Useless Blockchain

[Marina Schwarz + 1,576]

Funny how radically different opinions are on blockchain and cryptos.

https://www.forbes.com/sites/yuwahedrickwong/2018/11/11/cryptocurrencies-have-failed-and-blockchain-still-has-yet-to-find-its-use/

[Epic + 390]

10 hours ago, Marina Schwarz said:

Funny how radically different opinions are on blockchain and cryptos.

https://www.forbes.com/sites/yuwahedrickwong/2018/11/11/cryptocurrencies-have-failed-and-blockchain-still-has-yet-to-find-its-use/

Funny how radically different certain authors of online articles are from others. 

/Rant on

The author of this article (Yuwa) seems to be completely lacking in every aspect of sound research and clear thought.  The fact the author also has a PHD makes me fear for the future of our world's scholars. 

I'll highlight a few points. 

First, Yuwa notes the dizzying volatility of cryptos, and yet recent crypto volatility has been less than the volatility of the stock and bond markets, and in some cases, even the forex (one only need look at the lira).  He also claimed that Crytpos have failed in their purported function of money because it has failed in meeting the three criteria he lists.  However, in many cases 'money' does not even meet the definition of 'money' based upon those given criteria.  A case in point: the bolivar.  He claims that since "cryptocurrencies continue to define their value in dollar terms, [this] underscores how useless they are as a unit of account."  However, by this same measure, all forms of fiat are thus underscored because all forms of fiat are denominated in dollars on the forex.  He also wrote, "Because blockchain was invented to create Bitcoin, what else can blockchain do on its own is a matter of exploration. As yet, nothing has been proven."  I guess he has never heard of Walmart or IBM, who are actively using blockchain technology to streamline their supply chain. 

Of course, what frustrates me the most is that Yuwa probably gets paid a lot of money to write complete trash like this article, which is really more disinfo than actual info.  And that fact that forbes published it makes me think that forbes must be owned and operated by some of those 3,000+ villains who live in NYC.

/Rant off