Ten years in, nobody has come up with a use for blockchain
Kai Stinchcombe

Thanks a lot Kai, your article helps a lot to declutter the blockchain discourse from false utopia-like expectations. It basically asks why there is so much fucking buzz about something that technically does not work well and that we have solved long time ago.

I think the blockchain hype has nothing to do with the actual current use cases. The blockchain bubble imho is one giant prediction market that bets on flat distributed systems that can tackle current and future problems better than centralized systems. And frankly, i can see the point behind this believe.

The perception is that all types of centralized organisations, states, banks, companies ultimately fail to deliver on their promises and abuse their power. I do not want to argue if that in fact is true or not. I believe though that the masses do think that way and desire to cut out the middleman. It is a desire for more equality aka being some kind of middlemen yourself.

What is so tempting about the blockchain technology is that it suggests that we don’t need the middlemen or “them”. And “them” are elites, politicians, business leaders, oligarchs, all kinds of centralized entities. So if we can create a system that does not need their organisations, we create a system that empowers us. If it does not work yet or wreaks havoc, it’s more like collateral damage of an unrefined raw idea in the early days. If the idea behin it is powerful and tempting enough, it catalyses working solutions on the longterm by itself.

Let’s see how that plays out in the long teem but In a way i see the the bitcoin and etherium whitepaper as a contemporay version of Karl Marx “Das Kapital”. It is exciting because when history actually happens you mostly do not recognize it straight away.

Anyhow, i got carried away a little but again thanks for this inspiring “cut the bullshit” article. It literally helped me think! Looking forward to read more from you!