Podcast: Bitcoin vs. blockchains without coin

The blockchain is considered by many to be the groundbreaking innovation behind Bitcoin. But Bitcoin is more than just a chain of data blocks.

Does a blockchain without a Bitcoin code like asset make any sense at all?

Blockchain yay, Bitcoin code nay” is the attitude of many established companies to the technological phenomenon of the 21st century. On the one hand the big players want to be hip and innovative, on the other hand decentralized technology undermines established power structures. This is why Bitcoin code is usually actively hushed up in such circles.

Blockchain technology, on the other hand, is very popular. After all, blockchain technology is the essence of Bitcoin and the fundamental innovation with which many processes can be overhauled. In addition, efficiency can be gained without having to abolish middlemen. But is that true?

A Peer-to-Peer Bitcoin code Revolution

Bitcoin code is much more than just a blockchain says onlinebetrug. Because Bitcoin is a sophisticated, digital money system without a controlling institution. Participants can send money directly to each other as easily as they can send e-mails. These transfers are documented on the blockchain. Ensuring their integrity is the task of the miners, who compete with each other. In order for a transaction to be confirmed, a miner must provide the so-called proof of work.

As a reward for the demonstrably performed work, the miner receives a digital asset that is native to the blockchain: Bitcoin. The blockchain is therefore only one component in the electronic peer-to-peer cash system. In addition to the proof of work, the asset, Bitcoin, also plays an essential role. In other words, the digital asset serves as an incentive for the miners to do their job. What’s more, it gives the whole construct a unit with which value can be transferred and measured. In addition, Bitcoin is open to anyone and the computer code can be verified.

Therefore the genius of Bitcoin goes far beyond “the blockchain”. Consequently, the terms Bitcoin and Blockchain are not synonymous. That is why Onur and I are discussing this topic in today’s podcast episode.

Onur Akpolat is enthusiastic about crypto currencies and says: “This is the digital revolution I’ve been waiting for”. His passion led him to create the crypto hero podcast Hung Tieu. In today’s episode he is our guest in the BTC-ECHO podcast studio and philosophises with me about the sense of blockchains without coin.

Vitalik Buterin: Ethereum without its founder?

Ethereum founder Vitalik Buterin caused confusion last week with a series of tweets. In conversation with other users, he initially indicated that he might want to cut back in the future.

He could not think of leaving the Bitcoin formula in the near future

Like Apple with the late Steve Jobs and Tesla with Elon Musk – sometimes already compared to Jobs – Bitcoin formula is almost inseparably connected to his leading figure. But what happens should Vitalik Buterin, Ethereum Co-Founder and Head of the Bitcoin formula Foundation, step down and dedicate himself to other things? This question came up last Friday, October 5, in a sudden and unexpected way.

“Vitalik, how do you actually imagine your farewell?”
Twitter user Raz challenged Vitalik Buterin in a Twitter thread with the question if and when he would ever renounce Ethereum. “To Vitalik Buterin, any ideas as to how you would eventually break away from the project,” was the exact wording of the question.

Buterin answered immediately and said that he was already in the process of releasing himself slowly. In addition, he was no longer so deeply involved in the operational business, as much of the work was already being done by his team. “Already in progress, even most of the research is done by Danny Ryan, Justin Drake, Hsiao-Wei Wang and others”.

As if to reassure his fellow readers, he also adds that he is convinced that he is no longer so important for the success of Ethereum.

Ethereum would absolutely survive if Bitcoin trader spontaneously left tomorrow

“No plans to leave soon.” However, it does not seem to him to be that urgent. After the announcement had already made waves, Buterin spoke again on Saturday, 6 October. Of course, Bitcoin trader didn’t want to leave the Ethereum Foundation and the entire project in the near future. Rather, he was interested in the theoretical possibility of disappearing completely like this: Is Bitcoin Trader a Scam? Read This Review Before You Sign Up!

In addition, he made it clear that “to detach oneself” does not mean that he wants to get out completely. Instead, he wanted to free himself from always having to participate in all decisions and innovations. After all, Buterin didn’t build a project around herself, but a decentralized system that works independently of people. Nevertheless: “No real plans to disappear in the near future.” The Ethereum community will be happy.

Bitcoin God: New charity fork

As a symbolic gesture, a new fork will see the light of day on Christmas Day. The start of Bitcoin God is propagated by the Chinese investor Chandler Guo, who wants to make our world a little better with it.

But can the Bitcoin trader project really succeed?

In the near future we will have several forks of Bitcoin trader and other crypto currencies. As onlinebetrug expert Mirco Recksiek (KI Group) explained last Crypto Monday, it’s in the nature of things that an open source project constantly leads to completely new representatives. The blockchain is just as open source as some Linux distributions or programs, for example. A central institution that controls everything or forbids new forks does not exist there. This is not even planned. Only time will tell which of the new spin-offs will play an important role in the future, according to Recksiek. No one can control this and it has not had any negative effects on the Bitcoin course so far. But let’s be honest: Do we really need the Bitcoin Hot, the Super Bitcoin or a Lightning Bitcoin? Hard to say. They all have their raison d’ĂȘtre, but some observers are already quite annoyed because of the constant forking.

After all, there seems to be a fork for Christmas with the Bitcoin God, which at least contains a new idea. The GOD comes from the pen of the Chinese mining pope and investor Chandler Guo, who wants to found a completely decentralized and self-regulating, non-profit community based on the blockchain. In majority decisions, the community is to decide on the allocation of tokens to charitable projects. So it’s not just about speculation or earning money. Moreover, God is not someone abstract up there, but rather every single partner to a certain extent. The self-declared goal is to fill the world with love and to make our earth a better place with modern means.

It must also be clarified: What can be considered charitable for crypto trader?

Until Christmas there are only a few days left. However, there is a lack of detail on the crypto trader website. Not as far as the technical specifications are concerned, but for example how and where the votes are to be carried out from autumn 2018. Does this also mean non-governmental organisations such as Reporters Without Borders or Amnesty International, which work for more freedom of expression and assembly or against the violation of human rights? If the crypto trader community were to donate money to one of these NGOs, Bitcoin God’s figurehead, Chandler Guo Hongcai, would have a first problem. The government in Beijing would certainly not be happy about this.

Apart from expenses, a little attention and full-bodied announcements, nothing happened? Let’s have a look. We will continue to monitor the project, the idea behind it sounds interesting in any case.