Note many smart contracts aren't verified by a aingle chain. Smart contract != single script in single chain (perhaps in the ether). For example, an atomic swap is several scripts in seceral transactions in 2 chains.
It's not clear to me that running [additional] infrastructure required for equivalent functionality and availability would be economically more sound than paying PoW cost. Especially since much more would need to be payed upfront.
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I understand it is difficult to realise PoW security txs cost when it is mostly subsidized via inflation. In fact,
@brucefenton is trying to solve a problem that wasn't solved before, although the technology has been available, just because the incentives were not big enough. -
You just need to look at how HFT trades execute in nanoseconds to understand that when the right incentives exist, transactions happen much faster.
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I understand that. My point is, that perhaps Bitcoin gives you enough infrastructure that something that was previously didn't pass cost/benefit threshold, now does.
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Using Bitcoin network is problematic because colored coins could mess up incentives, but what
@brucefenton did is to create an independent shitcoin specific for this purpose, so he cannot leverage Bitcoin existing infrastructure/security. -
I don't have a particular horse in this race, just find Bitcoin-as-infrastructure fascinating. If the assets the coloured coins represent would be denominated (and traded) in BTC, it wouldn't mess up incentives.
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Some knowledgeable people think different...https://twitter.com/pwuille/status/981868137741258752 …
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That's why I said denominated in BTC. Also since Bitcoin is permissionless if there exists such an incentive attack it will happen sooner or later and dissuading legit use cases is probably not the best nor strongest defence.
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Not sure what you mean by 'denominated in BTC'. I don't think it is easily exploitable as an attack but seems to be a reason to discourage that path. I don't have any deep knowledge about that matter anyway.
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