Topic: Blockchain is Crappy Technology and a Bad Vision for the Future - page 2. (Read 165 times)
I do not believe this statement. Blockchain is actually a good technology. It cannot be only applied to certain currencies but it can applied to any other sectors of the society as well as the government services for transparency. There are already studies being conducted to integrate blockchain technology to the government system, this way the public can view their transactions and corruption could cease.
let me tell you what is really happening.
bitcoin price has been dropping for some time and now it has slowed down since it is n ear the bottom. at times like this there will always be a lot of people trying to short bitcoin way too late and also buy bitcoin at the bottom. all of these people will try to undermine bitcoin and the technology even. there is no merit to what they are saying and they always lack understanding of the technology.
bitcoin price has been dropping for some time and now it has slowed down since it is n ear the bottom. at times like this there will always be a lot of people trying to short bitcoin way too late and also buy bitcoin at the bottom. all of these people will try to undermine bitcoin and the technology even. there is no merit to what they are saying and they always lack understanding of the technology.
The only statement of this author is that the blockchain is "trustless" and all the centralized "middleman" systems are trusted.And he doesn`t have any real proof to support his claims.I have to say that the blockchain technology still isn`t perfect,but it`s evolving and improving.
Judging a not yet perfected technology for it`s flaws is totally stupid.
30 years ago,there were people,who were saying that the cellphones are a shitty technology and they don`t have any future.This guy is like one of those people.
Judging a not yet perfected technology for it`s flaws is totally stupid.
30 years ago,there were people,who were saying that the cellphones are a shitty technology and they don`t have any future.This guy is like one of those people.
The writer of the article is very confused. He says, " three successive top bitcoin exchanges have been hacked " and then claim that the Blockchain is not trustworthy because of that. These exchanges run their own code and has nothing to do with the Blockchain, other than them using Bitcoin as a currency. < This is like someone blaming the central banks, because they issued money and that money got stolen, when Massmart was robbed > 
He has to go back to Google to do some more research on exchanges and how the Blockchain fits into that partnership.
He has to go back to Google to do some more research on exchanges and how the Blockchain fits into that partnership.
While this article also briefly discusses how bitcoin isn't a very functionable currency (in terms of what is believed there is to gain using bitcoin over fiat currencies), it mostly talks about the blockchain itself. Perhaps this isn't the best place to put a discussion about blockchain, but it is related to bitcoin. Though I'll reiterate this is more of a discussion about the actual usefulness of blockchain (the digital ledger/technology behind the cryptocurrency bitcoin).
There are people who are confused with the difference between Bitcoin and the blockchain technology and can be assuming that the two are inseparable. Well, they are both distinct and separate and one should be able to differentiate the two in order to appreciate blockchain technology. Just one big example is what is happening in China right now. While China banned Bitcoin and ICOs, they know that blockchain technology can be helpful and that is why the government is supporting its development. The question of adoption will never happen overnight...it took so many years for Rome to be built as they say. Now, there are people who just love to get some attention they don't deserve by publishing ideas contrary to what is accepted and perceived to be true. Suit yourself as we live in a democracy.
Blockchain is not only crappy technology but a bad vision for the future
Blockchain is not only crappy technology but a bad vision for the future. Its failure to achieve adoption to date is because systems built on trust, norms, and institutions inherently function better than the type of no-need-for-trusted-parties systems blockchain envisions. That’s permanent: no matter how much blockchain improves it is still headed in the wrong direction.
The author is a self-proclaimed "Whatever the opposite of a futurist is".
Some of his points:
What say you guys? (In the most unbiased way possible; I know this is a forum dedicated to everything bitcoin, but we should try to think outside of the box.)
Full article here: https://medium.com/@kaistinchcombe/decentralized-and-trustless-crypto-paradise-is-actually-a-medieval-hellhole-c1ca122efdec
Blockchain is not only crappy technology but a bad vision for the future. Its failure to achieve adoption to date is because systems built on trust, norms, and institutions inherently function better than the type of no-need-for-trusted-parties systems blockchain envisions. That’s permanent: no matter how much blockchain improves it is still headed in the wrong direction.
The author is a self-proclaimed "Whatever the opposite of a futurist is".
Some of his points:
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There is no single person in existence who had a problem they wanted to solve, discovered that an available blockchain solution was the best way to solve it, and therefore became a blockchain enthusiast.
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People treat blockchain as a “futuristic integrity wand”—wave a blockchain at the problem, and suddenly your data will be valid. For almost anything people want to be valid, blockchain has been proposed as a solution. It’s true that tampering with data stored on a blockchain is hard, but it’s false that blockchain is a good way to create data that has integrity.
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You actually see it over and over again. Blockchain systems are supposed to be more trustworthy, but in fact they are the least trustworthy systems in the world. Today, in less than a decade, three successive top bitcoin exchanges have been hacked, another is accused of insider trading, the demonstration-project DAO smart contract got drained, crypto price swings are ten times those of the world’s most mismanaged currencies, and bitcoin, the “killer app” of crypto transparency, is almost certainly artificially propped up by fake transactions involving billions of literally imaginary dollars.
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Even the most die-hard crypto enthusiasts prefer in practice to rely on trust rather than their own crypto-medieval systems. 93% of bitcoins are mined by managed consortiums, yet none of the consortiums use smart contracts to manage payouts. Instead, they promise things like a “long history of stable and accurate payouts.” Sounds like a trustworthy middleman!
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People who actually care about food safety do not adopt blockchain because trusted is better than trustless. Blockchain’s technology mess exposes its metaphor mess — a software engineer pointing out that storing the data a sequence of small hashed files won’t get the mango-pickers to accurately report whether they sprayed pesticides is also pointing out why peer-to-peer interaction with no regulations, norms, middlemen, or trusted parties is actually a bad way to empower people.
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As a society, and as technologists and entrepreneurs in particular, we’re going to have to get good at cooperating — at building trust, and, at being trustworthy. Instead of directing resources to the elimination of trust, we should direct our resources to the creation of trust—whether we use a long series of sequentially hashed files as our storage medium or not.
What say you guys? (In the most unbiased way possible; I know this is a forum dedicated to everything bitcoin, but we should try to think outside of the box.)
Full article here: https://medium.com/@kaistinchcombe/decentralized-and-trustless-crypto-paradise-is-actually-a-medieval-hellhole-c1ca122efdec
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