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> It seems like people already know that they want to use a blockchain even before they understand what the problem is, basically a solution in search of problems. This is the story with basically any startup in a hot space. This could be just as easily about AI / Machine Learning.
I disagree, although the ecosystem is filled with scams, and evangelists have financial interests in promoting their believes, there are some promising advantages. Also the energy requirements for PoW systems are cheap compared to its gains as pointed out by Nick Szabo: "We need more socially scalable ways to securely count nodes, or to put it another way to with as much robustness against corruption as possible, ass…
Yeah but... the crypto algorithm chosen for Bitcoin is about as energy intensive as they come. Other algorithms which are more equipment intensive - scrypt etc - provide the same benefits but without the same disgusting externality of power consumption. I wish I grasped proof of stake better. I’m not yet convinced it can be made to work as well as PoW.
EDIT: I stand corrected as to the terminology, but if you replace [GPUs] with [POW hardware], the disincentive will remain.
I thought this was an interesting claim to use as a disqualifier. If you see the promise of blockchain, why wouldn't you invest in them?
- Yes, there are an insane amount of scams, and lots of dumb money flowing in
- Yes, many use cases of blockchains should really be databases
- Yes, many blockchain job posts are just PR initiatives for companies who want to differentiate themselves
That said, it's an early time to have a tremendous amount of impact.
Don't like "proof of work"? Go hack on various other implementations. Get angry at banks? Go figure out ways to remove custodial risk, so that we may not need as onerous financial regulations that stifle innovation. Angry about security in this space? Go find security holes and disclose them.
Even for fun side hacks, there's a huge app layer that could be built on your smart contract blockchain of choice.
I say this having worked at the World Bank, Gates Foundation, and a mobile payments startup in India: financial services could truly use innovation, and providing safe, secure, broad access can have huge impact, especially in countries with weak legal systems. Blockchains are a "shot on goal" of trying this, though they may also never live up to the hype.
I'm all for calling bullshit on hyped trends ( https://www.nemil.com/musings/shinyandnew.html ), but just because a space attracts snake oil salesmen, "get rich quick" schemers, and cargo culting programmers doesn't mean that there might not still be great opportunities to do good engineering and have huge impact.
I disagree, although the ecosystem is filled with scams, and evangelists have financial interests in promoting their believes, there are some promising advantages. Also the energy requirements for PoW systems are cheap compared to its gains as pointed out by Nick Szabo: "We need more socially scalable ways to securely count nodes, or to put it another way to with as much robustness against corruption as possible, ass…
Yeah but... the crypto algorithm chosen for Bitcoin is about as energy intensive as they come. Other algorithms which are more equipment intensive - scrypt etc - provide the same benefits but without the same disgusting externality of power consumption. I wish I grasped proof of stake better. I’m not yet convinced it can be made to work as well as PoW.
> It seems like people already know that they want to use a blockchain even before they understand what the problem is, basically a solution in search of problems. This is the story with basically any startup in a hot space. This could be just as easily about AI / Machine Learning.
I hear you, but I have to point out that ML at least have already shown that can solve problems that need to be solved which had no solution before.
Edit: not trying to defend bitcoin here, just pointing that the blockchain brought a new solution to a trust issue
It does suck because blockchain technology does seem intriguing and cool, but there's so much dirty money floating around the ecosystem right now I wouldn't touch it with a ten foot pole.
If working for SAP helps with keeping your integrity, you should stick with them forever.
- Someone else with similar capabilities as OP's probably took the job.
- This person will make significantly more money than what OP will be making (as OP points out)
- This person will have learned way more about the implication of the technology, whether it actually is as bad as what mainstream media says or if those are all coming from ignorance.
Even if this whole Bitcoin thing comes crashing, accepting a job that's much higher paying, and lets you explore a new edge technology, all while being able to work remotely, all sound like a game you can't lose.
p.s.
All this narrative about how proof of work == global warming, and how bitcoin won't work because of such and such are mostly based on lack of deep knowledge.
Sure, they say "yeah i've read the whitepaper and I totally understand how it works", but that's not enough. I've been there and now that I know more about it I feel ashamed of blabbering my mouth to people about these things because to people who actually know things, these words immediately turn on red flag and they mentally mark you as "don't know what you're saying".
It's funny how most people who criticize bitcoin and blockchain for all these things actually haven't gone deep enough to have the expertise to say these things. They are basing their "opinions" on what someone else--who is most likely also less than enough informed--said.
If you really want to talk shit about Bitcoin, at least spend about a month, learning everything possible. Otherwise you'll be ashamed of yourself ever saying those things (just like I did) when maybe later on in your life you learn more about the technology.
[Edit] To those who are saying: "if you know so much, why don't you just show us what you've got? Prove to us that proof of work can work" or things like that, if it was that simple to explain in a single comment, would I say learn for one month? (Actually one month is not even enough. It took me a full 3 months of doing nothing but teaching myself to get even closer to understanding the landscape) Even if I did my best to explain to you here, I would fail to convince you because it not only involves technology but everything around the ecosystem. I'm not trying to be condescending. I'm saying do yourself a favor and teach yourself wth is going on so that you can make informed decisions about whether you do want to jump in or not. Don't believe what uninformed people are saying.
The danger in a space like this is throwing the baby out with the bath water. - Yes, there are an insane amount of scams, and lots of dumb money flowing in - Yes, many use cases of blockchains should really be databases - Yes, many blockchain job posts are just PR initiatives for companies who want to differentiate themselves That said, it's an early time to have a tremendous amount of impact. Don't like "proof of wo…
FWIW, this is the best video I've seen on this: https://www.youtube.com/watch?v=dla42bY7k90