ADA not recognized that much

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41

You do not need 24 hour customer support for a public blockchain (DAPPs & Cryptocurrency) platform. - Almost every bank and relevant financial institution has 24 hour support escially in reporting fraud or loss of card. Not having this isn’t going to help adoption.

Government backing is happening with public blockchains as well, it´s called regulations & compliance. - Regulations and compliance is not FDIC. It’s called insurance against deposits.

All the CBDCs (https://en.wikipedia.org/wiki/Central_Bank_Digital_Currency) and commercial bank digital currencies will NOT operate on a public Blockchain, but on their infrastructure, meaning it will never be truly decentralized. - My point exactly centralization has its benefits. One is accountability.

Regarding Smart Contract capability, well it will take a lot of time, unless they don´t copy-paste. Now this copy-paste is not trivial. - Ask yourself how many versions of Linux are out there. Most of them are solid. Combine all of the open Source efforts and compare that to Microsoft in terms of Market cap, penetration, and adoption. Engineers are like everyone else. They need to get paid, have benefits, 401k, health coverage, etc. Donating time to an effort doesnt provide this. If enterprises like Google or Apple get into blockchain you dont think some great developers will go to work for them?

Time to market, Brand recognition drive adoption. https://www.coindesk.com/apple-sec-filing-hints-at-tech-giants-blockchain-interest

There is an incredible speed of delivery for Cardano if you consider the Vision - Idea - Research Paper - Implementation cycle. Cardano is moving in lightning speed, which is also backed up by being one of the most developped Crypto Projects out there (according to git commits). No one is disagreeing with the vision. - Do you honestly believe the best ideas are the ones always adopted? Tesla wouldnt agree with that I imagine. Person not car company. Time to market matters. Period. please quit upselling the papers and peer review. we’re all pretty aware of this. The selling point has not helped with volume one bit.

Volume on trading sinks, because you have lot of holders who realize the value of the venture. There is no new fresh money moving into the space yet (wait for institutional investment in a year or two) and there are no adapted high population use cases on Cardano yet. **- And you point is? You’re repeating what I’ve been saying. Fresh money isn’t moving in because a lot of people lost and there is no regulation in the immediate horizon. In the meantime, private enterprises enter them space. **

I also believe there are many holders (including myself) who don´t want to exit their ADA holdings, but will keep staking for passive income and maybe use ADA whenver possible for purchasing goods - Non issue and irrelevant.

Early buyers should sell, providing liquidity to the market. I am very happy that we have a lot of ADA whales who got in on low prices - Non issue and irrelevant.

Open Source is the way to go. If you want to build the next generation financial protocol / infrastructure then you can´t go proprietary. - Never fall in love with anything, commodity, coin, or anything else. Open Source is the way to go once I see profits larger than commercial enterprises. That’s not happening anytime soon or in the next 50 years. In the meantime, there you are on a Windows or Mac preaching about open source as the way to go. Go work on a Linux laptop and then come back and preach.

Cardano is not an open source company. we are speaking about an entire new disruptive market, you can´t compare with anything else. - I dont think I said Cardano was an open source company did I? If i did oops. The Cardano project is open source. IOHK is a private for profit company. Afa comparing, I can compare Cardano to Ethereum as many other people have done. There mat be disruption but saying its going to come directly from Cardano shows that you are overly vested in the project emotionally and are losing sight of basic fundamentals.

I wish good luck to anyone who will try to copy the code of Cardano. You might have the code, but not the knowledge & experience. - IOHK’s contract expires in 2020. That doesnt mean they are exclude from taking the Cardano Source code and creating a new version. Show me that in the employment contract…ooops…it isn’t in there. So who will maintain it if IOHK doesnt? the community…yep, the same group of people who can take that knowledge and fork. Please. You seriously sound like you think IOHK is going to be running Cardano for all time. As great as that might be, that instance also has its issues.

Haskell…sure limited to a select group of engineers but people can learn this as well. Further people currently working with each other can have fundamentally different ideas and directions on how the platform/network should develop. Do you think they are all going to keep working together and singing kumbaya as they code? Get real.

Your problem is that you think IOHK is going to be working on the project through the end of time and cardano will be like Apple. Sorry to ruin your fantasy. IOHK has a contract. other companies can compete for that contract. If they dont secure the contract, who is to say they can’t take the code and fork cardano and have their own project? Oh let me guess…only IOHK can run Cardano. If thats the case, we have the worst centralization model ever for a decentralized platform.

Maybe you ought to think about what you’re writing and be critical of your thoughts and not be so emotionally tied to the project. I like Cardano and it is my top holding but I’ll tell you this. I’ll exit at a profit, join back in at an optimal time, and exit again if I feel like its gaining traction. You’re the type that would play a cello while the titanic sinks bragging all the while that you’re a true believer.

No thanks.

