Blockchain is crappy technology and a bad vision for the future

May 12, 2018 Kai Stinchcombe


This December I wrote a widely-circulated article on the inapplicability of blockchain to any actual problem. People objected mostly not to the technology argument, but rather hoped that decentralization could produce integrity. Let’s start with this: Venmo is a free service to transfer dollars, and bitcoin transfers are not free. Yet after I wrote an article last December saying bitcoin had no use, someone responded that Venmo and Paypal are raking in consumers’ money and people should switch to bitcoin. What a surreal contrast between blockchain’s non-usefulness/non-adoption and the conviction of its believers! It’s so entirely evident that this person didn’t become a bitcoin enthusiast because they were looking for a convenient, free…

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