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Wall Street rethinks blockchain projects as euphoria meets reality

reuters.com

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Re: Wall Street rethinks blockchain projects as euphoria meets reality

#61

Post by mkirklions »

akerro wrote: post #12
nwah1 wrote: post #7

It is interesting that even in an article like this that they still say things like "for all its potential, blockchain is still in its early days." It is sticking with the unfounded assumption that it will be a success in the future, if only it is given more time. In technological terms, it is old. Innumerable efforts have been attempted, yielding almost no fruit. At what point are the fundamental assumptions going t…

I have 1 Bitcoin therefore blockchain will succeed.

Bitcoin needs blockchain to verify that a bitcoin is authentic.

I have no idea why a company would use blockchain for logistics or file storage considering how its massively expensive to constantly pay miners for transactions.

My centralized server can do everything needed for logistics or file storage.

Benefits of blockchain are overblown. There are uses, but centralized servers are really good.

Re: Wall Street rethinks blockchain projects as euphoria meets reality

#62

Post by visarga »

arisAlexis wrote: post #30
seanalltogether wrote: post #18

Earlier quoted context omitted.

If there is a definitive source of trust (ie. the government) then a blockchain is a very inefficient mechanism for distribution.

yes very little corruption in governments worldwide and records are never counterfeited. I agree

The government will outmine everyone and change the records.

Re: Wall Street rethinks blockchain projects as euphoria meets reality

#63

Post by saganus »

scrooched_moose wrote: post #11
johnchristopher wrote: post #6

Earlier quoted context omitted.

An example from the top of your head ?

GPU acceleration in scientific computing. My god in 2011 it was the only thing anyone talked about. Every COTS solver package cobbled together support in less than a year and were promising order of magnitude speedups. In 2018 it's still hanging around but realizing a 20% speedup on certain classes of problems. Maybe.

Didn't that tech shifted to AI/ML? Isn't that considered scientific computing by some measure?

I'm definitely not an expert so I'm maybe missing something here.

Re: Wall Street rethinks blockchain projects as euphoria meets reality

#64

Post by discoMAN »

nwah1 wrote: post #7

It is interesting that even in an article like this that they still say things like "for all its potential, blockchain is still in its early days." It is sticking with the unfounded assumption that it will be a success in the future, if only it is given more time. In technological terms, it is old. Innumerable efforts have been attempted, yielding almost no fruit. At what point are the fundamental assumptions going t…

Crypto does not equal blockchain. Blockchain has a huge number of potential industry uses other than cryptocurrency. IBM has done a lot of work with companies making blockchain products that don't involve cryptocurrencies. When multiple companies are in a shared relationship they can benefit greatly from the tech. There are government regulation opportunities keeping track of sales and trades on regulated public markets. Crypto is just the craze that got the word out. Even calling crypto a failure feels like an over statement.

Re: Wall Street rethinks blockchain projects as euphoria meets reality

#65

Post by the_cat_kittles »

nwah1 wrote: post #7

It is interesting that even in an article like this that they still say things like "for all its potential, blockchain is still in its early days." It is sticking with the unfounded assumption that it will be a success in the future, if only it is given more time. In technological terms, it is old. Innumerable efforts have been attempted, yielding almost no fruit. At what point are the fundamental assumptions going t…

by me, now, and in the past. and by lots of other people. but websites and tv probably get a lot more views for articles that talk about people getting rich quick. i bet alot of people who have followed bitcoin since the early days are pretty neutral on it, or even negative.

Re: Wall Street rethinks blockchain projects as euphoria meets reality

#66

Post by paulgb »

drieddust wrote: post #35

Looking at the history of Wall Street, it should be safe to predict that Block chain technology will be the reason for next global meltdown. They can and will do wonders generating derivates after derivates and make huge bonuses. I have never understood why financial instruments like derivates like options etc. exists. I understand what they do but I do not understand what value they add to the economy specifically.

If you agree with the premise that regular equities markets provide value (in that competitive allocation of capital leads to a more optimal result than centralized allocation), it seems to follow pretty naturally that derivatives and options provide value by allowing participants in the market to turn more nuanced beliefs into a position than they could otherwise.

Re: Wall Street rethinks blockchain projects as euphoria meets reality

#67

Post by sndean »

scrooched_moose wrote: post #11
johnchristopher wrote: post #6

Earlier quoted context omitted.

An example from the top of your head ?

GPU acceleration in scientific computing. My god in 2011 it was the only thing anyone talked about. Every COTS solver package cobbled together support in less than a year and were promising order of magnitude speedups. In 2018 it's still hanging around but realizing a 20% speedup on certain classes of problems. Maybe.

> GPU acceleration in scientific computing

> it's still hanging around but realizing a 20% speedup on certain classes of problems

It really varies though. In grad school I felt like god when some molecular dynamics simulations running on my pair of GTX 760s finished faster than the same thing running on my advisor's 96-core CPU cluster.

Point taken, though, that it was over-hyped. There were lots of conference presentations with GPU-acceleration in the title (kind of like deep learning is now).

Re: Wall Street rethinks blockchain projects as euphoria meets reality

#68

Post by malvosenior »

seanmcdirmid wrote: post #46
malvosenior wrote: post #28

Earlier quoted context omitted.

> yielding almost no fruit Bitcoin and Ethereum are "almost no fruit"? Combined they're sitting at ~$165 billion dollars in created value.

> Combined they're sitting at ~$165 billion dollars in created value . Huh? Bitcoin and Ehtereum are purely speculative assets, they have not enabled any new production or efficient distribution, they have not increased economic activity. They aren't even marginally useful in electronics production like gold is. This is like saying printing dollars creates value (though the dollar is at least useful as an instrument…

> they have not enabled any new production or efficient distribution

You know of another way to transfer massive amounts of money around the globe without middle men? This claim that cryptocurrency offers no value is completely ignorant of the most basic and fundamental properties of the technology.

Re: Wall Street rethinks blockchain projects as euphoria meets reality

#69

Post by darawk »

hudon wrote: post #45
nwah1 wrote: post #7

It is interesting that even in an article like this that they still say things like "for all its potential, blockchain is still in its early days." It is sticking with the unfounded assumption that it will be a success in the future, if only it is given more time. In technological terms, it is old. Innumerable efforts have been attempted, yielding almost no fruit. At what point are the fundamental assumptions going t…

I think the fundamental assumption is that "Satoshi invented a useful solution to decentralized consensus". What people don't realize is that Satoshi's solution only works if two assumptions hold true: 1. Mining is decentralized: If mining is centralized than relying on proof-of-work for consensus is waste since the centralized entity controls the blockchain anyway. 2. Consensus rules don't change: If you see the thr…

It's pretty clear that neither of those things are actual problems, though. There are plenty of issues with crypto-currencies - those just aren't it.

Re: Wall Street rethinks blockchain projects as euphoria meets reality

#70

Post by malvosenior »

vinniejames wrote: post #59
malvosenior wrote: post #28

Earlier quoted context omitted.

> yielding almost no fruit Bitcoin and Ethereum are "almost no fruit"? Combined they're sitting at ~$165 billion dollars in created value.

Market cap in no way equates to "created value"

Sure it does. It's created a ton of value for myself and anyone else who didn't buy during a peak.
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