Current Events > I'm glad we've finally stopped talking about blockchain

(+) Yeah! (+)

idk who got the hype train going on blockchain but it was very obviously not a huge deal

all the bros i know who built careers around blockchain start-ups are mid level saas sales guys now

lol

You'll likely start hearing about them again next year around the next bitcoin halving.

i just did a cpe regarding blockchain technology

Its still going

Maybe I'm just too dumb to understand, but Blockchain in particular seemed like a bunch of fuckin nonsense

The problem is now it's like the worst polluter/consumer in the world and nobody is talking about that, either.

https://www.nytimes.com/2023/04/09/business/bitcoin-mining-electricity-pollution.html

teh energy aspect is such bullshit virtue signaling. latch on to what the media tells you lmao

krazychao5 posted...

teh energy aspect is such bullshit virtue signaling. latch on to what the media tells you lmao

Oh, are you one of those true believers that thinks crypto is a path to a global decentralized currency that will unshackle the world's poor and create a revolution that completely upends the balance of power? You know, a conspiracy theorist?

I've assimilated myself into the Blockchain

Now it's all about AI blockchains

I set up a smart contract to forge an entry into the blockchain every time I blink. I will be selling a collection of NFTs based on the project. Own one of my blinks.

Minting soon, pre-purchase now for only $500 per blink.

s0nicfan posted...

Oh, are you one of those true believers that thinks crypto is a path to a global decentralized currency that will unshackle the world's poor and create a revolution that completely upends the balance of power? You know, a conspiracy theorist?

no, lmao. there are applications for blockchain technology that will benefit certain sectors and roles. what i am saying is the energy consumption is a media propaganda to try to combat the emerging technology.

krazychao5 posted...

no, lmao. there are applications for blockchain technology that will benefit certain sectors and roles. what i am saying is the energy consumption is a media propaganda to try to combat the emerging technology.

sorry, the facts arent propaganda this time

krazychao5 posted...

the energy consumption is a media propaganda to try to combat the emerging technology.

It takes a ton of energy, though.

krazychao5 posted...

what i am saying is the energy consumption is a media propaganda to try to combat the emerging technology.

It's literally documented fact

[LFAQs-redacted-quote]

for an audit

• storing and managing audit evidence
• verificaiton of date of evidence, care, custody and control
• easier for clients to provide data

busineses

• transferring assets
• transferring title to assets
• tracking contracts, payments, supply chain management, medical records, insurance claims
• Regulatory reporting
• energy trading
• payroll
• smart contracts
• tracking food shipments for quality control

government

• tracking documents and government services
• transparency
• tax payments
• digital voting
• regulatory compliance
• police & criminal records

individuals

• cryptocoins (what is considered scams here)
• wills & trusts
• equity trading
• monitor networks
• asset ownership records

So basically a bunch of things that existing technology can already do.

Gobstoppers12 posted...

So basically a bunch of things that existing technology can already do.

why make cars when horse and buggy do the trick?

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everything media tells you is true

voldothegr8 posted...

It's literally documented fact

How DARE someone try to make people aware of a fact. That's disgusting.

[LFAQs-redacted-quote]

not at all. are you still going to bitch about blockchain if it is the catalyst to emerging alternative clean energy? cause, correct me if i am wrong, it is the fossil fuels that is causing the environmental impact. governments/corps (is there a difference?) are causing us to remain with fossil fuels. once adopted, will they not have incentive to switch energy source to cleaner energy? then is it still a problem?

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That's genuinely one of the dumbest things Ive ever read.

"If we fuck ourselves hard enough, the world will HAVE to go green."

uh huh

[LFAQs-redacted-quote]

oh yeah my bad omglmatwtfwaffle buttcoin is bad mmkay and scam

gotta fit in with the crowd

[LFAQs-redacted-quote]


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[LFAQs-redacted-quote]


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damn, projecting much?

it's crazy how much people can hate a mathematical concept just because of how it happens to be used atm

krazychao5 posted...

for an audit
* storing and managing audit evidence
* verificaiton of date of evidence, care, custody and control
* easier for clients to provide data
busineses
* transferring assets
* transferring title to assets
* tracking contracts, payments, supply chain management, medical records, insurance claims
* Regulatory reporting
* energy trading
* payroll
* smart contracts
* tracking food shipments for quality control
government
* tracking documents and government services
* transparency
* tax payments
* digital voting
* regulatory compliance
* police & criminal records
individuals
* cryptocoins (what is considered scams here)
* wills & trusts
* equity trading
* monitor networks
* asset ownership records

so nothing new

I'm sure the people who own the blockchains being used will require a service fee just like a bank.

