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RE: Could Elon be wrong?

in LeoFinance3 years ago (edited)

Yep I am also on the bitcoin is an antiquated algorithm view. There are so many better solutions out there. I have spent my career doing engineering (in parallel to photography) and I don't understand the bitcoin maxis view that first is best. Rarely is the fist into a space the best. That's a bit like saying the Model T Ford will never be surpassed and anything else is FUD, or Edison's first light bulb is the only one ever relevant. They treat Satoshi as some sort of Einstein to never be surpassed. The reality is that as brilliant as it is Bitcoin is just the first experiment in a breakthrough new space. There have been a lot of other decentralized trustless consensus algorithms developed since, and there will be many many more in the future (I say algorithms rather than blockchains as some like hashgraph are not really blockchains at all) . There won't be one winner any more than there will be one master race ruling the world. The future will be a decentralized mix of trustless consensus algorithms with all sorts of distributed ledgers. Bitcoin has first mover advantage and the known brand; an an inefficient consensus algorithm which seems incapable of supporting change. This will be its Achilles. It is actually the one reason I like DPOS despite its imperfections. The ability to react to stimulus and change development direction with DPOS is 2nd to none. All long lasting systems (natural or artificial) have to be capable of evolving to deal with new stimuli or they die out. If Hive for example had an energy problem (or any other problem) they would simply propose a new HF that dealt with it (lets call it HF26) and then discuss it and vote on if to accept it. People who equate the inefficiency with extra levels of security fail to understand game theory and what happens when fees overtake block rewards as the dominant form of rewards in any deflationary POW coin. It's a bit like moving rocks to cover your font door every time you leave the house and then when told that it is inefficient by people using other more efficient types of locks, yelling at them that work is equivalent to security and that they have no idea what they are talking about.