""Sago noted that blockchain is a great technology and one day bitcoin could become a major means of settlement.
“But that will be years away, possibly more than a decade -- so there’s no need to buy bitcoin now. Since no one knows when the bubble will burst, the best thing to do here is to stay away from it,” he said."
Didn't it just do that?
> Payments, cross border transactions, IPFS, security, voting, etc are all things that are being or could be disrupted by the blockchain tech
Oh, certainly cryptographic dilettantes will "disrupt" voting or data storage with their timestamping service.
No, the blockchain tech is a bubble. It attracts idiots who know nothing about the cryptography and algorithms and then they invent data storage layers or voting on totally mismatching thing, so very expensive for very little benefit, even if it works correctly at all. And the mismatch in cryptographic applications usually leads to catastrophic results, unlike most of IT fields.
Voting is one spectacular example. There are several cryptographic protocols for electronic voting, and none has or uses the properties exhibited by blockchain. Using blockchain for voting is just plain dumb.
Yes, but in blockchain case the market consists almost entirely of dilettantes. And it's even worse: those dilettantes often think of themselves as experts.
> The soundness off the underlying technology isn't invalid thereof.
Only the soundness of the protocol for timestamping documents. The soundness of its usage, on the other hand, is usually invalid, except for maintaining a ledger (which is an ordered sequence of transactions, so exactly the use case for timestamping service).
Regardless if the price doubles in the next year or corrects 30% in a few days, there's a ton that's going on in the blockchain space (if you look past a lot of the get-rich-quick/scammy ICO companies). Payments, cross border transactions, IPFS, security, voting, etc are all things that are being or could be disrupted by the blockchain tech