I need some big brained hot takes about the blockchain!
What are valid criticisms of blockchain?
Evan Ramirez
Other urls found in this thread:
arstechnica.com
theregister.co.uk
smartereum.com
coindesk.com
twitter.com
Brody Ortiz
Yes, you're right. "The Blockchain". There is only one. And it can be critisized:
"Blockchain - fuck you. You suck!"
Jose Myers
Thanks my man!
Anthony Hall
It failed as a currency because it was fundamentally a flawed concept which induced higher transfer fees than plain old usury. So people tried to use it as an investment medium and got owned by people who actually knew how to money (mostly just doing it on the side for shits and giggles because even at its largest, the market cap of all combined cryptos was barely worth big money even acknowledging).
Evan Ross
What do you mean it was a currency?
Alexander Bell
>It failed as a currency because it was fundamentally a flawed concept which induced higher transfer fees than plain old usury.
Didn't Bitcoin Cash fix that, compared to "Bitcoin Core", which repositioned itself as a "store of value" rather than as a medium of exchange? I don't know the technical details.
Grayson Scott
>if one person or entity controls the majority of sources, they can manipulate it for everyone.
>in a lot of cases there's no need for a blockchain and using one is just detrimental
Joseph Howard
Give Adam Greenfield’s ‘Radical Technologies’ a read. It’s got a good couple of chapters on Crypto.
James Bennett
arstechnica.com
>The bitcoin network is run by miners, computers that maintain the shared transaction ledger called the blockchain. A new study estimates that this process consumes at least 2.6GW of power—almost as much electric power as Ireland consumes. This figure could rise to 7.7GW before the end of 2018—accounting for almost half a percent of the world's electricity consumption.
Josiah Reed
Free market will fix it.
Justin Smith
So? You think there is more efficient ways to use that power? Like powering servers for Korean basket weaving board?
Robert Harris
Computers for Africans to watch NBA YT clips on
Camden Richardson
Our society isn't structured in a way that will make decentralized project competitive for anything but a few niche uses. Commercial companies like Visa, paypal etc have a massive grip on the market by means of advertising, lobbying, unfair practices etc that it will almost impossible for a decentralized payment system to take hold. And, by and large, people don't care enough about trustlessness, censorship-resistance etc. to bother switching anyway. Even the stores that did experiment with accepting bitcoin etc., saw almost no users of it.
In other words, even though crypto is the symbolism of a free market, the free market is precisely what will prevent it from blossoming. Poetic, really.
Hunter Martinez
due to it's distributed nature, it's really really slow.
Joshua Morales
God I wish that were me
Bentley Parker
You can only add to the ledger, not possible to modify or delete entries. Limits use cases. Also distributed model has advantages but also requires commitment which if absent would kill the technology. One more thing, it takes 90+ minutes to complete a bitcoin transaction making it impractical for real world use as a currency.
Jaxon Evans
>This figure could rise to 7.7GW before the end of 2018
no, AMD will save the environment with superior Zen CPU's (it would be true if miners run intel)
Mason Gutierrez
This is exactly what happened, Core refused to increase the block size due to bandwidth/storage concerns.
... so now they're pushing this lightning network where every single node needs to know the exact state of every other node, in real-time, in order for it to work. Which requires even more bandwidth, and moves data storage from cheap HDDs to expensive RAM.
Jonathan Johnson
Blockchain doesnt work if mining is too cheap.
Ian Wood
>blockchain is a currency
The average user, everyone.
Jacob Martinez
You know what be meant. Quit being retarded.
Nobody gives a shit about blockchain aside from crypto anymore. Even then nobody cares about crypto
Jayden Hill
Nobody wants what bitcoin offers vs what Visa and Mastercard and PayPal are offering.
It's not that I don't care that the government can compel visa to tell them what I've bought, I want them to be able to so that they can catch criminals. In practice, they do not catch many criminals with this method. But in practice, they also never crush individual citizens with it either.
Brody Morris
>Nobody gives a shit about blockchain aside from crypto anymore.
Imagine being this tech illiterate.
Juan Peterson
Blockchain study finds 0.00% success rate and vendors don't call back when asked for evidence:
theregister.co.uk
Jordan Collins
>Nobody gives a shit about blockchain aside from crypto anymore
Please, this is a no dumb area.
smartereum.com
coindesk.com
Bentley Reed
I want fck a girl watever i like
Dominic Garcia
Yeah it doesn't magically make a stock golden when a company decides to go to the blockchain anymore at least not that I've seen. Nice use of sites that have a main focus on crypto and extremely pro crypto bias as your evidence that blockchain remains popular and a hot topic outside of crypto.
We aren't getting daily investment focused sites giving blockchain news and the last actual news site was about Wal-Mart using blockchain but what kicked up their stock was the announcement of a clothing subscription service.
Blockchain is old news amigos
Aaron Harris
>But in practice, they also never crush individual citizens with it either.
That's debatable. All the major payment providers blocks payments to many offenders or even maybe-offenders of laws that are unjust. Like sex workers, online poker players, donators to wikileaks etc, even us crypto traders in many cases.
Ian Gray
Once a single payment has been de-anonymized, the rest of them will be de-anonymized as well.
Blockchain, by its nature, gets less efficient over time.
I support a deflationary monetary policy, but most cryptocurrencies have excessive deflation that causes them to behave less like a currency and more like an investment.
Wyatt Ortiz
CPU mining has come and gone. GPU mining has come and gone. It's all ASICs now. Too late for Zen to make a difference.
Jack Wood
People aren't like this because they're spoiled, they're like that because the normal life you get by blindly obeying authority and doing what you're told is unfulfilling and meaningless