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> A recent example for this insanity from here in Germany is the development of the digital vaccination certificate in early 2021. In the beginning it was plann

> A recent example for this insanity from here in Germany is the development of the digital vaccination certificate in early 2021. In the beginning it was planned to use blockchain technology. In this specific case they wanted to use not only one, but five. Why? Nobody knew exactly and after massive criticism from the public the plan was dropped and replaced by a simpler architecture without blockchains, that’s still in use now. Just because some people are using the wrong tool for the job does not make a blockchain "nonsense" for all jobs. Bitcoin does provide a lot of value for me as a currency. A credit card payment processor once chose to disable the company's account I worked for [1]. Bitcoin enabled us to not having to immediately let go members of our team. I'm actually glad that there are so many people out there in the tech community who are happy to pay with Bitcoin. I don't see any value in all the alt coins though. Most of the crypto purchases at the SaaS were made with Bitcoin. All those alt coins with their own blockchain are just made for junkies for love trading by charts. Just pure speculation and the side with more liquidity wins. Furthermore, the only application of blockchains which I have seen as a value creation tool is the application as the public ledger in Bitcoin. Also, let me quote Hal Finney why alt coins don't work: "Any successful replacement of the Bitcoin block chain will forever undermine the credibility of any successor. How is an investor to know that it won't happen again? Rebooting now may benefit a few thousand early adopters. What happens when hundreds of millions use Bitcoin 2? They'll be just as jealous and envious of you as you are of others. Given the precedent you want to set, how will you argue against yet another reboot?" [2] [1] https://news.ycombinator.com/item?id=30632086 https://news.ycombinator.com/item?id=30632086 [2] https://bitcointalk.org/index.php?topic=10666.msg152988#msg152988 https://bitcointalk.org/index.php?topic=10666.msg152988#msg1...

DarkWiiPlayer 4y ago
> Text explains why a thing is generally bad > Text gives an example of said thing being used > Comment points out how the example doesn't prove the thing is bad Congratulations, you've almost figured out how examples work.
- lovingCranberry 4y ago
  Have you read the whole article? The author claims that "Neither I or anybody I know has ever heard of any usage of blockchain that’s in any way useful". Well, I'm just trying to say that Bitcoin is actually useful, but the other applications are not :)
DebtDeflation 4y ago
>Also, let me quote Hal Finney why alt coins don't work: "Any successful replacement of the Bitcoin block chain will forever undermine the credibility of any successor. How is an investor to know that it won't happen again? Under this logic, Geocities must be the predominant social media service today. Because if MySpace were able to replace it, how would investors know the same could not later happen to MySpace with Facebook, etc.?
- lovingCranberry 4y ago
  I don't think you can compare a deflationary currency with an actual service. Look, a social media service has way more features and works in a completely different way than transferring wealth from Alice to Bob.

DarkWiiPlayer 4y ago

> Text explains why a thing is generally bad > Text gives an example of said thing being used > Comment points out how the example doesn't prove the thing is bad Congratulations, you've almost figured out how examples work.

lovingCranberry 4y ago
Have you read the whole article? The author claims that "Neither I or anybody I know has ever heard of any usage of blockchain that’s in any way useful". Well, I'm just trying to say that Bitcoin is actually useful, but the other applications are not :)

DebtDeflation 4y ago

>Also, let me quote Hal Finney why alt coins don't work: "Any successful replacement of the Bitcoin block chain will forever undermine the credibility of any successor. How is an investor to know that it won't happen again? Under this logic, Geocities must be the predominant social media service today. Because if MySpace were able to replace it, how would investors know the same could not later happen to MySpace with Facebook, etc.?

lovingCranberry 4y ago
I don't think you can compare a deflationary currency with an actual service. Look, a social media service has way more features and works in a completely different way than transferring wealth from Alice to Bob.