working on “blockchain is bad for this” arguments in under 500 characters

i work part-time for a cryptocoin startup so i want to be gentle about saying “your fundamental architecture is wrong”

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still it’s jarring when folks treat this p2p ledger construct as a revolutionary wunderkind. it’s only revolutionary-seeming because it’s easy to monetize 🤷‍♀️

blockchain, a distributed ledger construct, is useful for:

- stuff that needs a ledger, like fintech
- literally nothing else

thanks for coming to my ted talk

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you foolish legalist! governance cannot be enshrined, only practiced. your cleverness engenders brittle monuments.

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@thegibson @garbados

"I've got something that tracks changes in files in a tree structure with cryptographic hashes."

*money gets thrown at me*

*use git to implement it*

@garbados

Let's be honest, ninety percent of tech startups are just impressive sounding fads to make investor's eyes pop. Block chain is a word that most people know, so you need to cram it in somewhere.

@garbados

Exactly. The owners will have sold it to google before anyone realises that it's pretty shit.

@Melisandre @garbados also "Token Offerings" are basically a licence to print money then abandon the project, even if it fails the risk:reward ratio is pretty acceptable to most investors

@Melisandre @garbados and as long as the shareholders think it's great, google/etc. fulfills their obligations to them whether it makes money or not.

> and what about the shareholders? it has to make money somewhere right!?

well they make money by selling to other shareholders who *perceive* google to be making money, and they make money by selling to other shareholders... etc. etc.

once you get to the innermost circle of hell, it's really just a mystical closed-loop circlejerk from there.

@Melisandre @garbados There's a car dealer magnate in my town that sold most his dealerships to get into blockchain. He started a blockchain conference. Investors and startups around here see it as a solution in search of a problem.

@Melisandre @garbados i guess it sounds better than Merkle Tree or Distributed Hashtable or Eventually Consistent Distributed Data Structure or...?

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