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That is just meaningless marketingspeak, and obviously wrong. Blockchains are just data, so at most "spreadsheets that can make commitments". And the latter par

That is just meaningless marketingspeak, and obviously wrong. Blockchains are just data, so at most "spreadsheets that can make commitments". And the latter part is also wrong, as computers are controlled by silicon logic in exactly the same way as blockchains are controlled by their code: They aren't. Someone owns the computers, and someone owns the blockchains/ their data. And if a dispute happens, that will get resolved by courts. I'm well aware of the promise of this being different with blockchains, but so far that never happened.

TheColorYellow 7y ago
Technically the blockchain that would be referred to in the GP is more than just a data type. It would also include the algorithm for deciding the next block of valid transactions. I think the reference is supposed to imply that the consensus mechanism built into the system is responsible for dictating the validity of a transaction as opposed to a human.
Taek 7y ago
> Someone owns the computers, and someone owns the blockchains/ their data. That's the beautiful part. That someone is the end user, who is running a full node. The reason that blockchains require every node to have all the data is so that every end user is in full control of the commitments made by the blockchain. Efficient? No. But does it invert the typical power relationship? Yes! Blockchains put the user in control. (fine print: this is not necessarily true for many Proof of Stake chains, also not true many lite client models (including most Bitcoin lite clients), also not true if you have on-chain governance, also not true if the blockchain makes other compromising design decisions such as auto-updating, most cryptocurrencies fall short in at least half a dozen ways)
- verdverm 6y ago
  Wrong, crypto is a scam that makes you think you have some semblance of power in a system no one uses in real life
- bildung 6y ago
  If that were the case, why can a16z profit from that?
febeling 6y ago
Who do you think the people trust when they buy bitcoin? Is it the trust in your basement miner and your smartphone wallet, or is it perhaps the control through bitcoin core code? This trust amounts to 160bn USD per today.
- bildung 6y ago
  They trust the exchanges, which is where most people buy their coins - and they don't actually own coins, they own entries in the database of the exchange. Actual OTC purchases of bitcoin are negligible in comparison and don't play a significant role in price discovery.
gjs278 6y ago
> And if a dispute happens, that will get resolved by courts. good luck getting your money back in a blockchain with a judges order

TheColorYellow 7y ago

Technically the blockchain that would be referred to in the GP is more than just a data type. It would also include the algorithm for deciding the next block of valid transactions. I think the reference is supposed to imply that the consensus mechanism built into the system is responsible for dictating the validity of a transaction as opposed to a human.

Taek 7y ago

> Someone owns the computers, and someone owns the blockchains/ their data. That's the beautiful part. That someone is the end user, who is running a full node. The reason that blockchains require every node to have all the data is so that every end user is in full control of the commitments made by the blockchain. Efficient? No. But does it invert the typical power relationship? Yes! Blockchains put the user in control. (fine print: this is not necessarily true for many Proof of Stake chains, also not true many lite client models (including most Bitcoin lite clients), also not true if you have on-chain governance, also not true if the blockchain makes other compromising design decisions such as auto-updating, most cryptocurrencies fall short in at least half a dozen ways)

verdverm 6y ago
Wrong, crypto is a scam that makes you think you have some semblance of power in a system no one uses in real life
bildung 6y ago
If that were the case, why can a16z profit from that?

febeling 6y ago

Who do you think the people trust when they buy bitcoin? Is it the trust in your basement miner and your smartphone wallet, or is it perhaps the control through bitcoin core code? This trust amounts to 160bn USD per today.

bildung 6y ago
They trust the exchanges, which is where most people buy their coins - and they don't actually own coins, they own entries in the database of the exchange. Actual OTC purchases of bitcoin are negligible in comparison and don't play a significant role in price discovery.

gjs278 6y ago

> And if a dispute happens, that will get resolved by courts. good luck getting your money back in a blockchain with a judges order