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I don't think so and I hope not. All blockchain is, is that it's just a data structure. A linked list with crytographic verification of previous item with distr
by brilliantcode 10y ago
I don't think so and I hope not. All blockchain is, is that it's just a data structure. A linked list with crytographic verification of previous item with distributed consensus verifying a block of linked transactions called miners. There's very little stopping a group of people buying up miners like you'd buy up votes. Loss of centralized vote counting means you are at mercy of the miners and will lobbyists cutting deals to just buy up a giant pool of miners that defeats or censors other votes?
I just think the public's understanding of what blockchain is has been greatly misguided with sensationalist journalism by the media. "Look at Bitcoin it's still running" they said. And how many specific real world problems has Bitcoin solved other than dark markets fueling human misery? It's been around since 2009 and you are telling me it still hasn't found a problem to solve? Ethereum, post-DAO (they are launching another one after the disaster....) and hard fork validated that "immutable and code is law" is not possible when they themselves need to edit the blockchain to make everyone whole. /r/ethereum is now a de-facto HYIP forums from the early 2000s. Combined with an anonymous social media platform to launch scammy ICO by buying up old reddit accounts to sock puppet, manipulate votes and censor people.
What other possible use case does blockchain solve that our current web of database and cloud platforms can't? How does it possibly do it better? (ex. Ethereum vs AWS). And how will blockchain get around to changing the laws & regulations which it so boldly claims as a non issue?
With IRS going after coinbase users, it's only a matter of time before blockchain becomes just another elusive tool for tax payers to throw their hard earned cash at.
Decentralized & immutable they said. It can't exist when you introduce profits and you can't have distributed consensus because of it (see Ethereum). If you are working on blockchain technology you should consider pivoting because you are working on a solution that has no problem. Even if there was a problem to solve, it's hard pressed to convince people that just because you have a very complex system of blockchain backed with proof of work or stake, it's somehow above the law and you have nothing but good intentions when you are looking to clear millions of dollars by holding genesis coins.
Name one blockchain tech or company that is killing it right now. In fact the only blockchain company that's doing well are exchanges and brokers cashing on people's ignorance. This won't last, just like CS:GO skin betting websites who naively tried to claim they weren't dealing with fiat money. It won't matter in the eyes of a regulator.