(Must Read) “Blockchain Technology” – I Don’t Think it Means What You Think it Means

Via  eese @ 99bitcoins.com

[Editors note: Also see my video ‘9 reasons why Bitcoin will outcompete Private blockchains‘ as to why Private Blockchains controlled by banking and governmental bodies, will ultimately go against freedom, property rights, free market capitalism and all the other amazing things Bitcoin can facilitate.

  • “Having stripped from Bitcoin the capability to be run by anyone and controlled by no one, blockchains have absolutely no potential to be transformative in any meaningful sense. This explains their popularity with those in power, but it does not explain what they are, how they function, and why you would use one”
  • “Blockchain is the result of observing a technologically incredibly successful system (Bitcoin has had a 99.99% uptime, no sustained network forks, and no loss of funds due to bugs in the protocol) and trying to replicate this success at the surface while reversing the fundamental functions at its core”

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