Patio11 goes on a tweet storm here where he is wrong so many times.
>"..Most advantages of Bitcoin which matter are captured by, and improved upon by, a LAMP app which simply holds account balances."
The blockchain is a ledger fine. But mining & proof of-work are separate concepts from the ledger. Mining is not only digging gold for distribution but also checking that the money note you just received is 'not counterfeit' + 'unique'.
> "Bitcoin is not a protocol in any meaningful sense of word.."
Bitcoin isn't but blockchain is. It is an algorithm that enables value transfer over any medium of transmission. Similar to how morse code enabled data transfer where only signal was being transferred. Similarly, internet enabled information transfer where only data was being transferred. Blockchain is the 8th layer of the OSI model.
>"..Bitcoin's disaster recovery plan is a) get a cabal of people together in IRC, b) shut down the entire payment network, c) sort things."
Forget bitcoin. Its like looking at the internet and finding faults in hotmail as the first email service.
> "A good portion of geek enthusiasm for Bitcoins comes from the fact that it is programmable money. But: Money is also programmable money."
No. Forget money. Blockchain is the thing. Its like saying internet is all about email. Internet enables information transfer, now what is information-transfer in plain english? A letter. Hence messaging is the first natural application of internet. Blockchain enables value-transfer, what is that in plain english? Money.
>"..Most advantages of Bitcoin which matter are captured by, and improved upon by, a LAMP app which simply holds account balances."
The blockchain is a ledger fine. But mining & proof of-work are separate concepts from the ledger. Mining is not only digging gold for distribution but also checking that the money note you just received is 'not counterfeit' + 'unique'.
> "Bitcoin is not a protocol in any meaningful sense of word.."
Bitcoin isn't but blockchain is. It is an algorithm that enables value transfer over any medium of transmission. Similar to how morse code enabled data transfer where only signal was being transferred. Similarly, internet enabled information transfer where only data was being transferred. Blockchain is the 8th layer of the OSI model.
>"..Bitcoin's disaster recovery plan is a) get a cabal of people together in IRC, b) shut down the entire payment network, c) sort things."
Forget bitcoin. Its like looking at the internet and finding faults in hotmail as the first email service.
> "A good portion of geek enthusiasm for Bitcoins comes from the fact that it is programmable money. But: Money is also programmable money."
No. Forget money. Blockchain is the thing. Its like saying internet is all about email. Internet enables information transfer, now what is information-transfer in plain english? A letter. Hence messaging is the first natural application of internet. Blockchain enables value-transfer, what is that in plain english? Money.