Live data from Hacker News

You Do Not Need Blockchain: Popular Use Cases and Why They Do Not Work

blog.smartdec.net

291–300 of 415 posts

Re: You Do Not Need Blockchain: Popular Use Cases and Why They Do Not Work

#291

Earlier quoted context omitted.

Me too. In large part because paper ballots offer these guarantees. But there's a swath of elections and voting going on (in universities, within political parties or unions, etc., but also official elections in parts of the US or in Estonia) that that use e-voting to cut costs or improve participation. They currently lack these guarantees yet those elected end up in charge of millions in budget.

Picking on one point here: In your electoral system is there a way to verify your vote was counted. Like a stamped voting slip? I've thought that a good way in an electronic system would be to give you a vote code (maybe a single letter), and a verification code. You'd enter the verification code, the screen would show all candidates/voting options with a "vote code" and you'd verify by finding your vote code matched…

In my electoral system, yes. I'm in Europe and it's a paper ballot. In the US, no in many places. And not being able ask for a recount when there's any degree of suspicion about the outcome is an absolute disgrace IMHO.

As to the other point you raised, you may want to check this video, which outlines research that tears your hopes apart:

https://www.youtube.com/watch?v=iit5WdLYwns

And per my initial comment, if you can access your vote through a code, then your vote or that of others can be bought -- which is an even worse problem.

Re: You Do Not Need Blockchain: Popular Use Cases and Why They Do Not Work

#292

Earlier quoted context omitted.

> In other words, anything illegal. Not exactly. It's anything for which the legal system is not effective. For example, you can have a perfectly legal contract, but the other party is in a corrupt foreign jurisdiction that would never find in your favor in the event of a breach. Then you can't contract with them because they have no incentive not to breach, without an alternative method of ensuring compliance that d…

> For example, you can have a perfectly legal contract, but the other party is in a corrupt foreign jurisdiction that would never find in your favor in the event of a breach. Then you can't contract with them because they have no incentive not to breach, without an alternative method of ensuring compliance that doesn't rely on their corrupt government. can you give a concrete example? this requires a smart contract d…

oh. and how is it better than using an escrow service?

Re: You Do Not Need Blockchain: Popular Use Cases and Why They Do Not Work

#293
post #227

Earlier quoted context omitted.

I'm not sure I completely follow you, but there's nothing preventing a party from making use of the legal system or contracts or whatever in addition to a blockchain. I still think that making some common classes of dispute impossible is highly valuable.

Which classes of dispute does blockchain make impossible? It can attest that a key signed a particular transaction, but that doesn't necessarily mean it was done by or intended by the owner. General purpose computer security just isn't quite good enough for that, that's why smartcards and secure enclaves exists.

[deleted]

Re: You Do Not Need Blockchain: Popular Use Cases and Why They Do Not Work

#294

Blockchain is a fractional reserve system which can be used as a payment layer. That's it. The whole point of blockchain tech is to create hype and incentivise collaboration towards a shared financially beneficial goal. Saying that blockchain has no use cases is like saying that money has no use cases. It incentivizes, it corrupts, it buys loyalties, it buys positive news coverage - These are the most important use c…

> Blockchain is a fractional reserve system... I'd argue that it is the opposite since you can't receive 1 bitcoin and produce 10 bitcoins through the magic of a fractional reserve system (unless, of course, you run one of the exchanges and keep the transactions local). If you have 1 bitcoin you can only spend/loan/destroy 1 bitcoin as the blockchain prevents double spending.

But it's a fractional reserve system with respect to fiat currency. The price of Bitcoin is supported only by a fraction of its market cap in real fiat money. If everyone decided to sell all Bitcoins in existence on the open market, the total amount of fiat that they would get for it would not match the total market cap of all Bitcoins before the selloff started.

Re: You Do Not Need Blockchain: Popular Use Cases and Why They Do Not Work

#295
post #147

Earlier quoted context omitted.

Why did we ever move away from sea shells then?

When I was young, taking the ferry would cost you a nickel, and in those days, nickels had pictures of bumblebees on 'em. "Gimme five bees for a quarter," you'd say.

