The Problem with Crypto: It's All Proof of Burn

https://samgatkowski.substack.com/p/the-problem-with-crypto

by samirillian • 5 years ago

11 9 5 years ago

samgatkowski.substack.com

david927• 5 years ago

I won't be until it all crashes that this suddenly becomes obvious.

BayAreaEscapee• 5 years ago

There's no actual argument in this article. His whole argument is "The title and subheading say it all, really."

tl;dr: man with straw man argument knocks down straw man

kranke1554• 5 years ago

How long is the article? Is it just four paragraphs of misconceptions about blockchain?

This is amazing. I mean is it sufficient to talk shit about blockchain to get onto the HN front page?

Proof of Stake is real. "Proof of Burn" is bizarre. I don't even understand what he is talking about here (but again I'm not even sure I'm seeing the whole article).

Sharding and Zero Knowledge Proofs means you won't have to keep a ledger of everything ever. Sharding in particular. Sharding is just the delegation of parts of the blockchain to different nodes so not all nodes have to keep the entire blockchain.

There are chains (ALGO in particular) where virtually all of these solutions are already implemented. Ethereum is right now already seeing Layer2 solutions that implement Zero Knowledge Proofs as a way to dramatically decrease needed data.

Are we really rehashing criticisms of Bitcoin as a way to criticize CURRENT BLOCKCHAIN tech? This like trying to criticize iOS dev by talking about limitations of Obj-C 10 years ago. This is insanity. HN deserves better than this.

thehappypm• 5 years ago

It has 9 points. Half of HN is on vacation today. Relax.

kranke1554• 5 years ago

I spotted this at the front page when I first saw it.

tracedddd• 5 years ago

Very light reading with large, unsubstantiated leaps and derivative opinions. The fact that work of this quality is getting traction just makes the HN anti-crypto bias evident. Do they even click through?

kranke1554• 5 years ago

it's pure insanity. I've shared multiple articles about interesting things happening in the crypto world. They get no traction.

This guy writes 4 paragraphs of nonsense, but it's anti-crypto. Straight to front page! Jeebus. Makes HN look like boomer tech talk. Just completely detached from reality.

Doesn't matter how exciting tech innovation is - if it's on the blockchain nobody cares about it. Not here.

akaij• 5 years ago

Do you know something we don't? For example, the algorithm behind HN voting? How do you know it was "voted straight to front page"? Right now (T+1h20m) it has 9 points.

The Problem with Crypto: It's All Proof of Burn

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