Slashdot Mirror
Bitcoin Pioneer Says New Coin To Work on Many Blockchains (bloomberg.com)
A reader shares a Bloomberg report: Jeff Garzik, one of a handful of key developers who helped build the underlying software for bitcoin that is known as blockchain, has seen its shortcomings firsthand. So he decided to create a better digital currency. He's calling it Metronome and says it will be the first that can jump between different blockchains. For example, coins that are used for applications on the Ethereum blockchain will be able to move to Ethereum Classic before jumping onto Qtum or Rootstock, which connects with the bitcoin blockchain, said Garzik. The mobility means that if one blockchain dies out as the result of infighting among developers or slackened use, metronome owners can move their holdings elsewhere. That should help the coins retain value, and ensure their longevity, Garzik, co-founder of startup Bloq that created metronome, said in a phone interview. It will be unveiled Tuesday at the Money 20/20 conference in Las Vegas. "Institutional investors should be very excited to see something like this," Matthew Roszak, the other co-founder of Bloq and chairman of industry advocate Chamber of Digital Commerce, said in a phone interview. "We've built a thousand-year cryptocurrency, something that's built to last." That's a concern for many digital currencies. Infighting among developers and various supporters, and the slow pace of enhancements on the bitcoin blockchain have helped to limit use. Both bitcoin and its main rival, ethereum, have split into several versions.
Isn't this the same guy responsible for all sorts of attacks on bitcoin, all sorts of lame implementations of coins (that fail)... And bloomberg is looking to him to fix things. Gah.
I'm going to move my fifty thousand Dogecoins to the Bitcoin blockchain!
I'm rich!
#DeleteFacebook
It's just more people not realizing that folks only use these digital currencies as arbitrage for real currency. The whole idea is to sell people bitcoins or whatnot when they think they're going to be worth more, then buy them back in a slump. Wash, rinse, repeat, while everyone else gets poorer and you get richer.
Support my political activism on Patreon.
The article is lacking some technical details, but it mentions there is not going to be an exchange in the normal sense.
Then it looks a lot like someone putting his dollar bills in a shredder, then flying to Germany and claiming the ECB should print him Euros because he destroyed his dollars.
Obviously I missed something here. Can someone explain what?
Build up one business scheme and get out before it falls, only to build up a similar business and get out before that falls. Rinse, repeat.
I believe this is very similar to some sort of ????? scheme, I just can't quite remember what it is called...
No, no, no. Do not listen to that man.
He's a lying, cheating, scammer creating another scamcoin.
We were sold on the idea of a Heinz 57 basket of virtual currencies because it's supposedly beneficial for them to be distinct from each other, and now suddenly it's supposed to be beneficial for them to somehow magically morph into each other (which would require, I gather, some level of inherent trust between those competing systems, mutual fraud protection mechanisms, etc.)? Got it.
IMO, this is just the latest example of a bunch of too-smart-by-half tech heads sitting around coming up with a series of poorly planned ad-hoc ideas and finding bubble-seeking investors to throw cash at it. The emperor has no clothes.