I'm cold and their are wolves after me.

Re: You Do Not Need Blockchain: Popular Use Cases and Why They Do Not Work

#296
Shameless Plug: A quick read here - https://medium.com/open-factory/to-blockchain-or-not-to-bloc...

A quote from the article

Blockchain, in basic terms, is a shared ledger and a consensus mechanism to reconcile transactions on the shared ledger. This is the basic structure of all blockchains.

In fact, the basic structure of blockchains can also be found in traditional distributed databases. The software industry is blissfully aware of this and some vendors have repackaged traditional distributed databases as blockchains to attract new markets.

Re: You Do Not Need Blockchain: Popular Use Cases and Why They Do Not Work

#297
post #265

Earlier quoted context omitted.

Bitcoin is a good backup currency for travel. I tend to use my regular bank card, but I've been in situations where none of my bank cards work at the local ATM. I know the article is about blockchain in general. But I think it's worth pointing out a legal and good use case that might not be obvious to people who don't travel.

And how often do you find, when your cards don't work, that the local coffee shop, hotel, or train station accepts bitcoin?

There’s a bunch of bitcoin atms that have been popping up recently. The exchange rate is awful, though, I personally would never use one unless I absolutely had to.

Re: You Do Not Need Blockchain: Popular Use Cases and Why They Do Not Work

#298
post #29
post #11

9. Currency.

The article has a non-numbered use case for "Money" (and one for "Smart contracts") in which the author claims that blockchains are useful for these purposes. So the article is sort of "lite" blockchain skepticism: it focuses on the interfaces between blockchain-stored data and the real world, such as the oracle problem (how do we know that data that people store on a chain is accurate and that they haven't lied abou…

I understand there is some theoretical use for blockchain as currency, but I have not really gotten good answers in regards to the current state of CryptoCurrency.

Is crypto: money/currency (exchange for goods/services) a store of value (investment, hodl etc) a cool technology with no current useful application?

If crypto is money, can I quickly, efficiently and without huge fees: Spend it at Amazon? My grocery store? My corner deli? Pay my rent? Pay my employees? Pay for dinner?

If crypto is a store of value can I trust it will hold value in any sane, non-Venezuelan way, over any reasonable time period?

If not, doesn't it default to a cool technology with no current useful application??

Re: You Do Not Need Blockchain: Popular Use Cases and Why They Do Not Work

#299

I've said this several times before on this site but will keep repeating it: there's exactly one use case where the blockchain is a superior (and, in fact, the only) solution: when you can't use contracts and the legal system to ensure trust between the parties. In other words, anything illegal. For any other conceivable use case, a database and a contract between parties are a superior solution. Edit: To clarify wha…

You can repeat it all the times you want, but it it is still a shortsighted view. “A database and a contract”... but who owns the database? And who enforces the contract? And who owns the actual data? Blockchain provides satisfactory answers to all those problems. I agree 100% with the article in that blockchain is being ‘applied’ to a whole bunch of places that don’t need it. That doesn’t mean that it can’t work wel…

To go off topic:

Why do you (and others) call the technology itself 'blockchain', singular? The Bitcoin blockchain and the Ethereum blockchain are fully separate so to describe a set containing both I'd say 'blockchains'. If someone asked my what technology they used, I'd say 'a blockchain'. But my usage is not what I see from advocates.

Re: You Do Not Need Blockchain: Popular Use Cases and Why They Do Not Work

#300

Earlier quoted context omitted.

"SWIFT was founded in Brussels in 1973 under the leadership of its inaugural CEO, Carl Reuterskiöld (1973–1989), and was supported by 239 banks in fifteen countries. It started to establish common standards for financial transactions and a shared data processing system and worldwide communications network designed by Logica and developed by the Burroughs Corporation. Fundamental operating procedures, rules for liabil…

SWIFT is a messaging system, not a settlement system. Its also far slower than blockchain, more complex, and more prone to error. I think around 6% of transactions just disappear.

In 15+ years of building and maintaining SWIFT-connected systems that run SWIFT-provided software, I’ve never encountered a situation where a SWIFT message has “just disappeared”.
Post reply on HN