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My Opinion on Blockchain

vladcalin.ro

41–50 of 107 posts

Re: My Opinion on Blockchain

#41
This post is so fundamentally flawed it's baffling someone upvotes it.

> Every advocate promotes holding, which is not what a currency is for: currencies are meant to be a medium of exchange and to change hands.

You cannot dictate what currencies are used for. I like my currencies to keep a purchasing power. FIAT is not salabe over time. Its value decreases every day.

> We need inflation to keep the economy going.

No we don't. Tech is inherently deflationary, yet Iphone purchases increase year by year.

> they say that it's a currency, when it's not. It is not accessible to everybody (not everybody has access to internet).

Bitcoin is accesible via satelite, also try setting up a USD bank account in Iran :) Bitcoin is more accessible than any fiat currency ever has.

> if you lose your key, you lose the access to your wallet for good and nobody can help you. People seem to not understand how bad this is. Imagine people losing everything because of one silly mistake.

For some reason people think that just because the base is a final settlement layer, that there will be no systems such as banks with accounts build on top of it? You can have insured accounts on top of Bitcoin.

> Volatility is the enemy of any economy market: we need stability and predictability to avoid mayhem:

Bitcoin is in it search for it's pricing. This is going to take some time. No one who didn't sell made any losses as of yet.

I really don't get why some of you prefer FIAT central banks systems with settlement processes even bankers can't comprehend over a simple beautiful system that is auditable by even below average programmers.

In the end the hardest money always succeeds.

Re: My Opinion on Blockchain

#42

Blockchain makes possible to validate ownership. This may allow, in the future, to create negotiable virtual objects. Think about furniture, clothes or items in games or virtual environments where you can buy, sell, prove ownership and even have controlled scarcity. No DRM needed!

BTC and BCH, ETH and ETC...

How about they stop forking first?

Re: My Opinion on Blockchain

#43
> they say that it's a currency, when it's not

Correct, it's a store of value. See my comment here [1].

> It is not accessible to everybody (not everybody has access to internet).

Internet usage keeps growing [2].

> Also, as a technology, blockchain itself it's not that impressive.

People are forgetting that Nakamoto Consensus is a legitimate CS breakthrough concerning the Byzantine Generals Problem [3].

[1] https://news.ycombinator.com/item?id=26065232

[2] https://en.wikipedia.org/wiki/Global_Internet_usage

[3] https://en.wikipedia.org/wiki/Byzantine_fault

Re: My Opinion on Blockchain

#44
post #11

I feel like the author here really misses what makes this movement in technology interesting, and that is evident in the title. Blockchain is not the innovation, distributed ledgers are. Blockchain is just one component in one formula that made it work. When you take DLT as the focus, you can examine how disruptive the technology CAN be on traditional ledger systems that require enormous amounts of human energy to ma…

Can you name one specific use case you see distributed ledgers being useful?

Re: My Opinion on Blockchain

#45
post #11

I feel like the author here really misses what makes this movement in technology interesting, and that is evident in the title. Blockchain is not the innovation, distributed ledgers are. Blockchain is just one component in one formula that made it work. When you take DLT as the focus, you can examine how disruptive the technology CAN be on traditional ledger systems that require enormous amounts of human energy to ma…

But do we even need a distributed ledger? Centralized ledgers are easy to maintain in the modern world, and don't require much human energy (or compute energy) to maintain. It is why transaction costs are generally extremely low. Blockchain transactions on the other hand are astronomically expensive and slow. The value of a distributed ledger derives solely from paranoia of a central authority, despite there being li…

On the contrary, the power of distributed ledger is akin to the power of federation instead of centralization vs. decentralization. It’s a proverbial third way.

Re: My Opinion on Blockchain

#46

Same tired old talking points, nothing new here. It would be nice to get an explanation of why people care so much, if it's so stupid. You don't see that many articles titled "my opinion on Tupperware", or "why I'm not a scientologist", or "why I won't buy Kanye West's new sneakers". At this point I find it hard to believe it's just hype-backlash that's triggering so many people.

[deleted]

Re: My Opinion on Blockchain

#47

Blockchain makes possible to validate ownership. This may allow, in the future, to create negotiable virtual objects. Think about furniture, clothes or items in games or virtual environments where you can buy, sell, prove ownership and even have controlled scarcity. No DRM needed!

Isn't this, in large part, what games like CryptoKitties kind of shows?

Digital art is a good example of "I can validate I own this piece". If you consider this in place with something like, not only digital goods, but even proof-of-ownership of other things (almost like blockchain-based-certificates), I think there may be some interesting applications down the road.

Re: My Opinion on Blockchain

#48

I am enjoying reading articles like this since Bitcoin was $300. There will still be skeptics when Bitcoin will be $100,000 or more, I am certain of that.

Every buyers including me just try to make some USD from something that claims to replace USD...

Re: My Opinion on Blockchain

#49
post #39

These are all common points for people who are overly focused on blockchain per se (invented in 1991!) at the expense of distributed cryptography as a whole. If the writer were curious enough to look in, for example, BLS threshold crypto, they might get an inkling of the power here, which goes far beyond currency.

Instead of just saying “op is wrong” can you provide more examples?

Other than a drug / money laundering tool, I have never see a use case for it.

Re: My Opinion on Blockchain

#50
Here are some things that people miss when having arguments like these.

* Blockchain is not Bitcoin. Bitcoin is the first (and quiet primitive) PoC implementation of the technology.

* Blockchain is not "cryptocurrency". Blockchain is just numbers and an ability to trustlessly and safely flip those numbers. What those numbers mean to people is secondary.

* To build on the previous point. Blockchain is being used to record much more than monetary value. The Baseline protocol for example aims to use blockchain as a protocol for inter-business communication. So basically offload paperwork onto blockchain. This hasn't happened with more traditional technology because it makes the middlemen too powerful. (Here's a presentation by Paul Brody of EY on the topic https://www.youtube.com/watch?v=QAmNjJRtLGo)

* Blockchain is a technology in it's infancy and is experiencing a lot of research on all fronts: scalability, anonymity, UX, decentralization, resilience, etc. For example ZK Rollups, which would cover a few of those nice-to-haves, are just being investigated.

Now, on to money. If this is an emerging and potentially revolutionary technology how do you capitalize on it? Or should you? Well, it is up to you to figure those out, that is beyond the point. The argument I (and many other people) want to make is that blockchain right now is like internet in the 80s - usable mostly by the power user but will alter the tech and social landscape tremendously. And people cannot hear that argument over stories of pump-and-dump schemes.

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