Hacker News new | ask | show | jobs
by mkirklions 2955 days ago
Cryptocurrency and Blockchain is easily the most misunderstood technology thats existed. I blame ICO youtube videos that propagated the myth that Blockchain is going to cause a revolution.

Blockchain ONLY exists to decentralize and validate.

This is useful for currencies, voting, timestamps, and maybe a few other niches.

Centralized applications are cheaper and faster than blockchain. You wouldnt use blockchain unless you needed the decentralized validation worth paying for.

Users like OP mentioned doesnt understand what the Work is doing. Most people who 'know' crypto, have no idea what blockchain is.

The only people worth listening to are ones that spend crypto and have developed. Everyone else are parroting myth.

2 comments

Given how blockchain operates the only viable use case is currency:

https://medium.com/@jimmysong/why-blockchain-is-hard-60416ea...

Decentralized consensus can have far, far more wide reaching applications than the ones you mentioned, IMO.

Also you're not considering the potential benefits of on-chain governance/smart contracts.

Can you explain?