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Today we’re going to talk about "the blockchain" and why it’s one of the dumbest most harmful faux innovations to ever come out of the tech industry. (1/) 🧵
Last week we talked about #bitcoin climate change denialism, the fallacy of whataboutism, and comparisons to the financial services sector.
The common talking point among policy makers is that while bitcoin is boiling the oceans and is nothing but a predatory get rich quick scheme for siphoning money from fools—the underlying technology "the blockchain" is revolutionary tech that will transform global commerce. (3/)
This is however not tethered to the reality of the software industry. The overwhelming consensus among programmers and technologists is that blockchain is completely useless technology for anything but speculative digital gambling on tokens.
Ok, so what do we even mean when we say “blockchain”.
The answer is really that nobody knows, it’s not a term that has any precise definition and it really depends on who you talk to and the context.
Last week we talked about #bitcoin climate change denialism, the fallacy of whataboutism, and comparisons to the financial services sector.
Today let's deconstruct the argument concerning bitcoin's absurd energy waste compared to the financial services sector, because this is a very silly bait and switch argument comparing apples and oranges. \U0001f9f5 (1/)
— Stephen Diehl (@smdiehl) February 13, 2021
The common talking point among policy makers is that while bitcoin is boiling the oceans and is nothing but a predatory get rich quick scheme for siphoning money from fools—the underlying technology "the blockchain" is revolutionary tech that will transform global commerce. (3/)
This is however not tethered to the reality of the software industry. The overwhelming consensus among programmers and technologists is that blockchain is completely useless technology for anything but speculative digital gambling on tokens.
Ok, so what do we even mean when we say “blockchain”.
The answer is really that nobody knows, it’s not a term that has any precise definition and it really depends on who you talk to and the context.