this post was submitted on 06 Nov 2023
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Eh, the relationship isn't quite the same as that one.
It's more like the relationship between a video game framework and a video game. Pygame, Unity, or Godot are not games you can play; they're tools for programmers to build games with.
Similarly, blockchain is a technology for implementing scams; NFTs are one specific scam.
By that logic the US dollar is a means for facilitating crime. It's certainly used for that, a lot, but that isn't what it is for. A blockchain is for keeping an immutable and verifiable record by way of cryptography. That there are a lot of scams doesn't change what it is.
See, the difference is that dollars have legitimate uses.
As does Blockchain, which is widely used for such purposes already.
Not really, unless you think ransomware is a legitimate use.
Nope, you can go and check common usage of blockchain tech, plenty of legit uses, especially in banking.
Like what?
As I said, in banking, often to confirm that transactions are real.
https://corpgov.law.harvard.edu/2022/01/28/blockchain-in-the-banking-sector-a-review-of-the-landscape-and-opportunities/
Yeah, you're hating for the sake of hating with no clue why. I'm just going to go ahead and block you, kthxbye.
It's not for the sake of hating, it's because blockchain / cryptocurrency / NFTs / etc. are problems in search of a legitimate solution. So far all they've found is massive energy wasting and ransomware.
You are conflating the ideas for some weird reason. It's like blanket arguing against the internet because things happen on it which are illegal.
I'm not sure what you mean. Are you not aware that NFTs are built on top of blockchain tech?
Yes, and? There are other usages as I've said.
No. Blockchain is a technology where you generate a hash of an event that happened - e.g. garage door opened at 7:00am, and then you hash another event - garage door closed at 7:02am, continue doing that for years, hundreds of thousands of garage door movements, and just by looking at the last hash in the event chain, you can verify, in less than a millisecond, that two copies of the blockchain are identical (e.g. the working data set and a backup copy of it).
It's just a simple and efficient data integrity checker and it's shit for scams - because there's no way to hide your tracks when the feds investigate you... as Sam Bankman-Fried just learned.
Pretty soon the scammers will realise they're better off with cash and paper books which can easily be doctored (or simply misplaced - "sorry your honor, we can't find records for July 2021 anywhere!").
Yep. It's hard to feel sorry for anyone who got grifted, who knew that buying the equivalent of a graffiti'd up CVS receipt would turn out to be worthless.