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It seems that for years now whenever people try to justify the usefulness of blockchain, cryptocurrencies, and smart contracts there are always 10 different, ja
by nexthash 6y ago
It seems that for years now whenever people try to justify the usefulness of blockchain, cryptocurrencies, and smart contracts there are always 10 different, jargonic, and barely-understandable answers. There is no shortage of excuses given for why they haven't busted banks, credit cards, and payment apps.
For years decentralized technologies have been pushed as the future for the internet and yet they still aren't used by anybody outside hardcore enthusiast communities, while bringing ruin to many others as volatile 'investments'. Goes to show that the problem is in the technology itself, no matter how you present it. Unless it is changed to reflect people's actual needs (i.e: reject the ideology of decentralization for convenience and easy payments) it will never gain traction.
- ssss11 6y agoWith large financial institutions putting billions into it in 2020 and its continuation in 2021, I think the window for catastrophic failure has gone. Regardless of whether it’s useful or valuable i think it’s here to stay.
- iSnow 6y agoThe web roughly took from 1995 to 2005 to take off. DLT and DeFi manage value, not just data or customer interactions, the cost of every error can be devastating. Yet, DeFi already has a couple of billions under management which isn't too bad. I do agree that the fixation on decentralization over everything isn't going to cut it, DLT will be backend tech used to secure hybrid applications. I don't see anyone paying in bitcoin or having an ETH wallet for daily purposes.
- birracerveza 6y agoNo, it goes to show that you're unwilling to understand new technologies. Your view is jaded, the ecosystem has evolved a lot since 2017 and is starting to see real usage, DeFi being the first of many real world applications to come.