Re:Bitcoin is a bubble, no plans to short-sell: Japan Post B...
by owlmirror on Friday November 17, 2017 @05:32AM
(#15720804)
you have these dilettantes in all emerging markets. The soundness off the underlying technology isn't invalid thereof.
And nobody knows if bitcoins itself are validated at the correct price. We could over estimating it right now or underestimating it and a single bitcoin may be worth a million dollar in 10 years or a billion. we have no way to predict these things. only in hindsight it becomes obvious.
Re:Bitcoin is a bubble, no plans to short-sell: Japan Post B...
by dozzie on Friday November 17, 2017 @05:56AM
(#15720929)
> you have these dilettantes in all emerging markets.
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).
> 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.