Re:Vitalik Buterin Has Left VC Firm Fenbushi Capital
by vasco on Tuesday January 16, 2018 @04:10AM
(#16156792)
> but know that you could repeat the experiment if you wanted or needed to
The point is that at this rate, quite quickly you won't be able to, the costs would just be too high.
Re:Vitalik Buterin Has Left VC Firm Fenbushi Capital
by GenericsMotors on Tuesday January 16, 2018 @04:45AM
(#16156923)
> The fact that the blockchain _is_ fully stored and verified by a number of distributed parties, and that you do have the ability of downloading and verifying if you want or need to, is enough to keep the system honest.
How will you download and verify the chain when it hits double digit TBs?
How about 10 years from now, when the storage requirements are an order of magnitude greater than that? The rate of growth is far outstripping consumer storage device capacity...
Re:Vitalik Buterin Has Left VC Firm Fenbushi Capital
by dogma1138 on Tuesday January 16, 2018 @04:39AM
(#16156890)
It’s not a common misconception if trust is implied or is verified by other means then you only need to be able to effectively verify correctness and there are much much cheaper ways of achieving that.
This is a common misperception of the benefits of a blockchain. It's like saying, if you are trusting a third party on science, why use science at all? You don't have to verify science yourself, but know that you could repeat the experiment if you wanted or needed to. The fact that the blockchain _is_ fully stored and verified by a number of distributed parties, and that you do have the ability of downloading and verifying if you want or need to, is enough to keep the system honest.
Now this statement does make sense if you are referring to your private keys. Don't ever let any third party hold those for you.