Carsten Agger on Fri, 2 Mar 2018 22:32:17 +0100 (CET)

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Re: <nettime> Josh Hall: Blockchain could reshape our world – and the far right is one step ahead (Guardian)

On 03/02/2018 09:17 PM, Morlock Elloi wrote:
That article is technical nonsense. 'Blockchain' that has PoW consisting of 1.6 second of handset CPU is trivial to fake. And where is the consensus? Car does the same? Or is car running 500KW GPU cluster doing hash verified by ... who? Cheap PoW ("Proof of Work") is contradiction in terms.

This is actually a good illustration of utter bullshit that passes for 'technology'.

We need blockchain powered nettime! BLOCKTIME!

The good thing about the Blockchain-based dystopian visions is that they won't ever actually come to pass. Blockchain is impractical and useless from a technical point of view. It's pure hype and nothing more.

On the other hand, the bad thing about the Blockchain-based dystopian visions is that everything bad that you could conceivably do with a Blockchain you could do better and much more efficiently with an ordinary database.

So there are definitely reasons to worry about the future surveillance nightmare, but Blockchain is not one of those reasons, because it won't ever make much of a difference in the technological sense. Its hype might, but Blockchain itself is useless outside the realm of cryptocurrencies. I say that as someone whose background is in technology, specifically computer science.

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