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this post was submitted on 13 Jul 2023
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So true.
With LLMs, I can think of a few realistic and valuable applications even if they don’t successfully deliver on the hype and don’t actually shake the world upside down. With blockchain, I just could never see anything in it. Anyone trying to sell me on its promises would use the exact words people use to sell a scam.
Blockchain is a great solution to a almost nonexistent problem. If you need a small, public, slow, append only, hard to tamper with database, then it is perfect. 99.9% of the time you want a database that is read-write, fast and private.
My thoughts exactly.
I was told that except for flying scams under regulatory radars, the thing it’s great at is low-trust business transactions. But like, there are so many application-level ways to reasonably guarantee trust of any kind of transaction for all kinds of business needs, into a private database. I guess it would be an amazing solution if those other simpler ways didn’t exist!
I personally really like what Monero is doing with blockchain, but in most cases attempts at cryptocurrency (when not outright scams) fail in terms of privacy or performance. Bitcoin (the most popular one) has both of these problems, it is slow, limited to just around 7 transactions per second. Bitcoin also lacks any privacy, with transaction history completely public. Monero has to do a whole lot of work to obfuscate transaction history.
Currently basically all of these have another scalability problem due to the size of the blockchain constantly getting bigger, with Monero's strething up to 150GB and growing.