{"id":652,"date":"2018-04-06T09:17:53","date_gmt":"2018-04-06T09:17:53","guid":{"rendered":"https:\/\/blockchain-society.science\/?p=652"},"modified":"2018-04-06T09:22:25","modified_gmt":"2018-04-06T09:22:25","slug":"blockchain-is-not-only-crappy-technology-but-a-bad-vision-for-the-future","status":"publish","type":"post","link":"https:\/\/blockchain-society.science\/?p=652","title":{"rendered":"Blockchain is not only crappy technology but a bad vision for the future"},"content":{"rendered":"<blockquote><p>Blockchain is not only crappy technology but a bad vision for the future. 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.<\/p>\n<h4 id=\"731e\" class=\"graf graf--h4 graf-after--p\">The entire worldview underlying blockchain is\u00a0wrong<\/h4>\n<p id=\"50ce\" class=\"graf graf--p graf-after--h4\">You actually see it over and over again. Blockchain systems are supposed to be\u00a0<em class=\"markup--em markup--p-em\">more<\/em>\u00a0trustworthy, but in fact they are\u00a0<em class=\"markup--em markup--p-em\">the least trustworthy systems in the world<\/em>. Today, in less than a decade,\u00a0<a class=\"markup--anchor markup--p-anchor\" href=\"https:\/\/hackernoon.com\/ten-years-in-nobody-has-come-up-with-a-use-case-for-blockchain-ee98c180100#75b9\" target=\"_blank\" rel=\"nofollow noopener\" data-href=\"https:\/\/hackernoon.com\/ten-years-in-nobody-has-come-up-with-a-use-case-for-blockchain-ee98c180100#75b9\">three successive top bitcoin exchanges<\/a>have been hacked, another is\u00a0<a class=\"markup--anchor markup--p-anchor\" href=\"https:\/\/motherboard.vice.com\/en_us\/article\/pam4xn\/coinbase-insider-trading-lawsuit-gdax-bitcoin-cash\" target=\"_blank\" rel=\"nofollow noopener\" data-href=\"https:\/\/motherboard.vice.com\/en_us\/article\/pam4xn\/coinbase-insider-trading-lawsuit-gdax-bitcoin-cash\">accused<\/a>\u00a0of insider trading,\u00a0<a class=\"markup--anchor markup--p-anchor\" href=\"https:\/\/hackernoon.com\/ten-years-in-nobody-has-come-up-with-a-use-case-for-blockchain-ee98c180100#6aa2\" target=\"_blank\" rel=\"nofollow noopener\" data-href=\"https:\/\/hackernoon.com\/ten-years-in-nobody-has-come-up-with-a-use-case-for-blockchain-ee98c180100#6aa2\">the demonstration-project DAO smart contract got drained<\/a>, crypto price swings are ten times those of the world\u2019s most mismanaged currencies, and bitcoin, the \u201ckiller app\u201d of crypto transparency, is almost certainly<a class=\"markup--anchor markup--p-anchor\" href=\"http:\/\/www.tetherreport.com\/\" target=\"_blank\" rel=\"nofollow noopener\" data-href=\"http:\/\/www.tetherreport.com\/\">\u00a0artificially<\/a>\u00a0<a class=\"markup--anchor markup--p-anchor\" href=\"https:\/\/www.cnbc.com\/2018\/02\/02\/tether-what-you-need-to-know-about-the-cryptocurrency-worrying-markets.html\" target=\"_blank\" rel=\"nofollow noopener\" data-href=\"https:\/\/www.cnbc.com\/2018\/02\/02\/tether-what-you-need-to-know-about-the-cryptocurrency-worrying-markets.html\">propped up<\/a>\u00a0by<a class=\"markup--anchor markup--p-anchor\" href=\"https:\/\/hackernoon.com\/the-curious-tale-of-tethers-6b0031eead87\" target=\"_blank\" rel=\"nofollow noopener\" data-href=\"https:\/\/hackernoon.com\/the-curious-tale-of-tethers-6b0031eead87\">\u00a0fake<\/a><a class=\"markup--anchor markup--p-anchor\" href=\"https:\/\/arstechnica.com\/tech-policy\/2018\/02\/tether-says-its-cryptocurrency-is-worth-2-billion-but-its-audit-failed\/\" target=\"_blank\" rel=\"nofollow noopener\" data-href=\"https:\/\/arstechnica.com\/tech-policy\/2018\/02\/tether-says-its-cryptocurrency-is-worth-2-billion-but-its-audit-failed\/\">transactions<\/a>\u00a0<a class=\"markup--anchor markup--p-anchor\" href=\"https:\/\/www.reddit.com\/r\/btc\/comments\/7e54vo\/how_is_tether_even_receiving_usd_since_the\/\" target=\"_blank\" rel=\"nofollow noopener\" data-href=\"https:\/\/www.reddit.com\/r\/btc\/comments\/7e54vo\/how_is_tether_even_receiving_usd_since_the\/\">involving<\/a>\u00a0<a class=\"markup--anchor markup--p-anchor\" href=\"https:\/\/cointelegraph.com\/news\/tether-really-isnt-a-scam-company-promises\" target=\"_blank\" rel=\"nofollow noopener\" data-href=\"https:\/\/cointelegraph.com\/news\/tether-really-isnt-a-scam-company-promises\">billions<\/a>\u00a0<a class=\"markup--anchor markup--p-anchor\" href=\"https:\/\/medium.com\/@bitfinexed\/the-mystery-of-the-bitfinex-tether-bank-and-why-this-is-suspicious-a8a6407a1241\" target=\"_blank\" rel=\"noopener\" data-href=\"https:\/\/medium.com\/@bitfinexed\/the-mystery-of-the-bitfinex-tether-bank-and-why-this-is-suspicious-a8a6407a1241\">of<\/a>\u00a0<em class=\"markup--em markup--p-em\">literally imaginary<\/em><a class=\"markup--anchor markup--p-anchor\" href=\"https:\/\/medium.com\/@bitfinexed\/\" target=\"_blank\" rel=\"noopener\" data-href=\"https:\/\/medium.com\/@bitfinexed\/\">\u00a0dollars<\/a>.<\/p>\n<\/blockquote>\n<p>Source: <em><a href=\"https:\/\/medium.com\/@kaistinchcombe\/decentralized-and-trustless-crypto-paradise-is-actually-a-medieval-hellhole-c1ca122efdec\">Blockchain is not only crappy technology but a bad vision for the future<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Blockchain is not only crappy technology but a bad vision for the future. 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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[14,39,20,45],"tags":[],"_links":{"self":[{"href":"https:\/\/blockchain-society.science\/index.php?rest_route=\/wp\/v2\/posts\/652"}],"collection":[{"href":"https:\/\/blockchain-society.science\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blockchain-society.science\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blockchain-society.science\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blockchain-society.science\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=652"}],"version-history":[{"count":2,"href":"https:\/\/blockchain-society.science\/index.php?rest_route=\/wp\/v2\/posts\/652\/revisions"}],"predecessor-version":[{"id":654,"href":"https:\/\/blockchain-society.science\/index.php?rest_route=\/wp\/v2\/posts\/652\/revisions\/654"}],"wp:attachment":[{"href":"https:\/\/blockchain-society.science\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=652"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blockchain-society.science\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=652"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blockchain-society.science\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=652"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}