"Bitcoin and Ethereum are now using up the same amount of electricity as the whole of Austria. Carrying out a payment with Visa requires about 0.002 kilowatt-hours; the same payment with bitcoin uses up 906 kWh, more than half a million times as much"
Blockchain, the amazing solution for almost nothing - The Correspondent. This is a brilliant piece - key quote: “You could also use a forklift to put a six-pack of beer on your kitchen counter. But it’s just not very efficient.”
Blockchain, the amazing solution for almost nothing
Blockchain, the amazing solution for almost nothing. "It seems that blockchain sounds best in a PowerPoint slide. Most blockchain projects don’t make it past a press release"
blockchain developer Mark van Cuijk explained: “You could also use a forklift to put a six-pack of beer on your kitchen counter. But it’s just not very efficient.”
1. Blockchain doesn't solve the real problem. 2. Blockchain doesn't really solve the imagined problem either. 3. Blockchain creates a bunch of new problems. 4. Successful blockchain solutions don't actually use blockchain.
I thoroughly enjoyed this.
"The two biggest blockchains in the world – bitcoin and Ethereum – are now using up the same amount of electricity as the whole of Austria." And, writes Economics correspondent , the environmental problem is only going to grow.
#Blockchain has been hailed as the future of, well, almost everything. But what actually is it? Economics correspondent dug deep into the hype and found: it’s a fancy solution for almost nothing.
Blockchain, the Solution for Almost Nothing
“Carrying out a payment with Visa requires about 0.002 kilowatt-hours; the same payment with bitcoin uses up 906 kilowatt-hours, more than half a million times as much, and enough to power a two-person household for about three months.”
Fantastic read on the blockchain craze. "I’ve never seen so many people searching so hard for a problem to go with their solution."
Blockchain, the amazing solution for almost nothing
Blockchain and the movement around it is a hammer in search of a nail
Hilarious article about people who make "blockchain" apps that are really just spreadsheets, but call it "blockchain" just to seem cool and futuristic
#Blockchain: "I’ve never seen so much incomprehensible jargon to describe so little. I’ve never seen so much bloated bombast fall so flat on closer inspection. And I’ve never seen so many people searching so hard for a problem to go with their solution."😂
92% of 86,000 blockchain projects were abandoned by 2017. Former blockchain developer Mark van Cuijk: “You could also use a forklift to put a six-pack of beer on your kitchen counter. But it’s just not very efficient.”
Recommended: on blockchain, the amazing solution for almost nothing via
If you believe the hype, #blockchain is about to change *everything*. But enthusiasm for it mainly stems from a lack of knowledge and understanding – the blockchain is a solution in search of a problem.
Blockchain, the amazing solution for almost nothing "Out of over 86,000 blockchain projects that had been launched, 92% had been abandoned by the end of 2017"
some brilliant anti-enterprise blockchain snark, touting it as magic marketing for back-office management
🎧 Now in audio! #Blockchain is going to change everything: the shipping industry, the financial system, government … what won’t it change? Economics correspondent looked under the hood and found: a huge gap between promise and reality.
Blockchain, the amazing solution for almost nothing
Blockchain, the amazing solution for almost nothing - The Correspondent
So, you've heard about how #blockchain is going to change *everything*. But do you actually know what it is? Economics correspondent investigated, and, spoiler alert: "I’ve never seen so much incomprehensible jargon to describe so little."
If you believe the headlines, #blockchain is going to change everything: Russia's e-voting system, Thailand's judicial system records, and the #Covid19 #mentalhealth crisis. Sounds amazing! But can anyone tell you what blockchain actually is?
Here's how one former #blockchain developer explained the "disruptive" #technology: “You could also use a forklift to put a six-pack of beer on your kitchen counter. But it’s just not very efficient.” #blockchaintechnology
#Bitcoin and #Ethereum use the same amount of electricity as the whole of Austria. A payment with Visa? About 0.002 kilowatt-hours. The same on bitcoin? About 906 kilowatt-hours – more than *half a million* times as much.
"If you look carefully, you’ll see that there are all kinds of blockchain experiments that only contain a suggestion of blockchain now." #Blockchain, the amazing solution for almost nothing
Funny that the only benefit of blockchain has been that it forced people to pay attention to the problems that blockchain has failed to fix.
I enjoyed this article a lot — reinforces a lot of my questions about what blockchain technology is actually supposed to do (relative to just a standard database)
#Blockchain has been hailed as the solution for almost *everything*. But the enthusiasm that stems from the technology seems to be based mainly around misunderstanding. It’s an incredible solution, for sure. Just not for many problems we actually have.
There's a lot of enthusiasm for #blockchain, but it mainly stems from a lack of knowledge and understanding of the technology. Economics correspondent explains how blockchain works, and why it's a great solution in search of a problem
. is leveraging blockchain to fight the #Covid19 mental health crisis, because what can't #blockchain do? tried to get to the bottom of the technology and found: a great solution – just not for any problems we actually have.
I am sure this article will be controversial but it nicely summarized my (likely incomplete/naive) understanding of blockchain tech. Do we miss something? Is there a clear example / explanation of the magic behind this buzzword?
Enjoyably scathing take on blockchain hype by . Does this mean I can stop feeling guilty about not understanding it?
#Blockchain technology has been hyped as the answer to all our problems. But when Economics correspondent dug into the hype, he found ... a great solution in search of a problem.
Blockchain, the amazing solution for almost nothing via &
Here's how on one former blockchain developer explained the effectiveness of the "disruptive" technology: “You could also use a forklift to put a six-pack of beer on your kitchen counter. But it’s just not very efficient.”