42

I heard this a back during Y2K. Do I believe that there may be a WW3…sure. Probably within our lifetime. Do I think there will be economic collapse and the world will resemble Thunderdome or people will live in bunkers and preppers will lots and lots of guns out there supports my position. If there are so many guns, why aren’t gun owners using them against the non-owners? The reason is because we are at the range, hunting (which I dont do and dont believe in, which yes does are me a hypocrite cause I eat meat - but I dont have animals as trophies), part of law enforcement, collectors, or people who want a home defense weapon. It’s the bad actors that use them against other people and if you compare that ratio, you’ll find that guns are safer than drugs. Fact

43

To put this short. Cardano aims to be the financial protocol of the next generation financial stack. The core base infrastructure layer. Not less and not more.

You would have various layers, second tier networks on top of this to elevate & extend the infrastructure maybe some of them proprietary from various vendors.

Then you would have the DAPPs & DAO ecosystem built on top of the infrastructure.

Cardano would be to the Value Network like what TCP/IP is to the Internet.

In this context please review your claims & reasoning as it makes most of them invalid.

It has to be open source, it needs academic research based peer review, it needs formal verification and rigorous testing. It takes as long as it takes, one will become a standard and Cardano is still a good candidate.

The value of Cardano would depend on all the DAPPs & DAOs running on top of it and whether it becomes adopted as a global cryptocurrency as well.

Hopefully this helps to understand.

3 Likes
44

Yea we’re all aware of that. You’re regurgitating items mentioned from Charles’ whiteboard and the whitepaper.

Thanks we’ve all read that. I think a fair amount of us are familiar with TCP/IP, UDP and the likes. I’m aware of the relationship which you’re trying to relate this to.

  1. People do not need to stake for TCP/IP to work. Changes to the protocol are made by some non-profits and some for profit entities.
  2. There is no single foundation that holds funds for the development of the TCP/IP stack.
  3. There is no “currency”/blockchain used as gas/“tax” for use of the TCP/IP stack.
  4. A wallet is not required for use of the TCP/IP stack.

I could go on but there are a large number of differences both fundamentally and structurally (design and implementation).

Cardano has 2 layers, not various, Settlement and Computation, That’s all.

“It has to be open source” Uh…No it doesn’t. Show me the rule where it says all blockchain must be open source. Find me in the next 100 lifetimes when you find that rule. It doesn’t exist and there is no blockchain gestapo who says it must be open source.

“ The value of Cardano would depend on all the DAPPs & DAOs running on top of it and whether it becomes adopted as a global cryptocurrency as well.” - The value of Cardano is dependent on adoption period. Use of apps on the network imply a level of adoption. The current user base/hodler base is global. Consumer adoption is required. Let me ask you this…

There have been many discussions on the US Fed generating money out of thin air. This entity is backed by the US Government despite it being separate and free from influence of even the executive office. How do you plan to generate global consumer adoption when anyone can generate coins out of thin air?

As far as the previous comment on Good luck on anyone taking the Cardano source code and creating a competing version.

From Charles (the man) himself:

“Google is a multi-national company. It is one of the largest most powerful engineering companies in the world. They have some phenominal scientists working at Google, from world famous cryptographers to infosec people. If Google is going to do a cryptocurrency, Google does not need to partner with Ethereum or Bitcoin or anything else. They’re just going to go ahead and do their own thing.”

Charles further adds:

“Google is a good patron of open-source technology and many of their employees do invest their weekends and at least one day a week on contributing to open source project and Google does have a very large internal cryptocurerncy and blockchain mailing list and a lot of their employees love this space.”

With that being said, ask yourself this.

  1. Was Google ever part of an open source project with another entity?
    A: I can think of quite a few but I’ll refer to Firefox.
    https://www.cnet.com/news/a-dangerous-conflict-of-interest-between-firefox-and-google/

Funny how enterprises can take Open Source code and use it to their benefit.

Don’t get me wrong, as I have mentioned I think Ada is an investment worth holding however. Consumer adoption will never happen if some basic things cannot occur.

  1. Reversal or holding of transactions. Imagine going to sleep. You’ve been hacked, and wake to the realization that you are broke. Who do you go to to stop the flow of funds out or retrieve your funds? If you’re answer is no one, then good luck. I wont bank there. And I’m fairly certain that there are millions if not billions of people that feel the same way. However, if I can go to a bank and they can see it wasn’t I who transferred the funds out and the can reverse the charges or give me my money back in a different way, then whose to say I wouldnt use it? I use Apple Pay, Venmo, and other systems without being able to tangibly hold the money. If you think I am going to rely on a “smart” contract to define my entire savings…not No but hell no. Maybe a couple bucks to play a game sure, movie tickets, sure, dinner or gift card…why not. But…that can already be done cant it?

