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Is Blockchain A Busted Flush?

There are people who say the Blockchain market is worth $3 billion a year and growing at 70% CAGR. Others say it’s dying.

Ads crop up all over saying that celebs like Kate Winslet, Richard Branson, Elon Musk and Bill Gates invest in Blockchain’s most famous application – Bitcoin.

What is the truth!

Out of 86,000+ blockchain projects launched, 92% had been abandoned by the end of 2017, according to Deloitte’s

Crypto currency mining chips fell off a cliff in 2018. In Q1 2018, Nvidia had crypto chip revenues of $289 million. In Q2 2018 Nvidia’s crypto chip revenues were $18 million. In November 2018 Nvidia said crypto would make ‘no contribution’ to its bottom line.

In December 2018, the apostle of Blockchain, Blythe Masters, left her job as CEO of Digital Assets Holdings and is now said to be  pursuing other areas.

Like many things which are difficult to explain, Blockchain smells fishy.

“It’s a digital distributed ledger without centralised control giving members if the chain access to a common store of knowledge to which they can add and when a member of the chain makes an entry it cannot be removed,” is how people described it.

What could possibly go wrong? Here goes:

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Blockchains got loaded with irremovable filth and revenge porn.

15% of all Bitcoins have been stolen at some point.

Whereas a Visa payment requires about 0.002 kilowatt-hours; the same payment with bitcoin uses 906 kilowatt-hours.

Transactions on Blockchain take between ten minutes and six hours to be confirmed.

Blockchain transactions cannot be cancelled or reversed.

Blockchain users can’t rely on anonymity and have been traced via their Blockchain ID number.

All the signs are that this thing is falling apart

Source: electronicsweekly

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