I mean that guy sounds stupid but to be fair we havent found any real practical uses of the blockchain, I mean its just not energy efficient and cryptocurrencies are as of now not really currencies since the only places that accept them tend to be very shady.
Sure, I’ll speak to cryptocurrency and tokens that run on blockchain, since it’s the technology that made the wide spread of crypto possible.
As an aside, I’ve been out of this sector for a few years now. I’m behind on recent developments. And, I was never a programmer or developer, I worked more on the writing and art side. In depth tech analysis will have to be directed to someone more knowledgeable than me.
I have a lot of criticism for blockchain and cryptocurrency as well, so don’t take this as a vehement defence of the technology. I’m only answering the question with a few points.
Decentralization of currency — reduces the monopoly on currency. Yes, a lack of regulation has done some serious damage, but that’s an issue with clunky legislation not keeping up with technology. The point still stands that centralized control of currency, or anything, also centralizes power, which is susceptible to corruption. Blockchain isn’t the best solution, but it is an option.
International money transfers are easier on blockchain. One company I worked for paid remote contractors in cryptocurrency when dealing with foreign banks, who often didn’t speak the same language, in less developed countries (Including America, hah.) Quite a few countries have integrated crypto into their banks which made it more practical and cheaper — they actually preferred it.
Digitial trust. The distributed ledger, though inefficient, created a strong, secure system that is prohibitively costly to corrupt. It’s easier to play the game than to cheat, even if the whales are in it.
Personal, international trade. On a personal note, I was able to post and sell my art internationally without messing around with foreign money transfers. If you’ve ever had to send money to someone in the states from Canada, you know what I mean. A transfer took seconds and the distributed ledger made it so there would be no backsies or disputes.
NFTs… you’re all gonna hate me here. I accept it, because NFT hype was crazy pants — BUT! It was like selling art prints digitally. I included a creative commons contract that was folded and sealed into the blockchain and high quality images that could be printed anywhere in the world, instead of shipping the prints themselves. Blockchain just made it easy to set up and manage on my own. Otherwise, to sell internationally I would have had to use Etsy or something. With a little know-how I could forge and trade NFTs directly and it cost only pennies to transfer.
I can buy stuff with crypto, directly. There are lots of companies who take it, including the print shop who does my stickers.
Now, these points aren’t exclusive to blockchain. There are quite a few options out there to handle the various problems blockchain solves, but I have yet to find an easier way to transfer funds internationally than by using blockchain based crypto.
As I already pointed out nothing is really being decentralized since it cant really be used as a currency, it doesn’t matter how valuable it is if nobody accepts it. As of now its a glorified unregulated stock market.
This causes just as many issues as it fixes if not more, unregulated international money flow naturally leads to companies being able to avoid taxes and huge money laundering operations.
The places you can deposit and withdraw from this system are centralized and thus is pretty easy to track and corrupt
4, That makes scams easier, the fact that once you send money its impossible to retrieve it back. I would consider that a bad thing, it removes all buyer protections.
The blockchain cant even store images, people were spending tens of thousands on links to images which arent even guaranteed to still be working. At that point since you’re not really offering a service why shouldnt someone just download the jpg and make the print themselves since they have to do the second part anyway.
Maybe a few shops ran exclusively by nerds but normal stores that normal people go to dont use crypto, you cant just pay with bitcoin or eth at a local grocery store
You asked for practical uses and these were all practical uses for me and for many people.
Lack of regulation, your understanding of how NFTs work, how people in other countries with other regulations want to be paid, or whether you know about the shops that accept crypto, like newegg and shopify, have nothing to do with whether something is practical or not.
But from your last point, it doesn’t seem like you care whether blockchain technology has built anything useful for people who aren’t you, and it doesn’t sound like you’re engaging in good faith.
And, again, I am in no way endorsing or advocating for cryptocurrency. I got paid to do work for crypto people, so I learned about and spent cryptocurrency, practically.
Edit: I can’t believe I forgot buying drugs. There is no better way to buy drugs on the darknet.
I know nothing about this topic, and I’m just here to learn - you said that blockchain isn’t the best solution with regard to decentralizing currency, but it is an option. What other options exist?
