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It’s not still the early days of blockchain

blog.mollywhite.net

581–590 of 1001 posts

Re: It’s not still the early days of blockchain

#581

Earlier quoted context omitted.

> "pretty green" is not a unit of measurement. PoS is just a bunch of computers largely idling. Whether it's 1k or 10k, it doesn't matter - there is no energy use to speak of, at least none that society has a legitimately interest in regulating. The Tezos Foundation, who's interest is in advertising how green they are, claims in a year they consume as much electricity as 17 individuals ( https://tezos.com/carbon/ ).…

> It is up to critics to provide evidence of PoS energy use being a concern So, is there evidence, as in peer-reviewed studies, that PoS blockchains can handle the volume of transactions of traditional financial systems while requiring LESS energy?

I don't know, but I don't see how that is an interesting question. As crypto critics rightly point out, the vast amounts of energy that the financial system consumes provides a huge amount of different services; from bank branches to regularity compliance.

From a literal technical point of view, storing a ledger on 10k computers consumes more energy than than storing it one one. But maybe the backup and operational infrastructure of a bank to manage that one centralized ledger consumes more energy than 10k PoS nodes. But then people also build all kinds of services around those blockchains which require their own computers. In both cases, you get something unique: the blockchain gives you permissionless financial network, your bank gives you a regulated one.

Meanwhile, a single branch of McDonalds consumes many multiples more energy than any PoS blockchain.

My point is really just this: Critics can try to critique PoS blockchains as useless. They may also try to ban them using arguments around say, securities laws or AML. But the energy argument is DoA.

Re: It’s not still the early days of blockchain

#582

I'm still very opposed to the idea of taking a technology and then searching a problem for it. Why? Back in 2017 during the first hype cycle, blockchain companies raised hundreds of millions with ICOs. I became very interested in the technology too, and some friends still work in this space. 4 years later in the web3 era, there is not a single product aside from trading/finance that got traction. Use cases like stori…

I've been documenting this with specific companies. A recent one that I worked with was Omnichains: https://www.omnichains.com "Omnichain CEO Pratik Soni speaks to Inbound Logistics about the growing number of blockchain use cases in the supply chain, including in reverse logistics, product authentication and sustainability." Apparently this company started with the idea that they would use the blockchain to make sup…

Blockchain has no point versus immutable databases https://news.ycombinator.com/item?id=23290769 or at least database with immutable history of changes.

Re: It’s not still the early days of blockchain

#583
post #562
post #498

Earlier quoted context omitted.

That's not example of something NFTs can do, is it? Royalty fees are not programmable. How does the NFT know whether someone has to pay royalties? And how on earth is an NFT going to make people pay royalties? An NFT can't use coercive force.

It’s marketplace-specific right now but the standards are evolving to support it natively: https://www.gemini.com/blog/exploring-the-nft-royalty-standa...

The linked article talks about implementing a tax on re-sales of NFTs. It says nothing about royalty fees.

Re: It’s not still the early days of blockchain

#584
post #199

Earlier quoted context omitted.

The idea that blockchain tech is somehow invented out of nothing and then we search for a problem to match couldn't be further from the truth. Talk to anyone who works in the industry and they're trying to solve a problem. I used to work in blockchain tech and the main problem I was focused on was "How do we prevent internet monopolies like Facebook and Google?". If you don't see those monopolies as a problem, then y…

I am trying to solve world's hunger with my OpenGL game using 8080 assembler. I think I am getting somewhere...

Well they might be able to render food thanks to you.

Re: It’s not still the early days of blockchain

#585
post #477

Earlier quoted context omitted.

Not having to speak to anyone to do it. I don't know if blockchain is going to go anywhere but I think there's inherent advantages in not talking to anyone (and being able to do it programatically) to do banking-like things. What you get in exchange is lack of security, no recourse when things go wrong, and possibly being in the same space as criminals. But there's a palpable advantage to not having to interact with…

But like.....what kind of things can you do without interacting with people when using a blockchain? Name anything. My insurance policy I bought online and I can manage entirely online, change the address, the car, the add-ons, add and remove drivers as well as cars......what exactly is blockchain allowing me to do here that I can't do already? Same with the bank. I don't think I ever had to speak to my bank in the 8…

With this attitude, nothing. I've compared it to an unregulated banking API. So for example you can launder money, do transfers that don't go through KYC, among other things.

By now you can also do things that benefit from the network effect of crypto enthusiasts, for example, you can sell JPEGs from a no-name artist for significant amounts of money, which would historically be difficult for outsider-art, regardless of the fact that you're not even selling the actual rights to the images. It also proved to be an interesting way to speculate on internet memes.

