I think all else can be achieved more efficiently by using a trusted third party write-only database, such as the ones available on AWS, and you’d also have the benefit of being able to go to court to seek relief. Some blockchain markets are basically reinventing banking systems and preexisting financial law - systems that have been built over centuries and have quite a bit of knowledge baked in.

I do like the shift to proof of stake from proof of work, but this tech is silly to me.

[–] Trainguyrom@reddthat.com -1 points 9 months ago

IMO, blockchain technology is good for one use case: illegal transactions.

If the friction of translating your fiat money into cryptocurrencies and back is low enough it can be a very good method for collecting digital donations. Potentially no fees to send/receive money, no real national restrictions to speak of and then its stored as a value that the recipient can use however they want, plus donors can trace where the money goes if the person they donated to then turns around and donates a portion to another person receiving donations on the blockchain.

Basically the exact same benefits as the use case of illegal transactions, but at least for good rather than usually-not-good

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