Blockchain: the Big Fizzle?

[Twisted Canuck]

An interesting article, in Financial Post today on Blockchain....a clunky solution in search of a problem?

https://business.financialpost.com/opinion/terence-corcoran-blockchains-groundbreaking-world-shaking-life-changing-technology-revolution-has-been-cancelled

[lmtada]

An interesting article, in Financial Post today on Blockchain....a clunky solution in search of a problem?

https://business.financialpost.com/opinion/terence-corcoran-blockchains-groundbreaking-world-shaking-life-changing-technology-revolution-has-been-cancelled

Not counting it out. Government now wants there own paperless cash system similar to blockchain. However blockchain will have it time. Likely 10 years from now. Pick couple that will survive... this time frame. Plant a seed to harvest a garden.

[slopeshunter]

Interesting read. Can’t say I really understand blockchain, but can’t say I really looked into reading about it either.

[Dean2]

Working in the banking industry, over the past 8 years and up till about 2 years ago, Block Chain was touted as the great disruptor and equalizer in the payments system. Problem is, for a whole bunch of reasons, it just doesn't work. It was another of those technologies, heavily touted by Tech Consulting firms and IT providers but it just isn't a workable solution. As just one example, a "Distributed Ledger" makes security of the information impossible and having your payments streams exposed is not going to make customers happy.

The whole Bitcoin thing is just a high tech version of an age old fraud (think great Tulip crash, Bernie Madoff, securitised junk bonds, Y2K, Bre-ex et al) perpetrated on unsuspecting people.

[Drewski Canuck]

Financial systems are promoted and policed by Governments, who also are the ultimate Guarantors.

Blockchain was the answer to Big Government's control of the Global Village.

Trouble is, who exactly is in control of any Blockchian, and who guarantees the value and the losses? In a financial collapse like what the US suffered in 2009, it was Government that spent billions shoring up the financial system.

In a Blockchain collapse, say for a fraudulent interception of data or diversion of the so called currency, who pays up? If a hacker gets hold of the source code, and floods the market with dummy transactions on "new" bitcoins, who is going to pay up?

Where do you even sue the administrators? Who even are the administrators nd how can they be brought to Justice in a Cyber World collapse.

Who sets the rules for the techno scheme that everyone is to play by, and how does any one person even know all the rules in a Cyber world?

Anyway, we all know that Governments can face financial collapse, like Greece, Italy Ireland, Portugal, Spain, etc, etc. The IMF ultimately steps in and creates stability and the system has worked for decades. Even New Zealand is out of the woods thanks to the IMF!

Will the IMF bail out a Crypto Currency, if it even can identify where the currency is and where it originates from?

Anyways, it was a nice experiment.

Drewski

[ehrgeiz]

Blockchain is a corrupted term.

Bitcoin is the decentralization of trust. In a centralized network, blockchain is just a pointless, clunky tool. The author of the article doesn’t understand the difference.