Re:Bitcoin, Ethereum, Blockchain, Tokens, ICOs: Why Should A...
by 52-6F-62 on Wednesday July 05, 2017 @07:26PM
(#14707007)
Well put. I've seen the 'DAO-hard-fork' line swung around pretty wildly over the recent popularity surge the past few months -- but you nailed it.
That difference is the whole point. It could be argued that Vitalik has enough political clout in the community now to do nearly whatever he wants, but that only goes so far as whatever he's proposing is agreeable upon a consensus.
If the miners disagree, then it's a no go because they make it work. If the larger userbase disagrees, then the miners will be bent to disagree because there won't be any money in it if everyone sells off. It's shortsighted to think that because there are influential parties the whole system is broken. (hint: functioning democracies work this way. As far as most people can tell so far, it's a good thing)
I also agree with the rest of your positions here. To wit: while governments are hesitant and slow to get directly involved, they _are_ doing active research[0][1] into how/why/when it will be valuable to use existing blockchains or for what reason they could employ new ones. So are many banks. The distributed ledger seems to hold inherent value for everybody.
[0] Being from Canada, I know more about the goings here than elsewhere. The article has a rather negative tone, but the point being they are experimenting and recognize the need to keep up technologically, and the need to improve upon current systems. They are speaking more directly to virtual currencies here. -- https://www.theglobeandmail.com/report-on-business/bank-of-c...
That difference is the whole point. It could be argued that Vitalik has enough political clout in the community now to do nearly whatever he wants, but that only goes so far as whatever he's proposing is agreeable upon a consensus.
If the miners disagree, then it's a no go because they make it work. If the larger userbase disagrees, then the miners will be bent to disagree because there won't be any money in it if everyone sells off. It's shortsighted to think that because there are influential parties the whole system is broken. (hint: functioning democracies work this way. As far as most people can tell so far, it's a good thing)
I also agree with the rest of your positions here. To wit: while governments are hesitant and slow to get directly involved, they _are_ doing active research[0][1] into how/why/when it will be valuable to use existing blockchains or for what reason they could employ new ones. So are many banks. The distributed ledger seems to hold inherent value for everybody.
[0] Being from Canada, I know more about the goings here than elsewhere. The article has a rather negative tone, but the point being they are experimenting and recognize the need to keep up technologically, and the need to improve upon current systems. They are speaking more directly to virtual currencies here. -- https://www.theglobeandmail.com/report-on-business/bank-of-c...
[1] Fintech and Financial Services: Initial Considerations - IMF -- http://www.imf.org/~/media/Files/Publications/SDN/2017/sdn17...