Get off the internet if you don’t like datacenters and technology.
Non-haters don’t care about the differences between datacenters, technology and blockchain. They want M.O.R.E. T.E.C.H. because it’s new and shiny. ;)
I do understand my banking statement, and even most of the fees I’m paying or my account. I don’t really understand what happens in a blockchain. If you can explain it to me like I’m 5 maybe I’d be more likely to adopt the technology. I’ve heard rumours that it’s really just a glorified database - if that is true, what’s the difference between databases we already have, and this new fancy kind?
The real difference is just that it’s a database, with no single person/entity in control. So in the case of banks:
A bank can arbitrarily raise fees, a blockchain only does so if the majority of the public running it comes to a consensus on doing so.
A bank can freeze your assets if they don’t like a recent purchase, a blockchain can’t.
A bank will usually make sending money to friends or family across borders extremely slow and expensive, a blockchain won’t.
A bank might not accept transfers on holidays, a blockchain is up 24/7/365 globally.
At the same time:
A blockchain will be so public, that all transactions can be seen by anyone. With your bank, your transactions are only visible to them (and whoever they sell them to). (Unless you use a private currency like Monero or Zcash)
A blockchain will usually be slower for redundancy, a bank’s database won’t.
A blockchain records data permanently, a bank can delete data you don’t want after a certain period of time.
It’s really just different databases for different use cases. Many people in developing countries use crypto for daily purchases because banks won’t give them accounts, and at the same time, many people won’t use crypto for everyday purchases in places like the U.S. because their bank’s infrastructure is faster and more convenient.
I personally have had more success sending money to friends, paying for my VPN, and spending money on holidays, using crypto rails, compared to my bank, but I’ve also had more success with everyday purchases using my bank, because it’s just more convenient.
The gist is really just that blockchains are a ton of computers everywhere recording the same list of transactions permanently, under a certain set of rules, and a normal database is just that, but under one person/company’s control, with more arbitrarily change-able rules. Your use of them is really just up to your preference regarding security, privacy, speed, and reliability.
The gist is really just that blockchains are a ton of computers everywhere recording the same list of transactions permanently, under a certain set of rules, and a normal database is just that, but under one person/company’s control
So do all Bitcoin or Ethereum holders have some kind of general assembly or online vote to decide under what rules their currency is run? Does one bitcoin equal one vote? Which blockchains are private, which are not?
Also, banking (including their computing systems) already adheres to a set of rules, luckily. Unfortunately heavily eroded by powerful global players, but very functional, at least in Europe. Hey there’s even cooperative banks and credit unions here if you look carefully! In my opinion we should seek to build common sense and evolve to an economy based on mutual trust, not build technology based on general mistrust.
Non-haters don’t care about the differences between datacenters, technology and blockchain. They want M.O.R.E. T.E.C.H. because it’s new and shiny. ;)
I do understand my banking statement, and even most of the fees I’m paying or my account. I don’t really understand what happens in a blockchain. If you can explain it to me like I’m 5 maybe I’d be more likely to adopt the technology. I’ve heard rumours that it’s really just a glorified database - if that is true, what’s the difference between databases we already have, and this new fancy kind?
The real difference is just that it’s a database, with no single person/entity in control. So in the case of banks: A bank can arbitrarily raise fees, a blockchain only does so if the majority of the public running it comes to a consensus on doing so. A bank can freeze your assets if they don’t like a recent purchase, a blockchain can’t. A bank will usually make sending money to friends or family across borders extremely slow and expensive, a blockchain won’t. A bank might not accept transfers on holidays, a blockchain is up 24/7/365 globally.
At the same time: A blockchain will be so public, that all transactions can be seen by anyone. With your bank, your transactions are only visible to them (and whoever they sell them to). (Unless you use a private currency like Monero or Zcash) A blockchain will usually be slower for redundancy, a bank’s database won’t. A blockchain records data permanently, a bank can delete data you don’t want after a certain period of time.
It’s really just different databases for different use cases. Many people in developing countries use crypto for daily purchases because banks won’t give them accounts, and at the same time, many people won’t use crypto for everyday purchases in places like the U.S. because their bank’s infrastructure is faster and more convenient.
I personally have had more success sending money to friends, paying for my VPN, and spending money on holidays, using crypto rails, compared to my bank, but I’ve also had more success with everyday purchases using my bank, because it’s just more convenient.
The gist is really just that blockchains are a ton of computers everywhere recording the same list of transactions permanently, under a certain set of rules, and a normal database is just that, but under one person/company’s control, with more arbitrarily change-able rules. Your use of them is really just up to your preference regarding security, privacy, speed, and reliability.
So do all Bitcoin or Ethereum holders have some kind of general assembly or online vote to decide under what rules their currency is run? Does one bitcoin equal one vote? Which blockchains are private, which are not?
Also, banking (including their computing systems) already adheres to a set of rules, luckily. Unfortunately heavily eroded by powerful global players, but very functional, at least in Europe. Hey there’s even cooperative banks and credit unions here if you look carefully! In my opinion we should seek to build common sense and evolve to an economy based on mutual trust, not build technology based on general mistrust.