Should you buy bitcoin now all time high vs hard fork dilemma explained
Ethereum grows so many coins at a certain rate, forever. When someone, or organization steps in and says these valid coins are no longer acceptable, then, you are breaking the foundation of this cryprto currency.
A fork will do the same, thus, creating deflation. Yes, it is awful that someone found a loophole in the DAO, however, it is up to the DAO and its creators to protect it. Why do we have private wallets for our ethereum? So, that we may provide our own security to the level that we feel safe with. This idea of a fork is the same as a government saying that we are going to burn all of the money that you have stored in your vault, because we can find it and we are able to burn it.
If you destroy this ethereum, then what is to prevent you from destroying my ethereum in the future. Now I see that Ethereum is just like a national bank.
Just like in democracy people vote on people who are in charge, here the community decides on forks that in fact are not forks but patches. I think to have truly smart contracts, we need to be able to take care of auditing our contracts so they can bear up against big numbers, and have a way to deal with things like errors and omissions, insurance, and version control at the contract level. This can be done by making these funds available for contract certification and security analysis for large scale enterprises such as the Dao intended to be.
We need to find insurers and insurance models willing to back these contracts after this new layer of contract analysis and due diligence, and a way to insure new unqualified investors from errors and omissions on behalf of the contract authors. These implementations of proper business safeguards will cause Ethereum to climb back up in value because we can truly solve something here that has not been addressed and which is the underlying cause of the problem at hand.
We must keep Ethereum arms-length from DAO, but any hard fork should implement a feature wherein the contracts themselves can be upgraded by consensus, a sort of built-in version control that will supply a pointer to any superceded contract.
It also needs to be easy to use and be implemented by all those with standing to vote in such a decision. We may need to hard fork into a type of mechanism for Ethereum to avail an easy big red button to kill any renegade contract as well or at least suspend it from processing for a period of time to analyze.
In any case, if we use the ruins of the DAO for enabling future huge smart contracts by insuring their business certainty- and let the current investors profit in all those new ventures that have been audited and insured up to business best accepted business practice, due diligence, and exit strategy for the investors- then we can all truly snatch victory out of the jaws of defeat on this current issue. I apologies for any misconceptions or errors in my reasoning, but thank you for your consideration of my ideas.
Honestly, I also think forking is a mistake, but not in principle because it should not be possible but because the vote is completely up to the large mining pools. You may use these HTML tags and attributes: Your voice on the soft-fork dilemma Introduction. Author Donald McIntyre Posted at 8: Author Mike Posted at 9: You are on the minority side. Author Donald McIntyre Posted at Author philip browning Posted at 3: Author heyjacob Posted at 5: Author Donald McIntyre Posted at 5: Author Mark Ranford Posted at 6: This is why I think we should build Etherplan Reply.
Author jacob meeder Posted at Ohhhh how fun, not it sucks to be the dapp, they messed up they fix it Reply. Author Bubba Pumps Posted at The funds should never be returned. They should be burned or distributed to the miners. Author JustWow Posted at 3: Author Zebroid Posted at Author David Krmpotic Posted at 2: Author Bubba Pumps Posted at 2: Author JPH Posted at 3: Author Gilles Champollion Posted at Ohhhh how fun, not it sucks to be the dapp, they messed up they fix it… and your talking about theft… not cool he was not a hacker well at least not what I consider one Reply.
Author Nanopool Posted at 3: Author logical Posted at Author Skith Uno Posted at 6: If you no longer want to receive notifications, reply to this comment with the word STOP. By upvoting this notification, you can help all Steemit users. Should you buy Bitcoin now? All Time High vs. Hard Fork Dilemma explained. Authors get paid when people like you upvote their post. You have completed some achievement on Steemit and have been rewarded with new badge s: You published a post every day of the week Click on any badge to view your own Board of Honor on SteemitBoard.
Success is quite relative here. Bitcoin Cash's own vision is to be "the best money in the world", and basically replace Bitcoin. Of course, that didn't happen. The Bitcoin Cash coin is worth one tenth of a bitcoin. Meanwhile, Bitcoin remains unperturbed. But Bitcoin Cash, somehow, refuses to wither and die, which is totally what I was expecting it to do. It's continued existence is what earns it the "success" qualifier. I found this quite inexplicable at first, because I think I understand what money is, and I know that creating money does not give it value.
