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[Fahdis]

While blockchain has its uses the network associated with it (since we are talking specifically about Ethereum) is extremely expensive to maintain in terms of environmental impact. There are currently dozens of millions of cards maintaining these infrastructure under the promise of being rewarded every so often (being that bitcoins or gas or whatever), each network consuming more energy than whole countries. As reward rate diminishes they might jump to different networks making the networks much slower, especially if a large number of end users join the network. And if Ethereum were to split again and you end up in the "wrong" side of the split, your whole business might be forced to stay there. It's interesting how we humans say contamination is bad but are all in for "decentralization" even if that means much more contamination.

And theoretically speaking quantum computers can literally break these algorithms, it just requires someone (as in, a team of talented people) with both cryptography and quantum computing knowledge to rewrite the algorithms to calculate any hash immediately (or, in other words, mine every bitcoin left in the pool in a matter of days).


Until a some time ago 90% of the bitcoins were held by Chinese companies so in some ways it's kind of depending on a group of people in a foreign country.

1. You're talking about PoW vs. PoS. Ethereum has shifted to PoS. Bitcoin is the only one left. And also the reason its at 60K at the moment due to perception of value. Once the ESG standard hit for different regions, we will see where regulations take us.
2. You're also taking about Forks. They only happen when majority vote to change something or the Blockchain was compromised.
3. Quantum resistance is also a thing and being worked on as we speak. But yea, your point stands. The protocol level tools can be utterly destroyed. But to work Quantum, you'd have to spend alot of money to hack up seed phrases.
4. Not really, Exchanges run 24/7 unlike the traditional stock market. As of now America owns the most Bitcoin in terms of individual retention and Blackrock including other American funds buying it up.

 

[SHA]

You can't make men out of this according to Tate brothers.

 

[Felessan]

Literally a lie. The only thing that makes blockchain faster than regular digital finance is that it SKIPS all the legal requirements to prevent crime. The actual blockchain is extremely slow compared to existing financial software.

Regulators can enfore KYC requirement to have access to blockchain exactly the same way as in normal finance world. End-users doesn't normally have access to finance blockchain, only fully compliant members do and it's their responsibility to follow AML laws in regards to end users.

You don't need a bank or an intermediary.

One of cost-saving part of blockchain in finance - because you no longer need a special entities to keep records of right of ownership, which was overhead of digital over old realworld money and shares
Now digital can prove itself without external registry and it's make them great
And all other aspects of digital like tracking, no resale clause etc still can be enforced. So from regulators control framework and companies product structure standpoint everything is as good as before

 

[Bitmap Frogs]

Not sure I understand blockchain, it’s just a backend security system right?

imagine a write only database where you cannot modify a register once entered into it.

 

[{insert code here}]

Not sure I understand blockchain, it’s just a backend security system right?

Decentralized Blockchains are, sort of like that, yes. Everything else is just a Ponzi scheme.

 

[bitbydeath]

imagine a write only database where you cannot modify a register once entered into it.

 

[Die Namek Ability]

immutability.

 

[Hrk69]

People who don't understand blockchain technology ITT hardy har har NFTs D. U. M. DUM brother.

Educate yourself and try to understand why this is actually a positive for media distribution, collection and ownership.

You think digital scarcity is a positive for media distribution?

 

[StereoVsn]

It gets quite a traction in finance world, as it makes many things easier and faster. Its a next level of electronic trading (given that laws and regulations already in place)
Sony life probably would benefit it the most at this point of time

It’s quite useful in Supply Chain management as well as detecting fake products and ensuring supply chain custody for components.

I also believe we will see digital €/¥ and so on in the near future much like China is now pushing.

However, I loath crypto and NFTs. Just a plague of hucksters.

 

[funking giblet]

The block chain isn't so much about immutability and being write-only than the algorithms used to confirm the writes. There are plenty of real time fast append only datastores with immutability. Block chain uses a distributed proof of work (or proof of stake) to confirm the writes, vs something like RAFT.
There has been 0 uses found for it so far.

 

[Die Namek Ability]

You think digital scarcity is a positive for media distribution?

Where did I say that?

 

[LazyParrot]

Educate yourself and try to understand why this is actually a positive for media distribution, collection and ownership.

That sounds pretty swell. So why is use of the blockchain still limited to crypto? Why did pretty much all attempts to extend it beyond that space turn out to be either scams or failures?

Blockchain bros were saying it was going to be running everything from elections to logistics to healthcare. Whatever happened to that?

 

[IAmRei]

can they focus on the game first? their games are not so bright lately

 

[Darchaos]

And as we can see from the cryptobros in this thread, they say many words without saying nothing at all. Keep at it bros

 

[Felessan]

That sounds pretty swell. So why is use of the blockchain still limited to crypto? Why did pretty much all attempts to extend it beyond that space turn out to be either scams or failures?

