felltoearth wrote:Blockchain started out as a well intentioned alternative to currency for web based trade. Unfortunately the good intentions have been overtaken by trading schemes and speculation.

Thommo wrote:

jamest wrote:I'm guessing that the lack of interest here is due to ignorance. However, rest assured that I wouldn't have made this post if I myself didn't find something significant within this technology.

In years to come they'll talk about trains; flight; cars; QM; rockets; computers; the internet. Then, blockchain. Please, give it some thought.

Well, it could be that or it could be that people said what they had to say in some of the far more informative discussions that have taken place here over the last decade.

There have been much more informative links provided by others as to the technical limitations of block chain. E.g. http://www.rationalskepticism.org/post2 ... l#p2622342

Exactly why some eejit thinks block chain has something to do with Catalonian independence is of much less interest. The problems there are with what the people think, what constitutes a democratic mandate, who the civil authorities like police respond to and so on. The reason they aren't independent has little to do with the technological capability to handle data or taxes. As it stands, with or without block chain, Catalonians who don't pay their Spanish taxes would find themselves up in court.

Hermit wrote:I did give it some thought when I stumbled across an article on the topic around 2008. That was probably several years before you became aware of blockchains.

Matt_B wrote:My boss at work a few years back to have a look at blockchains as an alternative to the relational databases that we were using. I fairly quickly came to the conclusion that they couldn't do it, because they perform poorly with a high volume of transactions.

Also, even on more modest scales, the processing requirements are intensive. Cryptocurrency works because you can pay people to do it all for you with magic beans. If you've got to pay real money it adds up quickly. Mind you, enterprise relational databases aren't cheap either, and there may be cases where the balance tips.

I wouldn't say that it's without applications - and IBM, Accenture and Spotify make for some high profile users already - but for every one of them there are ten out and out chancers. My overall impression was that it's probably a niche area, for the time being at least.

jamest wrote:I was pondering whether to purchase some cryptocurrency so have been doing some reading these last few days to try and educate myself. I'm left wondering how a 'currency' as volatile as it obviously is can have any utility, so cannot see it becoming the backbone of trade. That aside, during my reading I of course stumbled upon the concept of the blockchain* which facilitates such transactions... and much more. My current conclusion is that even if the future looks bleak for cryptocurrency, blockchain technology is here to stay and has the potential to radically change our lives.

For instance, I've just been reading some ordinary bloke's opinion about blockchain technology (am I allowed to C & P their post?), who essentially suggests that a blockchain community could ultimately (theoretically) be used as a cyber revolutionary means to making Catalonia a country: "secede from Spain where it matters most: information, finance and governance", he says.

Though this bloke may be smoking something, the point is that once blockchain technology evolves to the point where we can all use it, there may be some serious ramifications - social and otherwise - for civilisation as we presently know it. Opinions welcome.

* https://blockgeeks.com/guides/what-is-b ... echnology/

... gives a reasonable overview for dummies to the technology, I think. Also includes the subsequent discussion with the aforementioned opinion.

Hermit wrote:Bitcoin traded below US$1000 for its first nine years. After a huge rise between May 2017 and February 2018 it did a few dead cat bounces, but still trades well above its initial levels.

Like all the other cryptocurrencies, bitcoin is backed by absolutely nothing other than expectation. It is not kept afloat by any economy or product. With tulips there was at least one tangible item money was exchanged for, and they remained at the bottom since 1637.

If I had any intention of speculating with bitcoin at all I'd wait for a few more bounces until bitcoin settles down to trading around, say, the $350 mark before buying into it.