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backus's profile
John Backus
John Backus
John Backus
@backus

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John Backus

@backus

Seeking alternative compression. Hopefully wrong on average. Shameless. Started @getcognito and @bloom

San Francisco, CA
Joined August 2012

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    John Backus‏ @backus Aug 13

    When I talk about a decentralized protocol with a token, people ask “why wouldn’t people fork it and use Bitcoin?” I reject the question, usually. It takes a lot of work to build something and drive user adoption to it. Who is going to dedicate themselves to this lazy BTC fork?

    10:13 PM - 13 Aug 2018
    • 2 Retweets
    • 10 Likes
    • KΞVIN G James Todaro Vote November 6th Raymond Z. Nikhil Srinivasan Nathaniel Whittemore TronVikt Pieter Gunst 🤖 Sonya Mann 🎀
    6 replies 2 retweets 10 likes
      1. New conversation
      2. arjun balaji‏ @arjunblj Aug 13
        Replying to @backus

        (1) Most dApps only make sense if they require censorship-resistance (like original p2p apps), else why bother? (2) It's unclear whether any non-Bitcoin chain will have a security model strong enough to support this. (3) If your dApp can only be built on Bitcoin...

        1 reply 1 retweet 9 likes
      3. John Backus‏ @backus Aug 14
        Replying to @arjunblj

        Well tokens built on ETH for example could have enough mining power since its all the same chain. Otherwise, I was assuming this is a dapp that can be built on things besides Bitcoin

        1 reply 0 retweets 1 like
      4. arjun balaji‏ @arjunblj Aug 14
        Replying to @backus

        You’re assuming that Ethereum is censorship resistant, which is an assumption and not a given esp. with the move to PoS. Do you run a geth or Parity node? What % of dApps run via Infura?

        0 replies 0 retweets 3 likes
      5. End of conversation
      1. New conversation
      2. Sar Haribhakti‏ @sarthakgh Aug 13
        Replying to @backus

        Well, forking a post product market fit protocol & using BTC could add fuel to the fire for user adoption

        1 reply 0 retweets 1 like
      3. John Backus‏ @backus Aug 14
        Replying to @sarthakgh

        Right but my point is that, if the normal token product is taking off on its own (I assume this is when you say the fork happens?), the Bitcoin fork has to be pushed on people with the same level of effort.

        0 replies 0 retweets 0 likes
      4. End of conversation
      1. New conversation
      2. Murad Mahmudov  🚀‏ @MustStopMurad Aug 14
        Replying to @backus

        that new token doesn't accrue value --> no value accrual --> no security

        2 replies 0 retweets 4 likes
      3.  🤖 Sonya Mann  🎀‏Verified account @sonyaellenmann Aug 14
        Replying to @MustStopMurad @backus

        Perhaps dumb question, but aren't hashrate and 51% attacks going to be a big issue for any new independent blockchain?

        2 replies 0 retweets 1 like
      4. soona‏ @soonaorlater Aug 14
        Replying to @sonyaellenmann @MustStopMurad @backus

        not a dumb question, yes they are in a network's larval state

        1 reply 0 retweets 2 likes
      5.  🤖 Sonya Mann  🎀‏Verified account @sonyaellenmann Aug 14
        Replying to @soonaorlater @MustStopMurad @backus

        I haven't seen anyone explain how they'll mitigate that threat @bramcohen might have something in mind for Chia?

        1 reply 0 retweets 0 likes
      6. Bram Cohen‏Verified account @bramcohen Aug 14
        Replying to @sonyaellenmann @soonaorlater and

        Since farming requires zero new capital investment the hope is to have lots farming right out of the gate.

        0 replies 0 retweets 1 like
      7. End of conversation
      1. Decentralized‏ @MobRules1968 Aug 13
        Replying to @backus

        JOHN!!! Care to elaborate on the TRX purchase of BitTotterent? I sent you a DM about it. #TRX

        0 replies 1 retweet 2 likes
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      1. Kelly Reid‏ @kellyreid Aug 16
        Replying to @backus

        No developer worth a damn, and no developer I'd trust with my data or money.

        0 replies 0 retweets 1 like
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      1. Bedeho‏ @bedehomender Aug 13
        Replying to @backus

        If its a genuinely compelling products, then BTC whales, miners and other strategic players could easily pay to copy and maintain lazy fork I think. They internalise through btc exposure.

        0 replies 0 retweets 0 likes
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