It's not. You might not heard about them because they are in a quite early stage (mainly because it requires regulatory framework of laws and this part ain't really fast to proceed) and buried inside companies or specific industries

can they focus on the game first? their games are not so bright lately

It's unrelated to gaming division
It's like complaining about Sony imaging sensor news

 

[tmlDan]

i can tell OP works in blockchain for how hard they're shilling for it to be widely implemented

 

[LazyParrot]

It's not. You might not heard about them because they are in a quite early stage (mainly because it requires regulatory framework of laws and this part ain't really fast to proceed) and buried inside companies or specific industries

lmao I got that same answer when I asked people that question 10 years ago

 

[ResurrectedContrarian]

When I strain to come up with some kind of genuinely useful place for blockchain in gaming, I can only imagine it being beneficial for something like a community-driven CCG, like creating a community Pokemon or Magic successor, where the blockchain could give that sense of owning unique cards / genuine scarcity for rare cards, while preventing any corporation from owning that scarcity.

But that clashes with someone like Sony getting into it. If there's going to be a major corporate player, all the benefits drop away. The only interesting thing about blockchain is true decentralization, who cares about it at all if it's some major game makers trying to use it to secure assets that they could just secure the normal way on their own infrastructure / authentication like every other game.

 

[BattleScar]

Why are we assuming this has anything to do with gaming right now?

 

[Fahdis]

Blockchain bros were saying it was going to be running everything from elections to logistics to healthcare. Whatever happened to that?

Oh it can, but who could deny human greed and corruption?

i can tell OP works in blockchain for how hard they're shilling for it to be widely implemented

Bro, how can you tell? Honestly though, I love RWA, an actual usecase in the Blockchain. Not Meme scamshit and NFT's.

 

[ReBurn]

Applying blockchain to digital ownership isn't necessarily a bad thing. It could help make digital items actually be your property and give you the ability to more easily trade or sell that property. The technology isn't a bad idea. What makes it unsavory is the connection to cryptocurrency and all of the scams that happen around NFT's designed to grind crypto for someone else via your ownership. I think to be successful commercially blockchain is going to need to separate from cryptocurrency, become a bit more centralized, and have a non-profit governing body with stewardship/oversight of the chain. As long as it's tied to cryptocurrency most people won't be able to trust it.

 

[StueyDuck]

That's hilariously simplifying what you're trying to say. I literally took out the one usecase out of many and you took it literally. I used other "buzzwords" up there as well for you to look at. No, I don't know what it is at all since I work in the industry

Working in crypto doesn't mean you know what a blockchain is, same as how a teller at a market mean they understand the distribution network used at the store for stock.

How do you think a blockchain works?

 

[Hrk69]

Where did I say that?

Educate yourself and try to understand why this is actually a positive for media distribution, collection and ownership.

...

 

[Bitmap Frogs]

it makes suckers believe their investments are safe ant won't be ponzied/stolen

 

[Die Namek Ability]

...

And what part of that statement references digital scarcity?

The funny part about your post was that my first sentence was in reference to people like you whom think block chain is synonymous with NFTs

lol you played yourself

 

[asdasdasdbb]

Umm... Blockchain/Crypto is over. It's all about AI now.

 

[RoboFu]

Umm... Blockchain/Crypto is over. It's all about AI now.

Its not over it will come back under a different name. NFT is the real estate of the future. trillions of dollars is possible as we are sprinting towards digital lifestyle future. no way will corporations leave that on the table.

 

[Felessan]

lmao I got that same answer when I asked people that question 10 years ago

Europe and Japan adopted laws for digital assets last year, and US this year.
Without regulations in place all you do is some shitty shady stuff that can go poof the moment legislation comes in force.
And it's still pain in the ass to put through accounting and SEC can chase you with "unlawfull share issue" etc. So market didn't bothered en masse until rules how these things should work from state perspective were not clarified.

 

[Roman Empire]

You kid but there is a guy like this...

 

[Trelane]

More like try to block my chain of combos!

 

[analog_future]

 

[Fahdis]

Working in crypto doesn't mean you know what a blockchain is, same as how a teller at a market mean they understand the distribution network used at the store for stock.

How do you think a blockchain works?

I will not waste my time on you. What a stupid question and statement. I don't work in crypto you dense ameboid. It's called Fintech.

 

[StueyDuck]

I will not waste my time on you. What a stupid question and statement. I don't work in crypto you dense ameboid. It's called Fintech.

i mean... it shouldn't be so difficult to just say what a blockchain actually is then would it?

