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What does turn it into dangerous nonsense is the "solution looking for a problem" phenomenon, fueled by techno-libertarians and more so plain greedy people, looking for a way to justify and entrench the mostly useless technology that makes them rich.
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In light of the massive energy consumption it may be worse than useless.
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If blockchain proponents want to replace the existing system that does protect against human-factor scams and frauds (ie. the current financial system that lets governments and institutions control it to enforce the law) then it's going to be part of the discussion whether they like it or not.
Of course it should be part of the discussion, but the article seems to think that crypto people are unaware of it. They're not, they just think it's worth it.
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I was referring to people in crypto. Obviously the general public prefers traditional payment systems because most people have no problem trusting that the banks will do the right thing.
Millions of people work at banks… lots of middlemen that maybe don’t need to be there anymore…
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It seems a bit off to assert that "people feel it is a price worth paying" when almost all purchases online are made with credit cards which have some protections against fraud, and almost none are made with blockchains in comparison. It seems like so far, most people don't think it's a price worth paying?
I'd go one step further: the few legal purchases done with crypto currencies are mostly done by people unaware they're paying that price
But I like to think this is like buying medicine from a street dealer. Maybe it's faster or more convenient, maybe you get the same quality. But those "maybes" are clearer for people when buying medication from a back alley. It's not at all visible to people using crypto as a replacement for their classic currency.
Every time there's an exchange hack, a massive fraud, a price crash, etc. more people start feeling the drawbacks and push for the kind of regulation, oversight, supervision that today are antithetical with cryptocurrencies and its associated parties.
I'm very sceptical of blockchain (though I've been in crypto off and on since 2013) but most of the arguments in this article are non-sensical. For example: > But even if all code was without mistakes, blockchains can’t do anything against threats like scams, fraud, hacking of devices with keys for the blochain or just plain old typos in a coin transfer. I don't think protection against human-factor scams and frauds…
It seems a bit off to assert that "people feel it is a price worth paying" when almost all purchases online are made with credit cards which have some protections against fraud, and almost none are made with blockchains in comparison. It seems like so far, most people don't think it's a price worth paying?
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What technical solution do you have for multiple parties needing to transact where they do not trust each other and cannot depend on a third party or the court system for dispute resolution? I'll wait.
My suggestion is: "grow up". All of human society is based on trust, and it works just fine and has for centuries. Who would even want to live in a trust less society? That sounds like hell.
I'm very sceptical of blockchain (though I've been in crypto off and on since 2013) but most of the arguments in this article are non-sensical. For example: > But even if all code was without mistakes, blockchains can’t do anything against threats like scams, fraud, hacking of devices with keys for the blochain or just plain old typos in a coin transfer. I don't think protection against human-factor scams and frauds…
If people really thought it were a price worth paying, everyone would be using Ethereum Classic instead of Ethereum.
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My suggestion is: "grow up". All of human society is based on trust, and it works just fine and has for centuries. Who would even want to live in a trust less society? That sounds like hell.
This is not a technical solution.