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RE: #Blocktalk with Tone Vays [Question Thread]
How does Tone feel about the bitcoin blockchain's inability to handle the transactions of Steemit?
How does Tone feel about the bitcoin blockchain's inability to handle the transactions of Steemit?
I will listen to your @blocktalk in the next couple of hours. I am not holding out hope that Tone answered my question adequitly though because Steemit will soon be too big for Bitcoin. Here are the co-founder's words to backup this claim: https://steemit.com/steem/@dan/response-to-coindesk-article-steem-provokes-doubt-of-market-observers
"I will listen to your @blocktalk in the next couple of hours." It is not on until 8PM EST
You might want to learn about Yours Network... https://steemit.com/steemit/@bitcoinmeister/yours-network-a-steemit-competitor-that-will-use-bitcoin-sneak-peak-and-links-included
Is 'yours' built on a blockchain? does it have a crypto currency with free transactions? Do the users have the ability to own stake in it and realize profits if it is successful? Do content creators have the ability to be paid and withdraw value from the system? And was it the first to market with all of these features? Or is it just another Diaspora?
"Do content creators have the ability to be paid" Yes. That is the main thing they are trying to do from what I can tell. They are not making their own cryptocurrency, they are keeping it simple in that light. Before anyone on this thread pronounces it dead they should probably let them launch first. They have the backing of legitimate investors and should be taken seriously.
yet here we are... discussing building a possible thing (the Yours Network) that has several barriers to overcome... on a thing that does work now.
I think it's a real stretch to call Yours Network a competitor. For multiple reasons, it doesn't stand even a slight chance.
yeah... bitcoin needs an overhaul if people intend to build a social network on it. Bitcoin imho should just be used as money (unless Dash or some other takes it's job as money.)
Satoshi also had a word on the issue: https://steemit.com/bitcoin/@alexgr/bitcoin-maximalists-remember-what-satoshi-said
fully agreed
The Lightning Network will be ready soon, which will handle that amount of transactions.
Bitshares, Steem(it), Ripple etc all are variations of the almost 20 years old Paxos algorithm and could have existed well before Bitcoin. So why now?
Technically, using "master nodes" or "witnesses" has not much to do with Satoshi's innovation, which is complete trustlessness. I'm not saying that Paxos-based consensus systems don't have their use cases, but it's just not the same category.