It’s similar in terms of minimal barrier to entry, so the market gets flooded with competitors. Most will fail. There will be a couple of winners, but we are a long way from knowing who they will be. Personally, I wouldn’t buy until lots of cryptos fail, and people stop creating new ones all the time.
dapps have their place, but i haven’t seen a killer thing yet. Most of these things didn’t even need a blockchain (torrents work for example).
The ultimate game i think is still fiat replacement. You don’t need paypal to accept payments.
It seems Bitcoin Forks are the new ICOs!
I found the following useful in understanding Bitcoin Forks and associated risks/scams!
Will Bitcoin Private affect privacy themed altcoins like Monero?
Bitcoin will still be used by ransomware thieves and on the dark web so it will still retain some value.
Since DApps was mentioned, I had to look it up. Sharing what I found for other crypto-noobs
Put simply, a blockchain is a ledger of records organized in ‘blocks’ that are linked together by cryptographic validation. It is a digital storage of consensus truth. The key is to understand that this ledger is neither stored in a centralized location nor managed by any single entity, hence its distributed-ness. The block validation system results in new transactions being added irreversibly and old transactions preserved forever for all to see, hence its transparency and resilience. Open-source software that leverage on the blockchain technology are called Dapps. The first Dapp was in fact Bitcoin itself.
Successful Ethereum-based Dapps
Golem. The Golem project aims to create the first global market for idle computer power. Standing at a remarkable market cap of 220 million USD, Golem will release the first version, Brass Golem, in May. Brass Golem will be tested on its ability to tackle CGI rendering, its first use case. If it turns out to be sustainably successful, CGI artists will be able to rent computing resources from other users to render an image quicker. Likewise, an idle machine can also accept tasks from other users. In light of this, frictionless sharing and pooling of resources may be a reality sooner than we think.
Augur. Augur aims to combine the concept of prediction markets with the power of decentralised network to create a forecasting tool, for potential trading gains. Standing at a market cap above 200 million USD, Augur is currently still under beta test. Eventually, it may be able to feed real-world truths into other applications and establish itself as the blockchain of facts.
Melonport. The Melonport protocol is a blockchain protocol for digital asset management. Participants can set up or invest in digital asset management strategies in an open and competitive manner. Using blockchain technology, time and costs are drastically reduced. By building an auditable and visible track record, Melonport enables a never-seen-before competitive environment in asset management.
Status. Status transforms your mobile device into a light client node on the Ethereum Network and enables you to easily access Ethereum’s entire ecosystem from anywhere. Within their messenger system, users may send smart contracts and payment to each other. Server downtimes is now longer a problem as the app runs on peer-to-peer protocol.
Brave (Upcoming ICO). In a world where consumers struggle to be in control of their attention and privacy, Brave’s value proposition seems rather unique. A shocking 60% of web page load time is caused by the underlying ad technology. Brave browser makes web browsing fast and safe by shielding you from third-party tracking. On top of that, should you choose to support content creators by enabling ads, you may even be monetarily rewarded with tokens. This gives end users an unprecedented level of control.
Aragon Upcoming ICO). Aragon is another ambitious project. It aims to disintermediate human trade, and allows you to manage entire organizations using the blockchain. By removing geographical borders and paperwork, the Aragon Network aims to act as a digital jurisdiction that is extremely convenient for everyone to operate on.
As seen above, each Dapp intends to apply blockchain technology to its niche and take over their respective industries. Be it investment, technology or governance, blockchain technology will permeate markets; its omnipresence will grace the world.
There’s a startup doing some sort of distributed data center with blockchain. Forgot the name at the moment.
you don’t need blockchain for that.
Seti@home was doing that for years
True. And distributed data center is dumb idea anyway.
yeah exactly my problem. we have had a bunch of “distributed web apps” ideas. The thing that comes better with blockchain is finance mostly.
I’m seeing a lot of similarities between this and napster.
Surprise! The BitTorrent guy is into blockchains nowadays.
You going to the talk to meet the legend?
In the just 24 hours the price went from high 7s to 10k. Why?
I read that Coinbase has just announced or made available a web interface that allows merchants to accept payments in Bitcoin, similar how paypal has a “pay me” link that allows anyone to accept credit cards. My understanding is that a web site just has to cut and paste some HTML and provide a receiving bitcoin wallet address.
The question is of course, how much do they charge for this service? Coinbase has a reputation to charge high fees as a $-BTC exchange.
Other good news is that Coinbase offers a more efficient way to do transactions. The keyword is “segwit support”. I do lack full understanding of the details. I had read that Coinbase was not batching transactions and not supporting Segwit. I believe they have corrected both, and this was probably a pre-requirement to offer a web payment service.
It would be good if the value of BTC/$ would grow more slowly to allow to become a means of payment.
The answer is tether.
I think this whole crypto thing might have pushed through some critical threshold and achieving some real staying power. The world is dying for the next phrase of technological innovation. When you have enough smart people putting their energy and rich people pouring their capitals into some phenomena, it can induce big changes.
That being said, personally I’m still way more confident investing into stocks and real estate. So I don’t think I’m going to put any energy nor capital into this for now.