It's always very amusing how all of the blockchain companies wax lyrical about all of the huge supposed benefits of blockchains and how every industry and company is missing out by not adopting them and should definitely run a hyperledger private blockchain buzzword whatever.
And then, even when faced with implementing a huge, audit critical, distributed append-only store, the thing they tell us blockchains are so useful for, they just use normal database tech like the rest if us. With one centralized infrastructure where most of the transactions in the network actually take place. Who's tech stack looks suspiciously like every other financial institution.
I'm so glad we're ignoring 100 years of securities law to let all of this incredible innovation happen.
Binance is not a blockchain company. It is a centealized exchange. Nothing is happening on-chain unless getting coins from or to the exchange. And this has nothing tondo with them then.
> And then, even when faced with implementing a huge, audit critical, distributed append-only store, the thing they tell us blockchains are so useful for, they just use normal database tech like the rest if us. With one centralized infrastructure where most of the transactions in the network actually take place. Who's tech stack looks suspiciously like every other financial institution.
Right but surely you must understand that the blockchain transactions are already stored in the blockchain, and what this is about is logs that might be useful for debugging purposes, and as such would be more verbose than what's required and also could contain sensitive information?
Apart from that isn't it obvious that the performance requirement would make this unrealistic, with no added benefits, whatsoever.
>I'm so glad we're ignoring 100 years of securities law to let all of this incredible innovation happen.
Storing all these logs on a blockchain might very well (apart from being totally asinine) breach privacy regulations as well, as it might very well store sensitive data?
Yes, I understand why blockchains are bad, have no benefits, terrible performance and are a privacy nightmare. Thanks for explaining it in more detail. And binance understands it too, that's why they're not using it (not even a private one!) despite all of their talk about how it's a revolutionary technology.
And then, even when faced with implementing a huge, audit critical, distributed append-only store, the thing they tell us blockchains are so useful for, they just use normal database tech like the rest if us. With one centralized infrastructure where most of the transactions in the network actually take place. Who's tech stack looks suspiciously like every other financial institution.
I'm so glad we're ignoring 100 years of securities law to let all of this incredible innovation happen.