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Bitcoin is not reinventing the banking system. Bitcoin is being used by a centralized party (Coinbase) to offer banking services. Instead of lending fiat they

Bitcoin is not reinventing the banking system. Bitcoin is being used by a centralized party (Coinbase) to offer banking services. Instead of lending fiat they can lend a digital asset (Bitcoin). Coinbase is centralized and highly regulated. Their mission is not in line with the original mission for bitcoin to be a global currency. Bitcoin has a volatile value that makes it a poor store of value and/or currency. I’ll probably get downvoted for this but que sera sera. Bitcoin is at best a speculative investment akin to trading baseball cards. At worst it’s a decentralized Ponzi scheme.

e1ghtSpace 6y ago
Downvoted?
mrkramer 6y ago
@godzillabrennus I agree with you. Bitcoin was meant to decentralize trust and not to centralize it all over again. Bitcoin supports variety of transactions like "Escrow transactions, bonded contracts, third party arbitration, multi-party signature, etc."[1] Satoshi made Bitcoin Script language so people can make smart contracts and if they want even give loans. [1]https://bitcointalk.org/index.php?topic=195.msg1611#msg1611 https://bitcointalk.org/index.php?topic=195.msg1611#msg1611
biolurker1 6y ago
You were probably commenting on the posts of why blockchain is useless until the world starts running on blockchain governments and banks running their systems on it etc. Some people just want anti. Now my comment will be downvoted.
- throwaway-9320 6y ago
  Could you name any projects that are based on a blockchain and which could not have been viable with any other technical solution, such as an SQL-based database like PostgreSQL?
  - yomly 6y ago
    Ironically with the advent of deepfakes and fake nees something like KodakCoin actually sounds like a good idea (with no view on how to get adoption)
  - mopsi 6y ago
    Blockchain-based logging systems. Can't go back and edit anything, edits have to be appended as new records. There's quite a lot going on in this space because of the obvious benefits, but HN seems very detached from the enterprise world. If you ran a database of land ownership records or patient healt data for a whole country, would you really be at ease with only PostgreSQL? You asked for an example, here's one: https://news.lockheedmartin.com/2020-02-20-Lockheed-Martin-and-Guardtime-Federal-Join-Forces-to-Thwart-Software-Cyber-Threats https://news.lockheedmartin.com/2020-02-20-Lockheed-Martin-a...
    - throwaway-9320 6y ago
      From what I can read, this press release mentions that they have so far reached an agreement to work together on the project, and they are currently _planning_ on using a KSI blockchain. Too early to say if the project will succeed or not. > If you ran a database of land ownership records or patient healt data for a whole country, would you really be at ease with only PostgreSQL? With proper access controls, backup system and proper maintenance, definitely. While the DB engine itself can vary (PostgreSQL, Oracle, whatever Microsoft produces etc.), SQL based database engines are widely used in such scenarios already.
      - coreblocks 6y ago
        That assumes you are dealing with a trustworthy government / corporation. Look at Lebanon their entire government just resigned overnight, can the people really trust “proper access controls and maintenance” in such chaos? Would it not be better to have essential records be kept track of by the public? Even if you don’t need it now, think of it has a insurance policy.
    - jkinudsjknds 6y ago
WhyIsItLikeThis 6y ago
You get downvoted because HN is full of idiots who hate Bitcoin because they don't understand it. You are wrong because Bitcoin (BTC) is as you say, a decentralized ponzi scheme but the open source project that DOES follow the project outlined in the Bitcoin White Paper, Bitcoin Cash (BCH) solves the problem created by government issued "fiat" currency. Bitcoin Cash is a global, instant and nearly free payment network that replaces cash and credit cards for most use cases.

e1ghtSpace 6y ago

Downvoted?

mrkramer 6y ago

@godzillabrennus I agree with you. Bitcoin was meant to decentralize trust and not to centralize it all over again. Bitcoin supports variety of transactions like "Escrow transactions, bonded contracts, third party arbitration, multi-party signature, etc."[1] Satoshi made Bitcoin Script language so people can make smart contracts and if they want even give loans. [1]https://bitcointalk.org/index.php?topic=195.msg1611#msg1611 https://bitcointalk.org/index.php?topic=195.msg1611#msg1611

biolurker1 6y ago

You were probably commenting on the posts of why blockchain is useless until the world starts running on blockchain governments and banks running their systems on it etc. Some people just want anti. Now my comment will be downvoted.

throwaway-9320 6y ago
Could you name any projects that are based on a blockchain and which could not have been viable with any other technical solution, such as an SQL-based database like PostgreSQL?
- yomly 6y ago
  Ironically with the advent of deepfakes and fake nees something like KodakCoin actually sounds like a good idea (with no view on how to get adoption)
- mopsi 6y ago
  Blockchain-based logging systems. Can't go back and edit anything, edits have to be appended as new records. There's quite a lot going on in this space because of the obvious benefits, but HN seems very detached from the enterprise world. If you ran a database of land ownership records or patient healt data for a whole country, would you really be at ease with only PostgreSQL? You asked for an example, here's one: https://news.lockheedmartin.com/2020-02-20-Lockheed-Martin-and-Guardtime-Federal-Join-Forces-to-Thwart-Software-Cyber-Threats https://news.lockheedmartin.com/2020-02-20-Lockheed-Martin-a...
  - throwaway-9320 6y ago
    From what I can read, this press release mentions that they have so far reached an agreement to work together on the project, and they are currently _planning_ on using a KSI blockchain. Too early to say if the project will succeed or not. > If you ran a database of land ownership records or patient healt data for a whole country, would you really be at ease with only PostgreSQL? With proper access controls, backup system and proper maintenance, definitely. While the DB engine itself can vary (PostgreSQL, Oracle, whatever Microsoft produces etc.), SQL based database engines are widely used in such scenarios already.
    - coreblocks 6y ago
      That assumes you are dealing with a trustworthy government / corporation. Look at Lebanon their entire government just resigned overnight, can the people really trust “proper access controls and maintenance” in such chaos? Would it not be better to have essential records be kept track of by the public? Even if you don’t need it now, think of it has a insurance policy.
  - jkinudsjknds 6y ago

WhyIsItLikeThis 6y ago

You get downvoted because HN is full of idiots who hate Bitcoin because they don't understand it. You are wrong because Bitcoin (BTC) is as you say, a decentralized ponzi scheme but the open source project that DOES follow the project outlined in the Bitcoin White Paper, Bitcoin Cash (BCH) solves the problem created by government issued "fiat" currency. Bitcoin Cash is a global, instant and nearly free payment network that replaces cash and credit cards for most use cases.