There's millions of people using this ecosystem, even if it ends up being overall net negative for the world and a temporary technological distraction, I think one should be able to neutrally assess what it's being used for. You may not like it but it's like saying a nuclear bomb has no use. You may not like what it's being used for, and it may be immoral or illegal, but to say there's no uses when clearly millions are engaging with it and doing "stuff", seems short-sighted for the purposes of discussion.

Re: It’s not still the early days of blockchain

#586

Earlier quoted context omitted.

how about https://github.com/oneclickdapp/ethereum-auth And decentralized storage coins for example. Bitcoin can solve USD monopoly. And a lot of other examples...

What's wrong with USD monopoly? I am genuinely clueless, it's good to have currencies that are accepted anywhere in the world, isn't it?

The issue is that USD use imply to follow a few conditions/rules which the the U.S use to its own interest IIRC

Re: It’s not still the early days of blockchain

#587

I'm still very opposed to the idea of taking a technology and then searching a problem for it. Why? Back in 2017 during the first hype cycle, blockchain companies raised hundreds of millions with ICOs. I became very interested in the technology too, and some friends still work in this space. 4 years later in the web3 era, there is not a single product aside from trading/finance that got traction. Use cases like stori…

I've been documenting this with specific companies. A recent one that I worked with was Omnichains: https://www.omnichains.com "Omnichain CEO Pratik Soni speaks to Inbound Logistics about the growing number of blockchain use cases in the supply chain, including in reverse logistics, product authentication and sustainability." Apparently this company started with the idea that they would use the blockchain to make sup…

There's selling NFTs of ape cartoons, or selling crypto coins or other imaginary assets.

Rails and MySQL are too transitory for that - you'd buy a record in the database only to find the company hosting the database had gone broke or been bought by Yahoo who closed them.

You buy a bitcoin and you can be fairly confident in a decade or two you'll still have it.

Re: It’s not still the early days of blockchain

#588
post #446

Earlier quoted context omitted.

> There are all kinds of limitations in how exactly you are allowed to use your money. Where are you getting that from? If the money has been earned in a legit manner and you want to spend it on a legitimate thing, who's stopping you from spending it? Yes if your source of money isn't legal or you want to spend on something illegal, that's a different story.

My money is completely legal, but it was a protracted process to: A.) Transfer a part of it (for this particular bank, anything more than $5000) to pay a deposit for a house; B.) Make a final settlement on a house, again with money I had available in my account. There are limitations on how much you can transfer easily at once, and different kinds of approval and parties have to be involved to pay for something large…

There really isn't.. I can pay 1 million EUR with my debit card if there's enough money in the account. That's the default limit, and can be raised anytime if needed.

If I have the money and they are legal, I can spend them without anyone getting in the way.

Re: It’s not still the early days of blockchain

#589
post #571

Earlier quoted context omitted.

I've been documenting this with specific companies. A recent one that I worked with was Omnichains: https://www.omnichains.com "Omnichain CEO Pratik Soni speaks to Inbound Logistics about the growing number of blockchain use cases in the supply chain, including in reverse logistics, product authentication and sustainability." Apparently this company started with the idea that they would use the blockchain to make sup…

You're missing the point. The goal when you use blockchain is not to more easily serve. It is all the things that don't matter to you until it is too late, like censorship resistance.

There is no censorship resistance with blockchain.

You’re still beholden to the whims of centralized developers and miners.

You’re still beholden to a court order. If the government wants to confiscate your crypto assets they can simply put you in jail until you provide the location of your private key.

If the government can penetrate offshore bank accounts they’ll have no trouble with your crypto wallet.

I’m happily mining ETH with gminer on flexpool.io and selling the coins as fast as I get them just like I did with BTC a decade ago. Because I know this whole thing is a temporary pyramid scheme.

Re: It’s not still the early days of blockchain

#590
post #571

Earlier quoted context omitted.

I've been documenting this with specific companies. A recent one that I worked with was Omnichains: https://www.omnichains.com "Omnichain CEO Pratik Soni speaks to Inbound Logistics about the growing number of blockchain use cases in the supply chain, including in reverse logistics, product authentication and sustainability." Apparently this company started with the idea that they would use the blockchain to make sup…

You're missing the point. The goal when you use blockchain is not to more easily serve. It is all the things that don't matter to you until it is too late, like censorship resistance.

Censorship compared to what? What can’t you post on the internet? Specifically that the government would stop you from, not private companies like Twitter booting people.
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