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https://en.wikipedia.org/wiki/Capital_controls_in_Greece
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People have such a short memory.
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 really tricky part is that a lot of promising-at-first-but-ultimately-useless technologies look exactly the same way.
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…
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.
Earlier quoted context omitted.
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 :)
I agree that there are cases where blockchain don't have alternatives. Those are where you want a decentralized ledger and you can't trust anyone.
It can accomplish that, but is extremely inefficient doing it, so you really need to decide whether the cost is worth it.
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.
Earlier quoted context omitted.
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 :)
I don't know what over-collateralised loans are to suggest a solution, but I'm trusting you. I agree that there are cases where blockchain don't have alternatives. Those are where you want a decentralized ledger and you can't trust anyone. It can accomplish that, but is extremely inefficient doing it, so you really need to decide whether the cost is worth it.
Edit: also, it’s a way of borrowing money immediately from others by locking up collateral until you’ve repaid the loan, else at a certain time the collateral is sent to the loaner. It’s a really cool way of decentralising micro loans and removing financial risk to the loaner. For people who don’t have access to credit it’s proving popular with around a billion dollars in loans locked at the moment.