Bruce Schneier: Blockchain failed to deliver

Amazon heyyeh
Feb 10 8 Comments

What blockchain does is shift some of the trust in people and institutions to trust in technology. You need to trust the cryptography, the protocols, the software, the computers and the network. And you need to trust them absolutely, because they’re often single points of failure.

When that trust turns out to be misplaced, there is no recourse. If your bitcoin exchange gets hacked, you lose all of your money. If your bitcoin wallet gets hacked, you lose all of your money. If you forget your login credentials, you lose all of your money. If there’s a bug in the code of your smart contract, you lose all of your money. If someone successfully hacks the blockchain security, you lose all of your money. In many ways, trusting technology is harder than trusting people. Would you rather trust a human legal system or the details of some computer code you don’t have the expertise to audit?


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TOP 8 Comments
  • IBM apu
    I would rather not trust humans
    Feb 10 2
    • Apple


      Someone who thinks that if you fill out a profile in detail it is hardly blind.
      Who do you think created those distributed systems? Angels?
      Feb 10
    • Reddit y34bas
      There is a new coin developed by bamboons, you should trust that one instead.
      Feb 10
  • Google / Eng yuyu
    I trust math more than I trust the central bank. I trust the BTC protocol and it’s PoW based game theory. I do not trust exchanges, or any other entity that holds your keys.
    Feb 10 3
    • Oracle gV45dx
      Do you trust yourself? What if you lose the key or forget that password? If you think you can trust yourself 100%, you are delusional.
      Feb 10
    • Amazon heyyeh
      I trust the central bank WAY more than I trust Bitcoin's code base.

      It's not even close.
      Feb 10
    • Microsoft FBisEvil
      For the 🍿: which central bank? What if you lived in, say, Argentina?
      Feb 11
  • Oracle gV45dx
    They said what does Buffet know about crypto? He is an old obsolete fool.

    I wonder what they will say about Schneier. Maybe another tech buffoon who knows shit.
    Feb 10 0