The Great Bitcoin Train Wreck of 2018
I'm talking about the Bitcoin Industry, not Bitcoin. Actually, I'm mostly talking about Ethereum and the End of Mining. Friday after midnight EST that's exactly what I'll be discussing on Coast to Coast with Connie Willis.
Wait, what? Who said anything about a Bitcoin Industry Train Wreck?
You heard it here first.
You see, hundreds of cool applications are currently being developed using popular blockchains like Bitcoin and Ethereum without having given any consideration to their ability to handle the load. I talk to executives of these companies all the time where they proudly boast how their applications are going to "convert their millions of existing users over to digital currencies the first month of operation." I ask them, "Um, how many transactions per second do you expect to handle at your site?" They say, "Oh, hundreds! maybe thousands! We're the biggest site of our kind, don't you know?"
Train Wreck.
I politely ask, "Um, how many transactions per second will your chosen blockchain handle?" Their smile fades a bit and they ask, "What do you mean?" Then I show them the second row this chart:
"Guys, your awesome new service has to share less than 30 transactions per second (TPS) with all the world's other traffic on that blockchain including hundreds of other applications just like yours coming on line early next year. Haven't you been paying attention to how it already slows down to a crawl every time a big ICO launches?"
They turn to their tech guru and ask, "Is that true?" That's when the guru turns pale.
Coming, to a web site near you.
The trend has already started with smart projects abandoning slow mining-based blockchains because their application needs the performance of real time blockchains like BitShares:
Why Bitspark.io stopped using Bitcoin for Global Remittance and now uses Bitshares
I know of several others planning to switch over who haven't announced yet, but we'll save that for another day.
At Cryptonomex, we are already planning to help scores of companies make the switchover to BitShares without losing too much momentum from their Big Product Launch. It will be a busy spring for us. We are already doing this for several companies we got to just in time before their Big Product Launches go live. Most won't be this lucky.
Anyhow, I'll be talking a lot about it on Coast to Coast Radio with Connie Willis this Friday After Midnight EST.
Coast to Coast AM?
I'm going to be able to say:
"I knew Stan Larimer back when all he had was a few posts on steemit.com"
Same airwaves used by Rush Limbaugh.
I used to stay up most of the night listening to Art Bell on Coast to Coast 20 years ago. It was a big part of what knocked me off of the straight and narrow of the mainstream media! Congratulations Stan!
I actually met Art Bell, years ago... Have a Delicious Thanksgiving Dinner...
@pocketechange
yep!
~bluerocktalk🖖
Haha, a real early bird ;p
Though we're all still very early on here...
Ah man I thought you were going to say "onceuponatime I knew Stan".
I, onceuponatime, knew Stan.
Stan, please tell me this isn’t true. We’re all, (well not you), about to sink as the blockchain fills with sticky gunge and it’ll take days to move a satoshi.
I know bitshares is claimed to be super fast (I’m trading BTS, OPEN.BTC and bitUSD on the Bitshares exchange and it’s true, it’s super fast.
I still don’t understand this bit.currency and open.asset thing. It looks like real money, but for all I know it could be just imagination.
Let us pray....
bit.currency is market pegged asset (MPA) and backed by at least 200% collateral, ie. bitUSD and bitCNY. It is the most honest, trustworthy crypto-money on the planet and several Chinese exchanges are starting to replace Tether with bitAssets like bitUSD and bitCNY (https://www.aex.com/).
open.whatever is a user issued asset (UIA) created by gateways (such as OpenLedger) and is theoretically backed 1:1 by "whatever". So when you deposit 1 BTC via OpenLedger they issue you 1 open.BTC to go trade with on the DEX. This is exactly what Binance, Polo, Bittrex etc. do but Bitshares is honest and transparent about it.
Crypto-bridge (http://crypto-bridge.com/) is creating a decentralized gateway that solves the trust issue with gateways like OpenLedger, Rudex, etc.
"It looks like real money, but for all I know it could be just imagination."
Same can be said for grand dad bitcoin ;-)
Many questions already presented @stan
I think we should learn a lot, and study the important details
But what is the right direction and how do we benefit from this change?
Good one Stan. Love your updates. :)
I love how you said "I think the Earth is round"
I love how you can spread Bitshares by sending people borrowed BitUSD. Getting all my friends onboard for the moonshot.
What exactly do you mean? Why wouldn't you just send Bts? Am I missing something here?
On Bitshares you can keep your principle locked up while you borrow dollars interest-free. Basically I'm spreading Bitshares without having to send from my stash. I send BitUSD so they can try out the exchange, buy BTS, and get a feel for it.
Once EOS takes over 99% of the developers, the 1% remaining will have plenty of space on the Ethereum network ;)
Agree!
Highly rEsteemed @stan!
And great work on @projectcamelot the other day as well. Enjoy the Holidays 🙏✌️👍👏
SteemON.
veru good post @stan
But one thing i could not understand..there are so many trmendous feature in BTS but why it is so undervalued.....
in terms of speed of transaction BTS is superfast and still not at par as far as pricing is concerned...
Now, I can't wait to listen to this, most hopefully LIVE!
Thanks a lot for sharing this news and updates with us.
All for one and one for all! Namaste :)
The end of mining will be the end of a wasteful, non-efficient and polluting shady business. I still think DPOS is not the killer ultimate end-all solution, but currently it's the best we have.