I understand your feelings. That is my concern in investing in the Crypto market. Blockchain technology is really potential but it is not controlled. It is a confusing "deconstruction." There are so many types of people in this market. If the status of the Crypto market continues to evolve in the future, I'm afraid it will not grow as far as anyone would expect. Freedom has prevented it from growing stronger!
in fact, I did not experience any worries in crypto investment, because I believe crypto is the future of everyone, the growth of crypto members is growing very rapidly, crypto has experienced many challenges and crypto has been able to overcome it all this time. 
Topic: Now here's a guy really pissed at bitcoin/blockchain... (Read 322 times)
Multi-billion dollar investment firms are spending huge amounts of time and resources to get into cryptocurrency, doesn't really seem as though they think it's going to disappear.
they aren't actually getting into cryptocurrency. they are just using the current existing hype to make some money!
unfortunately these days blockchain technology and cryptocurrency have turned into some buzzwords that people use whenever they want to attract some hype and increase their revenue and with silly things such as ICOs the process has been made easy for them!
I understand your feelings. That is my concern in investing in the Crypto market. Blockchain technology is really potential but it is not controlled. It is a confusing "deconstruction." There are so many types of people in this market. If the status of the Crypto market continues to evolve in the future, I'm afraid it will not grow as far as anyone would expect. Freedom has prevented it from growing stronger!
it is natural that if there is access to all nodes and miners, the blockchain is deprived of decentralization
Just the fact that they're using the drop/crash after last year's ATH as an excuse to call out all forms of cryptocurrency, really show a lot of cognitive dissonance.
They're acting as if it's over and out for Bitcoin and all other cryptocurrencies, while this sort of thing has happened so many times in the past.
Multi-billion dollar investment firms are spending huge amounts of time and resources to get into cryptocurrency, doesn't really seem as though they think it's going to disappear.
The comparison with a simple spreadsheet is also laughable, can't imagine they've put much thought into that.
They're acting as if it's over and out for Bitcoin and all other cryptocurrencies, while this sort of thing has happened so many times in the past.
Multi-billion dollar investment firms are spending huge amounts of time and resources to get into cryptocurrency, doesn't really seem as though they think it's going to disappear.
The comparison with a simple spreadsheet is also laughable, can't imagine they've put much thought into that.
He's saying that libertarian values are an utopia. Can you really act like a smart person who wants to prove a point and at the same time be so ignorant? It looks like you can.
Thinking that we need more freedom with our finances, less government intervention and less agency snooping is to him an utopia. Hes nothing but a slave born and raised who doesn't question anything.
Thinking that we need more freedom with our finances, less government intervention and less agency snooping is to him an utopia. Hes nothing but a slave born and raised who doesn't question anything.
No serious institution would ever allow its transactions to be verified by an anonymous cartel operating from the shadows of the world’s authoritarian kleptocracies. So it is no surprise that whenever “blockchain” has been piloted in a traditional setting, it has either been thrown in the trash bin or turned into a private permissioned database that is nothing more than an Excel spreadsheet or a database with a misleading name.
Lol this snippet shows just how much he knows about the subject. He really just spit out half-truths to paint the entire community in a bad light. You can't say Bitcoin being worth $6.5k means it's going bust unless you're trying to push an agenda.
His commentary on ICOs and shitcoins are spot-on though, so credit where credit is due lol. The blockchain is far from useless, but the way people have been touting it as a solution to the most mundane problems and how everyone falls for it just mystify me.
In align with your thoughts, I also have the same line of idea. Blockchain is indeed useful, the author possibly missed some points and thus he is criticizing this technology. The blockchain technology is in fact very useful and to prove and back up my claims I will cite some example. Have you heard of the news that banks and financial institutions are now planning to integrate blockchain technology into their banking system. This is just one example how this technology can change lives as it change the financial sphere of transactions.
No serious institution would ever allow its transactions to be verified by an anonymous cartel operating from the shadows of the world’s authoritarian kleptocracies. So it is no surprise that whenever “blockchain” has been piloted in a traditional setting, it has either been thrown in the trash bin or turned into a private permissioned database that is nothing more than an Excel spreadsheet or a database with a misleading name.
Lol this snippet shows just how much he knows about the subject. He really just spit out half-truths to paint the entire community in a bad light. You can't say Bitcoin being worth $6.5k means it's going bust unless you're trying to push an agenda.
His commentary on ICOs and shitcoins are spot-on though, so credit where credit is due lol. The blockchain is far from useless, but the way people have been touting it as a solution to the most mundane problems and how everyone falls for it just mystify me.
It's just some idiot complaining because he didn't jump in the boat quick enough. Technology has evolved so it's time to get on board on what could be the last bear market
Blockchain (wtf is this?) is only about greed (and fiat money is not?)
