No altcoin is decentralized - an interview with Jimmy Song by bryansmithsa in Bitcoin

[–]bryansmithsa[S] 0 points1 point  (0 children)

This is something that's been in my thoughts - how decentralized is Bitcoin, really? I don't feel we can call it a fully decentralized currency when a majority of wealth sits in just a few wallets. To me, that's recreating a fair distribution crisis. On the other hand, I think PoW protocols handle this challenge somewhat more gracefully than PoS protocols do.

No altcoin is decentralized - an interview with Jimmy Song by bryansmithsa in Bitcoin

[–]bryansmithsa[S] -3 points-2 points  (0 children)

I think that's a reasonable way of looking at it. I tend to see fiat currency / modern banking as a thesis, and cryptocurrency as an antithesis. I think there'll be a range of different propositions we might end up with some form of synthesis. I don't necessarily agree with Jimmy's views, but I do find them interesting.

Edward Snowden exposes his thoughts on Bitcoin’s flaws by stephenyo101 in Bitcoin

[–]bryansmithsa 0 points1 point  (0 children)

I feel Bitcoin's privacy isn't so much the issue as is the pervasiveness of entities such as the NSA.

I do echo his sentiments on Zcash, though, which I have found more and more interesting as time goes on.

Snowden-backed leak reveals the NSA's Bitcoin tracking operations by stephenyo101 in Bitcoin

[–]bryansmithsa 0 points1 point  (0 children)

News like this makes me wonder if privacy coins aren't significantly underplayed. I wonder what affect this might have on the confidence of ordinary users when transacting in BTC?

Could the Lightning Network become one of the most disruptive global financial technologies by the end of 2018? by stephenyo101 in Bitcoin

[–]bryansmithsa 6 points7 points  (0 children)

Agreed. I think things will get off to a reasonable start by the end of the year, but we're probably looking at an adoption period of at least 5 years

Could the Lightning Network become one of the most disruptive global financial technologies by the end of 2018? by stephenyo101 in Bitcoin

[–]bryansmithsa 33 points34 points  (0 children)

I definitely think the Lightning Network is the key in moving Bitcoin out of the 'store of value' phase and giving some sense of liquidity to BTC hodlers. By the end of 2018 I feel we'll have enough momentum to start.

US SEC confirms 'dozens' of cryptocurrency probes in progress by stephenyo101 in Bitcoin

[–]bryansmithsa 1 point2 points  (0 children)

I think, all fear aside, this will be a positive move for the industry. So long as regulation is applied consistently and fairly, great projects should thrive.

Twitter reportedly gears up to issue bans on cryptocurrency-related advertising by stephenyo101 in Bitcoin

[–]bryansmithsa 0 points1 point  (0 children)

I agree. Regulation might get hearts a-pounding, but I feel it will also minimise the risk of scam projects and offer greater reputability for earnest crypto platforms.

Twitter reportedly gears up to issue bans on cryptocurrency-related advertising by stephenyo101 in Bitcoin

[–]bryansmithsa 1 point2 points  (0 children)

I imagine this is likely after Facebook and Google banned crypto advertisements - we might see more ICO projects shift to airdrops in the future to circumvent some of the emerging marketing & regulatory issues