Re:It's time for us in the tech world to speak out about cry...
by acqq on Monday May 31, 2021 @06:52AM
(#27342646)
The Bitcoin is the scam. Its "price" grows only due to Ponzi con men involved. By design it is not suited to be used for anything on scale but the Ponzi schemes. It can't be a substitution for money even if it claims to be. Its number of transactions per time unit is very limited. It's not a solution for fast "double spending" resolution as one doesn't know when the consensus can be final. The technology is on another side unsuited for small scale deployment because then the "proof of work" is small enough that it whoever wants can indeed overpower more than 50% of the rest but using more computers, even from the cloud.
And then there is what we do know about what happens in practice:
https://www.cnbc.com/2019/03/22/majority-of-bitcoin-trading-...
https://www.theregister.com/2018/11/30/blockchain_study_find...
"We found a proliferation of press releases, white papers, and persuasively written articles," Burg et al wrote on Thursday. "However, we found no documentation or evidence of the results blockchain was purported to have achieved in these claims. We also did not find lessons learned or practical insights, as are available for other technologies in development."
The actual interesting and novel thing about crypto-coins was solving the "trust problem" of a distributed ledger. But this solution, to be honest, is quite clumsy: PoW. But nobody ever found a better solution until now. Any other proposal is kind of centralized somewhere.
The question that needs to be asked is now "Do we really want, or even need, a fully decentralized 'value moving system'"?
In a world where you could ultimately trust someone else the answer would be clearly "no".
But when there is on thing to learn about humans than it's "never ever trust someone ultimately as you're going to be scammed by those people eventually". Just look at what government do around the globe…
As long as this fact doesn't change (and it won't change until we create a new species of intelligent beings, better than us) there will be room for something like BitCoin. And as those are distributed systems there even doesn't need to be any agreement on that point.