Counterparty Recreates Ethereum’s Smart Contract Platform on Bitcoin

Comments

  • PaulPaul Member Posts: 13
    It will be interesting to see what happens (even though I bought a bunch of ether lol). But my guess is that the devil will be in the details. I read the link and I'm wondering about the fee difference that Counterparty mentioned, saying that it would not use fees but (I believe I read) replace them with parts of Counterparty. Perhaps that will make a difference. Plus, wasn't one of the points of Ethereum that it was a bad idea to have things riding on top of Bitcoin? Now they talk of sidechains, but isn't Counterparty built on top and once the thing gets too big there are too many nodes to verify or something like that. Also, it seems like Ethereum is an ecosystem not just a programming language right? Still, that whole first to market thing has me a little worried here. But I place my faith in Vitalik!
  • bitcoinnoisseurbitcoinnoisseur Member Posts: 5
    I bought a lot of Ethereum so I'm a little more worried. Seems like it was a bit too easy to "steal" all the work.
  • bitcoinnoisseurbitcoinnoisseur Member Posts: 5
    XRP price is skyrocketing and I'm quite sure it has a lot to do with this.
  • bitcoinnoisseurbitcoinnoisseur Member Posts: 5
    The fact that no one else is replying to this makes me even more wary.
  • PaulPaul Member Posts: 13
    edited November 2014
    Most people are Sheeple so it doesn't matter that Counterparty is skyrocketing -- They will find a reason to abandon it once they realize some other fact to herd them into another corner of their pasture. Ethereum is Dead! Long Live Ethereum!
  • PaulPaul Member Posts: 13
    edited November 2014
    Joseph Lubin responds here: http:// blogs.wsj.com/moneybeat/2014/11/12/bitbeat-bitcoin-2-0-firm-counterparty-adopts-ethereums-software/
  • bitcoinnoisseurbitcoinnoisseur Member Posts: 5
    Good article. Thanks.
  • MarioFortierMarioFortier Boston, MAMember Posts: 30
    edited November 2014
    This is good news. It is more exposure and "validation" outside the Ethereum community.

    It is also good because we end up with an increase of Ethereum-like contracts being developed.

    "Porting" goes both ways. Contract running first over Counterparty/Bitcoin could be "ported back" to run on the dedicated Ethereum network (assuming no BTC/XCP specific dependencies).

    A bad scenario would be a killer app showing up on CounterParty that could *not* be easily ported back to the Ethereum network... but by choosing to be (mostly) contract compatible this is now less likely.

    In short, I do not worry about alternative Ethereum-like networks popping up (bound to happen sooner or later).

    On long term, may the fastest/cheapest/safest network wins (and my bet is on the Ethereum dedicated blockchain driven by this community).
  • ChrJentzschChrJentzsch Member Posts: 17
    My personal opinion is that the usability of Etherum will be much better. We do not only create the core technology, we also build an environment (Mist browser, IDE, ...). And as mentioned in the article, the time to confirm a transaction is crucial for many Dapps (internet of things, ...). I actually think this is a good thing, since developers will start more and more to use smart contracts and get familiar with those concepts. I also believe that the time will come when bitcoin mining gets even more centralized, and it can not handle all those micro transactions anymore. And then, even killer Dapps, will move to a better blockchain, if they did choose to start with counterparty. The future is bright for Etherum.
  • weexweex Member Posts: 1
    I'm joining today because of the Counterparty announcement. I've been heavily into Counterparty for the past few months and while I had taken a serious look at Ethereum, I hesitate to get into anything until it's out in the wild in some production capacity. Since Serpent has been included in the project, I am now interested to learn about where the limitations are on the environment. I'm starting with the examples at etherscripter so may post questions if I don't find answers. I think it's a good thing for both projects and for the space to get more eyeballs on this stuff, whatever the reason.
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