Blockchain is good, Bitcoin is bad. How many times have you heard this echo chamber? It genuinely tilts me, so thought I’d make a video on it. In general, many of the people who tout this are talking about private blockchains, not public. Private blockchains are essentially upgraded distributed databases, and even then there are tradeoffs. While it may increase efficiencies overall, the opportunity is nowhere near as large or revolutionary as public blockchain is.
Bitcoin is the best implementation of such technology due to the size of its network. While mining pools are causes for concern (I’m looking at you Bitmain), Bitcoin has proven to be fairly resilient to central control. It is censorship resistant. It is not 100% immutable in the sense that one could create a longer chain that replaces another, but other than this fringe scenario, the erasure or reversal of transactions is not possible. As such, it is truly trustless. Private blockchains cannot achieve this. While they will provide value to the world, it won’t be nearly as much value that public blockchains do in my opinion. Let me know yours.
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