Hold on a second..... 'mother of all bubbles'
?
Sounds like Roubini and Rosa experienced some huge losses with their shitcoin investements.
Edit: .... and they have no idea how and why Bitcoin works.
Hold on a second..... 'mother of all bubbles'
?Sounds like Roubini and Rosa experienced some huge losses with their shitcoin investements.
Edit: .... and they have no idea how and why Bitcoin works.
If the blockchain is a glorified spreadsheet,then fiat money are glorified paper. 
Can the author of that shitty FUD article prove that fiat money isn't glorified paper?I really doubt that he can.
Cryptocurrencies are a libertarian experiment.This is the only thing that I can agree with.There's nothing wrong with being a libertarian.
Can the author of that shitty FUD article prove that fiat money isn't glorified paper?I really doubt that he can.
Cryptocurrencies are a libertarian experiment.This is the only thing that I can agree with.There's nothing wrong with being a libertarian.
This superficial analysis of a technology that solved the Byzantine Generals Problem for the first time, does little to give credibility to the author of this article. Once people start investigating a little deeper, they would recognize the breakthrough that was achieved by this technology.
If this was such a insignificant technology, how would you explain the sudden interest from large Banking and financial institutions in developing their own Blockchain based technologies?
If this was such a insignificant technology, how would you explain the sudden interest from large Banking and financial institutions in developing their own Blockchain based technologies?
This whole rant, is a prime example of using a fair bit of fact to give credence to a whole lot of crap.
This got my attention, as not every document is classified authority, and an organization or government can modify the block ledger system to suit their demands. Transparency is just one of the qualities of the blockchain technology.
And that transparency is invaluable in events like, electioneering processes where the information isn't top secret.
Admittedly, the issue of an indirect centralization by the bitcoin core team, actually degrades to an extent the actual goal of this technology.
But the 'few self serving white men' and black (as I am) and women also that are invloves with this innovation are not blind to the flaws but weigh the potential to be worth more.
And we are just ten years down the road. Plenty of time for improvement.
As for blockchain itself, there is no institution under the sun – bank, corporation, non-governmental organisation or government agency – that would put its balance sheet or register of transactions, trades and interactions with clients and suppliers on public decentralised peer-to-peer permissionless ledgers. There is no good reason why such proprietary and highly valuable information should be recorded publicly.
This got my attention, as not every document is classified authority, and an organization or government can modify the block ledger system to suit their demands. Transparency is just one of the qualities of the blockchain technology.
And that transparency is invaluable in events like, electioneering processes where the information isn't top secret.
Admittedly, the issue of an indirect centralization by the bitcoin core team, actually degrades to an extent the actual goal of this technology.
But the 'few self serving white men' and black (as I am) and women also that are invloves with this innovation are not blind to the flaws but weigh the potential to be worth more.
And we are just ten years down the road. Plenty of time for improvement.
Quote
As should be clear, the claim of “decentralisation” is a myth propagated by the pseudo-billionaires who control this pseudo-industry. Now that the retail investors who were suckered into the crypto market have all lost their shirts, the snake-oil salesmen who remain are sitting on piles of fake wealth that will immediately disappear if they try to liquidate their “assets”.
"In practice, blockchain is nothing more than a glorified spreadsheet."
well you can say that about anything else that you can think of. for example Diamond is nothing more than a glorified carbon atom. but obviously statements like these are simply dumb and they only show the lack of knowledge of the person who says them.
Quote
With the value of bitcoin having fallen by about 70% since its peak late last year, the mother of all bubbles has now gone bust.
.... or you can say value of bitcoin has gone up 600% since last year.Quote
other digital currencies have plummeted by 90%-99%,
well, lets not confuse bitcoin with pump and dump shitcoins. 
Quote
As should be clear, the claim of “decentralisation” is a myth propagated by the pseudo-billionaires who control this pseudo-industry. Now that the retail investors who were suckered into the crypto market have all lost their shirts, the snake-oil salesmen who remain are sitting on piles of fake wealth that will immediately disappear if they try to liquidate their “assets”.
The quoted statement doesn't really makes sense. The entire article is a good read because it presents a different way of looking towards crypto until I reached the above mentioned statement. Complete non sense ranting without providing a valid ground of justification.
It seems like the writer had invested in crypto during late 2017 and he is receiving credit card collection calls every single day. Pointless and meaningless ranting like this, won't stop.
"In practice, blockchain is nothing more than a glorified spreadsheet."
