YC/HN missed out on crypto and it's all hate, nothing constructive.
Blockchain is not only crappy technology but a bad vision for the future
21–30 of 202 posts
Re: Blockchain is not only crappy technology but a bad vision for the future
#22This article contains the best explanation of what a blockchain is that I have ever seen:
A blockchain is a specific data structure: a linear transaction log, typically replicated by computers whose owners (called miners) are rewarded for logging new transactions.
There are two things that are cool about this particular data structure. One is that a change in any block invalidates every block after it, which means that you can’t tamper with historical transactions. The second is that you only get rewarded if you’re working on the same chain as everyone else, so each participant has an incentive to go with the consensus.
The end result is a shared definitive historical record. And, what’s more, because consensus is formed by each person acting in their own interest, adding a false transaction or working from a different history just means you’re not getting paid and everyone else is. Following the rules is mathematically enforced—no government or police force need come in and tell you the transaction you’ve logged is false (or extort bribes or bully the participants).
Re: Blockchain is not only crappy technology but a bad vision for the future
#23"The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve." - Satoshi Nakamoto - 1721 Mississippi…
And how is the track record of decentralized "currencies"? Buying drugs, money laundering, rampant speculation, rug pulls, fraud, high fees, inefficiency, horrible UX, irreversible SFYL, and destroying the climate.
People do all these things with fiat as well. I don't get your point
Re: Blockchain is not only crappy technology but a bad vision for the future
#24Earlier quoted context omitted.
Tbf, blockchain is the dark matter of technology. People are never allowed to criticize it without the same, repeated feedback “If that’s what you think blockchain is, then you don’t understand it.” Why doesn’t someone, then, who actually understands their almighty blockchain god, illuminate us, mere mortals, on the wonders of blockchain and how it can be good for society in the foreseeable future. You know what’s re…
Criticisms are okay, but this isn't a good criticism. From the article: > Let’s start with this: Venmo is a free service to transfer dollars, and bitcoin transfers are not free. Yet after I wrote an article last December saying bitcoin had no use, someone responded that Venmo and Paypal are raking in consumers’ money and people should switch to bitcoin. Not everyone has access to Venmo or PayPal. For instance, sex wo…
My company operates in a highly international business area. The whole industry is moving towards using crypto for B2B payments. Every provider and partner offers payment by crypto - because international bank payments are slow, expensive and complicated (gets stuck, countries blocked, unclear KYC etc, opaque AML blockers etc).
Re: Blockchain is not only crappy technology but a bad vision for the future
#25Earlier quoted context omitted.
You transfer btc to someone else and they give you your purchase.
How do I transfer that money? I need specifics. I'm a poor peasant from Wallachia, I barely know how to use a smartphone. ELI10. 1. How do I buy the Bitcoin in the first place? My government or bank aren't selling them to me. 2. How do I actually transfer that money?
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Re: Blockchain is not only crappy technology but a bad vision for the future
#26"The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve." - Satoshi Nakamoto - 1721 Mississippi…
And how is the track record of decentralized "currencies"? Buying drugs, money laundering, rampant speculation, rug pulls, fraud, high fees, inefficiency, horrible UX, irreversible SFYL, and destroying the climate.
>Buying drugs, money laundering, rampant speculation, rug pulls, fraud, high fees, inefficiency, horrible UX, irreversible SFYL, and destroying the climate.
Every one of these charges happens every day and in some of them to a much greater scale in fiat, especially climate destruction due to inflationary monetary policy, which encourages consumption and waste and punishes thrift and savings.
Re: Blockchain is not only crappy technology but a bad vision for the future
#27>>Let’s start with this: Venmo is a free service to transfer dollars, and bitcoin transfers are not free. Is the author really unaware of the horror stories of Venmo and PayPal freezing customer accounts? Articles like this want a return to serfdom, under the control of officialdom. There is no other conceivable reason why someone would not want people to have at least the option of taking custody over their own mone…
> Is the author really unaware of the horror stories of Venmo and PayPal freezing customer accounts? Can as example coinbase do the same? > want a return to serfdom From my point of view serfdom is the (block)chain. Only people with enough stake or those who pays are in control.
> For instance, you can't use Venmo if you're under 18 (sorry, kids). And several Venmo users told BuzzFeed News that the company suspended their accounts and held their funds after they wrote silly captions to friends or tried to sell something to a friend — like a used computer. [0]
Lots more examples in the article.
Also they regularly kick off sex workers [1]
[0] https://www.buzzfeednews.com/article/leticiamiranda/people-a...
[1] https://www.aclu.org/news/lgbtq-rights/paypal-and-venmo-are-...
Re: Blockchain is not only crappy technology but a bad vision for the future
#28Earlier quoted context omitted.
You transfer btc to someone else and they give you your purchase.
How do I transfer that money? I need specifics. I'm a poor peasant from Wallachia, I barely know how to use a smartphone. ELI10. 1. How do I buy the Bitcoin in the first place? My government or bank aren't selling them to me. 2. How do I actually transfer that money?
No post body was provided.
Re: Blockchain is not only crappy technology but a bad vision for the future
#29Earlier quoted context omitted.
Tbf, blockchain is the dark matter of technology. People are never allowed to criticize it without the same, repeated feedback “If that’s what you think blockchain is, then you don’t understand it.” Why doesn’t someone, then, who actually understands their almighty blockchain god, illuminate us, mere mortals, on the wonders of blockchain and how it can be good for society in the foreseeable future. You know what’s re…
Criticisms are okay, but this isn't a good criticism. From the article: > Let’s start with this: Venmo is a free service to transfer dollars, and bitcoin transfers are not free. Yet after I wrote an article last December saying bitcoin had no use, someone responded that Venmo and Paypal are raking in consumers’ money and people should switch to bitcoin. Not everyone has access to Venmo or PayPal. For instance, sex wo…
How is legally preventing people from owning dollars different from banning Bitcoin (or gold)? Isn't the latter one of the main risks to Bitcoin?
Re: Blockchain is not only crappy technology but a bad vision for the future
#30More bad takes from people who don't understand the point of Bitcoin and its blockchain. It's all so... tiresome. The fact that the author is comparing to services like Venmo or PayPal really goes to show how much they don't understand about what Bitcoin was built to achieve. Also goes to show that people like the author should also check their financial privilege: https://bitcoinmagazine.com/culture/check-your-finan…
Quoted post unavailable.
> Meanwhile 1.7 billion people around the world do not have a bank account
...therefore we need bitcoin? Is this the new spin? People don't see it's a tech that was invented without a use case?
Many people don't have electricity too, what are you talking about?