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The Australian Securities Exchange CHESS blockchain: seven years of sunk cost fallacy
(davidgerard.co.uk)
this post was submitted on 12 Jun 2024
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In capital markets infrastructure low latency and high throughput are the 2 core design principles of any system. Blockchain manages to violate both; how anyone could have thought this is “the future” is beyond me. I still hear all too often “ya blockchain (or cryptocurrency) doesn’t work now but I’m sure it’ll be great and useful eventually!”
Why oh why are people so attached to this proven failed tech idea? I’ll throw it the smallest of bones and say maybe a distributed ledger with cryptographic proofs has some very specific minor use case, but even if that maybe is true for one thing why is it shoved everywhere it doesn’t belong?