| I just want to clarify where I stand I’m a huge proponent of Web3 and smart contracts I just criticize Blockchain as the underlying layer. I am saying the emperor has no clothes. I mean, even Polygon the so-called “scaling solution” for Ethereum is still built on Blockchain, and so stuff like this happened a week ago: https://www.coindesk.com/tech/2022/01/06/polygon-under-accid... No one asks how many websites or emails per second can happen using HTTP or SMTP. Guess why… there is no bottleneck. There is no block and no miner. The entire network is what’s called “embarrassingly parallel”. What we need is programmable smart contracts that are on an embarrassingly parallel network. And we would have been there by now if not for the profit motive of the blockchain bagholders. Most technologies get faster and cheaper over time — but first gen crypto had besn perversely designed to become slower and more expensive with time and adoption! I submit that the ONLY reason people stick with first-gen stuff like Bitcoin, Ethereum Classic, and NFTs of pictures that anyone else can view without “owning” them, is the profit motive based on speculative greed of finding a “greater fool” to buy your “store of value”, followed by the sunk costs of having bought into this outdated technology. The utility is minimal beyond STORING value and the store of value is a self fulfilling prophecy. It’s like if people rediscovered retro video games and speculated with them because they were so rare, except what’s sad is ALL THESE NEWER PROJECTS which have so much promise are pegged to Bitcoin and when its price goes down, it drags them down too. You’ll eventually see them decouple and then I wonder what will make Bitcoin so much better than a random ERC20 token. Why “store value” when I can grow it 300% a month? |
It’s still a blockchain, so you’re going to have tons of machines store your dirty laundry…
And the more nodes join the network, the more expensive it will be to store the CURRENT state — not even history. Let alone state TRANSITIONS as more and more dapps adopt the chain.
I mean … this should be obvious to any mildly critically thinking technologist, and it was even pointed out to Satoshi in the newsgroups around 2009. Bitcoin could never become a “peer to peer cash system”, and the “world computer” can never scale to “web scale”. It’s a glorified mainframe where you rent time.
And all because of BLOCKCHAIN.
That’s what isn’t scalable. And all this crap about increasing the block size by N just misses the whole point!
You’re not supposed to have a network architected to have everyone store everything, and have giant bottlenecks on top of that. And Proof of Work is EVEN WORSE because you don’t know who will mine the next block so every cleint also tries SPAM as many miners as possible with their transaction. They’re al competing to get into a fixed-size block and you’re hoping this is the architecture to be adopted by the whole world anyday now?
Imagine if BitTorret or the Web worked this way. The industry will move to DHTs and will realize that the fact that you can move millions of dollars for a fixed $100 fee is a BUG, not a feature. It means that the long tail of much smaller transactions ALSO uses the whole firepower of the network, like if a dime was transported using an armored truck and a convoy. It’s not proportional.