It’s been nearly 10 years since Bitcoin launched, and there are still only two things people use blockchain technology for in production, at scale: 1. Speculation 2. Money laundering (By now, the web had Netscape, Yahoo, Google, and more.)
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Are there other things people use blockchain for in production at some reasonable level of scale? (>100k MAU) Please let me know! I genuinely want to understand what people are so excited about. I never have been able to wrap my head around it.
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cc’ing people who know a lot more than me about blockchain and hopefully can set me straight
@mdudas@eriktorenberg@CantHardyWait@arjunblj@APompliano4 replies 0 retweets 6 likesShow this thread -
I think you are pretty off-base, but it is because of a few common misunderstandings about Bitcoin and “blockchain technology.” Let me explain...
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arjun balaji Retweeted Yorick de Mombynes
1) Most people are wrongly mistaken that the innovation behind Bitcoin was around “blockchain technology”, but in fact, it’s around its immutable monetary policy. This thread is very good, explaining why Bitcoin is the hardest money we have :https://twitter.com/ydemombynes/status/985560602398650368?s=21 …
arjun balaji added,
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2) The success of Bitcoin early on has spurred thousands of new projects building other blockchains or “decentralized apps”, but by and large, nearly none of them are being used. It’s early days here, but in my view, almost none need tokens and are mostly a fn of greed.
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arjun balaji Retweeted arjun balaji
3) Holding wealth in bitcoin is a form of usage. In this way, Bitcoin has widespread usage. Some other projects have captured niche interest and use. More on the distinction in this thread here:https://twitter.com/arjunblj/status/1023243184246337536?s=21 …
arjun balaji added,
arjun balaji @arjunbljReplying to @arjunblj @thogge and 2 othersThey trade off on a number of different axes: - Bitcoin has focused on keeping the “base” layer very constrained, a direct trade-off with decentralization and security. - Ethereum has focused on “programmability” (building the backbone of capital markets) to achieve monetization.4 replies 0 retweets 4 likes -
You're shifting the goal posts a bit. The original use case for bitcoin was as a "peer to peer electronic cash" i.e a currency. I'm fine with the current narrative of btc as digital gold. But implying that buying and holding == usage is incorrect
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are people "using" Gold (as an investment/wealth-storage vehicle) when they are buying it? Via Gra was also originally invented to cure heart disease. But turned out it was better for something else... "Cash" and "Spending" will come after SoV is increasingly saturated
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