<html> <p> <strong>In the wake of social network</strong> <a href="https://steemit.com/"><strong>Steemit’s</strong></a> <strong>hack, Ryan X. Charles, co-creator of</strong> <a href="https://www.yours.network/"><strong>Yours</strong></a><strong>, explained his reasons for using Bitcoin for his own network despite the disadvantages.</strong> </p> <h2> Charles: Steem ‘Can’t Last’ <img src="https://news.bitcoin.com/wp-content/uploads/2016/07/steemit-share-300x157.png" width="300" height="157"/></h2> <p><br></p> <p>The Yours platform, which like Steemit pays users who upload quality popular content, is still in its test phase, with a limited preview set for later this summer.</p> <pre><code>“… One of the top questions we’ve been asked is ‘why bitcoin?’” </code></pre> <p>Charles wrote in a <a href="https://engineering.yours.network/articles/2016-07-14-why-we-are-sticking-with-bitcoin/">blog post</a> Thursday. </p> <p> <em><strong>By leveraging bitcoin, we can take advantage of the largest blockchain technical ecosystem including open source software, documentation, standards, and APIs, as well as the largest blockchain social ecosystem including companies and experts.</strong></em> </p> <p> Steemit had been <a href="https://news.bitcoin.com/steemit-pays-users-massive-growth/">paying its users</a> in its own currency, Steem dollars, using a separate blockchain. In the post, Charles specifically outlined Steem dollars as an example of what he described as </p> <pre><code>“the very approach we determined wouldn’t work.”</code></pre> <pre><code>“Although we are delighted to see blockchain social media a reality, we worry that Steem can’t last,” </code></pre> <p>he wrote.</p> <pre><code> “The burden of building not just a community and a technical platform, but also a novel cryptosystem and supporting economy, is extremely high.”</code></pre> <p>He noted that while building a platform on legacy Bitcoin blockchain parameters meant developers </p> <pre><code>“would have full control over our blockchain’s technical properties to suit our community’s needs,” </code></pre> <p>the problems associated with forging everything from scratch outweighed the advantages. </p> <p> </p> <h2>Timely Words</h2> <p>Charles’ post was seemingly released while news of <a href="https://news.bitcoin.com/steemit-hacked-weak-security/">Steemit’s hack</a> was still confined to smaller circles. Instead, he offered that in hindsight, it was fortunate Yours had not been built on Ethereum.</p> <pre><code>“A few months ago I wrote an article called ‘<a href="https://engineering.yours.network/articles/2016-04-03-why-im-sticking-with-bitcoin/">Why I’m Sticking With Bitcoin</a>,’ which was about why Yours was not using ethereum… Since then, the DAO was hacked and the enthusiasm around ethereum has dampened,” </code></pre> <pre><code>he concluded. </code></pre> <blockquote><em>Like any good scientific theory, the bitcoin theory has not yet been nor can ever be proven, but so far has withstood every attack.</em></blockquote> <p>Steemit meanwhile has restored functionality to its website after amounts of up to $85,000 had been stolen, with CEO Ned Scott <a href="https://steemit.com/steemit/@steemit3/first-update-to-july-14-security-announcement-from-steemit-ceo-ned-scott">announcing</a> “potentially compromised accounts” with balances over $100 being ring fenced.</p> <pre><code>“After conducting further analysis and following hack containment procedures, Steemit has been able to narrow the potential number of compromised accounts,” </code></pre> <p>he wrote in the update</p> <pre><code>“As a result, we can ensure these accounts are restored to their rightful owners. This process has been completed.”</code></pre> <p>He added that partner exchange Bittrex was still analyzing wallets, after which deposits and withdrawals of Steem dollars would reopen </p> </html>
| author | sotnd1996 |
|---|---|
| permlink | ryan-x-charles-on-choosing-bitcoin-and-why-steem-can-t-last |
| category | news |
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This is nothing more than the average "Shit Coin" mentality that many Bitcoin users have about Altcoins. For some reason there is an animosity against Altcoins, and people creating new Altcoins within the Bitcoin community. But if you notice, Satoshi Nakamoto didn't just put Bitcoin into the world, he gave the World the source code, allowing people to create their own coins. People were supposed to make their own coins. Altcoins are not some lesser creation, they are part of what Satoshi Nakamoto made. And Altcoins have not even reached their true potential yet. The article above comes from the perspective of someone who sees Bitcoin as somehow special, like it did what it did and no other coin could possibly do that. But what if someone made a University Coin, and it started being mined on campuses around the world and traded in for Bitcoins by the miners. Then say a University starts accepting the coin in their University shops, and maybe even eventually as a form of payment for tuition. This Altcoin would surpass all other coins, except maybe STEEM. The reason that a coin like that would do so well is because it is bringing in new people, like STEEM does. Every single other Altcoin is created, then posted on Bitcointalk, and mined by the Bitcoin community. So most Altcoins are aimed at people that already use Bitcoin. When a coin is created that ultimately disregards Bitcoin users, and focuses on teaching new people how to use Cryptocurrencies directly through their new coin, it brings a new value to the Cryptocoin community that literally has not existed until July 4th 2016, when Steemit started paying people. This isn't a coin branching off from the Bitcoin community, this is an entirely new community, being built around an entirely new coin, that happened to come 2nd in History. Just because Bitcoin came first does not mean that it is perfect or the best, it just means that no one has broken the mold yet. And that is happening right now.
| author | marsresident |
|---|---|
| permlink | re-sotnd1996-ryan-x-charles-on-choosing-bitcoin-and-why-steem-can-t-last-20160722t112559407z |
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