Death To False MetricssteemCreated with Sketch.

in dpos •  20 days ago


metric system.png

The cryptosphere is devolving into an eternal dick-measuring contest and I am officially sick of it. This toxicity needs to end. There is no competition. No, I couldn't care less about how many transactions your blockchain has processed. No, XRP is not the future. No, it doesn't matter what your trading volume is. No, the market cap is irrelevant.


i-bet-my-dad-can-beat-up-your-dad-nuh.png

This flagrant my-dad-can-beat-up-your-dad attitude is unacceptable. Tron figurehead Justin Sun is the absolute worst offender. The hype to fail ratio of this guy is legendary. He is constantly talking trash about Ethereum and EOS in a futile attempt to establish dominance.


bear bull.jpg

During the last bull run Bitcoin hit a brick wall of scaling issues. Transaction fees where out of control and reached as high as $50. This turn of events led many people to believe that scaling was and still is the biggest concern of the blockchain.

So what happened? Now all the DPOS blockchains (Steem, EOS, Tron, Bitshares, etc) are running around exclaiming, "Hey, look at me! Look at how many transactions I'm processing!" Too bad this metric is totally irrelevant! It's far too easy for a DPOS blockchain to shill up false volume in a sad attempt to feign real-world relevance. Nobody should care that we have high throughput because that throughput has little to no value.


fake trading volume.png

Quality over Quantity

The world wants so badly to quantify value. Well, too bad! It's not going to happen. Instead, this is what we get: Fake transaction volume where BitMEX shuffles a billion dollars worth of Bitcoin a day and Coinbase doesn't even register (#32 on that list with $39 million a day). Uh, yeah... we all know that Coinbase is one of the biggest exchanges so all these fake measurements are completely worthless now.

Transaction volume is only a useful metric when looking at on-chain POW coins. Why? Because every one of those transactions costs money. In addition, because of mining competition, there is no way to create a fake transaction loop where the sender/receiver would be able to reclaim the fee spent.

I've been doing some research on the Lightning Network, and I've come to realize that this technology will allow Bitcoin to scale far bigger than it ever needs to be. Ethereum's scaling solutions, Plasma and Sharding, will also allow the chain to scale near infinitely. I can't wait for that to happen because then we can begin to focus on topics that actually matter.


In-greed-we-trust.jpg

Trust

The number one problem of the blockchain (of the entire world) is trust. Trust is the thing that doesn't scale. Our tribalist evolution naturally makes us distrusting of "the others", and for good reason. Can we trust the Fed? Can we trust miners? Can we trust stake holders? Can we trust witnesses? These are the real questions that need solving.

DPOS

The number one value of DPOS isn't increased throughput. It's the ability to allow stake holders to control inflation with the click of a button instead of having to set up complex hardware solutions that validate and secure the network. This is the strength we should be playing into.

Conclusion

Until we all learn that cooperation trumps competition in this realm we'll all be weaker and divided. It will take a while but we'll get there eventually. Once these dev teams realize they'll make it a lot farther working together than stabbing each other in the back the world will become a much better place. It's bound to happen eventually, even if by force. Open-source architecture can't be patented and hoarded.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

I agree atleast partly here. Generally different block-chains are for different uses. I must though say that I have started to better understand this whole crypto market, especially now that this prolonged bear-market shut down all the worst idiots praising what-ever block-chain they did not know about, and I have started to be able to accurately read which projects are utter copy-paste bs, and I can say that tron is one of them.

If I were to look which currencies have potential, I would say that Bitcoin, Ethereum, EOS, Steem are some of the chains with highest potential.

·

Do you mean "copy-paste bs" as having similar code to other chains and that makes them bad for some reason? Or that people copy from already bad chains?

·
·
·
·
·

"Open-source architecture can't be patented and hoarded." I agree with this and would add that trying to stop people from copying probably harms growth. So it can't be hoarded and that's a good thing.

Talking about stealing code takes focus away from the real arguments about how they work. Not saying Tron is better just my general open source philosophy for now. On the other hand it's not a good sign if they only copied because they don't have interessted developers. If that seems important but then that should be the argument, not that it's copied by it self?

It's not a huge deal really and I'm not in either camp regarding Tron/ETH. Just felt the "copy-paste bs" simplification went against your original post that I agreed with and enjoyed!

·
·

I meant to try to be same as other chains, doing the same excact thing, with minimal real innovation. When they say that 90% of top 100 coins will disappear, they mean excactly these kind of coins, and obviously the straight up scam coins.

If you go trough various white-papers you will find how plenty of coins are just trying to re-invent the wheel, and that certain themes just keep repeating over and over.

·
·
·

Re-inventing the wheel litterary means not copying it right?

·
·
·
·

I do admit that using word "copy-cat" was not accurate.

·
·
·
·
·

Thanks and sorry for being a bit picky! ^^

I totally agree with you.

(this is an off the wall, non-apropos response)
The metric system is indeed a false metric.

The meter is based on a distance travelled of a wavelength of light.
However, as scientists were measuring light, it continued to change.
Until... the fixed it, by getting together and setting its value.

So, the metric system is not based on anything. (as it is touted to be)