Submitted by Aquillyne t3_zxaezl in Futurology
khamelean t1_j1zc5wc wrote
It also fails as a decentralised system of trust. Despite the proponents claims of a 51% attack being incredibly unlikely, it’s already happened multiple times, even to the largest blockchain networks.
Blockchain is an interesting concept on paper, but the primary advantage of decentralised control has been proven to be unreliable.
There are simply no problems solved by blockchain that can’t be solved more efficiently and effectively by other alternatives.
1yellowbanana t1_j1zf8dg wrote
I think you’re referring to crypto exchanges. And those that failed were fully centralized entities brought down by bankruptcy.
khamelean t1_j1zhbqn wrote
No, that’s not what I’m referring to.
One example of the kind of situation I’m referring to is the ghash.io incident: https://en.m.wikipedia.org/wiki/GHash.io
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