The Truth on the Blockchain
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The Truth on the Blockchain
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Re: The Truth on the Blockchain
#2The author gets it wrong with this quote:
>The only truth that is guaranteed by the recording of a given information on a given blockchain, is that this particular information is written on this particular blockchain.
The second part is that $X worth of real-world resources have been consumed in building this blockchain, so this one blockchain and the particular information inside is worth paying attention to. Whether or not you feel that this resource consumption is worthwhile, it is at least an objective way to stack-rank the proof-of-work blockchains.
Re: The Truth on the Blockchain
#3The author gets it wrong with this quote: >The only truth that is guaranteed by the recording of a given information on a given blockchain, is that this particular information is written on this particular blockchain. The second part is that $X worth of real-world resources have been consumed in building this blockchain, so this one blockchain and the particular information inside is worth paying attention to. Whethe…
So I have this factory that builds objects. Building an object requires $X of energy. Because of a temporary malfunction in the factory, a few of them required 10 times that amount of energy.
Are you saying that these selected objects that were built during the malfunction, and which are otherwise identical to all other objects produced in this factory, are more valuable because of that?
I must admit that it makes no sense to me.
Re: The Truth on the Blockchain
#4The author gets it wrong with this quote: >The only truth that is guaranteed by the recording of a given information on a given blockchain, is that this particular information is written on this particular blockchain. The second part is that $X worth of real-world resources have been consumed in building this blockchain, so this one blockchain and the particular information inside is worth paying attention to. Whethe…
I feel that the best blockchains are those that do not allow for any publicly visible data, just random curve points and cryptographic signatures.
Re: The Truth on the Blockchain
#5The author gets it wrong with this quote: >The only truth that is guaranteed by the recording of a given information on a given blockchain, is that this particular information is written on this particular blockchain. The second part is that $X worth of real-world resources have been consumed in building this blockchain, so this one blockchain and the particular information inside is worth paying attention to. Whethe…
So I have this factory that builds objects. Building an object requires $X of energy. Because of a temporary malfunction in the factory, a few of them required 10 times that amount of energy. Are you saying that these selected objects that were built during the malfunction, and which are otherwise identical to all other objects produced in this factory, are more valuable because of that? I must admit that it makes no…
It’s a market. Anyone that spends more than the value of the information they are recording on the blockchain, will eventually be unable to do so, because they’re bankrupt. On a short timeline garbage can be written, but at the limit it should be flushed out.
Re: The Truth on the Blockchain
#6Well.. this articole has some points but is not 100% fair or correct. The value of distributed ledger (aka blockchain) is given by the fact that you can find the latest version of a record in a decentralised way. This is usefull outside cryptocurencies (even for university diplomas you need a good mecanism for revocation). You can do revocation with a centralised system but a decentralised version could actualy imprive security and privacy (not with blockchains alone you need encryption and other cryprographic tools)
Re: The Truth on the Blockchain
#7The author gets it wrong with this quote: >The only truth that is guaranteed by the recording of a given information on a given blockchain, is that this particular information is written on this particular blockchain. The second part is that $X worth of real-world resources have been consumed in building this blockchain, so this one blockchain and the particular information inside is worth paying attention to. Whethe…
So I have this factory that builds objects. Building an object requires $X of energy. Because of a temporary malfunction in the factory, a few of them required 10 times that amount of energy. Are you saying that these selected objects that were built during the malfunction, and which are otherwise identical to all other objects produced in this factory, are more valuable because of that? I must admit that it makes no…
This isn't the best analogy since PoW was declared beforehand that more work = more trust.
In the manufacturing example though, there are many examples of collectables that trade at a huge premium due to a very subtle manufacturing defect.
Re: The Truth on the Blockchain
#8Earlier quoted context omitted.
So I have this factory that builds objects. Building an object requires $X of energy. Because of a temporary malfunction in the factory, a few of them required 10 times that amount of energy. Are you saying that these selected objects that were built during the malfunction, and which are otherwise identical to all other objects produced in this factory, are more valuable because of that? I must admit that it makes no…
It’s a market. Anyone that spends more than the value of the information they are recording on the blockchain, will eventually be unable to do so, because they’re bankrupt. On a short timeline garbage can be written, but at the limit it should be flushed out.
Believing this necessitate to blindly trust market economy. Market economy is what makes NFT works. It always needs new places to expand to, even if those are entirely virtual. What makes mining profitable for some is not the value of the information stored on the blockchain they're mining for, it purely is speculation.
Re: The Truth on the Blockchain
#9Well.. this articole has some points but is not 100% fair or correct. The value of distributed ledger (aka blockchain) is given by the fact that you can find the latest version of a record in a decentralised way. This is usefull outside cryptocurencies (even for university diplomas you need a good mecanism for revocation). You can do revocation with a centralised system but a decentralised version could actualy impri…
There are other ways of having a distributed immutable ledger than a blockchain, if you don't have the constraints of a decentralized adversarial context. You don't have this context for diplomas.
Also, neither revocation nor security and privacy does seem like good examples of what a blockchain would allow that a non-blockchain based approach wouldn't.
Re: The Truth on the Blockchain
#10Earlier quoted context omitted.
It’s a market. Anyone that spends more than the value of the information they are recording on the blockchain, will eventually be unable to do so, because they’re bankrupt. On a short timeline garbage can be written, but at the limit it should be flushed out.
Believing this necessitate to blindly trust market economy. Market economy is what makes NFT works. It always needs new places to expand to, even if those are entirely virtual. What makes mining profitable for some is not the value of the information stored on the blockchain they're mining for, it purely is speculation.
If the information has no value then surely the market will eventually price the whole chain at $0. The short term is just noise, ‘price discovery’, whatever.