Ethereum can’t work. Be wary about endorsing this project, its 100% hype, with no substance.
Ethereum cant work. Be wary about endorsing this project, its 100% hype, with no substance.
— Chris DeRose (@derosetech) March 28, 2016
Hah – Chris DeRose here. It’s funny how 10 months is a “long time ago” in bitcoin time – but that’s true.
So, yeah, I’ve softened my stance a bit since that video was aired – though as I re-watch this, I do think that my comments here regarding the feature roll-in into bitcoin are mostly still true. That being said, I do think there’s a lot of innovation happening in Monero’s chain due to the ease in which those features can be rolled into production. Hard forking in Monero IIRC happens on a 6 month basis – so that would allow the code to be tested / integratedmuch quicker than you would find in Bitcoin.
I do still believe that investing in crypto currencies (including bitcoin) is a … dubious proposition – and if you’re here to get rich quick, you’ll get burned. That being said, I’ve gone so far to say that monero is probably the best altcoin (in my opinion) as judged by technical competence, features, and achievements. I think Ethereum and Dash are total scams, and the other thousands of altcoins are run by morons. Fluffy Pony seems bright enough to be on the bitcoin core team, and that’s highly encouraging for the Monero community.
Bitcoin evangelist, public speaker, and Community Director of the Counterparty Foundation. I’m a lead organizer of the South Florida Bitcoin group, a lecturer, and the proud owner of two amazing cats. I’m a journalist, a Youtuber, and accomplished software developer. This site is snapshot of what’s going on in my life, and a scratchpad for ideas. If you want to get a hold of me, twitter is your best route, but I’ll try to get around to an email sent to email@example.com. Yes, I have a milliner.
I suspect it’s because with the Serenity release, Ethereum will implement Monero’s ring signatures, rendering Monero obsolete.
On the one hand, this validates Monero (Vitalik is implicitly endorsing its approach).
On the other hand, the question then becomes whether or not Ethereum is essentially co-opting Monero’s tech & hence rendering Monero irrelevant (because Ethereum has 18x higher market cap & liquidity, more users presumably, more nodes, more usage, more funding, more awareness, more mindshare).
Rootstock, CounterParty, et al. have demonstrated no significant advantages nor advances as compared to Ethereum. Ethereum can already “side-chain” bitcoin and has been able to since launch… Bitcoin is the laggard and cannot do the same until it adds the ability to “freeze/thaw” coins. Using the BTCRelay contract to confirm BTC transactions, it’s possible to have trustless two-party ETH-BTC trades. If instead a BTC burn address is setup, an Ethereum contract could use BTCRelay to create a 1:1 token for every Bitcoin burned allowing (in theory) all bitcoins to migrate onto the ethereum chain with no loss of value. And technically, you could validate proof of work in a contract too, so you could even let the mining industry keep burning those electrons to mint new coins… if you really wanted.