wall street is buying now from panic selling grandmothers that entered in December. it has always been like that in immature markets.
1 doge is still 1 doge.
Wall Street rethinks blockchain projects as euphoria meets reality
21–30 of 487 posts
Re: Wall Street rethinks blockchain projects as euphoria meets reality
#22What does "blockchain" even mean in this generalised context? When we are talking about crypto currencies, it is a distributed database with a consensus mechanism that is extremely costly to run. But this is not something you would need or want in most other situations, because there is always some degree of trust with your counterparties (and legal recourse if necessary).
If we strip away the consensus mechanism, all that is left is a trivial data structure that anyone with a CS background could come up with. So, the question becomes where the real value proposition is in "blockchain technology" outside of the realm of crypto currencies. What are the things you can only do with "blockchain technology" that cannot be achieved with existing technology? It looks more like a marketing buzzword than anything that has actual merit for the average use case.
Re: Wall Street rethinks blockchain projects as euphoria meets reality
#23Earlier quoted context omitted.
My major questions have always been: where is the business value in blockchain applications? what can a blockchain app do that can't be done by non-blockchain (beyond decentralization - bc I don't think this produces much business value)?
Sending money without fees and delay? Have you ever tried a normal bank transfer? How long did it take? Have you ever tried, say, nano? It literally takes seconds and 0 fees. Here is some value.
Bitcoin has both fees and delays. You can see what they are now:
https://bitinfocharts.com/comparison/bitcoin-transactionfees...
https://blockchain.info/charts/avg-confirmation-time
Who knows what they would be if bitcoin was actually used to buy things.
Re: Wall Street rethinks blockchain projects as euphoria meets reality
#24My question is if your conclusion is that blockchain is a solution in search of a problem, what was all that effort being spent on (not just in finance, but everywhere blockchain is being considered)? I'm not saying that blockchain is not a valid solution to a problem, but as a veteran of the online industry, I can say I've seen a lot of hype around new technology, actual effort being put into it, and then the realiz…
"My question is if this is your conclusion is that it's a solution in search of a problem, what was all that effort being spent on (not just in finance, but everywhere blockchain is being considered)?" That strikes me as a very rich question that would be interesting to investigate. Yes, we know people can get involved in hype cycles, but what was it about this technology that made it the thing that got hyped exactly…
Asymmetry: it is very hard to irrefutably defeat someone proposing some highly amazing, low-probability-of-coming-to-pass future. The best you can do is say "hard to see how that happens, but who knows?..." Meanwhile the bullshitter is utterly convinced by their own koolaid. In the end it is a bug in the human brain firmware.
Re: Wall Street rethinks blockchain projects as euphoria meets reality
#25Ron Conway, early investor in the internet, said recently that the Blockchain is internet 3.0
Re: Wall Street rethinks blockchain projects as euphoria meets reality
#26Earlier quoted context omitted.
> what was all that effort being spent on Not being left behind if you're wrong. I'm in a tech-adjacent industry and see it all the time. Competitor A comes out with "shiny new technology" and markets the hell out of it. My company panics because we're suddenly lagging behind and rushes a competing project into development. Competitor B sees all of this and hops in too. All of a sudden it's the new direction of the i…
An example from the top of your head ?
"Digital Transformation"
Re: Wall Street rethinks blockchain projects as euphoria meets reality
#27Earlier quoted context omitted.
governmemts are thinking of putting assets and laws on Blockchain, stock exchanges are waiting for scalability to start putting everything on the blockchain. Immutable government records already exist. Where do you base your argument?
If there is a definitive source of trust (ie. the government) then a blockchain is a very inefficient mechanism for distribution.
Don't trust the government
Re: Wall Street rethinks blockchain projects as euphoria meets reality
#28It is interesting that even in an article like this that they still say things like "for all its potential, blockchain is still in its early days." It is sticking with the unfounded assumption that it will be a success in the future, if only it is given more time. In technological terms, it is old. Innumerable efforts have been attempted, yielding almost no fruit. At what point are the fundamental assumptions going t…
> yielding almost no fruit
Bitcoin and Ethereum are "almost no fruit"? Combined they're sitting at ~$165 billion dollars in created value.
Re: Wall Street rethinks blockchain projects as euphoria meets reality
#29It is interesting that even in an article like this that they still say things like "for all its potential, blockchain is still in its early days." It is sticking with the unfounded assumption that it will be a success in the future, if only it is given more time. In technological terms, it is old. Innumerable efforts have been attempted, yielding almost no fruit. At what point are the fundamental assumptions going t…
governmemts are thinking of putting assets and laws on Blockchain, stock exchanges are waiting for scalability to start putting everything on the blockchain. Immutable government records already exist. Where do you base your argument?
“governmemts are thinking of putting assets and laws on Blockchain”
Two things: this statement is so vague it borders on meaningless. What assets? Who will put it in there? The president? Why would a government do that? Is it free to do or is there budget? Etc.
Secondly, even if we could surmount the vagueness that plagues not just this idea but all blockchain ideas, the Herculean effort required to move governments which can barely move themselves seems like it would delay the whole thing by decades.
It all starts with how vague the ideas are. It really requires simply staring at the ceiling and figuring out precisely what you mean when you talk about blockchain ideas.
Re: Wall Street rethinks blockchain projects as euphoria meets reality
#30Earlier quoted context omitted.
governmemts are thinking of putting assets and laws on Blockchain, stock exchanges are waiting for scalability to start putting everything on the blockchain. Immutable government records already exist. Where do you base your argument?
If there is a definitive source of trust (ie. the government) then a blockchain is a very inefficient mechanism for distribution.
yes very little corruption in governments worldwide and records are never counterfeited. I agree