*Glenn Chan’s Random Notes on Investing*
Blockchain is a useless technology
Seriously, BlockChain is NOT NEEDED for 100% of ICO scam coins. 100%.
It’s useful if you need a TRUST-LESS system. Not to verify your wine arrived. It’s amusing that everyone talks about ‘the tech’ when in almost every case they’ve simply stapled a blockchain and a cryptocurrency onto something unrelated, like bananas…
View Reddit by PostNationalism – View Source
.jpg?resize=150%2C150&ssl=1 "Trading in Satoshi Prices or USD?; How to Calculate Satoshi Pricing")
The author of this article demonstrates a poor understanding of Bitcoin which seems to stem from this belief he holds:
> The users of a system might as well rely on a trusted party to make changes and to choose a direction in driving the software forward.
They do; the users are not developers. He misses the point of the consensus that is difficult to change and requires… consensus to do so. Bitcoin was created as an alternative to trusting any party with the power to control the money supply, counterfeiting, and inflation. Bitcoin and “might as well rely on trust” are very opposite concepts at the lowest level. His viewpoint dissolves in light of this critical misunderstanding.
> Seriously, BlockChain is NOT NEEDED for 100% of ICO scam coins. 100%.
Which doesn’t mean distributed ledgers are useless, but rather that they’re being misused or overused. From your wording, it seems we feel similarly. His article title is indefensible.
Haha. Loser
I would love to see a long, step-by-step rebuff to this blog post rather than downvotes. The post is long and well-articulated and the owner makes some very good points. Thank you for the post.
> As a payment network, Bitcoin is slow, expensive, has terrible security, and is not user-friendly.
> …
> Bitcoin’s security is abysmal.
…the fuck???
*By clicking a link* and confirming I can send anyone, anywhere all of my btc for about 50c (or less), and if you accept zero-confirmation it will take a second or two.
The security of this transaction after it is buried under a few blocks is ridiculously, almost comically over-the-top.
This analysis is also overlooking the *elegant simplicity* of Bitcoin.
Me > btc > you.
The equivalent using Visa or PayPal or your bank is far, far more complicated. There are layers of layers and the entire thing resembles a creaking old system of spaghetti. This is why there has been little or no innovation for decades.