Hello,
I have been researching about blockchains and stuff and it all seems like a big scam. It’s not sustainable and can be replaced by a simple database.
is there any legitimate use cases of blockchains or it is all just a big scam?
Hello,
I have been researching about blockchains and stuff and it all seems like a big scam. It’s not sustainable and can be replaced by a simple database.
is there any legitimate use cases of blockchains or it is all just a big scam?
Yes. Decentralised certificates (NFTs) for the likes of digitally owning something non fungible (think like a concert or plane ticket that isn’t tied to Ticketmaster, etc), or more commonly, cryptocurrency. A way of storing wealth digitally without anyone controlling it centrally.
I would argue against this stance, but not completely. The need for decentralized authorities only comes about due to a lack or trust or failure of the custodians of the product.
From your example, you could turn concert tickets into verifiable tokens (I do think this would be a good idea), and it would solve a lot of after market sale and validation issues. The only reason we have these issues in [checks current year] is because monopolies like LiveNation/TicketMaster have so throughly turbo-fucked the system that venues and customers cant do anything about it.
IMO, blockchains are a cool concept, and I love that cryptography is now a common topic of discussion because of it. However, its a solution looking for a problem and the problems up until this point are manufactured by the people selling the product or straight up ponzi schemes.
You’d still have risks with a centralized db of the tickets which the tokens would solve.
Ticket master recently had an incident being hacked and that could literally happen to any company.
https://www.newschannel5.com/news/newschannel-5-investigates/have-you-bought-tickets-thru-ticketmaster-recently-check-your-account-and-make-sure-theyre-still-there
Granted a user could be hacked as well because of improper storage of the NFT. To really solve the problem it would also require everyone to be using good hardware wallets which I think is where things are going long term, but it’s yet another complicated step which will slow adoption.
One day having a hardware wallet will just be normal.
Most techbros trying to sell the Blockchain are just ponzi schemes/scams. It does have a legitimate use. But not for whatever the techbros are yapping about. It is essentially a decentralised database under nobody’s control.
Exactly, and such things that require or could be improved by decentralized systems tend to be managed by companies (monopolies, or close to it) that already are acting like enshitifying goblins instead of responsible curators.
The ticky part is that when these decentralized systems are involved, the true costs (power, hardware, network, etc.) are distributed and not easily collected.