It doesn't. His example is nonsensical.
The best use cases for smart contracts are gambling apps (i.e., financial markets, exchanges), escrow services (collateral-based trustless loans), and perhaps some identity services
175 karma · joined July 20, 2016
The best use cases for smart contracts are gambling apps (i.e., financial markets, exchanges), escrow services (collateral-based trustless loans), and perhaps some identity services
https://www.reddit.com/r/Bitcoin/comments/53bfj6/will_there_...
Even your own links says "A Bitcoin implementation that does not verify everything, but instead relies on either connecting to a trusted node"
This app is more about having WeChat with crypto payments and with app interactions. Light client could come later though.
People forget that the ETC exists and is viable for anyone who wants it.
Everyone needs to stop talking about developer losses and whatnot. They gave us a choice, there is 100% consensus on the ETH chain, and there is 100% consensus on the ETC chain. If you want to blame anyone, blame the users. But the dev team has been incredibly top notch and professional all around.
That's basically true. I don't dispute that. That's basically how Bitcoin works as well. There's currently a coup attempt going on to overthrow Bitcoin Core. If the mob grows big enough they will succeed.
>Eating the loss doesn't stop you from developing better software. Heck, I'd say that it's a pretty good way to prevent things in the future by giving people a real incentive to prevent bugs in the first place. If it's socially acceptable to roll back the clock because somebody wrote a dumb smart contract then it's a sign that writing dumb smart contracts is socially acceptable.
Eat the loss or not eating the loss doesnt affect development. The development track is the same either way. One saves a sad sack of idiots from losing money and the other doesn't. It's not the development team's job to teach people basic life skills about risk. Users had a choice to be on the chain where they lost money or the one that they didn't. Shocker, they chose to recover their money. Has nothing to do with developing better software or not.
>That's a false dichotomy. In the analogy Musk doesn't go to jail unless he willfully released something that he knew could kill people or otherwise programmed the cars to drive on the sidewalk. In ETH's case they could have absorbed the loss, hardened the systems, and moved on. Honestly it would have added a lot more credibility to the whole endeavor by showing that they were willing to put their (ETH) money where their mouths are.
No one willfully released TheDAO code to suck. It just sucked by accident. Absorbing the loss would NOT have hardened the system. Everything would be exactly the same. It wouldn't have made Eth any more or less credible if we absorbed the loss. And if you are put off, that's fine. If you want to join a blockchain with perfect credibility, good luck. Bitcoin has forked ~3 times, and Ethereum Classic has forked 2 or 3 times now as well.
Maybe blockchain technology is too nascent, or it just isn't for you. But the takeaway here is that _we are all still striving and working hard to make this technology be meaningful for the world, so stop shitting on it just to get your rocks off_. Not you personally, but others clearly do.
Ask yourself if this was a centralized hard fork ordered by up high, or as users we chose to opt in to this change. Clearly we opted in, because Ethereum Classic exists for those who so wish. Therefore, the Ethereum Foundation did not "force" me to do anything that I didn't agree to.
Yes in my example Musk might have gotten sued (although really? is he at risk of that right now? I doubt it.), but a mistake early on in development should not hinder the advancement of the technology.
If you are going to say smart contracts are useful, but we should abandon the Ethereum blockchain, then BY ALL MEANS please go to Ethereum Classic. You'll be welcome there with open arms. But the main Ethereum community clearly prioritizes pragmatism, as do the majority of the world. We're not idealists. We're actually trying to put out a meaningful technology to help people. So you can throw Musk in jail or let him get back to work on saving lives.
No, the hard fork for TheDAO did not sacrifice our principles.
No it wasn't a centralized bailout.
Yes, there were SOME shady things that went down, but all very minor. It was a very confusing time for all.
Yes, the website says "unstoppable uncensorable contracts" and we stopped one. Congratulations. Let me direct you to Ethereum Classic. You can't complain about a hard fork when you have a community that upholds the original version. Go complain there. The rest of us are moving forward and helping develop a technology that will ultimately be fully decentralized and uncensorable. In the meantime, our community respects our centralized development team that is super awesome and competent and are committed to changing the world.
Best analogy I can come up with is Elon Musk trying to develop automated driving cars, and a few people tragically get killed along the way due to it. That doesnt mean automated driving cars are bad, or that development of the technology should cease.
Here's a great list of upcoming projects
https://www.reddit.com/r/ethereum/comments/5slji5/its_all_sl...