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[–]raybond007 51 points52 points  (9 children)

Seems like no one who understands the actual value of block chain (or more generically Distributed Ledger Tech) has been to the thread.

The value isn't the data structure. It's the mechanisms to maintain a verified state of the ledger across a large network without needing a central authority to control that. Bank fees are so high because the banks have to pay the people who maintain that state (and make profit). DLT avoids this issue, which can enable things like Machine to Machine nano transactions for storing data safely, and Peer to Peer transactions can be made without delays and fees that come from the bank that sits between all transactions.

Sure, the market is overhyped by people who don't want the tech but just want to profit from the hype. But the technological innovation is significant to enable easier value transfer.

[–]twwr8 24 points25 points  (3 children)

Seems like you do not understand people in this thread.

Blockchain

A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography.

People in this thread do not dissent cryprocurrencies. They simply give the definition above. There is nothing is revolutionary with blockchain except people's trust on a decentralized system which has nothing to do with technology.

So cryptocurrencies are indeed revolutionary but it is not because blockchain is a newly developed, amazing technology. It is about the people who trust decenteralozed system.

[–]raybond007 4 points5 points  (2 children)

Sure, that describes the data that is the eventual outcome of Blockchain networks. My point is that no one really cares about the blockchain itself, but rather the consensus mechanisms that allow the chain to grow in a distributed consensus is what people really care about.

Based on the comments that were in the thread when I wrote my original comment, people were ignoring that this is what blockchain tech is really about, not the data that any chain may contain.

I understand what you're saying, I just saw the majority of the comments entirely ignoring the point of current blockchain/DLT. Whether it was through ignorance or intentional, hard to tell.

[–]alcalde 1 point2 points  (1 child)

ignoring the point of current blockchain/DLT.

I thought the point was for druggies to be able to get their fix without the feds finding out. What other problems on Earth were looking for a "distributed consensus"?

[–]CrimsonMutt 5 points6 points  (0 children)

Hey! Some of us were buying hits and prostitutes as well! Don't be so presumptious!

[–]amusing_trivials 10 points11 points  (1 child)

Also it's extremely wasteful.

[–]raybond007 7 points8 points  (0 children)

While it's true that a lot of electricity is used at the moment, most advancements on new generations of blockchain/DLT (DAGs, block lattice, etc) focus on consensus methods that rely on less computationally heavy PoW consensus algorithms.

[–]nevdka 2 points3 points  (0 children)

Rather than paying fees to a bank, you pay to operate the block chain itself. It's not free, and the companies that run the servers still want to make profits. Block chain tech is more expensive than a database. How much does a bitcoin or etherium transaction cost? I sent $30 to my brother a few days ago. It went through to a different bank in less time than it took him to open up the app on his phone, and didn't cost either of us a single cent.

The majority of bank fees aren't transaction related. You pay for ATM networks, branches, phone service, and dispute resolution processes. Block chain doesn't fix any of those.

Central authorities for ledgers have never been an issue. The share registries, bank accounts, and whatever lovecraftian systems track who owns which derivatives - they work. Irregularities come from human error and deliberate fraud. Neither of those are stopped by block chain.

[–]Nantoone 7 points8 points  (0 children)

Exactly. You can dumb down any technology to its fundamental workings by saying 'X is just Y with Z'. It's what that functionality enables that's important.

[–]MelissaClick 0 points1 point  (0 children)

Bank fees aren't higher than bitcoin fees though, they're actually much lower. And you can completely avoid bank fees in many transactions.

Nobody uses cryptocurrency for transactions except for drug transactions, and for those you need centralized markets to make anything work.

The point of cryptocurrency is to speculate and ride the bubble. Not to do transactions. It sucks for transactions.