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weej | 3 years ago

>> "we are forced to own nothing and be happy. Bitcoin, Blockchain and crypto solves this."

Serious question, what/where does this apply to? I get NFTs for digital authenticity, but PKI solves this too. How does one "own nothing without blockchain" when we have property deeds, automobile titles, jewelry and fine art certificates of authenticity all without blockchain? Your comment comes off as a solution looking for a problem.

discuss

tremarley|3 years ago

All of those things requires us to trust somebody, which is a glaring single point of failure in the system. Things can go wrong.

When any of these deeds, titles or certificates are lost, burnt or stolen. You have to rely on an outside body to keep a backup safe for you.

Blockchain allows us to be super efficient too. Which is a perk. Rather than the need of waiting for someone to certify, deliver, inspect, notify, return, process. Depending on the industry, this could take years. Blockchain tech allows everyone to see the validity of a claim in real time.

My family sold out family home a few years ago. It took 6 years of unnecessary admin work to get it sold. If we relied on blockchain tech, it would've been processed in a day.

Diesel555|3 years ago

The problem with blockchain implementation is that most of them still rely on us to trust someone. It is not implemented in the distributed self hosted way people think. The top hacker news submission about Web 3 (blockchain) points out that NFTs and other blockchain technologies are centralized and reliant on trusting someone in practice [1][2].

[1] https://moxie.org/2022/01/07/web3-first-impressions.html

[2] https://news.ycombinator.com/item?id=29845208

hnthrow1010|3 years ago

>If we relied on blockchain tech, it would've been processed in a day.

Why? This is an unsubstantiated claim. Blockchains still have an outside body that you're required to trust, several in fact. The most prominent one is the miners.

I can't tell what the admin issues with your sale were because you didn't mention them, but it seems like being able to see the validity of the claim wasn't the issue that took 6 years for lawyers to resolve. You can show them the validity in person on the day of the sale.

delta_p_delta_x|3 years ago

> a solution looking for a problem

This phrase pretty much sums up almost everything related to cryptocurrency/blockchain.