A blockchain doesn't need nor does it have to revolve around anything financial.

it's again, a way of distributing data. You could literally have a blockchain for a web application. doesn't mean it's useful or necessary but you can do it if you want.

 

[LazyParrot]

Europe and Japan adopted laws for digital assets last year, and US this year.
Without regulations in place all you do is some shitty shady stuff that can go poof the moment legislation comes in force.
And it's still pain in the ass to put through accounting and SEC can chase you with "unlawfull share issue" etc. So market didn't bothered en masse until rules how these things should work from state perspective were not clarified.

But aren't all of those laws and regulations specifically about crypto? I was asking why blockchain technology wasn't being used for anything other than crypto.

 

[cash_longfellow]

 

[plip.plop]

 

[Danknugz]

Not sure I understand blockchain, it’s just a backend security system right?

it's a backend underground financial / exchange system originally used by banks, but primarily now used by people looking to hide what they're doing like terrorists and pedofiles

 

[Die Namek Ability]

it's a backend underground financial / exchange system primarily used by people looking to hide what they're doing like terrorists and pedofiles

That's the dumbest shit I have heard. It's easier to track transactions on block chain that it is with fiat.

Crypto Fraud is Less Than 1% of the Annual $3.2 Trillion in Illegal Activity in the Traditional Fiat Monetary System

To counterbalance the current obsession with the ongoing FTX/Sam Bankman-Fried trial - and its impact on the future of trust in the cryptocurrency marketplace - we finally tracked down the baseline quantative metrics which illuminate a string we have been trying to pull all year: the current...

www.oodaloop.com

Financial Criminals Target Fiat More Than Crypto - Blog | Unit21

Pamela Clegg, Vice President of Crypto Investigations and Risk at Ciphertrace (by Mastercard) explores why teams looking to combat fraud should look at fiat currency behavior more than crypto.

www.unit21.ai

 

[Danknugz]

That's the dumbest shit I have heard. It's easier to track transactions on block chain that it is with fiat.

Crypto Fraud is Less Than 1% of the Annual $3.2 Trillion in Illegal Activity in the Traditional Fiat Monetary System

To counterbalance the current obsession with the ongoing FTX/Sam Bankman-Fried trial - and its impact on the future of trust in the cryptocurrency marketplace - we finally tracked down the baseline quantative metrics which illuminate a string we have been trying to pull all year: the current...

www.oodaloop.com

Financial Criminals Target Fiat More Than Crypto - Blog | Unit21

Pamela Clegg, Vice President of Crypto Investigations and Risk at Ciphertrace (by Mastercard) explores why teams looking to combat fraud should look at fiat currency behavior more than crypto.

www.unit21.ai

between parties involved in the transactions, yes

 

[Die Namek Ability]

between parties involved in the transactions, yes

Every transaction is saved forever on the ledger for ALL to see

 

[Danknugz]

Every transaction is saved forever on the ledger for ALL to see

which are anonymous

 

[Calverz]

 

[Barakov]

Seems very Sony-like to jump on a trend when interest in it is waning.

 

[Hookshot]

Concord NFT's

 

[Magic Carpet]

Better to go full blockchain than full blockhead.
Consoles have made some big blockhead moves these past few years.

 

[yurinka]

Sony is going to go full Blockchain in a few years​

This thread title is a lie out of your ass

 

[Die Namek Ability]

which are anonymous

There not though

 

[Danknugz]

There not though

one could argue that from a purely technical standpoint, but in practice it can be manipulated at least enough to establish plausible deniability bringing us back to my original post. it also depends on the tech being used for example ethereum by default generates the same address on the ledger for each transaction by the same account, but bitcoin always generates a new one. knowing these things, one can take different actions to further obsfucate their identity.

 

[Die Namek Ability]

one could argue that from a purely technical standpoint, but in practice it can be manipulated at least enough to establish plausible deniability bringing us back to my original post. it also depends on the tech being used for example ethereum by default generates the same address on the ledger for each transaction by the same account, but bitcoin always generates a new one. knowing these things, one can take different actions to further obsfucate their identity.

Your statement was

" but PRIMARILY now used by people looking to hide what they're doing like terrorists and pedofiles"

Which is false. A very tiny percentage of users/transactions on crypto are used for illicit activity in fact the numbers on fiat dwarf it.

So no it's not PRIMARILY used for that.

 

[StreetsofBeige]

Dont know anything about blockchain except it was the rage years ago. If some noname company did a new release saying they now focusing on blockchain (ie. long island tea company), the stock zoomed up like crazy.

My bro was a VP finance at his old company and he said (this was years ago so maybe it's different now), that no bank would ever consider blockchain seriously since it takes too long to validate stuff and processing transactions going through the chain. The risk in value change isnt something they want to tolerate doing a blockchain transaction.