One CEO Goes There: What If Blockchain Is Useless?
By Kai Stinchcombe as originally posted on Medium
Everyone says the blockchain, the technology underpinning cryptocurrencies such as bitcoin, is going to change EVERYTHING. And yet, after years of tireless effort and billions of dollars invested, nobody has actually come up with a use for the blockchain–besides currency speculation and illegal transactions.
Each purported use case – from payments to legal documents, from escrow to voting systems–amounts to a set of contortio
Nice piece. Thanks for reposting it. Very concise sense of the state of this kind of basic tech. Without knowing any real details I spent about an hour last summer with a couple of academics seeking capital for a blockchain research center they were creating. They were going to use all this money to support the development of myriad uses for the “miracle of blockchain.” i listened intently and as I did I couldn’t suppress the rapid rise in my subconscious B… S… meter. I nodded politely, took a card, and knew that none of what they said was going to work. Now I’m thoroughly convinced.
the next time that u will take drags…..look the expiry date
Author of article is an interesting man:
“Kai Stinchcombe is CEO and cofounder of True Link Financial*, a banking and investment service for seniors. In his spare time he enjoys hoping that, post singularity, a detergent delivery drone doesn’t self-execute a smart contract on his life, bitbleaching him from the sky into a hissing pool of unstructured data in exchange for a handful of bitcoins.”
*https://www.truelinkfinancial.com
To manage seniors money, True Link Financial only charges retirees a “0.87% fee and invest in a blend of index funds with internal costs ranging from 0.02% to 0.12%, but the total fee will always stay below one percent.”
What about the use case of “Making money.” I agree most business ideas for ICOs seem pointless. But other people believe in them. Etherium has made a %10,000 profit for anyone who invested a year ago. Do Goldman, Sachs, Well, Fargo, and their buddies really provide useful goods and services to the general population? No, they just spin gold out of twine. Why shouldn’t I make money from currency speculation the same way!