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Please Stop
(jlai.lu)
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this post was submitted on 09 Mar 2024
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OK but there are actually great uses for blockchain that are completely disconnected from anything you typically see
For example, banks may begin using blockchain for maintaining their internal ledgers. It will help solve a ton of issues around reconciling the transactions from all over the globe
Blockchain has reasonable uses. Really good ones. Crypto and nft bros just completely ruined the image of it
EDIT: I love all the comments demonstrating how little people understand about blockchain. Bitcoin was not the first blockchain, nor is its design the only type of blockchain. Assuming that all blockchain looks like the crypto/nft paradigm is just showing your ignorance.
https://www.vice.com/en/article/j5nzx4/what-was-the-first-blockchain
Yeah let’s use the computing power of an entire country to pay for a small coffee.
While that is an inherent component of how proof-of-work cryptos work, and utterly stupid, it's not an inherent part of how to do blockchains.
You can have a blockchain without consuming stupid amounts of energy.
Yeah it's called a database....
There aren’t a lot of distributed databases with no single owner and all writes are signed.
Yeah, but not having an owner is actually a fucking terrible thing for a banking system, how do you not grasp this?
No owner is great for a banking system. It stops the owner printing money whenever they feel like it.
Bruh
I do grasp it.
I don’t really know what situation it makes sense for. It seems like a tool for cases where nobody can agree who should own the records of something so now everyone should.
exactly, you have others methods of proof-of-work
you’ve just demonstrated your lack of depth of understanding of blockchains. congratulations, your opinion was correct about 15 years ago. the technology has moved on
and the "solutions" are all objectively worse security wise. And by thinking blockchains need proof of anything, you too misunderstand what a blockchain even is. Proof of whatever is needed by the concensus algorithm, not the blockchain.
no; they all have trade-offs and that’s different… you can have trust less proof amongst semi-trusted parties like a consortium of banks: they don’t entirely trust each other, but trust each other enough to keep an eye on the other members of the consortium
there are plenty of situations like this that are non-public
they are objectively, mathematically weaker.
Joining ethereum now implies trusting a complete stranger to get you up to speed. It is objectively subjective.
i wasn’t talking about ethereum, and i don’t think anyone was saying they don’t have TRADE OFFS. in the world of consensus protocols, there are many different trade offs that build a network that suits your needs
however the consensus protocol has little to do with how mathematically secure a network is: the security of the consensus protocol comes down to a lot of complex things
it also has nothing to do with how you bootstrap a node
these things are all different, albeit interconnected things
the consensus algorithm is the only thing that contributes to the network's security. That, and because it's trying to solve an impossible problem, it also needs the psychological element exploiting humans' greed (and therefore want to hoard currency).
You say so but I guess it's hard to convince a lot of people who recognize it's folly to try to fix a social/human problem with a technological solution.
Git is a merkle-tree based system like a blockchain. People have no problem with the tech. They're just tired of the hype train.