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Blockchain, the Solution for Almost Nothing

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Re: Blockchain, the Solution for Almost Nothing

#11

Post by ashtonkem »

notRobot wrote: post #5

IMO, blockchain is good for very little outside of the purpose that it was created for: > The invention of the blockchain for bitcoin made it the first digital currency to solve the double-spending problem without the need of a trusted authority or central server. https://en.m.wikipedia.org/wiki/Blockchain

And one can argue endlessly about whether or not the blockchain even succeeded at creating a currency too.

Perhaps the only thing blockchains are unambiguously good at is starting internet arguments.

Re: Blockchain, the Solution for Almost Nothing

#12

Post by pattusk »

I don't understand why everything has to be a "solution" for something. True innovations don't bring solutions to old problems, they just change the paradigm.

Cars didn't solve the transportation problem. Horses still worked fine. What problem did the internet solve specifically? We think of the infinite amount of possibilities it created (along with new problems) not the problems it solved (most of those would be irrelevant today anyways).

I think trying to apply the standard startup pitch (problem -> solution) to everything in life is a terribly reductive perspective.

There's just so much that can be done with blockchain: financing new ventures, generating a financial incentives for sharing behaviors (whether files, computing powers or potentially tangible assets), transferring funds... Yes you can frame all of those as "solutions" to problems, but I think that's still missing the points. Most of my net worth is in crypto assets, I use it to store value, invest, buy goods, send money to friends, etc... Give it a couple more years, and I'll probably close my bank accounts. It doesn't "solve" any problems for me, it just provides a more convenient service than traditional banking and more opportunities than traditional ways of investing. I'm assuming a lot of people see it that way too and that more will come to see it that way.

Re: Blockchain, the Solution for Almost Nothing

#13

Post by ashtonkem »

ciguy wrote: post #4

There seems to be two camps amongst my tech friends when it comes to block chain. The first thinks it's going to change the world and are fully invested in the whole block chain ecosystem, from Bitcoin to Decentralized Finance systems, Identity etc.... Most of them got into Bitcoin early and made some money and have been chasing that success ever since. The second camp believes that block chain is cool technically bu…

The only people I personally know in the former group were ideologically pre-aligned towards any currency that promises anti-government or anti-inflation capabilities. The people I’m thinking of were either libertarians, gold bugs, or both.

I don’t actually know anyone who was persuaded by the merits of bitcoin or similar.

Re: Blockchain, the Solution for Almost Nothing

#14

Post by AceJohnny2 »

roenxi wrote: post #8
sebmellen wrote: post #2

This has been posted multiple times already. 1: https://news.ycombinator.com/item?id=24241488 2: https://news.ycombinator.com/item?id=24246212 3: https://news.ycombinator.com/item?id=24243496

And the top comment - that blockchains resist financial censorship - is still extremely insightful. Blockchains are truthful in a way like no other ledger (all of which are ultimately mutable at an individual entities whim). Bank transfers mean 2 transactors, 2 banks and at least one government think the transaction is appropriate. Blockchain cuts most of that out. This is clearly transformative. Governments are one…

> This is clearly transformative

It clearly is not, as evidenced by the lack of transformation of the banking sector since Bitcoin first came out in January 2009.

Re: Blockchain, the Solution for Almost Nothing

#16

Post by exdsq »

I was and still am what I’d call a blockchain skeptic, even though I work in the field. However, I am seeing more and more use cases where I’d struggle to think of a non-blockchain design, such as a decentralised computer where you can guarantee the code executed is what you’d expect and the owners of nodes get reimbursed for their work, or decentralised over-collateralised loans.

On a side note the work involved with blockchain is the most interesting stuff I’ve ever done. I’ve got to learn and play with cryptography, formal methods, programming language theory, and work with some developers famous enough to have significant Wikipedia pages.

Re: Blockchain, the Solution for Almost Nothing

#17

Post by amitport »

AceJohnny2 wrote: post #14
roenxi wrote: post #8

Earlier quoted context omitted.

And the top comment - that blockchains resist financial censorship - is still extremely insightful. Blockchains are truthful in a way like no other ledger (all of which are ultimately mutable at an individual entities whim). Bank transfers mean 2 transactors, 2 banks and at least one government think the transaction is appropriate. Blockchain cuts most of that out. This is clearly transformative. Governments are one…

> This is clearly transformative It clearly is not, as evidenced by the lack of transformation of the banking sector since Bitcoin first came out in January 2009.

The banking sector moves slowly (an understatement) (they still use COBOL, IMS, etc.). Its current low adoption of this tech does not mean much.

Re: Blockchain, the Solution for Almost Nothing

#18

Post by takeda »

exdsq wrote: post #16

I was and still am what I’d call a blockchain skeptic, even though I work in the field. However, I am seeing more and more use cases where I’d struggle to think of a non-blockchain design, such as a decentralised computer where you can guarantee the code executed is what you’d expect and the owners of nodes get reimbursed for their work, or decentralised over-collateralised loans. On a side note the work involved wit…

You don't sound very skeptic.

Re: Blockchain, the Solution for Almost Nothing

#19

Post by [deleted] »

exdsq wrote: post #16

I was and still am what I’d call a blockchain skeptic, even though I work in the field. However, I am seeing more and more use cases where I’d struggle to think of a non-blockchain design, such as a decentralised computer where you can guarantee the code executed is what you’d expect and the owners of nodes get reimbursed for their work, or decentralised over-collateralised loans. On a side note the work involved wit…

[deleted]

Re: Blockchain, the Solution for Almost Nothing

#20

Post by exdsq »

takeda wrote: post #18
exdsq wrote: post #16

I was and still am what I’d call a blockchain skeptic, even though I work in the field. However, I am seeing more and more use cases where I’d struggle to think of a non-blockchain design, such as a decentralised computer where you can guarantee the code executed is what you’d expect and the owners of nodes get reimbursed for their work, or decentralised over-collateralised loans. On a side note the work involved wit…

You don't sound very skeptic.

I am - I happily call out things that don’t require a blockchain, and call bs on projects that shouldn’t use it, but having spent significant time looking into it I’m becoming less so about particular use cases.

Edit: If someone can show me a non-blockchain design for decentralised over-collateralised loans then I’ll concede and go back to full skeptic :)

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