If Bitcoin Cash has any sort of value, it must have taken it from somewhere. And it surely didn't take it from Bitcoin, since Bitcoin, far from losing value, has increased meteoritically. Well, obviously, the 10 billion dollars that Bitcoin Cash is cumulatively worth comes from the fiat currencies. Bitcoin Cash is worth money because lots of people are willing to buy it with dollars and euros. Who would be dumb enough to do that? People who don't really understand what's going on, but they still want a piece of the cake because it'll make them rich.
Like they read on that Buzzfeed story. Single bitcoin tokens are priced scary numbers. They don't dig that we actually count in mB. So they wanted in on the quick ticket to Ferrari and escort, but they were put off by the perceivedly too high entry bar. Suddenly, appears something that's got "Bitcoin" in its name, and that goes for one tenth of the price.
Those guys rushed in as soon as BCH was available to buy. Which wasn't really on the first day. Rather, as soon as big exchanges started supporting it. Before the clueless get-rich-quickers were able to move in, the value of BCH was locked up in the futures that even more reckless speculators had bought up, and had started to decline already. I'm afraid we're in an Ethereum Classic situation, where Bitcoin Cash will never disappear.
On the one hand, the early speculators might hang on to their coins on the off chance that it spikes up in the future. On the other hand, there will always be some morons willing to part themselves from their hard earned money in order to get "Bitcoins at one tenth of the price".
Where I realize that it's no use explaining what bitcoin it, you have to explain what bitcoin does. And that's all it is. When you exchange a tangible good or a service against "money", it is only because you trust that you'll be able to exchange it again for different goods or services. The stuff that is used for money as no intrinsic value if that trust goes away. This is a couple-of-chapters story on the consequences of weird economical and moral precepts taken to some extreme.
Story happens in Mexico. Skip to main content. Hard fork, soft fork; Bitcoin's scalability struggles explained with Star Wars This article was extended three times to follow the various twists of the bitcoin forking adventure. To the point it needs a freaking TOC: Exposition like when the yellow text is rolling backwards The Phantom Menace: Bitcoin Unlimited A New Hope: Who actually won the stupid war Original article, written on the 17th of June: A divided galaxy Didn't anyone see that coming?
We could make the limit on block size flexible. So the block size can increase to match the needs of the users. The code's already written, it's called "Bitcoin Unlimited". We could optimize the block better so that more transactions fit on it. The code's already written, it's called "Segwit", for "Segregated Witness".
Still, why not just shortcut to making the block bigger? Well, there are two reasons. A bigger block makes mining more difficult. A bigger block requires a hard fork. Rise of the Empire "The hell with consensus" said one Bitcoin investor.
The Republic strikes back At that point, Bitcoin Unlimited is as good as dead. What should you do? Get your bitcoins back home If your bitcoins are in the cloud somewhere.
Figure out if you're running a node. You know you run a node if: Your wallet takes ages to sync up with the blockchain when you start it up and it's been a few days. The wallet's occupying Gb on your harddrive that's the entire blockchain you're storing, yes.
If you're using Mycelium, I did your homework for you: If you disagree with the developers, switch to another wallet whose developers agree with you. But, whatever you do, don't panic. No bitcoin is going to magically disappear.
But it starts with seemingly good news: The New York Agreement. It absolutely certainly is a dud. Bitmain is bluffing, and they suck at it. It's D-5, Segwit2x is locked in a ready to roll out, and there a new twist.
Everyone is freaking out again over how to survive the fork, and here's me again telling you not to worry: But let's first look at what happened to Bitcoin proper. Will Segwit bring fees back down to a tolerable level? Will the Lightning Network come online and does multiply the network capacity millionfold while lowering fees to the point they become negligible, all that before November?
I ain't kidding, this is what's at stake here. The fate of Bitcoin Cash If Segwit does what it predicted AND if the Lightning Network does turn out to be the game changer it claims to be AND if Bitcoin Cash crashes down in flames, then it's quite likely that the community will resist a risky hard fork that's a fix for a problem we no longer have and an obvious present from the big miners to themselves.
Bitcoin Cash' inexplicable success Success is quite relative here. But actually using it as money? Call it a bubble that just wont burst. Similar stuff Bitcoin's advantages and inconvenients.
The final battle for trust. Money, sex, and the lack thereof. A couple of facts first. Enough already with blog articles?