Apparently we're already too late...

Discussion in 'Lounge' started by Fuserleer, May 26, 2017.

  1. Fuserleer

    Fuserleer Radix Founder Staff Member

    Check this out...

    http://fortune.com/2017/05/23/blockchain-chasm-of-death-bitcoin/

    ...specifically this quote

    I think it's a very bold claim that's incorrect! It reminds me of the late 90s and early 00s when news outlets were interviewing techs about the internet. I recall that "Yahoo can never be replaced", "MySpace will dominate social networks forever" and my favorite "WAP is present on so many (mobile) devices it's hard to imagine any other protocol replacing it".

    I also present a spectacular death candidate, Symbian!

    Why do I think that quote is so incorrect? 2 reasons:

    1. The current block chain protocols are hardly "entrenched". There are a handful of real use cases currently that aren't a) FADS b) speculation, and even fewer companies making the plunge using it for real operations instead of just pilots.

    2. All of the above I mention, Myspace, Yahoo, WAP, Symbian and many others were huge yes, but there was major room for improvement, or the technology in play had serious issues. Block chains are no different, they are in fact a TERRIBLE way to do most of the things they are being utilized for.

    As soon as Google, Facebook, 3G and Android came along, all of those mentioned died a VERY rapid and nasty death, as did many others companies and technologies when more advanced counterparts came along.

    Thoughts?
     
    Tom Xixtus, hefty, lovely89 and 7 others like this.
  2. Jazzer

    Jazzer The Dutch connection Staff Member

    Lol, they're not even seeing it coming.
    Of course BTC/ETH can be displaced, total adoption is still pretty much zero.
     
    lovely89 and Anima like this.
  3. Anima

    Anima Founders Staff Member

    You forgot Nokia! - noone could imagine someone like Apple to come with the iPhone.
    Blockbuster - another large company, which a huge market share, that is no more.
    Kodak - a company so vested in a profitable business of analog cameras, that did not survive the influx of digital cameras.

    I could probably find more, but the main thing is the same. The future is hard to predict (unless you change it yourself (!)) and change happens exponentially. Incumbents will not see the lion before its too late.
     
  4. Fuserleer

    Fuserleer Radix Founder Staff Member

    Nokia = Symbian lol
     
  5. Peachy

    Peachy Founders Staff Member

    Speaking of Nokia :p

    [​IMG]
     
  6. Rickard

    Rickard Beta Testers

  7. ulfarsgco

    ulfarsgco New Member

    Fiat currencies are considered as too entrenched, but Radix will be the one that overwhelm it and lead the future ;)
     
    Peachy likes this.
  8. dpc123

    dpc123 New Member

    It's not surprising the person who is marketing blockhain and pushing it's development at IBM thinks the existing blockchains are as good as it gets.

    While it's true companies have invested capital to experiment with blockchain and related tech, no one has started using it at a scale that would make it prohibitive to move to a newer/better technology. The "chasm" he speaks of isn't really that significant. It might be enough to keep a reboot of ethereum or bitcoin from taking over, but not enough to keep something with a real value proposition from taking over.

    Even the biggest bitcoin/ethereum apologist recognizes there are some real challenges they aren't able to address. So either the existing blockchain tech will slowly improve and change to address existing problems, or something will come along to that has those solutions baked in and unseats them. There is a 100% chance of one those things happening. Most businesses don't care which future happens it is as long as it works. But some individuals are invested in the current blockchain and of course will say it's as good as it gets.
     
  9. Lloyd

    Lloyd Founders Staff Member

    Once IBM see the Radix demo they will trash their $10+million exploratory investment in the garbage can in a heart beat. It is just chump-change to them.

    Was involved with IBM for 30+ years as a customer user or employee...
     
    CryptoMomma, Timb and Peachy like this.
  10. lovely89

    lovely89 Beta Testers

    That is hilarious. Surely people can see the inefficiencies of using a blockchain to handle every transaction in the world. It looks like something a child would create. With advances in processing, storage, bandwidth and investments/research, it's insane to think the original legacy system will be the be all end all.
     
  11. Timb

    Timb Beta Testers

    I firmly believe the biggest plague to crypto currency and bitcoin is fraud and theft. Bitcoin has been deeply affected by this in the past (Silk road, Mt Gox), no crypto currencies have yet solved this issue.

    These issues do exist with traditional currency, but regulations and systems keep this greatly in check. There is the ability to recover lost funds through transaction reversals between trusted organisations and the ability to easily trace where money has ended up.
    We have seen time and time again that with crypto, due to the inherent anonymous nature it is very easy to make stolen money disappear.

    There are very, very few people who would choose to store the majority of their wealth in crypto. This isn't so much a trust issue, it is easy to compare the risk of crypto to traditional currency.

    As soon as the issues of fraud and theft are addressed, as well as some technological improvements we will see a crypto start to take that coveted 1% global transaction share.
     
    hefty and Rickard like this.
  12. dpc123

    dpc123 New Member

    I agree that fraud and theft is a big issue. But I think its a solvable issue in crypto already. Everyone paying any attention knew not to hold coins on exchanges long before Gox went down. The theft and fraud in most traditional currencies is just as rampant, plus there is the additional built in "fraud" where the issuer of traditional currencies deflate the currency by printing more units (without compensating holders like radix). Regulations will never address this issue in traditional currencies. It's also good to recognize that most of the regulations you see as a positive may seem good for end users but they aren't so good for businesses. Businesses have to bake in a higher price to account for the cost they incur due to these regulations, and the end user ends up blindly paying for them. I'm not actually against all regulation, but there are costs to them that go unseen.

    I think most crypto projects will address the theft issues with simpler and more secure tools like better wallets and cheaper hardware wallets.

    I can only speak for myself and the people I know, but the reason I don't keep all of my money in crypto has more to do with the volatility and uncertain future of any specific coin. I'm less concerned with keeping it safe, and anyone keeping a large amount of crypto could learn how to secure it relatively inexpensively.
     
    CryptoMomma likes this.
  13. CryptoMomma

    CryptoMomma New Member

    I get paid in fiat, which makes it difficult to keep most of my money in crypto, the volatility means I can't chance it. If Radix can sort that, then I'd love to have my money in RDX, even if I have to buy it each month. But then, I'm told I'm weird so maybe...
     
  14. rotane

    rotane Founders

    Bitcoin is there to stay. It is a brand already. If the core team does not mess the client it will stand its ground. With ETH and the altcoins it is a different story. No real USP s.
     
  15. Tom Xixtus

    Tom Xixtus New Member

    HAHA
     

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