With the value of bitcoin having fallen by about 70% since its peak late last year, the mother of all bubbles has now gone bust. More generally, cryptocurrencies have entered a not-so-cryptic apocalypse. The value of leading coins such as Ether, EOS, Litecoin and XRP have all fallen by over 80%, thousands of other digital currencies have plummeted by 90%-99%, and the rest have been exposed as outright frauds. No one should be surprised by this: four out of five initial coin offerings (ICOs) were scams to begin with.
Faced with the public spectacle of a market bloodbath, boosters have fled to the last refuge of the crypto scoundrel: a defence of “blockchain,” the distributed-ledger software underpinning all cryptocurrencies. Blockchain has been heralded as a potential panacea for everything from poverty and famine to cancer. In fact, it is the most overhyped – and least useful – technology in human history.
In practice, blockchain is nothing more than a glorified spreadsheet. But it has also become the byword for a libertarian ideology that treats all governments, central banks, traditional financial institutions, and real-world currencies as evil concentrations of power that must be destroyed. Blockchain fundamentalists’ ideal world is one in which all economic activity and human interactions are subject to anarchist or libertarian decentralisation. They would like the entirety of social and political life to end up on public ledgers that are supposedly “permissionless” (accessible to everyone) and “trustless” (not reliant on a credible intermediary such as a bank).
Yet far from ushering in a utopia, blockchain has given rise to a familiar form of economic hell. A few self-serving white men (there are hardly any women or minorities in the blockchain universe) pretending to be messiahs for the world’s impoverished, marginalised and unbanked masses claim to have created billions of dollars of wealth out of nothing. But one need only consider the massive centralisation of power among cryptocurrency “miners,” exchanges, developers and wealth holders to see that blockchain is not about decentralisation and democracy; it is about greed.
For example, a small group of companies – mostly located in such bastions of democracy as Russia, Georgia and China – control between two-thirds and three-quarters of all crypto-mining activity and all routinely jack up transaction costs to increase their fat profit margins. Apparently, blockchain fanatics would have us put our faith in an anonymous cartel subject to no rule of law, rather than trust central banks and regulated financial intermediaries.
A similar pattern has emerged in cryptocurrency trading. Fully 99% of all transactions occur on centralised exchanges that are hacked on a regular basis. And, unlike with real money, once your crypto wealth is hacked, it is gone forever.
Moreover, the centralisation of crypto development – for example, fundamentalists have named Ethereum creator Vitalik Buterin a “benevolent dictator for life” – already has given lie to the claim that “code is law,” as if the software underpinning blockchain applications is immutable. The truth is that the developers have absolute power to act as judge and jury. When something goes wrong in one of their buggy “smart” pseudo-contracts and massive hacking occurs, they simply change the code and “fork” a failing coin into another one by arbitrary fiat, revealing the entire “trustless” enterprise to have been untrustworthy from the start.
Lastly, wealth in the crypto universe is even more concentrated than it is in North Korea. Whereas a Gini coefficient of 1.0 means that a single person controls 100% of a country’s income/wealth, North Korea scores 0.86, the rather unequal United States scores 0.41 and bitcoin scores an astonishing 0.88.
As should be clear, the claim of “decentralisation” is a myth propagated by the pseudo-billionaires who control this pseudo-industry. Now that the retail investors who were suckered into the crypto market have all lost their shirts, the snake-oil salesmen who remain are sitting on piles of fake wealth that will immediately disappear if they try to liquidate their “assets”.
As for blockchain itself, there is no institution under the sun – bank, corporation, non-governmental organisation or government agency – that would put its balance sheet or register of transactions, trades and interactions with clients and suppliers on public decentralised peer-to-peer permissionless ledgers. There is no good reason why such proprietary and highly valuable information should be recorded publicly.
Moreover, in cases where distributed-ledger technologies – so-called enterprise DLT – are actually being used, they have nothing to do with blockchain. They are private, centralised and recorded on just a few controlled ledgers. They require permission for access, which is granted to qualified individuals. And, perhaps most important, they are based on trusted authorities that have established their credibility over time. All of which is to say, these are “blockchains” in name only.
It is telling that all “decentralised” blockchains end up being centralised, permissioned databases when they are actually put into use. As such, blockchain has not even improved upon the standard electronic spreadsheet, which was invented in 1979.
No serious institution would ever allow its transactions to be verified by an anonymous cartel operating from the shadows of the world’s authoritarian kleptocracies. So it is no surprise that whenever “blockchain” has been piloted in a traditional setting, it has either been thrown in the trash bin or turned into a private permissioned database that is nothing more than an Excel spreadsheet or a database with a misleading name.
source: https://www.theguardian.com/technology/2018/oct/15/blockchain-democracy-decentralisation-bitcoin-price-cryptocurrencies?utm
With the value of bitcoin having fallen by about 70% since its peak late last year, the mother of all bubbles has now gone bust. More generally, cryptocurrencies have entered a not-so-cryptic apocalypse. The value of leading coins such as Ether, EOS, Litecoin and XRP have all fallen by over 80%, thousands of other digital currencies have plummeted by 90%-99%, and the rest have been exposed as outright frauds. No one should be surprised by this: four out of five initial coin offerings (ICOs) were scams to begin with.
