Nelson M. Rosario on twitter has mentioned his thoughts around blockchain technology, cryptocurrency and ICOs. Following are the series of tweets mentioned by him on twitter yesterday. Have a look at them and let us know if you agree or disagree with reasonable comments
1. trusted intermediaries are sometimes great
2. there is no such thing as crypto economics, there’s economics
3. 99% of these projects are going to fail
4. there is no such thing as “beyond regulation” blockchains are decentralized, people are not
5. the UX in this space is garbage
6. Don’t even get me started on branding. Everything is coin this, block that. There’s probably no strong TMs in the space. Maybe Kraken.
7. Also, for a tech that solves people problems (trust/consensus) everyone seems focused on the tech problems, not the people
8. also, code is NOT law. Full stop. Why Lessig thought that was a good idea is beyond me.
9. if people really want widespread adoption they need to realize not everyone wants to be their own bank
10. along those lines, the hype machine needs to settle down, this looks a lot like religion h/t that @ReformedBroker article for that
11. blockchains are not building an alternative system, they’re complementing the current one, sorry. At least this is more user up.
12. also, cryptocurrencies at present are terrible cash and credit card replacements. For more than just tx/s speed reasons
13. outside of Bitcoin no one has proved a real long lasting use case for decentralized applications
14. market cap is a terrible metric
15. ICOs are like trying to argue your new Lexus is a new kind of vehicle different from your Toyota, guess what, they’re both cars
16. speaking of ICOs, 99% are unnecessary. seriously, build the network, be the first miners, get paid if it works
17. re: economics, Hayek and Mises are not the only economists that every lived, no seriously
18. Satoshi Nakamoto died with Hal Finney
19. Central Bankers understand Bitcoin and cryptocurrency very well
20. so do intelligence agencies and governments. Jussayin
21. you haven’t solved for the incentives when you have a blockchain without a native token, that’s just a database
22. a million blockchains for everything will be just as bad as a reward points account for every business. Please. No.
23. smart contracts are not smart and not contracts. Who is in charge of marketing around here?
24. this space is too alienating. something has to be relatable. Design for a grandma in Wichita, not a damn vapping hipster in
25. you should want regulation.
26. a future where every business has it’s own token is a nightmare hellscape
27. a blockchain that allows Turing complete programming is not always a good thing
28. @djkhaled is by far the best celebrity ICO promoter to date, sorry Floyd and Paris
29. it should be: “A Peer to Peer Electronic Value Transfer System,” cash was a stupid choice
30. if Satoshi didn’t do a whitepaper, and just did some blog posts, we wouldn’t have to suffer through all these piles, except PonzICO 🔥