A very even-handed and level-headed assessment by Laurie, who has far more patience than me when it comes to this shit.
Any application that could be done on a blockchain could be better done on a centralized database. Except crime.
I’m not alone in believing in the fundamental technical uselessness of blockchains. There are tens of thousands of other people in the largest tech companies in the world that thanklessly push their organizations away from crypto adoption every day. The crypto asset bubble is perhaps the most divisive topic in tech of our era and possibly ever to exist in our field. It’s a scary but essential truth to realise that normal software engineers like us are an integral part of society’s immune system against the enormous moral hazard of technology-hyped asset bubbles metastasizing into systemic risk.
There is zero evidence that crypto is creating any technical innovation connected to the larger economy, and a strong preponderance of evidence it is a net drain on society by circumventing the rule of law, facilitating tax evasion, environmental devastation, enabling widespread extortion through ransomware and incentivizing an increasingly frothy ecosystem of scams to defraud the public. Nothing of value would be lost by a blanket cryptocurrency ban.
Honestly, cryptocurrencies are useless. They’re only used by speculators looking for quick riches, people who don’t like government-backed currencies, and criminals who want a black-market way to exchange money.
Bruce Schneier on the blockchain:
What blockchain does is shift some of the trust in people and institutions to trust in technology. You need to trust the cryptography, the protocols, the software, the computers and the network. And you need to trust them absolutely, because they’re often single points of failure.
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Freaky stuff. If you’ve seen Kevin Slavin or James Bridle talking about the increase in property prices on Wall Street as the buildings get closer to the network hub …that’s nothing—these are the new centres of world power; places where the speed of light interferes least with the speed of transactions.
An article delving into the crazy, crazy world of the US Patent Office.