Most business "blockchain" is not in fact the full Bitcoin-style blockchain, with proof-of-work and trustless competition and a currency - the term is getting applied to simple append-only transaction ledgers with hashes for tamper-proofing. This is, of course, excellent stuff! Geeks know it as git. And we had it in 2005, four years before Bitcoin. What's good is not new and what's new turns out not to be any good.

Everything bitcoin and blockchain is a fabulously layered world of fractal incompetence and arrogance. I have been wrong about Bitcoin before, and it's been whenever I assumed the market was in any way sensible or rational and not actually made up of lemmings on PCP.



Things to make you go, "hmmm?"


The Bitcoin Singularity is approaching:
The amount of electricity consumed by Bitcoin mining is already huge, but is still rising fast. In a 30-day period from past October to November, it increased by just under 30%. At this rate (and assuming no new energy-generating capacity is added), Bitcoin mining will require all the electricity produced in the U.S. by July 2019, and all the electricity produced in the entire world by February 2020.

Sign in to participate in the conversation

Follow friends and discover new ones. Publish anything you want: links, pictures, text, video. This server is run by the main developers of the Mastodon project. Everyone is welcome as long as you follow our code of conduct!