[LINK] itN: Fancy that: "blockchain bets often bomb"

Kim Holburn kim at holburn.net
Thu Jul 18 22:13:47 AEST 2019

> On 2019/Jul/18, at 1:31 pm, Roger Clarke <Roger.Clarke at xamax.com.au> wrote:
> [In May 2016, Steve Wilson wrote:
> http://lockstep.com.au/blog/2016/05/03/something-about-blockchain.html <http://lockstep.com.au/blog/2016/05/03/something-about-blockchain.html>

> The blockchain only does one thing (and it doesn’t even do that very well). It provides a way to verify the order in which entries are made to a ledger, without any centralized authority


> From a design perspective, the most troubling aspect of most non-payments proposals for the blockchain is the failure to explain why it’s better than a regular database. Blockchain does offer enormous redundancy and tamper resistance, thanks to a copy of the ledger staying up-to-date on thousands of computers all around the world, but why is that so much better than a digitally signed database with a good backup?


> The truth is that when we fold real world management, permissions, authorities and trust, back on top of the blockchain, we undo the decentralization at the heart of the design.

These are well put.  All those commercial and government projects seem ridiculous.  And the idea of investing in cryptocurrency seems as ridiculous as investing in currency.  Currency doesn't do anything by itself. 

 On the other hand there is no real argument here as to why cryptocurrency is not a useful means of exchange, a currency.  Except possibly the scalability argument.

Kim Holburn
IT Network & Security Consultant
T: +61 2 61402408  M: +61 404072753
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