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With your last sentence, I think you're conflating the utility of blockchains as implemented today with the potential of the technology that has yet to be reali
by kareemsabri 4y ago
With your last sentence, I think you're conflating the utility of blockchains as implemented today with the potential of the technology that has yet to be realized. I'm not asking for someone to point me to an incredible crypto project that exists today, but rather to explain why they think a decentralized, low-trust consensus protocol will change the world as we know it. Like, what are the killer use cases. If what you're saying is (like the early internet) we don't know what they are yet but expect it will be transformational in the long term, that's fine, but that's not really what people are saying.
Regarding your use cases.
> uncensorable payments
would your corrupt country not eventually catch up by regulating the ability to convert your BTC into fiat to buy things, or do you anticipate doing all your payments on the blockchain and never converting to fiat?
> also super quick payments (donated to Ukrania during war ar Sunday night < 30 secs)
a global payment system does seem very useful, assuming the currency is stable; not justified to the current hype though
> moving the ownership of items to a decentralized system (e.g. NFTs as trading cards)
I have failed to understand this one. If you own NFT 1 on Blockchain X, how do you enforce your ownership rights in the real world if someone else chooses not to acknowledge the authority of this decentralized system? If it's a real world asset, and I steal it from you, who do you appeal to? If it's a digital asset, and I copy and use it, who do you appeal to? Or is the utility here people who all buy into and respect the authority of this chain's ownership ledger being able to trade these things within that ecosystem?
> smart contracts (lock your tokens and you're guaranteed, by code, that something happens like being paid an interest at some time/logic trigger)
I haven't found this one that compelling, but maybe I'm missing something. Code isn't immutable, so what's to stop my "smart contract" from changing? I may be unaware of some guarantees that the blockchain provides that the code itself is also immutable.