Blockchain technology like Bitcoin is being overhyped: analyst

This guy clearly doesn't understand what the blockchain is capable of yet.
 
Look, short term it's overrated, but the SARB as well as the banks are keeping a close eye on the technology, or running their own experiments. It'll solve some issues in terms of currency trading, currently being experienced from a regulatory point of view, as well.
 
Finally someone who sees something for what it is, its a hype just like what big data was before that. I'm not saying it isn't useful, just saying its not everything people make it out to be.
 
I'd say it's somewhat underrated, actually. Over-hyped only if you don't understand it, or it's potential.
 
BBotha said:
Finally someone who sees something for what it is, its a hype just like what big data was before that. I'm not saying it isn't useful, just saying its not everything people make it out to be.
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What do people make it out to be? It's nothing more than a distributed ledger. Benefits are that it doesn't rely on a central body to regulate, it's open, it's secure and probably way up on the list of perks, it doesn't require something like SWIFT for banks to communicate transactions with each other.
I wouldn't call it particularly sexy or exciting, but it's got some potential.
 
^, yep - it's potentially back-bone, substrate type infrastructure...not something the average user would ever be aware of.
 
Thor187 said:
Very short sighted
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How so? Surely its job is to be a fairly transparent communication layer, not obvious to the average user? The average user doesn't understand TCP/IP. They're super happy with data just automagically showing up on their computer screens.
What other user-cases do you propose?
 
Messugga said:
How so? Surely its job is to be a fairly transparent communication layer, not obvious to the average user? The average user doesn't understand TCP/IP. They're super happy with data just automagically showing up on their computer screens.
What other user-cases do you propose?
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He used the word EVER

Ie never.


Never say never.
 
Thor187 said:
He used the word EVER

Ie never.


Never say never.
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OMG...you hit us with a cliche as an argument. Should be a negative rep penalty for that, you chop :)

People (normals) and vendors don't engage directly with things like blockchain...they use apps, websites, cards etc. IOW, no matter how powerful the distributed ledger becomes, someone (probably many someones) will have to develop the user interface layer to use the thing. Which then becomes a layer of obfuscation over the the ledger...much like anything we have currently.
 
Thor187 said:
He used the word EVER

Ie never.


Never say never.
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No, sometimes you can say "never". You will never be able to flap your arms fast enough to make yourself fly.

You claim that his statement is very short sighted. This implies that something's just on the horizon. Well, I'm telling you that the banking industry and regulators aren't aware of a situation where users will be particularly aware of distributed ledgers. These are the experts in the field. If they can't see something, I wouldn't call it very short sighted. Thus my question to you, as perhaps you know something they don't?
 
Messugga said:
No, sometimes you can say "never". You will never be able to flap your arms fast enough to make yourself fly.

You claim that his statement is very short sighted. This implies that something's just on the horizon. Well, I'm telling you that the banking industry and regulators aren't aware of a situation where users will be particularly aware of distributed ledgers. These are the experts in the field. If they can't see something, I wouldn't call it very short sighted. Thus my question to you, as perhaps you know something they don't?
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Did you watch that Ted talk? More and more people will start to realise the power of the blockchain and use cryptocurreincies like bitcoin to fix all the social injustices.
 
Thor187 said:
Did you watch that Ted talk? More and more people will start to realise the power of the blockchain and use cryptocurreincies like bitcoin to fix all the social injustices.
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Yes, but it'll be a relatively transparent communication layer, rather than something they're actively looking at. Do you know what SWIFT is? Don't google it. Just answer yes or no.
 
Messugga said:
Yes, but it'll be a relatively transparent communication layer, rather than something they're actively looking at. Do you know what SWIFT is? Don't google it. Just answer yes or no.
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Yes (but that's because it gets mentioned here A LOT)

I get your point, don't worry (:
 
Messugga said:
What do people make it out to be? It's nothing more than a distributed ledger. Benefits are that it doesn't rely on a central body to regulate, it's open, it's secure and probably way up on the list of perks, it doesn't require something like SWIFT for banks to communicate transactions with each other.
I wouldn't call it particularly sexy or exciting, but it's got some potential.
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It's subversive though, has the potential to take a lot of control away from banks - in a world where everyone used cryptocurrencies, banks, as they exist today, would be totally unnecessary.
 
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