this post was submitted on 07 Jul 2024
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So much for Blockchain's real life use cases (lemmy.ml)
submitted 4 months ago by [email protected] to c/[email protected]
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[–] alekwithak 6 points 4 months ago (20 children)

The Blockchain is amazingly useful, that's why the establishment did their best to make sure people associate with incels and little monkey pictures to ruin its credibility. A banking system running on Blockchain is one where the Pentagon can't lose trillions of dollars annually.

[–] miridius 24 points 4 months ago (14 children)

A banking system running on Blockchain

Is an astronomically terrible idea. It:

  • would use as much electricity as an entire country
  • payments/transfers would be both much slower AND much more expensive than via a bank
  • would have no protection against fraud. You got scammed? Your money's gone. You paid for something online and it never arrived? Too bad
  • would have no way to stop money laundering
  • would have no way to help people who forgot their password, they'd just lose their life savings permanently
  • would tie up a bunch of capital, preventing reinvestment and growth. There would be no way to get a bank loan to buy a house for example
  • the list goes on
[–] abruptly8951 0 points 4 months ago

Relative point to point

  • which Blockchain are we talking here? How does it compare to the current banking infrastructure?
  • again, which one? How does it compare to the current pricing?
  • escrow is a thing, someone can build up a PayPal equivalent on top of a Blockchain, the list goes on
  • the current system doesn't do great here, some Blockchains makes it way more traceable, in fact
  • skill issue, but also solvable with a PayPal equivalent
  • not a fact, what does this even mean?
  • does it?

You could say the Linux kernel is an astronomically terrible idea because it doesn't do anything...but it is just the platform, the good comes from what people build on top of it that add all these quality of life features you miss

Buy ydy

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