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No, it didn't. Blockchain technology is perhaps the biggest recent example of a solution in search of a problem. It's interesting but still not clear at all wha
by Sangermaine 9y ago
No, it didn't. Blockchain technology is perhaps the biggest recent example of a solution in search of a problem. It's interesting but still not clear at all what it would be useful for over what already exists:
>"Ten years in, nobody has come up with a use for blockchain"
https://hackernoon.com/ten-years-in-nobody-has-come-up-with-a-use-case-for-blockchain-ee98c180100 https://hackernoon.com/ten-years-in-nobody-has-come-up-with-...
- root_axis 9y agoI agree that it is a solution in search of a problem, but it was able to find a problem, namely, facilitating darkmarket transactions; that's a real use-case that wasn't practical before blockchain tokens. Unfortunately, that use-case does not satisfy the enthusiasts and they have been determined to find some other use-case that has yet to materialize. The closest they've come up with are smart-contracts but those are generally useless as well because a smart-contract is only capable of enforcing rules on a blockchain and nowhere else.
- majewsky 9y ago> [Facilitating darkmarket transactions] that wasn't practical before blockchain tokens. Which is why, as we all remember, the darkmarket suddenly sprung into existence out of nowhere once Bitcoin was invented.
- idlewords 9y agoThe blockchain has solved one real-world problem—making ransomware practical.
- chowells 9y agoHuh? It's a trustless timestamping service. That's a thing that some protocols benefit from. Digital notaries, for instance. That surely justifies a valuation around a few cents per bitcoin.
- acdha 9y agoBefore assigning a valuation you’d have to ask whether this was better than alternatives. In the case of digital notaries, PKI does the same job except for anonymity and it seems like many people – especially in legal contexts – would value the notaries not being anonymous.
- fwdpropaganda 9y agoLets say we agree that this timestampting service is trustless (I don't, but for the sake of the argument lets say I do). Care to explain how you go from that to "few cents per bitcoin"? I'm asking for an actual calculation.
- chowells 9y agoYou're asking for "an actual calculation" to back up a Fermi estimate of the true value of an irrationally-priced good? Of course there isn't one. It's a Fermi estimate. The main points were that the value is greater than 0 but the use is exceptionally niche. Pick any other Fermi estimate you feel is appropriate for those conditions. It doesn't change my point.
- fwdpropaganda 9y ago"Fermi estimate"? You know that Fermi was known for backing up his talk with numbers, right? How can you say that then "surely it's a few cents"?
- chowells 9y agoSo, you have no disagreement with my actual point?
- fwdpropaganda 9y agoIs your actual point that bitcoin should be worth at last a few cents just because the blockchain can be used for timestamping?
- kpdxxx 9y agoHackers are terrible at predicting usefulness / explosive growth of disruptive technologies.
- oiuyh87yy3 9y agoPeople asked the same about PC's, iPads, and general relativity. But yeah let's continue using OUR view of the world TODAY as the gauge for judging the use of new discoveries and invention. Just because you haven't come up with a reason, or interest enough to just dig in, doesn't mean others haven't. Subjective experience is still a thing, last I checked.