.

can't wait for sidechains to take the last bit of life out of BTC Roll Eyes

Sidechains provide a clean, scam-free environment to experiment with crypto-features. Problem?

Pecunia non olet

full member

Activity: 882

Merit: 102

PayAccept - Worldwide payments accepted in seconds

Quote from: BlindMayorBitcorn on January 02, 2015, 08:17:40 PM

This year will be all about sidechains. It's an altcoin pump and dump killer. I propose a boycott of all alts until then.

can't wait for sidechains to take the last bit of life out of BTC Roll Eyes

BlindMayorBitcorn

legendary

Activity: 1260

Merit: 1115

This year will be all about sidechains. It's an altcoin pump and dump killer. I propose a boycott of all alts until then.

Pecunia non olet

full member

Activity: 882

Merit: 102

PayAccept - Worldwide payments accepted in seconds

Quote from: panju1 on January 01, 2015, 04:31:56 AM

Look at Bitcoin's market cap compared to that of all the altcoins put together.
None of those altcoins are going to be close to Bitcoin any time soon.

this is true until it's not

BlindMayorBitcorn

legendary

Activity: 1260

Merit: 1115

Quote from: cbeast on January 01, 2015, 04:31:33 AM

Quote from: BlindMayorBitcorn on December 31, 2014, 07:55:29 PM

Early holders creating artificial scarcity, price jumps due to limited supply, illiquid markets and exchanges painting the tape, slow price dumps with many bulltraps on the way down...

We all have our shared delusions whether they're love, freedom, or security. Until Bitcoin came along, there was no way to guarantee your long term financial security. That's why people hold bitcoins long term. Delusions like bull traps exist because folks are cynical, insecure, and lonely. Maybe nobody will ever be free, but maybe someone will invent a drug for the loneliness and cynicism.

I like your musings, bro. I would +1 and take this drug of yours. Or maybe I already have Huh

panju1

legendary

Activity: 1246

Merit: 1000

Look at Bitcoin's market cap compared to that of all the altcoins put together.
None of those altcoins are going to be close to Bitcoin any time soon.

cbeast

donator

Activity: 1736

Merit: 1006

Let's talk governance, lipstick, and pigs.

Quote from: BlindMayorBitcorn on December 31, 2014, 07:55:29 PM

Early holders creating artificial scarcity, price jumps due to limited supply, illiquid markets and exchanges painting the tape, slow price dumps with many bulltraps on the way down...

We all have our shared delusions whether they're love, freedom, or security. Until Bitcoin came along, there was no way to guarantee your long term financial security. That's why people hold bitcoins long term. Delusions like bull traps exist because folks are cynical, insecure, and lonely. Maybe nobody will ever be free, but maybe someone will invent a drug for the loneliness and cynicism.

a fool and his money ...

full member

Activity: 616

Merit: 103

Quote from: BlindMayorBitcorn on January 01, 2015, 04:22:43 AM

This will all end in tears?

possible. I think so because i know also 99,9% of people miss the point.

More complexity is not better - less complexity is.
It's a money-token not a computergame. Security and sustainablity is priority #1 - if that's not the case and something else becomes #1 priority it can end in tears, yes.

BlindMayorBitcorn

legendary

Activity: 1260

Merit: 1115

Quote from: a fool and his money ... on January 01, 2015, 03:48:47 AM

Quote from: BlindMayorBitcorn on December 31, 2014, 08:10:09 PM

I think sidechains will be the death of altcoins mostly. But my point was actually about Bitcoin. In a round about way...

the truth is:
many alts are advanced over bitcoin in many different ways

sidechains will not change that. Sidechains will just lead to a gigantic blockchain bloat and will seal the fate of bitcoin because they will create numerous problems and only little benefit. Sidechains are the last desperate try for bitcoin to stay relevant compared to alts.
Fact is: evolution keeps going on

one of bitcoins big problems is: it's open for spam and spam in the blockchain can cause serious trouble. Even satoshi said that.
Bitcoins big problem is vulnerability to spam and the problem with blockchain bloat. Both this major problems will be made worse with sidechains.

Sidechains will create a host of problems and provide only little benefit. In no way will they end alts - they are more likely to end bitcoin if they were implemented.

All they provide is another attack vector for malicious participants.
Increased complexity will increase the risk of fatal problems.
I'd expect for sidechains to take the life out of bitcoin sooner or later.

This will all end in tears?

a fool and his money ...

full member

Activity: 616

Merit: 103

Quote from: BlindMayorBitcorn on December 31, 2014, 08:10:09 PM

I think sidechains will be the death of altcoins mostly. But my point was actually about Bitcoin. In a round about way...

the truth is:
many alts are advanced over bitcoin in many different ways

sidechains will not change that. Sidechains will just lead to a gigantic blockchain bloat and will seal the fate of bitcoin because they will create numerous problems and only little benefit. Sidechains are the last desperate try for bitcoin to stay relevant compared to alts.
Fact is: evolution keeps going on

one of bitcoins big problems is: it's open for spam and spam in the blockchain can cause serious trouble. Even satoshi said that.
Bitcoins big problem is vulnerability to spam and the problem with blockchain bloat. Both this major problems will be made worse with sidechains.

Sidechains will create a host of problems and provide only little benefit. In no way will they end alts - they are more likely to end bitcoin if they were implemented.

All they provide is another attack vector for malicious participants.
Increased complexity will increase the risk of fatal problems.
I'd expect for sidechains to take the life out of bitcoin sooner or later.

Topic: Bitcoin's Bastards - page 2. (Read 2509 times)