And so you say financial stack…yea we all like to use those fancy techno terms right. There are many protocols wanting to be the next gen financial stack. Let me tell you this, you can have a million papers, against a slower network, lots of promise but one thing myself, you, every investor, and probably lots of Ada/Cardano developers and engineers want. That is profit. No one is working alone in the woods, tending to their crops, generating their own electricity and working on a computer they built themselves. They need money and are looking forward to a nice reward once this plays out. It is what it is.

Greed to build the best blockchain is fine but if others are there first, you better have a damn good reason for users to switch. The next best thing is always right around the corner. And there is always someone trying to learn and be smarter than the person before them.

Charles even mentioned in his ama last night that people/groups are stealing their ideas. Well yea…if you’ve proved something, spent the time and money and provided me with the path to build it, why should I go through and review what you’ve already had reviewed? Think Tron…even though I dont invest in that project.

Lastly, Imagine where Apple would be if they opensourced IPhone software. Imagine where DARPA would be if they opensourced their projects. Imagine where Microsoft, Oracle, Amazon or any of the leading technology companies would be if they opensourced their code.

They’d be in second or they would be out of business. PERIOD.

3 Likes
45

I must say that I too have trouble wrapping my head around funding academic research, but not patenting novel and potentially lucrative findings.

As a faculty member, my research can be funded by a variety of public and private entities. The University would not be happy if I just published my work without prior consideration of its potential applications and, if necessary, the filing of the associated provisional patents/claims. Patenting is actually encouraged…

So while I agree that active academic research and peer review in crypto are paramount (main reasons why I invested in Cardano), I am unfamiliar with IOHK’s indiscriminate publishing of research findings as open source while concurrently identifying other projects as “competitors” of Cardano. I guess I just don’t understand how this model works.

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Yea…the model right now is give away all of the hard work to the world. Let’s not force others to compete and innovate with different ideas. Use our ideas. Then when the IOHK contract is up, compete for the new contract and implement an entirely different vision. Let someone else make a derivative work or idea that can be patented and force the community to research and publish new finds all over again until its broke. Oh wait, it won’t go broke because we keep funding it. Drain the syrup from the tree every season, make profit from it, plug the hole till next season, then come back and drill a new hole in the slowly growing tree.

Better yet, let someone in another country patent the ideas. Their crooked government approves of the patent and Cardano cannot be used there without paying a licensing fee on its own discovery. In the meantime, the foundation is drained fighting attempts to patent ideas from Cardano. Hilarious.

47

It’s an assumption that all people play fair, no one will steal ideas, everyone can profit, and being first, original, or having a secret sauce does not matter. Everything will converge and be the same. Idealistic and not grounded in reality.

Profit drives purpose. It creates a sense of financial meaning. There is no utopia in this lifetime and we won’t be singing kumbaya anytime soon.

48

I’m glad you pointed this out, since I believe insured entities (maybe banks) providing a fixed amount total of £85,000 possibly secured by the Financial Services Compensation Scheme or similar will eventually allow you to deposit ada , the same way as fiat and will provide similar services and protection etc. The incentives to provide the service would be commission on fiat/ada transactions and since you have given them your ada keys for the service, they will probably mint it to offset the risk and if you are lucky they might give a percentage back. All they would do is have paper wallets in a safe. (probably only 20%, since this would be their equivalent to the cash reserves I would imagine) Using the existing systems replacing the designated fiat word with ada or collection of crypto.

(I could still see this setup being acceptable by yourself since it gives the exactly the same security as fiat and it pitfalls. This option I would also like, allowing each individual setting the amount of risk they are happy to accept.)

49

I don’t agee so much with commissions on each transaction. I don’t pay any now so what is so compelling to pay a commission using Ada. Remember, crypto has to get users to adopt not the other way around. Providing an option where users can lose all of there money without a means of having it returned or a customer support network to address issues such as this will not drive adoption. Even in these times, I know several people who are computer illiterate. I’m sure you know a few as well.

My bank does not charge me for customer support. My bank has electronic bill pay at no charge and a same day ACH option for $14.95 USD. my bank has 24 phone support and provides courtesy calls for suspicious transactions. On top of that, my bank pays me interest, albeit not a whole lot, for depositing my money with them. And in the case where it is stolen or misappropriated, a dispute is filed and I have the amount immediately credited back.

So please give me a compelling reason other than no transaction fees or untraceable transactions to adopt crypto. I could argue that knowing where transactions is good since it would provide insight towards dispute resolution.

I don’t pay transaction fees with Apple Pay right now when I send money to a friend…at least that I’ve seen. And it is instantaneous. So please show me the compelling reason.

Instead of a commission, maybe they do not charge me and pay me. I allow them to use my holdings for staking, and they assume the risk to cover any losses should participants be hacked.

As for giving someone my keys. Not a chance in the world.

50

All l am interested in is ADA appreciation in price.l am sick of all talk

51

Well than a solution is simple:

Don’t get involved in the conversation. Wait few years and then reap the benefits of the next bull run.