TD₿: Other Blockchains Have a 0% Success Rate (a thread) by Arvind Narayanan
TL;DR Blockchains are good for things that benefit from being decentralized and immutable, like money (Bitcoin).
Hey Bitcoiners,
A couple of days ago in an interview on CNBC, the CEO of Goldman Sachs said the following:
“But I think Bitcoin is really not the key thing. The key thing is how can blockchain or other technologies that are not developed yet accelerate the pace of the digitization of the way financial services are delivered?” - David Solomon, CEO of Goldman Sachs
It’s astounding that in 2021 we are still hearing the same “blockchain, not Bitcoin” narrative from so-called financial thought leaders, but here we are.
This is despite the fact that most enterprise blockchain projects like IBM’s and Microsoft’s have lost money or have been shut down entirely after years of making no progress.
Princeton Professor and Author, Arvind Narayanan, has been pounding the table about the misguided hype surrounding blockchain since 2018. This Twitter thread serves as evidence (12/31/2018).
Don’t fall for the marketing around blockchains. Most of these projects are simply better suited for centralized databases that are faster, easier to maintain, less expensive, and easier to upgrade.
Blockchains have proven to only be good for decentralization and immutability.
Money (Bitcoin) is the one use case we have found that actually benefits from no one being able to control it or change it.
Tick tock next block,
Cory Klippsten
Sign up for Swan and receive $10 in free bitcoin today.
Quote of the Day
“The reason “blockchain” is such seductive marketing… is the subtle implication that the data structure alone — absent proof of work or open validation — could convey the same benefits as Bitcoin.” - Nic Carter, General Partner at Castle Island Ventures
Meme of the Day
Very interesting. Myself I have always thought it quite strange other blockchains claim to be decentralized when they aren’t! Nice to see these suspicions aired.