Well since you asked. Blockchain is the world's worst database, created entirely to maintain the reputations of venture capital firms who injected hundreds of millions of dollars into a technology whose core defining insight was "You can improve on a Ponzi scam by making it self-organizing and distributed; that gets vastly more distribution, reduces the single point of failure, and makes it censorship-resistant." Tha…
Bitcoin allows you to buy all sorts of exotic drugs from strangers, safely and securely from your couch.
Ask HN: Why is the community so negative towards blockchain technology?
21–30 of 100 posts
Re: Ask HN: Why is the community so negative towards blockchain technology?
#22Earlier quoted context omitted.
Glad you posted, Patrick. I think your post on Bitcoin was long overdue ;) I don't know much about Bitcoin, but this gives a lot of food for thought.
really? I read that post as "writing a ToDo app using the blockchain as your datastore versus a traditional database is bad". Well yeah, there are different tools for each job. If everything is a nail and you're only used to a hammer, then of course trying to use this new tool as a hammer will sound silly. I obviously can't predict the future use cases, but an example off the top of my head might be something like a…
Re: Ask HN: Why is the community so negative towards blockchain technology?
#23Well since you asked. Blockchain is the world's worst database, created entirely to maintain the reputations of venture capital firms who injected hundreds of millions of dollars into a technology whose core defining insight was "You can improve on a Ponzi scam by making it self-organizing and distributed; that gets vastly more distribution, reduces the single point of failure, and makes it censorship-resistant." Tha…
1) It seems like the term "block chain" as used by block chain companies is pointing to what the bitcoin blockchain is but without the proof of work. So, a database which history could be cryptographically audited.
2) I don't think those are necessarily bad points for Bitcoin. Maybe it is run by speculators or gold diggers but in the end many people (including me and friends) have used/are using bitcoin for legitimate reasons.
Re: Ask HN: Why is the community so negative towards blockchain technology?
#24As someone in finance, where blockchain gets brought up alot, this one is easy. Blockchain is the proverbial solution looking for a problem. As has been pointed out ad nauseam, the blockchain is often just a euphemism for database. And that's where the backlash comes from, someone says Blockchain for settlement, or blockchain for recording startup up option tracking, or blockchain for tracking, well anything physical…
I completely agree, it sounds like the forever present problem of wrong tool for the right job. However it offers the potential to approach problems in a fundamentally different manner. I find myself incredibly curious and fascinated with how it works - then immediately rejected once I see discussions on HN about the blockchain. According to your bio you've been programming for many years - is an apprehension towards…
Re: Ask HN: Why is the community so negative towards blockchain technology?
#25Well since you asked. Blockchain is the world's worst database, created entirely to maintain the reputations of venture capital firms who injected hundreds of millions of dollars into a technology whose core defining insight was "You can improve on a Ponzi scam by making it self-organizing and distributed; that gets vastly more distribution, reduces the single point of failure, and makes it censorship-resistant." Tha…
An addendum from the UX side: bitcoin is not usable by anyone who hasn't spent a lot of time learning about it. It basically requires users to understand what the blockchain is and the limitations of it, whereas other currencies don't require regular users to understand the backend machinery. It can't ever be more than a niche tool, because the general public isn't interested in learning backend machinery for currenc…
Aaron Voisine has done an incredible job with breadwallet, highly recommended.
Re: Ask HN: Why is the community so negative towards blockchain technology?
#26Well since you asked. Blockchain is the world's worst database, created entirely to maintain the reputations of venture capital firms who injected hundreds of millions of dollars into a technology whose core defining insight was "You can improve on a Ponzi scam by making it self-organizing and distributed; that gets vastly more distribution, reduces the single point of failure, and makes it censorship-resistant." Tha…
Any implementation of a blockchain where a blockchain simply replaces a database is lazy at best, and most likely completely pointless. Almost all blockchain stories that make it on HN are financial implementations that fall in to this camp, and as such they are rightly called out as being pointless. Unfortunately the comments are a pile-on of negativity, rather than a discussion of possibilities.
The interesting work is being done in areas where things that weren't possible before, are now possible. This requires imagination and resolve.
My background is in ad tech, and I've recently had conversations with companies working on solving two big problems in large media buying agencies - bot-based fraud, and auditability of programmatic trading. These problems are being solved using the bitcoin blockchain.
I'm not invested in the success of these businesses, or bitcoin/blockchain at all - but through my experience they are solving real problems (ie. ad fraud is around a ~$5-10B problem every year for the large agency groups) in ways that weren't possible before.
So to answer the question about why the community is negative towards blockchain? The HN community self selects for a group of people who solve problems in the roughly the same ways, with roughly the same tools. It's not really a conducive environment for a technology that could solve problems in a new way with new tools. It then implements a voting system that only strengthens the community homogeneity. So once a technology like a blockchain is in the out group, it's unlikely to ever be in the in group.
Re: Ask HN: Why is the community so negative towards blockchain technology?
#27Earlier quoted context omitted.
Glad you posted, Patrick. I think your post on Bitcoin was long overdue ;) I don't know much about Bitcoin, but this gives a lot of food for thought.
really? I read that post as "writing a ToDo app using the blockchain as your datastore versus a traditional database is bad". Well yeah, there are different tools for each job. If everything is a nail and you're only used to a hammer, then of course trying to use this new tool as a hammer will sound silly. I obviously can't predict the future use cases, but an example off the top of my head might be something like a…
To take your example, a country issuing identification numbers does not have a trust issue. The people generally trust the government to correctly issue and record an ID number.
Re: Ask HN: Why is the community so negative towards blockchain technology?
#28As I see it, Blockchain technology is based on some premises that are not easily achievable. This are the two I find most relevant: 1. A large user base (computational power) is needed to successfully run a blockchain backed product. If the network is small, a malicious attacker with enough resources could manipulate past transactions or prevent new ones (51% attack). 2. Blockchain was designed to be a trustless (no…
Re: Ask HN: Why is the community so negative towards blockchain technology?
#29Re: Ask HN: Why is the community so negative towards blockchain technology?
#30Well since you asked. Blockchain is the world's worst database, created entirely to maintain the reputations of venture capital firms who injected hundreds of millions of dollars into a technology whose core defining insight was "You can improve on a Ponzi scam by making it self-organizing and distributed; that gets vastly more distribution, reduces the single point of failure, and makes it censorship-resistant." Tha…
Two things: 1) It seems like the term "block chain" as used by block chain companies is pointing to what the bitcoin blockchain is but without the proof of work. So, a database which history could be cryptographically audited. 2) I don't think those are necessarily bad points for Bitcoin. Maybe it is run by speculators or gold diggers but in the end many people (including me and friends) have used/are using bitcoin f…
Doesn't git already meet that requirement?