Re:Ask HN: How aware are you about building decentralised so...
by base698 on Tuesday July 06, 2021 @12:26PM
(#27750670)
TBF, I'm bullish on Defi and crypto in general. A good argument against eth and dapps comes from "The Bitcoin Standard".
> As will become apparent from this exposition, the notion that a “blockchain technology” exists and can be deployed to solve any specific problems is highly dubious.
> It is unworkable for third‐party intermediaries to imagine they could improve their performance by employing a technology that sacrifices efficiency and speed precisely to remove third‐party intermediaries.
> Ethereum can be rolled back means that all blockchains smaller than Bitcoin's are effectively centralized databases under the control of their operators. It turns out code is not really law, because the operators of these contracts can override what the contract executes. Smart contracts have not replaced courts with code, but they have replaced courts with software developers with little experience, knowledge, or accountability in arbitrating.
> As will become apparent from this exposition, the notion that a “blockchain technology” exists and can be deployed to solve any specific problems is highly dubious.
> It is unworkable for third‐party intermediaries to imagine they could improve their performance by employing a technology that sacrifices efficiency and speed precisely to remove third‐party intermediaries.
> Ethereum can be rolled back means that all blockchains smaller than Bitcoin's are effectively centralized databases under the control of their operators. It turns out code is not really law, because the operators of these contracts can override what the contract executes. Smart contracts have not replaced courts with code, but they have replaced courts with software developers with little experience, knowledge, or accountability in arbitrating.