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This was always going to be the end result of blockchain and cryptocurrency. It was one of the original criticisms of the tech - that "every company would make

This was always going to be the end result of blockchain and cryptocurrency. It was one of the original criticisms of the tech - that "every company would make it's own coin". Smart Contracts are never going to be as popular because they are neither very smart or the same as regular contracts - and have more overhead and larger vunerability anyhow.

jey 9y ago
And then they'll all fail, and people will again realize that simply appending ".com" or "blockchain" isn't actually a miraculous panacea. Meanwhile, legitimate uses of ".com" and "blockchain" will still continue to develop and grow.
- lomnakkus 9y ago
  Yeah, it's not called the Hype Cycle for nothing[1]. Not sure about the latter part of your post -- I'm sure there are legitimate uses of blockchain tech, but on the other hand I'm sure I've seen any yet, personally. EDIT: [1] Actually, it's pretty weird that this is even a thing given how interested we (as effectors of "tech") SHOULD be (but aren't) in how all of this has gone before. Granted, blockchains are a relatively recent invention, but just because it's technically doesn't mean that it's actually meaningfully different in effect/politics/etc.
  - lomnakkus 9y ago
    Eh, bad typo there, it was supposed to be...: I'm not sure I've seen any yet [etc.] (I'm sure most a'y'all got ma drift, but ya know. 'plogies, m'am)
- abritinthebay 9y ago
  Sure! I happen to quite like blockchain tech and I think it will end up being very interesting and useful. However I don't think cryptocurrency (at least how it's pitched now) is where it will end up being useful. Bitcoin/etc hype is basically the same as the early 90s hype over the internet - broadly accurate about the possibilities but utterly misapplied and misdirected.
logfromblammo 9y ago
That's exactly why what we need is a common framework such that when every person and company does make their own cryptocurrency, the exchanges can handle settlement and barter-matchmaking in a seamless and mostly automated fashion. So if Kodak has a standing offer to register stock photos and do rights clearance and licensing forever for X Eastmans, and I have a standing offer to exchange software development services for Y Blammos per day, the computing power that people offer in exchange for Hypotheticoins cranks through an arcane and unspecified algorithm, then spits out a result where I get what I want, and I have to do some work for an ex-dental-hygienist that once worked for my dentist. And I also get some change for it. For doing the job, I not only get the Kodak service, but I also get a medium 2-topping pizza from the nearest Domino's, an oil change and brake inspection from my regular mechanic, and 3 weeks of lawn-mowing from a kid on the next block. To my knowledge, Bitcoin can't do this, and an assortment of fragmented unitasker coins can't do it without an array of attached service businesses like Coinbase and BitPay. I'm really keen on a future where cryptocurrency enables a gift-barter economy, where you can make wishes, and grant other people's wishes. The more you grant to others, the more you get in return. I think that's a kind of thing that most people can really support, but it hasn't happened already, because the administrative overhead is a nightmare. With human matchmakers in the loop, you can only reasonably handle big wishes, and so you can't pay people back for helping to grant them. And so the recipients are kids with terminal cancer or rescued animals or something, so the givers get paid with warm fuzzies, or a kind of pay-it-forward IOU that might possibly go all the way around the world and come back. With an automated and distributed system cranking away on it, you can get that jar of homemade pickles for calling up a complete stranger to wish them happy birthday, or get a free beer for reciting one line at the right time in someone's bizarre public performance art. Or maybe you can finally get that pothole filled in front of your house, and all you have to do is reduce 300 MB of traffic survey data to determine the 85th percentile of traffic speeds. You can't stop everyone from making their own coins. Might as well try to make them all work together.
- Paraesthetic 9y ago
  One world Currency would be ideal, just waiting for someone to come out with it.
petre 9y ago
> every company would make it's own coin The harder part, as with regular currencies is convincing people to use it. At least with regular currencies usage is enforced by the state, which guarantees a number of users. Even if confidence in that currency has collapsed, you still have to pay your taxes using it.

jey 9y ago

And then they'll all fail, and people will again realize that simply appending ".com" or "blockchain" isn't actually a miraculous panacea. Meanwhile, legitimate uses of ".com" and "blockchain" will still continue to develop and grow.

lomnakkus 9y ago
Yeah, it's not called the Hype Cycle for nothing[1]. Not sure about the latter part of your post -- I'm sure there are legitimate uses of blockchain tech, but on the other hand I'm sure I've seen any yet, personally. EDIT: [1] Actually, it's pretty weird that this is even a thing given how interested we (as effectors of "tech") SHOULD be (but aren't) in how all of this has gone before. Granted, blockchains are a relatively recent invention, but just because it's technically doesn't mean that it's actually meaningfully different in effect/politics/etc.
- lomnakkus 9y ago
  Eh, bad typo there, it was supposed to be...: I'm not sure I've seen any yet [etc.] (I'm sure most a'y'all got ma drift, but ya know. 'plogies, m'am)
abritinthebay 9y ago
Sure! I happen to quite like blockchain tech and I think it will end up being very interesting and useful. However I don't think cryptocurrency (at least how it's pitched now) is where it will end up being useful. Bitcoin/etc hype is basically the same as the early 90s hype over the internet - broadly accurate about the possibilities but utterly misapplied and misdirected.

logfromblammo 9y ago

That's exactly why what we need is a common framework such that when every person and company does make their own cryptocurrency, the exchanges can handle settlement and barter-matchmaking in a seamless and mostly automated fashion. So if Kodak has a standing offer to register stock photos and do rights clearance and licensing forever for X Eastmans, and I have a standing offer to exchange software development services for Y Blammos per day, the computing power that people offer in exchange for Hypotheticoins cranks through an arcane and unspecified algorithm, then spits out a result where I get what I want, and I have to do some work for an ex-dental-hygienist that once worked for my dentist. And I also get some change for it. For doing the job, I not only get the Kodak service, but I also get a medium 2-topping pizza from the nearest Domino's, an oil change and brake inspection from my regular mechanic, and 3 weeks of lawn-mowing from a kid on the next block. To my knowledge, Bitcoin can't do this, and an assortment of fragmented unitasker coins can't do it without an array of attached service businesses like Coinbase and BitPay. I'm really keen on a future where cryptocurrency enables a gift-barter economy, where you can make wishes, and grant other people's wishes. The more you grant to others, the more you get in return. I think that's a kind of thing that most people can really support, but it hasn't happened already, because the administrative overhead is a nightmare. With human matchmakers in the loop, you can only reasonably handle big wishes, and so you can't pay people back for helping to grant them. And so the recipients are kids with terminal cancer or rescued animals or something, so the givers get paid with warm fuzzies, or a kind of pay-it-forward IOU that might possibly go all the way around the world and come back. With an automated and distributed system cranking away on it, you can get that jar of homemade pickles for calling up a complete stranger to wish them happy birthday, or get a free beer for reciting one line at the right time in someone's bizarre public performance art. Or maybe you can finally get that pothole filled in front of your house, and all you have to do is reduce 300 MB of traffic survey data to determine the 85th percentile of traffic speeds. You can't stop everyone from making their own coins. Might as well try to make them all work together.

Paraesthetic 9y ago
One world Currency would be ideal, just waiting for someone to come out with it.

petre 9y ago

> every company would make it's own coin The harder part, as with regular currencies is convincing people to use it. At least with regular currencies usage is enforced by the state, which guarantees a number of users. Even if confidence in that currency has collapsed, you still have to pay your taxes using it.