Whats with all the "Blockchains" propaganda?
It would seem that the talk of Blockchains (with an S) ramped up towards the end of 2014, and has been adopted by many in the Bitcoin movement. But, why is ...
What's up, party people? Chris DeRose here, Community Director of the Counterparty Foundation. And today I'm going to be answering the question, "What's with all the block chains propaganda?" This is kind of a weird one, but you know it's been coming up a lot lately and I figure, well, I might as well just tackle it. I was complacent in this for a while. I admit I've spread a lot of this myself. I myself promoted a lot of this at a time when block chains weren't a thing really. There was altcoins, and there's Bitcoin, but there wasn't really a block chain, this sort of roll your own sort of thing.
I mean, we had some guys here in south Florida. They were into block chains, and it was kind of the butt of a joke. Dude, this is kind of silly, but I didn't think anyone would really take it seriously until I guess, I don't know, the last six months or so, Wall Street came in and that's great, but they did the thing that everybody does when they come into Bitcoin. They discovered their altcoin of choice, which in their case was an ability to get the benefits of the block chain without having to use Bitcoin, which is understandable. And what ended up happening is a number of people started to sell them what they asked for. Now, what did they ask for? All of us in the movement know what they asked for.
They asked for mostly nonsense. We've had block chains without the Bitcoin forever. There's a couple of different terms for these. Linked list is one term. Merkle tree is another component in the blockchain design. You'd be hard-pressed to find any database that doesn't implement those features.
Journaling is another such solution to the block chains without the Bitcoin problem. Every single one of these financial institutions are using journal databases. You can look up these terms if you want. I can even do videos on them. It's funny to me to see as people grow and they learn, Bitcoin's a kind of thing that we end up with. It's not exactly what we chose.
Certainly there's a million different things we would change about Bitcoin if we could. Easy things like, oh I don't know, perhaps the transaction malleability issue, maybe it'd be block sizes. I don't know but the point is that there is only one immutable chain on the planet, and that's Bitcoin and that's why we use Bitcoin. So when you ask to design a block chain without Bitcoin, you're asking for a block chain without immutability. And as anybody who has read my articles or who has watched my channel now knows, that's the only good thing about Bitcoin. There's not much else that's good about Bitcoin other than immutability, which happens to be one of the greatest unsolved problems in computer science.
So hey, that's not too shabby. These banks are doing this funny thing with their block chains whereby they're just attaching very traditional database metrics and database rolls to their software. Of course, all of that will be subject to regulatory pressures. All of that will be subject to moderation and censorship, which is perfectly fine. There's no issue there with that, but you're not going to see any efficiency. The efficiency of Bitcoin is the ability to transfer value, regardless of what anybody says about it.
So, you think about how these so-called private block chains are going to be exchanging value with Venezuela or, who knows, even North Korea. They can't because they don't mitigate risk in these scenarios. What those databases will do is defer to Bitcoin for value transfer and that's pretty obvious and I think to us in the movement. I think the block chains propaganda was really good to get to the regulators to start getting used to the idea, and I thought everyone was on the same page with this. I thought that it was just like, yeah, let's just keep using the word block chains, because you know people are going to fucking believe it, and that's how we'll get a lot of the block chain regulations through the door. Well some people went and ran with it.
You know who they are. I don't know what they're thinking, other than they're new to computer science, or they don't know computer science. What they're doing is really embarrassing. They're writing papers like these data structures that we've had for 30 years are brand new, even though you can look through the archives and see that we've had them since the '70s. Not a big fucking deal. What makes Bitcoin important is its immutability, which is achieved through work.
I think that's absolutely wrong Chris, by the way. Do you? Yeah. Why is it wrong Cameraman? Google Docs is immutable. No, Google Docs is most certainly not immutable. Google Docs is immutable. You make a change in Google Docs, Google knows about it.
They have it stored forever. It's immutable. Well, then if Google Docs is immutable, so is Preston Burns chain I suppose. I mean if he wants to make that claim then fine. I don't know what he's doing here then because it's retarded. But hey, I don't know.
That's just my opinion. I'm sure somebody disagrees with it. If so, why don't you put your comments in the video below. Let me know what you think. I love getting your heated comments. There have actually been fewer than I've usually gotten so you know, so come on, step it up guys.
I want to hear the haters. I like you guys and, hey, if you like this video, subscribe to the channel. Check out my YouTube. Party people, peace out. ACH is immutable too.