One anecdote => All Ethereum’s cryptographers are a fraud => All crypto is a fraud
You're deducing a lot from this one quote lol
You're deducing a lot from this one quote lol
Hmm. The blockchain is actually a very clever solution to a very old coordination problem. In that sense it is not BS at all.
But I agree that it is an open question whether it can directly support a useful economy the way a currency can. It doesn’t seem to have the throughput for that, to start with. But maybe it could be useful for interbank settlements, if for some reason traditional methods weren’t working.
Banks have already started exploring using it as the clearing house and recent US policy has cleared the path for more.
blockchains as an immutable ledger should be the dumbest thing anyone has ever heard of. but somehow people saw dollar signs and put aside all their reservations and are using it to try to get rich quick.
as if a set of banks are going to secretly conspire to remove your money from you specifically, without a paper trail, or something. it's a nonsense premise to begin with.
both of those are obviously false and both have already happened.
blockchain is stupid. it is insanely inefficient, it burns power solely so you can say that you've burned power. it is stupid beyond belief.
There are other use cases, like it or not. And its popularity - don't blame tools for basic human greed they only allow to be manifested, that's not a smart approach to get anywhere apart from endless complaints how this and that sucks.
take as much time as you need.
Bitcoin was made to solve problems that exist only in the minds of those who wish to make money with bitcoin. Other blockchains serve the same purpose. Zero people use it as a ledger, except as a joke or to prove how stupidly limited and inefficient it is.
Bitcoin also has created problems that didn’t exist prior to the invention of the blockchain.
So, aside from the myriad negative effects of the blockchain, it is wholly and completely pointless unless you think it will make you money. If that’s how you think of yourself, you are a parasitic scammer spreading ransomware trying to make people think you are a legitimate human person with a right to live.
it's how banks prevent someone from withdrawing money from your account without your permission, everywhere across the entire globe at once, all the time.
it's the same reason that I, a normal user, can't delete people from active directory at work, or change their passwords to mess with them.
you've dealt with this kind of permission system your entire computer-using life. you know how it works. you know what it is. being distributed doesn't matter at all.
We live in a time where any form of centralized authority is increasingly abused. Blockchain prevents this. It also prevents incompetence as we also live in a time where centralized data and credentials are regularly leaked or hacked with no recourse available.
The most probable outcome being a rapid fork and rollback as already with e.g. Ethereum over a relatively negligible amount of money relative to what you'd need to get a 51% on Bitcoin. You'd likely end up losing a massive amount of money, as well as look at possibly spending the rest of your life in prison. So the only real purpose in doing so is for attention or trolling, but the costs involved generally preclude this motivation.
It might, but in this case it is preceded by "This is why", which makes the sentence as a whole simply wrong.