{"id":91387,"date":"2019-05-29T02:22:21","date_gmt":"2019-05-29T09:22:21","guid":{"rendered":"https:\/\/lifeboat.com\/blog\/2019\/05\/blockchain-is-not-only-crappy-technology-but-a-bad-vision-for-the-future"},"modified":"2019-05-29T02:22:21","modified_gmt":"2019-05-29T09:22:21","slug":"blockchain-is-not-only-crappy-technology-but-a-bad-vision-for-the-future","status":"publish","type":"post","link":"https:\/\/lifeboat.com\/blog\/2019\/05\/blockchain-is-not-only-crappy-technology-but-a-bad-vision-for-the-future","title":{"rendered":"Blockchain is not only crappy technology but a bad vision for the future"},"content":{"rendered":"

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Projects based on the elimination of trust have failed to capture customers\u2019 interest because trust is actually so damn valuable. A lawless and mistrustful world where self-interest is the only principle and paranoia is the only source of safety is a not a paradise but a crypto-medieval hellhole.<\/p>\n

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Its failure to achieve adoption to date is because systems built on trust, norms, and institutions inherently function better than the type of no-need-for-trusted-parties systems blockchain envisions. That\u2019s permanent: no matter how much blockchain improves it is still headed in the wrong direction.<\/em><\/p>\n

This December I wrote a w <\/a>id<\/a>el <\/a>y\u2013c<\/a>i r<\/a>c u<\/a>l a<\/a>te<\/a>d article<\/a> on the inapplicability of blockchain to any actual problem. People objected mostly not to the technology argument, but rather hoped<\/a> that<\/a> decentralization<\/a> could<\/a> produce<\/a> integrity<\/a>.<\/p>\n

Let\u2019s 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<\/a> saying bitcoin had no use, someone responded<\/a> that Venmo and Paypal are raking in consumers\u2019 money and people should switch to bitcoin.<\/p>\n

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Read more<\/div>\n

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Projects based on the elimination of trust have failed to capture customers\u2019 interest because trust is actually so damn valuable. A lawless and mistrustful world where self-interest is the only principle and paranoia is the only source of safety is a not a paradise but a crypto-medieval hellhole. Its failure to achieve adoption to date [\u2026]<\/p>\n","protected":false},"author":419,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1318,20],"tags":[],"class_list":["post-91387","post","type-post","status-publish","format-standard","hentry","category-bitcoin","category-futurism"],"_links":{"self":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/91387","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/users\/419"}],"replies":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/comments?post=91387"}],"version-history":[{"count":0,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/91387\/revisions"}],"wp:attachment":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/media?parent=91387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/categories?post=91387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/tags?post=91387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}