In theory nobody owns the block chain. If you hold coins you can validate transactions and vote on protocol.

Some chains are centralized by people that hold a large amount of available coins though.

ironman2009 posted...

In theory nobody owns the block chain. If you hold coins you can validate transactions and vote on protocol.

Some chains are centralized by people that hold a large amount of available coins though.

I mean there's centralization in a number of different ways. With e.g. Bitcoin, mining is fairly centralized, the actual software is centralized (yeah hypothetically everyone could choose to go away from the main core developers but why would they), on/off ramps are centralized, who controls most of the money is centralized, etc. etc. etc.

Anteaterking posted...

I mean there's centralization in a number of different ways. With e.g. Bitcoin, mining is fairly centralized, the actual software is centralized (yeah hypothetically everyone could choose to go away from the main core developers but why would they), on/off ramps are centralized, who controls most of the money is centralized, etc. etc. etc.

true, i'm not 100% on all the technical aspects of it tbh.

When Ethereum transitioned from Proof of Work to Proof of Stake, the the total reduction in carbon emission contribution across all industries went down by 0.1%. Also note that the BTC mining economy incentivizes efficiency in energy usage as that is the killer of profits. As a result, BTC miners tend to look for renewable energies like setting up shop in Nordic countries to utilizing thermal energy consumption. There are even nuclear power plants that would mine BTC because they have no way of storing their excess energy.

But no one gives a shit about BTC, the main fun in blockchain is smart contracts.

thronedfire2 posted...

so nothing new

I'm sure the people who own the blockchains being used will require a service fee just like a bank.

Yup, blockchains require a network fee for all transactions. But what's "new" about using blockchain tech is that those uses are done in a "trustless" (more accurately trust minimized) environment. What this means is that smart contracts are coded to act as intended without the creator being able to tamper the contract while being auditable by others to confirm the intentions stated by the creator are in line what the contract is coded to do. This allows creates an environment where business transactions are conducted without worrying about the counterparty betraying them.

This kind of thing, counterparty risk, isn't something most people ever pay attention to. But it's a big deal when you need to worry about it. Back when GME skyrocketed in value, Robinhood blocked all retail transactions and even sold off shares from people's accounts while letting institutional investors conduct transactions normally. These company behaviors would not be able to thrive in a blockchain dominated world as other developers would spin up the same type of services with the added bonus of "We developers cannot change our Terms of Service" and everyone would flock over to it.

Understanding the value of trust and transparency that smart contracts provide is an extremely difficult topic to convey. A number of developers don't really get it, a lot of institutional investors don't really get this, and the vast majority of retail investors absolutely don't get this. If you understand this, then you have an opportunity of a lifetime. For everyone else, you're going to have to wait till the industry finally recreates all the functionalities e-commerce needs to thrive, after that, novel use cases people never thought of will be derived.

"I'm glad other people finally stopped talking about blockchain so I can talk about it with people that dont want to anymore"

So have they fixed the problem that blockchains are completely vulnerable to 51% attacks and small networks are horrendous avenues of open abuse specifically because of the decentralized nature of it?

https://gamefaqs.gamespot.com/a/user_image/1/6/7/AAJHVqAADOGH.jpg

Sad_Face posted...

These company behaviors would not be able to thrive in a blockchain dominated world as other developers would spin up the same type of services with the added bonus of "We developers cannot change our Terms of Service" and everyone would flock over to it.

Well except for it would be more like Robinhood's smart contract would still allow them to do it but no one would bother to audit it and would discover it when everything went wrong.

lol the blockchain nerd is also a meme stock dupe

checks out

krazychao5 posted...

not at all. are you still going to bitch about blockchain if it is the catalyst to emerging alternative clean energy? cause, correct me if i am wrong, it is the fossil fuels that is causing the environmental impact. governments/corps (is there a difference?) are causing us to remain with fossil fuels. once adopted, will they not have incentive to switch energy source to cleaner energy? then is it still a problem?

I'm sorry but what the fuck is this?

I cashed out life changing crypto money in 202. Have fun chasing those gains fellas, im sure there will be more bull runs in the future

krazychao5 posted...

no, lmao. there are applications for blockchain technology that will benefit certain sectors and roles. what i am saying is the energy consumption is a media propaganda to try to combat the emerging technology.

wrong. Quit killing our planet for the sake of influencers constantly making fraud crypto shit.