Blockchain is not only crappy technology but a bad vision for the future | by Kai Stinchcombe | Medium

Blockchain is not only crappy technology but a bad vision for the future. Its failure to achieve adoption to date is because systems built on trust, norms, and institutions inherently function better than the type of no-need-for-trusted-parties systems blockchain envisions. That’s permanent: no matter how much blockchain improves it is still headed in the wrong direction. This December I wrote a widely-circulated article on the inapplicability of blockchain to any actual problem. People objected mostly not to the technology argument, but rather hoped that decentralization could produce integrity. Let’s start with this: Venmo is a free service to transfer dollars, and bitcoin transfers are not free. Yet after I wrote an article last December saying bitcoin had no use, someone responded that Venmo and Paypal are raking in consumers’ money and people should switch to bitcoin. What a surreal contrast between blockchain’s non-usefulness/non-adoption and the conviction of its believers! It’s

Blockchain is not only crappy technology but a bad vision for the future. Its failure to achieve adoption to date is because systems built on trust, norms, and institutions inherently function better than the type of no-need-for-trusted-parties systems blockchain envisions. That’s permanent: no matter how much blockchain improves it is still headed in the wrong direction. This December I wrote a widely-circulated article on the inapplicability of blockchain to any actual problem. People objected mostly not to the technology argument, but rather hoped that decentralization could produce integri