Blockchain is a good idea. I never doubted that for a moment. What people are currently using blockchain for, for the most part, and especially as a currency, is what I doubt.
A currency is only as good as the faith one has in what backs it, be it gold, or the "full faith and credit of the United States". But even the full-faith-and-credit has a hidden "and the army which supports that faith". Bitcoin and its ilk have no such thing. There is not even a fear of violence backing bitcoin like there is with USD or most any other governmental currency.
If you think of the blockchain as a public triple entry ledger, then you can think of some great use cases for it, especially issues that today require trusting a third party, but it definitely doesn't solve every problem out there, and I have yet to see a decent argument for it supporting a currency.
3 comments
[ 2.6 ms ] story [ 18.3 ms ] threadA currency is only as good as the faith one has in what backs it, be it gold, or the "full faith and credit of the United States". But even the full-faith-and-credit has a hidden "and the army which supports that faith". Bitcoin and its ilk have no such thing. There is not even a fear of violence backing bitcoin like there is with USD or most any other governmental currency.
If you think of the blockchain as a public triple entry ledger, then you can think of some great use cases for it, especially issues that today require trusting a third party, but it definitely doesn't solve every problem out there, and I have yet to see a decent argument for it supporting a currency.