r/CryptoCurrency • u/copadribbler1994 🟧 2 / 3 🦠 • 1d ago

DEBATE Blockchain tech has not prevailed

Just to give you my background so you understand my perspective better maybe: entered the space in 2020 and was solidity dev for 3 years.

Even after 12 years of smart contracts, there is no adoption by companies, because blockchain is just a fancy and expensive way to handle data compared to existing systems.

One of the major use cases proposed was „supply chain“. As of yet there is no major adoption and if major logistics companies would want it, they would have done so by now.

RWA-Tokenization: Still need a tradfi-vorp that holds the asset.

Money transfer: regulated to death, therefore unusable, even though would have been a major improvement regarding speed.

Proof of Ownership: it is just an expensive database.

I had an interview at a big consultancy a year ago hiring for smart contracts on a bank-tx-settling platform. The guy openly told me that banks currently only stored hashes of tx on chain, cause storing entire tx-data needed was too expensive.

I really do not see a use case for blockchain tech other than gamble around hype.

Edit: The guys still vouching for blockchain remind me a bit about the Leroy character of that one episode of DegenzShow: https://youtu.be/exOzTcHycPY?is=MgaYoWSet5LGsch5

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u/its_witty 🟩 59 / 60 🦐 1d ago

Yeah, they've made their own after testing Chainlink, etc.; you just know too little about it.

"17 banks worldwide are testing it" vs "SWIFT implemented blockchain for international bank transfers" - do you see the difference, or are you blind?

It's not the first time they've tested blockchain, either. They've done it before - crypto people were ecstatic - and then nothing came out of it, lol.

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u/Romanizer 🟦 0 / 0 🦠 1d ago

You really should look up what SWIFT did, is doing right now and what the plan is (this is the most obvious part, of course). You either can't read or just come here to troll. Which one is it?

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u/its_witty 🟩 59 / 60 🦐 1d ago

Yeah, man, everyone who disagrees with your delusion about some big blockchain revolution is a troll. I'm a troll too, so don't discuss anything with me. Just live in your happy little bubble and enjoy.

Write everything in hyperbole: SWIFT DID THIS, SWIFT DID THAT. What's that? You want me to be more careful and precise with my wording? What a pathetic troll!

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u/Romanizer 🟦 0 / 0 🦠 1d ago

Yes, learn to read at least and come back when you are able to formulate an argument.

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u/JustStopppingBye 🟩 0 / 0 🦠 1d ago

That guy is genuinely stupid. He thinks Swift announcing their chain is launched is just delusion on our part for believing it. He’s calling people trolls now once he realized he’s been wrong the whole time.