Faced with the public spectacle of a market bloodbath, boosters have fled to the last refuge of the crypto scoundrel: a defence of “blockchain,” the distributed-ledger software underpinning all cryptocurrencies. Blockchain has been heralded as a potential panacea for everything from poverty and famine to cancer. In fact, it is the most overhyped – and least useful – technology in human history.
In practice, blockchain is nothing more than a glorified spreadsheet. But it has also become the byword for a libertarian ideology that treats all governments, central banks, traditional financial institutions, and real-world currencies as evil concentrations of power that must be destroyed. Blockchain fundamentalists’ ideal world is one in which all economic activity and human interactions are subject to anarchist or libertarian decentralisation. They would like the entirety of social and political life to end up on public ledgers that are supposedly “permissionless” (accessible to everyone) and “trustless” (not reliant on a credible intermediary such as a bank).
Yet far from ushering in a utopia, blockchain has given rise to a familiar form of economic hell. A few self-serving white men (there are hardly any women or minorities in the blockchain universe) pretending to be messiahs for the world’s impoverished, marginalised and unbanked masses claim to have created billions of dollars of wealth out of nothing. But one need only consider the massive centralisation of power among cryptocurrency “miners,” exchanges, developers and wealth holders to see that blockchain is not about decentralisation and democracy; it is about greed.
For example, a small group of companies – mostly located in such bastions of democracy as Russia, Georgia and China – control between two-thirds and three-quarters of all crypto-mining activity and all routinely jack up transaction costs to increase their fat profit margins. Apparently, blockchain fanatics would have us put our faith in an anonymous cartel subject to no rule of law, rather than trust central banks and regulated financial intermediaries.
A similar pattern has emerged in cryptocurrency trading. Fully 99% of all transactions occur on centralised exchanges that are hacked on a regular basis. And, unlike with real money, once your crypto wealth is hacked, it is gone forever.
Moreover, the centralisation of crypto development – for example, fundamentalists have named Ethereum creator Vitalik Buterin a “benevolent dictator for life” – already has given lie to the claim that “code is law,” as if the software underpinning blockchain applications is immutable. The truth is that the developers have absolute power to act as judge and jury. When something goes wrong in one of their buggy “smart” pseudo-contracts and massive hacking occurs, they simply change the code and “fork” a failing coin into another one by arbitrary fiat, revealing the entire “trustless” enterprise to have been untrustworthy from the start.
Lastly, wealth in the crypto universe is even more concentrated than it is in North Korea. Whereas a Gini coefficient of 1.0 means that a single person controls 100% of a country’s income/wealth, North Korea scores 0.86, the rather unequal United States scores 0.41 and bitcoin scores an astonishing 0.88.
As should be clear, the claim of “decentralisation” is a myth propagated by the pseudo-billionaires who control this pseudo-industry. Now that the retail investors who were suckered into the crypto market have all lost their shirts, the snake-oil salesmen who remain are sitting on piles of fake wealth that will immediately disappear if they try to liquidate their “assets”.
As for blockchain itself, there is no institution under the sun – bank, corporation, non-governmental organisation or government agency – that would put its balance sheet or register of transactions, trades and interactions with clients and suppliers on public decentralised peer-to-peer permissionless ledgers. There is no good reason why such proprietary and highly valuable information should be recorded publicly.
Moreover, in cases where distributed-ledger technologies – so-called enterprise DLT – are actually being used, they have nothing to do with blockchain. They are private, centralised and recorded on just a few controlled ledgers. They require permission for access, which is granted to qualified individuals. And, perhaps most important, they are based on trusted authorities that have established their credibility over time. All of which is to say, these are “blockchains” in name only.
It is telling that all “decentralised” blockchains end up being centralised, permissioned databases when they are actually put into use. As such, blockchain has not even improved upon the standard electronic spreadsheet, which was invented in 1979.
No serious institution would ever allow its transactions to be verified by an anonymous cartel operating from the shadows of the world’s authoritarian kleptocracies. So it is no surprise that whenever “blockchain” has been piloted in a traditional setting, it has either been thrown in the trash bin or turned into a private permissioned database that is nothing more than an Excel spreadsheet or a database with a misleading name.
source: https://www.theguardian.com/technology/2018/oct/15/blockchain-democracy-decentralisation-bitcoin-price-cryptocurrencies?utm
Jump to: