Re:There's No Good Reason to Trust Blockchain Technology (2019)
by arcticbull on Sunday August 16, 2020 @09:31PM
(#24182957)
We've had 11 years of innovation in blockchain technology and so far, nothing has improved on the status quo. 11 years ago was right around when the first iPhone came out, for reference. In my opinion, that's because you can't solve trust with magic pixie dust. No matter what, trust represents a huge optimization. That means anything you try and do to reduce trust will introduce massive quantities of friction. Trust is good and should be embraced.
If something better comes along, great, but I've seen no evidence in the last 11 years that would indicate anything's at risk of coming down the pike. I've got no interest in championing a technology that hasn't budged a single iota (heh) in 11 years. If it does, I'll eat my... well. You get the joke.
[edit] note that market cap doesn't mean anything for a currency. There's no market cap of US dollars, because dollars have a fixed value relative to dollars. If I exchange my dollar for a dollar, the market cap of dollars is equal to the number of dollars in circulation. End of story. You value other things relative to currency to obtain their market cap.
The market cap of BTC is 21MM BTC. Less, given the huge quantities that go missing all the time.
If something better comes along, great, but I've seen no evidence in the last 11 years that would indicate anything's at risk of coming down the pike. I've got no interest in championing a technology that hasn't budged a single iota (heh) in 11 years. If it does, I'll eat my... well. You get the joke.
[edit] note that market cap doesn't mean anything for a currency. There's no market cap of US dollars, because dollars have a fixed value relative to dollars. If I exchange my dollar for a dollar, the market cap of dollars is equal to the number of dollars in circulation. End of story. You value other things relative to currency to obtain their market cap.
The market cap of BTC is 21MM BTC. Less, given the huge quantities that go missing all the time.