>Grady Booch >Satoshi first devised Bitcoin as a currency. When it was clear that would never work – see my earlier architecture comments — then crypto folks pivoted to a) L2 architectures which are just fiat but with extra steps and b) it's not a currency, it is a store of value!
>Grady Booch >As I explored in my Spaces with Angie the other day, I come to this with a very different lens: from the point of view of software and systems architecture, cryptocurrencies are computationally inefficient, fragile, demonstrably unable to scale to global levels, and — most damning — introduce an incredibly broad and dangerous attack surface. Whether or not you agree with the philosophy/economics behind cryptocurrencies, they are — simply put — a software architecture disaster in the making.
>Yeah. No. No major bank is using permissionless blockchains. Zero. Nada. Nope. Project Hamilton doesn't use a blockchain. Any main bank work I have encountered — and I work in this space! — has at the very most been playing with permissioned blockchains, a very very very VERY different beast.
• Our existing financial system also uses a lot of energy, between powering millions of bank branches, A.T.M.s that sit idle for most of the day, gold mines and other energy-intensive infrastructure.
>Grady Booch >A false equivalency, since our existing financial systems do far far far more than any cryptocurrency ecosystem.
Jace Hernandez
Still others will say that crypto is most useful to people who don’t live in countries with stable currencies, or to dissident groups living under authoritarian regimes. >Grady Booch >It is true that one of the common use cases of cryptocurrency is in those places where one has a corrupt government and a broken economic system. >But you don't build a global system for the outliers, you do it for the masses.
Andrew Green
why would you make 20 1 mb chains and add unnecessary complexity when you can make 1 20 mb chain?
Liam Ross
good morning craig sanjay
Aiden Jones
i kinda want a serious answer
Lucas Ward
>muh POW >muh sharding hey KDA retards, the 2010s called and they are asking for their shitcoin back
Ethan Rogers
No you don't, it's 2021, how do people not understand the explosion of complexity that comes with big blocks? Usually when explaining all 4 scaling solutions I don't even bother writing more than a line about big blocks, people get it. But okay I'll try to sum it up as best as possible.
ALL single chain networks have the same fundamental physical limitations >Speed of light A block needs to travel the entire world within a few seconds, this is simple if the blocksize is kept small. Imagine 1GB blocks, every single node needs to download it and run all executions, which ties into the next point >Transaction execution time At some point, it takes too long for each node to compute the tx in the given timeframe. You're left with just a few supercomputers, if you're lucky, usually the network wouldn't even run in the first place >Network bandwidth You can't do unlimited tps even with unlimited blocksize >hash power wasted A single chain is a sequential computation. A block corresponds to a single computation step which results in a new state. A block chain is a distributed system and all miners (processors) compute the next state in parallel. On a single chain with just one block per step that means that each miner (processor) races against all others. That's wasting resources. In chainweb a global computation step is split into many blocks, which together result in a new distributed global state, which they call a cut. Cuts can be computed by miners in parallel which avoids wasting of resources.
You straight-up can't make blocks arbitrarily big. This seems pretty obvious to me. You also can't generate blocks arbitrarily quickly...especially the bigger they get. Therefore the only way to actually attack the scalability problem is to generate blocks in parallel, which is exactly what kadena does-
PoS is not crypto. Sharding is what ETH2 wants to do (and will never accomplish)
>Anonymous 4 >Religion is a system of epistemology. Providing meaning and community is the thing it exists to do. I do not, and should not, expect the same from my bank. If my bank had a fan club, if the Canadian dollar as a concept had a big meetup where everyone was like "woo, the loonie!" and we got musical guests to sing songs about RBC and Scotiabank, that would be insane.
This is fucking fascinating, @cunnyanon explain how ignium ties into this
This molly white guy is such a close minded retard. Yes there are bad things in crypto but have you looked out the fucking window, jesus. >It also usually doesn't take hours for payments to clear on Venmo, or require you to pay a premium to speed them up. Retard
Jackson Gomez
>>Yeah. No. No major bank is using permissionless blockchains. Zero. Nada. Nope. Project Hamilton doesn't use a blockchain. Any main bank work I have encountered — and I work in this space! — has at the very most been playing with permissioned blockchains, a very very very VERY different beast. Sounds like they would greatly enjoy using Kuro with Kadena as the chain to connect them and DeFi.
M** is a scam.
Realistically the answer here is to host the full nodes with all the content, but any non-node querying for information will have those specific transactions censored. They're still there, but one must go to great lengths of downloading the entire chain and digging for it yourself to access them.
When they figure out that most of their finality is in the matter of weeks...
Checked, I do like reading what anti crypto people think, but when they are in a cult about being anti crypto I tune out. Also this molly guy is a woman and this reminds me why I hate women. he made this thing web3isgoinggreat.com/ which demonstrates how retarded he is, yeah crypto "projects" (guys who make an NFT collection) do shady things, but I guess real companies never do shady things ever. I have no problem with documenting shady things, but the narrative around it is retarded.
It's like me making a site on all the murders some people committed then saying "humanity is going just great ...and is definitely not an enormous parasite that's pouring lighter fluid on our already-smoldering planet."
WOW
Henry Kelly
>Checked, I do like reading what anti crypto people think, but when they are in a cult about being anti crypto I tune out I don't care if they disagree, but it's so frustrating when people will share blatant misinformation and outright silence anyone trying to correct misinformation because it doesn't fit their narrative. Saw this today: >We literally have people who get shit sent straight to their wallet without any consent who get their wallets completely emptied cause they open the NFT that got sent and it runs code that sends all their money to someone else I corrected them that receiving a transaction can never do anything with your money and that they themselves opened a phishing link and literally pressed approve for other people to take their money and got downvoted because who cares about the truth, crypto bad. It's like going to your bank account and seeing an unknown incoming 1-2 dollars and thinking hey who sent me this money, looking at the reference information and seeing an obfuscated link to a phishing site and going to that site claiming you won the lottery and to log in with your bank credentials to claim it and then supplying them with your 2FA information while another human is copying everything you're doing on the other end and bypassing your 2FA twice and sending all your money to a hacked account, would that be the banks fault or the users fault? Do they really think the user who got phished will get all their money back? It's already gone and washed by the time they notice because they're told to wait 2-3 days for the echeck to clear and the outgoing transaction can be hidden in a payment plan to activate next day so they may not notice it immediately.
There are thousands of ponzi schemes currently in the financial system. Banks are laundering cartel money, they are helping others evade sanctions for profit. Crypto doesn't change a damn thing except give the little man opportunities only the rich and powerful currently have.
