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The post critically examines the spread and use of blockchain technology, highlighting several key issues:

  1. Fundamental Flaws of Blockchain:
    - Blockchain technology, including Bitcoin, is fundamentally flawed and does not eliminate trust in centralized institutions; instead, it replaces it with trust in the infallibility of code.
    - Code, being human-made, is fallible and cannot prevent scams, fraud, or human errors like typos in transactions. Unlike traditional institutions, blockchains lack mechanisms to rectify such errors.
    - Examples of significant damages caused by fraud, hacks, and mistakes in the blockchain world underscore these issues.

  2. Inefficiency and Environmental Impact:
    - Blockchain technology, particularly the proof-of-work mechanism used by major public blockchains, is highly inefficient and consumes excessive energy, contributing to environmental concerns.

  3. Misapplication and Hype:
    - Blockchain is often pitched as a universal solution, which is misleading. For instance, the use of blockchain for digital vaccination certificates and report cards in Germany was criticized and eventually replaced by simpler, more secure alternatives.
    - Many projects unnecessarily incorporate blockchain, resulting in complex, inefficient, and insecure solutions.

  4. Blockchain Industry’s Motives:
    - The blockchain industry, driven by cryptocurrencies and new spin-offs like NFTs, DAOs, and web3, is primarily focused on extracting money from uninformed people.
    - The industry exerts significant influence to spread blockchain technology into various sectors to legitimize itself and draw more people and money into the crypto market, which is described as a speculative bubble lacking real value.

  5. Call to Action:
    - The post urges efforts to counter the blockchain hype, highlighting its harmful impact on technology, computer science, and society. It advocates for public awareness and criticism of the blockchain industry’s motives and the technology’s inefficacy.

Page last modified: 2024-07-10 14:27:28