RE: Ridiculous MySpace Comparison: Lego Your Ego
Programming in general is a modular Lego system so every coin is basically it's own Lego set. The original analogy was referring to Bitcoin.
The problem with EOS is that it's the least trustworthy cryptocurrency in existence. @dan thinks it's more important to scale than to have the trust that he's sacrificed. It might turn out to be a great platform if he's right.
Every blockchain has it's niche and community. EOS will attract applications that require high speeds but don't necessarily require that much trust.
Ethereum has a much higher chance of being a platform where you can buy and sell houses, cars, and other high value properties, whereas EOS has a much better chance of being a platform where you can make $5-$10 an hour playing video games.
Steem has custom JSON operations. Which means you can store code directly on the blockchain and have very easy access to it. Anything JavaScript can do (everything) can be done on the Steem blockchain. The only limitation is Resource Credits.
The other big problem with EOS is that 70% of its top dApps are gambling which is likely illegal and a real threat to the blockchain itself. It certainly is not the way to build a community!
EOS appears to have a governance problem with nearly half of the BP's now owned by Chinese statist whales with a different agenda. @jeffberwick pointed this out in his recent TDV newsletter, but I was noticing that those BP's I had voted for last summer are nearly all gone from the top 21 spots.
First off, thx for your comprehensive considerations. As for versatility i don't see that too much with BTC, which would ideally be a means of trustless transactions, so whereas this in itself is great, i don't see that much of potential to do things other than just that, so if you dont mind, btc is rather like a barbie, shiny but one-dimensional. The lego idea in my view, originated from the promise of ETH, that you will be able to deploy any application on that chain, but in its current implementation, just can't deliver.
Assuming that you qualify EOS as least trustworthy chain, is based on the fact that it uses the DPOS concept, how does that now also apply for Steem? Despite some issues, this doesn't seem to be that big an issue for Steem. Where is the difference then? And why is it less trustworthy than the mining conglomerates we know from BTC and ETH? To me the lesson of the recent BCHABCSV fork, is that proof of work is well attackable, and the hashpower in the hands of a few can pretty heavily disrupt and harm a chain, and a holder or user can just do nothing about it....
Cryptocurrency is creating a vast spectrum of programmable use cases.
Some people have said Bitcoin is flawed because you can't reverse transactions. Ironically, this guarantee is one of Bitcoin's greatest strengths.
It is also false. Using code one can create a reversible Bitcoin transactions by adding a layer of code. The Lightning network is another layer, and there will be another and another.
Every blockchain has it's own set of building blocks. Just because we think that the Bitcoin Lego set is a bit boring doesn't mean doesn't mean that it's not a Lego set.
I'm not sure how much different EOS DPOS is from Steem/Bitshares, but they've already ran into issues with account freezing and reversed transactions. Many "experts" are now even claiming that it's not even a blockchain, and I don't hear the same arguments for @dan's other creations.
The EOS airdrop business model gives Block.One 10%+ control of every product that gets created there. It seems like EOS centralization is going to breed even more centralization. SMTs will be 100% owned by the developers/community.
In the end, none of these projects are in competition. We have yet to see the market cap of one coin bleed out into another. Every blockchain is a community, and you can't force one community to become part of another through violence or competition. Cryptocurrency is a pacifist solution with the goal of consensus governance.