Can Ethereum Diffuse Bitcoin and Blockhain Separation Efforts? | dinbits


By Bob Pisack

In the end of all this side and private chain nonsense most everyone will agree that you really can't have one without the other. And the third partner that glues it all together might very well be Ethereum. All three together would greatly improve the efficiency of financial transactions, B2B exchanges, Real Estate deals and even more worthwhile ventures such an globally coordinate cancer research, Disaster Relief efforts. 

Personally I would love to see a system using all three that to greatly reduce the number of dogs and cats euthanized every day of the year. If all shelters and rescues have instant knowledge of owners looking for a specific dog or a rescue with empty space where none  have any locally it could greatly reduce the need to kill off the unwanteds of a species that we created to be dependent on us and the abandoned in high numbers.

It just boggles the mind how many things that humans have achieved really in silos until the last century and the internet was the first to start breaking down those walls but there ended up being too much noise and arguments not about which side has the facts but which side could land the biggest jab. But now bitcoins and the block chain along with ether in many instances takes what the internet started so much further. 

 Everything runs on contracts, revenue and some kind of ledger to keep track of it all. One perfect use case is the Legal Marijuana industry. You hear story after story about the danger of violent robberies since they been forced into constantly having huge amounts of cash on hand since most banks won't deal with them until the Feds legalize it on a national level or at least issue a decree absolving them of any risk in taking dispensary deposits.  


To me it seems like the banks are the last place that cash should end up when bitcoin, ether and the block chain can take all this on and instead of the banks getting a huge piece of an immense market it would sit in individual wallets and and investments with fees so low you barely notice them, easily converted to any base FIAT, transportable across any borders and whose value can't be influenced by a non government controlled and illegal entity like the Federal Reserve. 

In the [cryptocurrency] world there is no dumping billions of new coins into the economy to push it unnaturally from one end to the other. From end to end technology would drive the whole process by contracts between growers and dispensaries and driven by Ethereum and paid in bitcoins and then on the retail side the buyers would use only bitcoins to pay and there by taking all the risk of being robbed of their cash out of the equation. 

Sorry banks and large consulting companies that are already out there pushing their own "private chains" out to clients to get massive contracts to over engineer something to they just can't reproduce unless they somehow buy out all the miners currently giving the public, decentralized and paired with bitcoin block chain the power that it has. 

Of course with the uses besides just currency movement becoming apparent I reluctantly admit side chains will probably be needed but only to jump back and forth as needed and would hopefully still compensate the miners for their verification's because I'm sorry folks, I don't think all of them just do it because it's cool. 

If there is no way to even break even running ASICS then they are just going to shut down and call game over. And that would be the only thing that would truly break up bitcoin and the block chain as the power in the chain is slowly turned off one switch at a time.




Story by Bob Pisack
Banner image by dinbits staff
Photo: Ron Sachs/ZUMA Press/Newscom

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