Crypto Is Not Like the Early Internet

Post by tornato7 » Sat, May 28, 2022, 2:44 PM UTC

gregjor wrote: post #9

tornato7 wrote: post #8

Earlier quoted context omitted.

Serious software bugs and hacks are not exclusive to smart contracts. Just look at the Equifax hack or the 737 Max tragedies. If you only look at the worst outcomes of a system of course you’re going to assume it’s all worthless, but that’s not a fair representation of the reality. Smart contracts allow anyone to deploy an application to a global computer that will host the software indefinitely for all to access, wi…

The so-called “global computer” runs on the internet, and the nodes are just servers. Blockchains built on top of the available substrate cannot be somehow more capable, stable, reliable, or persistent than what they run on. Software bugs are a fact of life. But if my bank makes an error I have recourse. If my debit card is stolen I’m protected. Wells Fargo may be greedy and corrupt, but it’s not a Ponzi scheme, and…

By that argument then no software can ever be innovative because it all runs on Turing-complete computers that could have done that already.

Post by gregjor » Sat, May 28, 2022, 6:36 PM UTC

tornato7 wrote: post #11

gregjor wrote: post #9

Earlier quoted context omitted.

The so-called “global computer” runs on the internet, and the nodes are just servers. Blockchains built on top of the available substrate cannot be somehow more capable, stable, reliable, or persistent than what they run on. Software bugs are a fact of life. But if my bank makes an error I have recourse. If my debit card is stolen I’m protected. Wells Fargo may be greedy and corrupt, but it’s not a Ponzi scheme, and…

By that argument then no software can ever be innovative because it all runs on Turing-complete computers that could have done that already.

Refuctio ad absurdum. The internet is already a “global computer” that can store programs indefinitely and run them based on triggers and schedules. Calling the Ethereum blockchain a “global computer” and scripts “smart contracts” gives the appearance of innovation without any actual innovation. The main contribution of blockchain/crypto so far is ridiculous energy consumption and enabling crime and fraud. In terms of software development or computer science there’s no innovation, just claims of innovation hiding behind buzzwords and hype.

Re: Crypto Is Not Like the Early Internet

Re: Crypto Is Not Like the Early Internet