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Blockchain is not only crappy technology but a bad vision for the future

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Re: Blockchain is not only crappy technology but a bad vision for the future

#71

Post by teekert »

throw__away7391 wrote: post #46

Let's be real. The vast majority of pro-cryptocurrency arguments break down to something like this: "I have Bitcoin, I want it to become the currency of the future so that the price will go up an I will become rich. Here are $reasons why that should become true, which all my fellow Bitcoin hodlers agree are very good reasons". We are now many years past not only the creation of Bitcoin but also past it going "mainstr…

Let's be real, the anti-cryptocurrency arguments are something like this: It eats to much energy so we should ban it (just like gaming! Oh wait...)

Meanwhile we suffer from a hugely incompetent global payment network that is horrible to deal with and makes some creators actually opt out of receiving donations because of the sheer annoyance and complexity of the system.

Yeah, we all want it to use less energy and perhaps we'll get there. But not by banning blockchain tech.

The fact that Venmo is free, is the problem, how can you deliver value for free... Because it's not free, the value is extracted elsewhere. I thought we were past this.

Re: Blockchain is not only crappy technology but a bad vision for the future

#72

Post by sunshinerag »

datenhorst wrote: post #54
Qasaur wrote: post #13

"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…

Isn't the answer to Nakamoto's quote _more_ regulation instead of no regulation?

Not if regulation is a smoke screen and the real cause

Re: Blockchain is not only crappy technology but a bad vision for the future

#73

Post by Qasaur »

telxosser wrote: post #60
Qasaur wrote: post #13

"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…

Have you not ever read financial history and what things were like without central banks? No one that knows what they are talking about can possibly think we were better off without central banks. It is a childish and clueless view. House Of Morgan, History of Interest Rates from Wiley. Try reading some books instead of looking up things on wiki to back up your already nonsense beliefs. You can not read those books a…

Have you?

Financial crises have been more severe, longer, and more sustained since the introduction of central banking. Let us also not forget that the industrial revolution and the extraordinary growth of Western economies in the late 1800s were mostly conducted under free banking without a central buyer and lender of last resort, and in some jurisdictions where a central bank existed it was regulated to follow a strict gold standard.

Re: Blockchain is not only crappy technology but a bad vision for the future

#74

Post by bodge5000 »

throw__away7391 wrote: post #46

Let's be real. The vast majority of pro-cryptocurrency arguments break down to something like this: "I have Bitcoin, I want it to become the currency of the future so that the price will go up an I will become rich. Here are $reasons why that should become true, which all my fellow Bitcoin hodlers agree are very good reasons". We are now many years past not only the creation of Bitcoin but also past it going "mainstr…

Ironically though the best chance bitcoin has at being the currency of the future is if it stops being an investors plaything, which would involve btc being severly devauled over what it is now and therefore making the people that hold it "poorer" in a sense (unless they seriously believe that the currency of the future will deal in denominations of 0.000001 for everday transactions)

Re: Blockchain is not only crappy technology but a bad vision for the future

#75

Post by achenatx »

throw__away7391 wrote: post #46

Let's be real. The vast majority of pro-cryptocurrency arguments break down to something like this: "I have Bitcoin, I want it to become the currency of the future so that the price will go up an I will become rich. Here are $reasons why that should become true, which all my fellow Bitcoin hodlers agree are very good reasons". We are now many years past not only the creation of Bitcoin but also past it going "mainstr…

one of the best use cases is that it reduces the control state actors have using the banking system. Crypto can bypass arbitrary governmental walls for moving money across country borders. It can allow transactions that are banned or heavily discouraged (taxed) by govts.

This will be illegal behavior, but not all things that are illegal are immoral.

International wire transfers and even stock purchases require days to clear between entities. With blockchain those transactions are essentially instantaneous.

Re: Blockchain is not only crappy technology but a bad vision for the future

#76

Post by DebtDeflation »

ren_engineer wrote: post #52
Quindecillion wrote: post #6

More 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…

for context this article is from 2018 when Bitcoin was crashing, author was obviously trying to dunk of the crypto community at the time. The entire crypto market is now over 5X larger since he wrote this. Author is also the founder of a traditional FinTech company with 68M raised, so he has obvious bias https://www.crunchbase.com/organization/true-link-financial most of his complaints about crypto being hard to use…

>The entire crypto market is now over 5X larger

On what basis? Certainly not on the basis of volume of transactions used to purchase goods and services in the real economy. Nor on the basis of adoption of other use cases for smart contracts, supply chain provenance tracking, etc. I assume you mean on the basis of trading volumes and market caps, which are completely irrelevant.

Re: Blockchain is not only crappy technology but a bad vision for the future

#77

Post by caspper69 »

bko wrote: post #47
carlivar wrote: post #29

Earlier quoted context omitted.

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?

It's not but its a lot easier and safer to hold digital currency than wads of cash in your floorboards. Easier to acquire, receive from abroad and verify as well. It allows for a form of civil disobedience against unjust laws

Seems to me that an immutable transaction record going back to day 0 would be a very dangerous way to practice civil disobedience under many regimes.

All it takes is to turn one participant, and the threads can be followed to trace the money.

Re: Blockchain is not only crappy technology but a bad vision for the future

#78

Post by ctvo »

BunsanSpace wrote: post #65
16012022 wrote: post #12

Earlier 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…

Blockchain is being used in supply chains (IBM tradelens) for immutable record keeping, NFT's (outside of selling URLs to jpgs...) are a good application for certificates of authenticity (some artists are selling their NFTs WITH a physical copy and using the NFT as the certificate of authenticity). Any application where you need an immutable ledger is a good application for blockchain. Just because crypto enthuisiast…

> Any application where you need an immutable ledger is a good application for blockchain.

What's your definition of good? An immutable ledger is a good idea and useful. An immutable ledger where every write costs 50-200 USD isn't as useful, for example.

Re: Blockchain is not only crappy technology but a bad vision for the future

#79

Post by goesnowhere »

BunsanSpace wrote: post #65
16012022 wrote: post #12

Earlier 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…

Blockchain is being used in supply chains (IBM tradelens) for immutable record keeping, NFT's (outside of selling URLs to jpgs...) are a good application for certificates of authenticity (some artists are selling their NFTs WITH a physical copy and using the NFT as the certificate of authenticity). Any application where you need an immutable ledger is a good application for blockchain. Just because crypto enthuisiast…

Why is there any use for blockchain in supply chains? Wouldn't it be more efficient and cheaper to run a append only database?

Re: Blockchain is not only crappy technology but a bad vision for the future

#80

Post by soco »

Feeble wrote: post #18
Quindecillion wrote: post #6

More 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.

Those people use already hawala (under whatever local name). Do they even know about bitcoin?
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