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Why I’m short Ethereum (and long Bitcoin)

10 pointsby wille92over 8 years ago

2 comments

apeaceover 8 years ago
The essential points underlying the overall argument are:<p>1) A more powerful programming language in the blockchain carries greater risk of bugs which could take down all nodes in the network, 2) multiple implementations are a bad idea, and 3) hard forks are a bad idea.<p>Problem #1 has the most merit. Ethereum&#x27;s implementation may not be the winner, but _someday_ there will be a block chain which has a powerful programming language. Just because it is hard to get right, doesn&#x27;t mean it&#x27;s a bad idea.<p>Regarding problem #2 (multiple implementations), I&#x27;m astounded that so many agree with this, as it simply doesn&#x27;t make any sense. The more implementations there are, the less risk there is that any one problem will take down the entire network. Others have written about this [0]. If anything, the problem is that 90% of the Ethereum network is running Geth today. The more diversity the better.<p>Problem #3 (hard forks) has also been addressed by others [1]. Without even addressing whether hard-forks are appropriate for certain situations, I think if you agree that soft-forks are appropriate but hard-folks aren&#x27;t, you fundamentally misunderstand what a &quot;soft-fork&quot; is and what can be done with one. See [1] for more info.<p>[0] <a href="https:&#x2F;&#x2F;blog.conformal.com&#x2F;the-bitcoin-consensus-red-herring&#x2F;" rel="nofollow">https:&#x2F;&#x2F;blog.conformal.com&#x2F;the-bitcoin-consensus-red-herring...</a><p>[1] <a href="https:&#x2F;&#x2F;medium.com&#x2F;@octskyward&#x2F;on-consensus-and-forks-c6a050c792e7#.4gb2sf21h" rel="nofollow">https:&#x2F;&#x2F;medium.com&#x2F;@octskyward&#x2F;on-consensus-and-forks-c6a050...</a>
kylebenzleover 8 years ago
Great article! But, until we have a turning complete decentralized machine someone will be working toward that goal. So it may not be Ethereum across the finish line (not today&#x27;s ethereum) but until there is a better pony to bet on I don&#x27;t see anyone else as far along as Vitalik et al.