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The only thing that really seems to be true about all of this is Blockchain indeed is a huge innovation simply because of its ability to create decentralized tr
by benknight87 5y ago
The only thing that really seems to be true about all of this is Blockchain indeed is a huge innovation simply because of its ability to create decentralized trust. Full stop. Web3/crypto tech is currently going through the "Peak of Inflated Expectations" of the Gartner Hype Cycle, and once things settle down and get a little bit more boring, Blockchain applications will find their niche and prove their value in ways we didn't necessarily expect.
- labrador 5y agoThis trust is still partial trust in the system. There are a lot more aspects of the system that need to be trusted with your money. The coders who maintain bitcoin, that the miners won't collude, that your wallet won't be drained by hackers and so on... I'd rather trust my money to an FDIC account. It far more likely I'll lose my Bitcoin through some crack in the system that the United States governement collapses and is unable to give me my money, and at that point, Bitcoin wouldn't help me either.
- przeor 5y agoHistorically, people lost more money in the past by trusting third parties/IOU than trusting Ethereum settling layer. Global trust network was not possible before blockchain tech happend. Whole Switzerland success is built on trust concept in the society. Trust is important.
- pg_bot 5y agoMy general take has been that Blockchain is a genuine innovation, but one that is inferior to existing technologies in nearly every respect. It's going to be similar to the Wankel engine or the Tesla turbine historically. Yes it technically *works* but the disadvantages outweigh the benefits of adoption at commercial scale.