this post was submitted on 20 Aug 2023
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Blockchain is stupid and cryptocurrency is a scam.
Blockchain and cryptocurrencies are pretty cool from just a technology perspective. At university I studied a lot of math and cryptography and that happened to be at the same time that Bitcoin became a thing. It could have some real applications, but scammers and cryptobros ruined it for everyone and now I can't even say I find crypto (meaning cryptography) cool without seeming like an asshat.
Blockchain is an unchangeable (unless you own the only authority as we've seen, or you fork it) database that can only grow. It HAS to have multiple, identical instances or the owner can corrupt it. I'm not sure I see any benefit here except for potential security. But we've seen blockchains get into the terrabytes pretty quickly which isn't that feasible for large-scale operations.
You're right about that for sure. But a few TB isn't that big a deal anymore, and if there was a need to deal with it we could come up with something.. or just not use it at all. 😎
This is why Ethereum is moving to statelessness. Where only a rolling state is saved but the diffs are broadcast and accessible for a certain period of time before they are dropped. So any system listening to an Ethereum node can just follow the root and listen for just changes they care about.
How do you ensure you are holding an accurate copy of the blockchain in that case? A single holder of a blockchain means the entire thing is insecure and the holder can change or steal whatever they want.
If a new player wants to host a copy of the etherum blockchain, how do they do that when it's stateless?
It will still have some state, things like merkle roots will still be verifiable, and any derived/state that isn't kept from the main chain will have some form of proof that links it to the main chain.
Most actual transactions/normal user stuff is moving to layer 2 chains, which commit a hash or proof of their state to the main chain. So they will still carry their state, but rely on the security of Ethereum main net.
There will still be archive nodes that store everything that's ever happened, but being a full archive node won't be required to run a normal node as a validator or as a user. This allows the network to be more decentralized without every node needing 2-4TB of fast nvme to even do anything.
They are just distributed ledgers with deflationary economic policies added. Not really impressive.
What's the transaction or gas fee just to pay your bills?
lol. So all the fraud in the crypto space that isn’t being prevented is a feature?
Virtually none of the fraud in the stock market is because of lack of verification or tokenization.
People lying about the underlying assets the stock represents? People cooking their books? Pump and dump scams? Receiving multiple lines of credit against the same assets?
What forms of fraud are solved by tokenization or digital attestation that are prevalent today?
How heavy are your GME bags?
Buddy, only Apes are on the “naked short” conspiracy train. I didn’t even need to check your history to know it’s full of DRS GME dumb shit.
Apes never have any proof of their shit. They just pick a shit stock, declare it naked shorted, and proceed to lose a bunch of money lmao
Shut up! BBY is going to restructure and get out of bankruptcy any day now!
Keep buying!
Neither of those are fraud, bud. You just don’t like them. Vote for people who also don’t like them. Blockchain won’t solve either.
People like you are why taking blockchain seriously is hard.
Instead we got scams on top of scams and zero use out of either. Wake me up when anyone finds a use that isn't theft. I'll be in fucking torpor by the time I'm woken up.
Lol, web2? When Facebook, reddit, amazon, twitter, etc pretty much killed the internet and consolidated most users under themselves. That was an unmitigated failure for the internet. It has directly led to the homogenization and garbage heaps we have now.
Web3 isn't fixing shit. It's more techbros trying to steal more of the internet. How many NFTs you own, bro?
You keep repeating this. No one cares it hasn't happened and never will.
You don't need a block chain to sign a transaction and there is plenty of other ways to stop fraud. It's not happening because banks don't care to invest in fixing it.
Not to mention fixing this one issue isn't fucking web 3 lmao
But I don't like web2