this post was submitted on 13 Nov 2024
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I’ve read that blockchain itself is a good technology. NFTs are a laughably absurd attempt to exploit that technology for profit.
Xitter op needs to shut up.
It's one of those things where scientists discovered something interesting and novel, and then a bunch of dumb grifters came in to try and make it their new snake oil.
A very, very long time ago, back when Bitcoin was viewed as a currency instead of an "investment" platform, Bitcoin kinda fulfilled the ideal use case for the blockchain. I think now the general public is just too soured on them for that to ever be the case, unless Elon makes Bitcoin the new currency of the U.S...
I seriously think his plan is fuck up the US economy so bad that the dollar hyperinflates.
Don't worry, other countries won't let it happen because their economies are held hostage by US.
Blockchain is a solution in search of a problem. A way to establish trust while not trusting any party is a cool concept, but in the real world it's far easier to establish a source of trust.
It is a bad solution though, because it revolves around wasting tons of energy in solving made up problems no one actually needs the solution to. I know there's alternative cryptocurrency that use better methods or solve actual problems but 90% of it is bitcoin.
Congratulations, now your trust relies on your subject never becoming important enough that someone bothers to run 50%+1 of the nodes in your network which means only very, very large subjects (or ones where trust wasn't very important in the first place) ever even have a chance of that not happening. What do you say? Your technology doesn't scale to very, very large subjects because of abysmal transaction rates?
Yup. Very well said. People don't realize the extent of wealth inequality (and how ridiculously resource intensive blockchain tech is). If anything important were to be decide by a blockchain, the top 1% would control the network.
More on wealth inequality here.
Today's inequality was created by the Cantillon effect.
What happened in 1972?
Soviet Union launched Venus-8
What problem does blockchain solve?
Having too much electricity and not enough CO2.
We recently developed AI for that purpose though which does the same thing but is useless in occasionally funny ways.
Apparently, it can be very secure. If “pieces” of a secure key are stored in multiple places, for example, only changing one link in the “chain” means it won’t match with the others. They ALL have to be changed at the same time, which is virtually impossible to do in secret.
Please note that I am far from an expert on the subject. I’m paraphrasing an article I read months ago.
Can’t you takeover a blockchain by owning the majority of a block chain, or by having a majority of the processing power to compute hashes?
Yes which is part of why the major chains are owned and controlled by companies, but then that makes the whole thing pointless. IMO, a company controlled blockchain may as well just be a DB cluster, it would be faster and more efficient.