Just like I have written a reply in your other thread, I think that we need to be a bit more patient and give this thing more time to develop itself. It's simple as that. I think that the road will show us itself if we just take it easy. No hasty decisions.
Will the Bitcoin killer application be developed by the sidechains, one or more or something else, we will see. Will it be developed in general or for the niche markets, we will also see.
Topic: To enter niche markets we need sidechain. (Read 640 times)
No, I do not agree. To enter niche markets we need colored coins more than sidechains. Colored coins offers more opportunities. Counterparty already offers a solution for Bitcoin blockchain.
What are colored coins ? I've heard that term a few times today, but I still don't know what it means.
https://www.youtube.com/watch?v=fmFjmvwPGKU
tl.dr they are basically stored asset on the blockchain
This is not the way to do it. Side chains are not gonna fix our problems, in fact they are gonna create even more trouble.
If now bitcoin is not good enough for some people or markets why do you think its side chains will be suddenly good idea?
If now bitcoin is not good enough for some people or markets why do you think its side chains will be suddenly good idea?
No, I do not agree. To enter niche markets we need colored coins more than sidechains. Colored coins offers more opportunities. Counterparty already offers a solution for Bitcoin blockchain.
What are colored coins ? I've heard that term a few times today, but I still don't know what it means.
No, I do not agree. To enter niche markets we need colored coins more than sidechains. Colored coins offers more opportunities. Counterparty already offers a solution for Bitcoin blockchain.
From 2010 to 2014 bitcoin was growing by entering new niche markets: drug trade (Silk Road), gambling (Satoshi Dice), trading (MtGox), trading in China (Chinese exchanges).
It have stopped 2 years ago. Next niche markets (internet-trade, remittances, Wall-street) haven't materialized.
That means that benefits of bitcoin over fiat, for user, are not big even in niche markets to justify switching to it from fiat.
Therefore, bitcoin have to be modified, to make better fit for new markets.
How to modify bitcoin in several (sometimes incompatible) directions?
The way to do it is through sidechains.
I've made a thread about it in general section, but was advised that this topic should really belong to Economics section.
So I'm posting the link here. https://bitcointalksearch.org/topic/no-mass-adoption-because-of-the-one-size-fits-all-bitcoin-1272599
It have stopped 2 years ago. Next niche markets (internet-trade, remittances, Wall-street) haven't materialized.
That means that benefits of bitcoin over fiat, for user, are not big even in niche markets to justify switching to it from fiat.
Therefore, bitcoin have to be modified, to make better fit for new markets.
How to modify bitcoin in several (sometimes incompatible) directions?
The way to do it is through sidechains.
I've made a thread about it in general section, but was advised that this topic should really belong to Economics section.
So I'm posting the link here. https://bitcointalksearch.org/topic/no-mass-adoption-because-of-the-one-size-fits-all-bitcoin-1272599
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