That's a good question, I actually do "see" something, in the decentralized technology itself, not in the current blockchain implementation though...
I've said this before but I think the major problem with the current state is speculation and the instability of most (if not all) of the cryptocurrencies. Unstable currencies only work for speculation and for a small percent of people to get rich, and a large percentage of people to loose money. While giving you the impression that you can get rich, the smart (or evil) people get richer, basically a scheme for a couple of people to benefit out of the hype and hope of not so smart or uneducated people.
Of course I understand that this systems and the people behind the nodes, miners, etc... must receive an incentive or a reward for doing the work. I'm fine with that. What I'm not fine with is attaching or basing all decentralized systems on top of currencies, at least the way they're currently implemented.
For me the most successful (or at least useful) cryptocurrencies I've seen, worked on, and used, are often closed to speculation. And are localized (restricted or regulated in a geographic area, eg. A social coin for a town, neighborhood, country, etc...)
The tech behind all of this bullshit is actually really smart and powerful, but it's not the solution for everything, not even a considerable amount of the problems.
I hope the answer makes sense, I haven't really thought about this very much, so thanks for the prompt!
Bitcoin is obviously doing more harm than good when it's about the reputation of blockchain ... just a speculation vehicle, casino, gambling, hundred percent uninteresting in my book (I don't believe in getting rich quick for free, well it does work but only for a tiny number of people, lol) ... and just look at the huge environmental cost of "mining", it's disgusting.
Bitcoin, I say not good at all, not solving real world/ordinary people's problems.
But yes I agree with you and I do believe there are some use cases where the technology can work - but let's just drop the hype already and the exaggeration, and get back down to earth - I don't believe this is gonna change or save the world or mankind in a huge manner.
Regarding the environment issue, yeah I totally agree, there are more energy efficient ways of validating blocks and transations, but they have their own issues from what I've read, I have not researched that aspect much though...
You have the US and the EU (and China?) ban Bitcoin and other proof of work/proof of resources waste shit, on the ground that there are incompatible with our current and major Energy-Climate crisis.
Then one of two things will happen.
If there are energy efficient Blockchains around there, that will boost them into relevance real fast. Engineering skills and investment money will flow towards them.
If there are none, well then the whole Blockchain sector is crap and deserves to be banned.
That's a good question, I actually do "see" something, in the decentralized technology itself, not in the current blockchain implementation though...
I've said this before but I think the major problem with the current state is speculation and the instability of most (if not all) of the cryptocurrencies. Unstable currencies only work for speculation and for a small percent of people to get rich, and a large percentage of people to loose money. While giving you the impression that you can get rich, the smart (or evil) people get richer, basically a scheme for a couple of people to benefit out of the hype and hope of not so smart or uneducated people.
Of course I understand that this systems and the people behind the nodes, miners, etc... must receive an incentive or a reward for doing the work. I'm fine with that. What I'm not fine with is attaching or basing all decentralized systems on top of currencies, at least the way they're currently implemented.
For me the most successful (or at least useful) cryptocurrencies I've seen, worked on, and used, are often closed to speculation. And are localized (restricted or regulated in a geographic area, eg. A social coin for a town, neighborhood, country, etc...)
The tech behind all of this bullshit is actually really smart and powerful, but it's not the solution for everything, not even a considerable amount of the problems.
I hope the answer makes sense, I haven't really thought about this very much, so thanks for the prompt!
Yep I think this makes a lot of sense :-)
Bitcoin is obviously doing more harm than good when it's about the reputation of blockchain ... just a speculation vehicle, casino, gambling, hundred percent uninteresting in my book (I don't believe in getting rich quick for free, well it does work but only for a tiny number of people, lol) ... and just look at the huge environmental cost of "mining", it's disgusting.
Bitcoin, I say not good at all, not solving real world/ordinary people's problems.
But yes I agree with you and I do believe there are some use cases where the technology can work - but let's just drop the hype already and the exaggeration, and get back down to earth - I don't believe this is gonna change or save the world or mankind in a huge manner.
Yup, I'm with you!
Regarding the environment issue, yeah I totally agree, there are more energy efficient ways of validating blocks and transations, but they have their own issues from what I've read, I have not researched that aspect much though...
Simple solution is regulation.
You have the US and the EU (and China?) ban Bitcoin and other proof of work/proof of resources waste shit, on the ground that there are incompatible with our current and major Energy-Climate crisis.
Then one of two things will happen.
If there are energy efficient Blockchains around there, that will boost them into relevance real fast. Engineering skills and investment money will flow towards them.
If there are none, well then the whole Blockchain sector is crap and deserves to be banned.
Harsh but true ;)