I meant it more like “not the best.” In that it’s clunky, energy intense, and widely unregulated. As far as I know, there are no better solutions which aren’t theoretical.
edit: But I guess there are plenty of small ways we trade value outside of a centralized currency. It’s just hard to put “great person who helps their friends move” on a credit report. But that’s less about currency and more about value as a concept.
I mean that guy sounds stupid but to be fair we havent found any real practical uses of the blockchain, I mean its just not energy efficient and cryptocurrencies are as of now not really currencies since the only places that accept them tend to be very shady.
You really wanna get into this? I’m game if you are.
Ok fine, please explain to me in your view the practical purposes of the blockchain?
Sure, I’ll speak to cryptocurrency and tokens that run on blockchain, since it’s the technology that made the wide spread of crypto possible.
As an aside, I’ve been out of this sector for a few years now. I’m behind on recent developments. And, I was never a programmer or developer, I worked more on the writing and art side. In depth tech analysis will have to be directed to someone more knowledgeable than me.
I have a lot of criticism for blockchain and cryptocurrency as well, so don’t take this as a vehement defence of the technology. I’m only answering the question with a few points.
Decentralization of currency — reduces the monopoly on currency. Yes, a lack of regulation has done some serious damage, but that’s an issue with clunky legislation not keeping up with technology. The point still stands that centralized control of currency, or anything, also centralizes power, which is susceptible to corruption. Blockchain isn’t the best solution, but it is an option.
International money transfers are easier on blockchain. One company I worked for paid remote contractors in cryptocurrency when dealing with foreign banks, who often didn’t speak the same language, in less developed countries (Including America, hah.) Quite a few countries have integrated crypto into their banks which made it more practical and cheaper — they actually preferred it.
Digitial trust. The distributed ledger, though inefficient, created a strong, secure system that is prohibitively costly to corrupt. It’s easier to play the game than to cheat, even if the whales are in it.
Personal, international trade. On a personal note, I was able to post and sell my art internationally without messing around with foreign money transfers. If you’ve ever had to send money to someone in the states from Canada, you know what I mean. A transfer took seconds and the distributed ledger made it so there would be no backsies or disputes.
NFTs… you’re all gonna hate me here. I accept it, because NFT hype was crazy pants — BUT! It was like selling art prints digitally. I included a creative commons contract that was folded and sealed into the blockchain and high quality images that could be printed anywhere in the world, instead of shipping the prints themselves. Blockchain just made it easy to set up and manage on my own. Otherwise, to sell internationally I would have had to use Etsy or something. With a little know-how I could forge and trade NFTs directly and it cost only pennies to transfer.
I can buy stuff with crypto, directly. There are lots of companies who take it, including the print shop who does my stickers.
Now, these points aren’t exclusive to blockchain. There are quite a few options out there to handle the various problems blockchain solves, but I have yet to find an easier way to transfer funds internationally than by using blockchain based crypto.
edit: A couple typos.
Ill address and counter all your points:
You asked for practical uses and these were all practical uses for me and for many people.
Lack of regulation, your understanding of how NFTs work, how people in other countries with other regulations want to be paid, or whether you know about the shops that accept crypto, like newegg and shopify, have nothing to do with whether something is practical or not.
But from your last point, it doesn’t seem like you care whether blockchain technology has built anything useful for people who aren’t you, and it doesn’t sound like you’re engaging in good faith.
And, again, I am in no way endorsing or advocating for cryptocurrency. I got paid to do work for crypto people, so I learned about and spent cryptocurrency, practically.
Edit: I can’t believe I forgot buying drugs. There is no better way to buy drugs on the darknet.
Wow. You really got the response from the meme lmao. Friendo there decided your expertise meant nothing compared to her confidence lmao
Yep. I hoped someone else saw that. It was clear they were geared up for that argument the moment I mentioned blockchain, no matter what I said.
I know nothing about this topic, and I’m just here to learn - you said that blockchain isn’t the best solution with regard to decentralizing currency, but it is an option. What other options exist?
Obligatory not a finance person.
I meant it more like “not the best.” In that it’s clunky, energy intense, and widely unregulated. As far as I know, there are no better solutions which aren’t theoretical.
edit: But I guess there are plenty of small ways we trade value outside of a centralized currency. It’s just hard to put “great person who helps their friends move” on a credit report. But that’s less about currency and more about value as a concept.
GNU Taler