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This reminds of an article from a few months ago: >Ten years in, nobody has come up with a use for blockchain https://hackernoon.com/ten-years-in-nobody-has-c

This reminds of an article from a few months ago: >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-... Blockchain technology seems to be the ultimate case of a solution in search of a problem. I'm sure there are some niches where it maybe useful, but the hype around it is so absurd it borders on the religious. How often do you see comments here, for example, professing faith in its glorious, inevitable future? It's sometimes like talking to a fervent Christian about the Kingdom of Heaven that will come when Jesus returns.

trophycase 9y ago
Not really. Satoshi's whitepaper pretty clearly lays out the problems that Bitcoin was attempting to solve.
- sungawd 9y ago
  I was wondering if I was taking crazy pills.
ttoinou 9y ago
I'm sure there are some niches where it maybe useful Like a worldwide instantaneous transfer payment and a currency competing with an over-regulated financial system and central banks ? What a small niche indeed.
- Sangermaine 9y ago
  No, that would be one of those religious fantasies since the reality of blockchain technology has certainly not played out in this manner at all. But don't lose faith, brother, the Kingdom awaits one day.
  - ttoinou 9y ago
    Arguments ?
- adadad3442 9y ago
  I'm sure we could figure out a way to use carrots as a building material, but I'm still going to use steel.
  - ttoinou 9y ago
    How do you know which one is better if you don't know how to build a house or don't have dozens of year of human knowledge and praxis that confirms that this material is better ?
- openmosix 9y ago
  "instantaneous" => it is faster for me to send a payment via venmo, than waiting 24h on a congested bitcoin network. "currency" => I thought Bitcoin at this point is done as a currency. Merchants have dropped it, payment processors (Stripe) have let it go. The next best use case is "store of value", but even there, with a volatility of +/- 50% in 60 days, I doubt that.
  - ttoinou 9y ago
    Talking about blockchain, not bitcoin (which already have good competition)
- georgeecollins 9y ago
  I think the point of the article (perhaps wrong) is that blockchain is a terrible solution instantaneous transfer because it is slower and less secure than other solutions.
- tigershark 9y ago
  Like a broken payment system that takes hours for a confirmation, north of 50$ of commission even if you are transferring a single cent, instantaneous theft of hundred of millions USD and countless hard forks? I would say I’m very, VERY lucky of not being part of this small niche that apparently burns more electricity than me, my children, my grandchildren and so on until the 50th generation and over...
  - ttoinou 9y ago
    Talking about blockchain here, not bitcoin (which already have really good competition) that apparently burns more electricity than me, my children, my grandchildren and so on until the 50th generation and over So you are going to get ride of every electricity consuming technology you have and get back living in a cavern ? Have you computed the amount of electricity consumed by the actual financial system, payment systems and banks ?
- RestlessMind 9y ago
  Here is why I cannot see bitcoin becoming a "currency" - lack of a central authority which can enforce stability on its value. If a loaf of bread is going to cost 1 milli-btc today and 2 milli-btc tomorrow, that will simply wreak havoc in the society. Most folks just want a stable predictable life with as little volatility as possible. Say what you want about modern central bankers, they have kept things mostly stable. 2008 crash was the worst thing happened on their watch, which is mild in comparison to other horrors of the past (like great depression).
norikki 9y ago
Im always shocked by the religious like faith people put in the current banking system that gave us the housing bubble, the 2008 financial crisis, the bailouts, TARP, the 1988 financial crisis, the 1929 financial crisis the 1905 financial crisis etcetera etcetera. There is nothing inevitable about the status quo or reform. Reform will succeed if enough people decide it should happen, and advocating the benefits of blockchain is a means to that end.

trophycase 9y ago

Not really. Satoshi's whitepaper pretty clearly lays out the problems that Bitcoin was attempting to solve.

sungawd 9y ago
I was wondering if I was taking crazy pills.

ttoinou 9y ago

I'm sure there are some niches where it maybe useful Like a worldwide instantaneous transfer payment and a currency competing with an over-regulated financial system and central banks ? What a small niche indeed.

Sangermaine 9y ago
No, that would be one of those religious fantasies since the reality of blockchain technology has certainly not played out in this manner at all. But don't lose faith, brother, the Kingdom awaits one day.
- ttoinou 9y ago
  Arguments ?
adadad3442 9y ago
I'm sure we could figure out a way to use carrots as a building material, but I'm still going to use steel.
- ttoinou 9y ago
  How do you know which one is better if you don't know how to build a house or don't have dozens of year of human knowledge and praxis that confirms that this material is better ?
openmosix 9y ago
"instantaneous" => it is faster for me to send a payment via venmo, than waiting 24h on a congested bitcoin network. "currency" => I thought Bitcoin at this point is done as a currency. Merchants have dropped it, payment processors (Stripe) have let it go. The next best use case is "store of value", but even there, with a volatility of +/- 50% in 60 days, I doubt that.
- ttoinou 9y ago
  Talking about blockchain, not bitcoin (which already have good competition)
georgeecollins 9y ago
I think the point of the article (perhaps wrong) is that blockchain is a terrible solution instantaneous transfer because it is slower and less secure than other solutions.
tigershark 9y ago
Like a broken payment system that takes hours for a confirmation, north of 50$ of commission even if you are transferring a single cent, instantaneous theft of hundred of millions USD and countless hard forks? I would say I’m very, VERY lucky of not being part of this small niche that apparently burns more electricity than me, my children, my grandchildren and so on until the 50th generation and over...
- ttoinou 9y ago
  Talking about blockchain here, not bitcoin (which already have really good competition) that apparently burns more electricity than me, my children, my grandchildren and so on until the 50th generation and over So you are going to get ride of every electricity consuming technology you have and get back living in a cavern ? Have you computed the amount of electricity consumed by the actual financial system, payment systems and banks ?
RestlessMind 9y ago
Here is why I cannot see bitcoin becoming a "currency" - lack of a central authority which can enforce stability on its value. If a loaf of bread is going to cost 1 milli-btc today and 2 milli-btc tomorrow, that will simply wreak havoc in the society. Most folks just want a stable predictable life with as little volatility as possible. Say what you want about modern central bankers, they have kept things mostly stable. 2008 crash was the worst thing happened on their watch, which is mild in comparison to other horrors of the past (like great depression).

norikki 9y ago

Im always shocked by the religious like faith people put in the current banking system that gave us the housing bubble, the 2008 financial crisis, the bailouts, TARP, the 1988 financial crisis, the 1929 financial crisis the 1905 financial crisis etcetera etcetera. There is nothing inevitable about the status quo or reform. Reform will succeed if enough people decide it should happen, and advocating the benefits of blockchain is a means to that end.