Yes, I think VeriBlock is very bad for BTC at least in my case, I consider them almost parasites on the BTC chain. Me and my friends almost exclusively use BTC as a medium of exchange and anything that makes me pay more and wait more is bad for me. I get that they are paying like everybody else but I would prefer if they get booted off the network. And yes it's probably good for miners as BTC mining will become unprofitable A LOT earlier than the 0 block rewards so for them as long it makes mining profitable they probably don't really care what people actually use BTC for be it as a store of value, medium of exchange or purely for securing other chains though tech like Proof-of-Proof.
P.S. In the name of fairness I should have disclosed this. I bought the VeriBlock IEO back in 2019 and continued buying all the way down for years and that turned to be a huge mistake as their CEO lied and delayed for years and the price died so I might be heavily biased in my opinion. Also last I checked the CEO stopped talking to the community all together like 3 months ago which usually is a huge red flag for an exit scam so vbk itself might not be a problem for long. Then again the dev team are still active and appear to be developing so maybe not.
Topic: Is VeriBlock bad for Bitcoin? (Read 47 times)
Hi! I have recently started researching this project called VeriBlock. They have created a new consensus protocol called Proof-of-Proof which basically uses the OP_RETURN portion of BTC transactions to include data about the security inhering chain in BTC blocks and in that way the chain inherits BTCs security. At one point like 3 years ago it was responsible for around 30% of all BTC transactions but since then, up until very recently, they have had some development hurdles and it now is responsible for more like 1-4% of all BTC transactions. So atm 1-4% is pretty irrelevant but if it does manage to achieve wider adoption, they only have 1 small coin integrating PoP on testnet atm and one in mainnet which they created themselves, it will result in an increase of BTC tx prices which might be undesirable. Yes, they are paying for the transaction so there shouldn't be a problem but at some point I think it might become harmful for BTCs utility if tx fees are too high. What are your opinions on it? Is it spam and bad for BTC or as long as their paying its np, like for miners for example it should be a good thing with the higher fees and the fact that BTCs block reward will be 0 eventually?
Jump to: