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(thelemmy.club)
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this post was submitted on 02 Feb 2026
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sigh
Once again:
Blockchain is not synonymous with cryptomining
Blockchain does not require proof of work
Cryptocurrency and NFT grifting does not devalue blockchain as an immutable distributed ledger
I swear to god people just copy paste whatever makes them feel good without any effort at understanding
True... But Satoshi did invent Bitcoin, which is proof of work, and is everything in OP
Immutable so long as no one party or group owns more than half of the coins on a given blockchain... then the ledger is whatever they say it is and it propagates down because they can manufacture their own "consensus".
https://www.investopedia.com/terms/1/51-attack.asp
and most use cases around things like "smart contracts" end up still requiring a trusted third party at some point
https://pluralistic.net/2022/01/30/the-inevitability-of-trusted-third-parties/
It's not 51% of the coins, it's 51% of the computing power on the network. Both of which are virtually impossible in the case of Bitcoin, though not entirely impossible. I just wouldn't consider a 51% attack even remotely a threat to the network compared to something like government crackdown
That's PoW. With PoS, it is coin ownership.
Which is much more distributed than computing power.
No, the community controls the consensus through their nodes. A 51% attack only allows the attacker to perform:
In the event of a 51% attack the community can fork the chain - change the consensus and implement preventive measures like changing the mining algorithm, changing to PoW/PoS, banning all of the attackers coins, implementing a finality layer or a checkpoiting system etc.
Why do you think LLMs are so popular?
This is a good comment that makes all good points. But I just wanna say let's stop saying "blockchain" singular and with no preceding article like we're tech CEOs and it's some immutable god. They're blockchains, plural, like any other data structure there can be more than one and there are. eg The blockchain of ethereum is distinct from the blockchain for bitcoin but they are both blockchains.
Valid point! But then how do you refer to the data structure/architecture/model concept? Sometimes we want a concise term (like bittorrent or ActivityPub) for the abstraction
It's a novel data structure, we can refer to it like we do other data structures: Linked lists, hash tables, primitives. The branded implementation of these things is what we typically make singular: Bitcoin, ethereum, monero (bittorrent, activitypub...)
Bittorrent implements a torrent swarm, activitypub implements a federated social network.
The only alternative to proof of work is proof of stake. And if the world ever ran on proof of stake crypto, it would make today’s wealth inequality look like a Marxist paradise.
There's other alternatives. But PoS does not reward just by ownership either.
Check out Gnosis, especially Circles, which is creating a UBI type thing.
I just looked at Circles’ webpage, and respectfully, that is a Ponzi scheme.
How exactly is it a Ponzi scheme, when you don't need to pay to get a share?
Why? If the rewards are fixed and independent of the amount staked then there is no issue.
Then why hasn’t a better blockchain based currency gained any popularity? If they don’t have critical mass then your distinction is meaningless. It turns out there is just zero real world need for an untrusted distributed ledger. Databases and governments solve the problem much better.
Questioning the technical virtues of an alternative product based on lack of critical mass adoption is pretty funny, when you consider we're on the fediverse. I know that doesn't defray your argument, but just an amusing observation.
Blockchain is not synonymous with crypto. Why are you bringing up crypto specifically? Crypto is garbage. But Blockchain is not crypto
People bring up crypto because it is the only use of blockchain that isn't worse than already established methods. And crypto is only "better" because it's unregulated and allowed a bunch of scams to be pulled.
Critical mass is not required for internal systems. Not all implementations of blockchain are intended for public use.
I'm really tired of this. Blockchain. Is not. Crypto.
Here's the research I did for everyone four months ago: https://lemmy.world/post/36683795/19677963
I'm not convinced there's any internal use for blockchain. Internal implies under a specific umbrella, some overarching organisation, who can then be the central trusted server that makes blockchain unnecesary.
That said, non-public but open uses, such as tracking dealings between companies in markets with little trust and no single governments (the shipping example in your referenced comment) is indeed the thin slither of a plausible use-case.
Another limitation is that blockchain loses its benefits if anyone tries to design over the complexity of using it directly (using a ui that under the hood uses blockchain is no different to using a ui that talks to a central database, you're trusting the central ui provider, you need to (at least be able to) build your own interface to realise the benefits of blockchain.
That means blockchain basically will never benefit individuals, it can't. Sure, you could have multiple compatible uis shared around, but that's no different security-wise to multiple central banks with an interoperable transfer system.
The only place blockchain has real benefits is when multiple large corporations/governments are interacting and don't trust eachother/anyone.
See the link in my other replies for some examples of internal uses that still benefit from immutable, distributed ledgers.
Large organizations still have loss and risk from individual bad actors. Operating a central authority that validates every single transaction in a ledger, and validates ledger history and consistency, can be prohibitively complicated. A well designed blockchain implementation can resolve most of these issues.
A great example is a pharma/healthcare company that wants to manage medicine batch and expiration tracking, as well as distribution/patient assignment. With a traditional infrastructure every participant needs to phone home to a central authority. In a blockchain setup, peers can report ledger events one hop up and propagate it through the chain.
That's a very simple example but I hope it gets my point across
Identifying anomalous behavior from bad actors is already a solved problem with databases and governing bodies.
Two points:
https://www.forbes.com/digital-assets/categories/proof-of-stake-pos/
Etherium and virtually the whole rest of the crypto scene that is "not bitcoin" has pretty soundly rejected the wasteful Bitcoin design. There was even a fork of Bitcoin that would have used the much more efficient proof-of-stake, but since that would be bad for everyone with a proof-of-work "mining" rig it didn't take over.
https://git-scm.com/
An "untrusted distributed ledger" is literally the backbone of modern software development. While you could plausibly split hairs and assert that git requires "trust", I don't think you'd wind up in a spot that both supports your assertion and a cognizable difference for anyone but mathematicians and security nerds. (And even if you did, the exact same sort of non-scam usages of blockchains are ones that operate like git, with the ledger used for something else.)
would you recommend any crypto in particular?
Monero
thanks! looking into it and syncing up. care to share why you're positive about it?
The most distinguishing feature is that it's private by default, the sender, receiver and the amounts are cryptographically hidden from uninvolved parties. Other than that
Business acceptance - many privacy centric services like VPN, VPS, e-sim, phone top up, gift card providers etc. accept monero. Usually any service that does, sees it at the top of the chart as the most used crypto, often more than all the other coins combined. Many open source projects accept it for donations as well, with similar findings.
Community built infrastructure - the monero community focuses on building the infrastructure around the idea of monero being digital cash. Things like xmrbazaar.com, a monero based e-bay/craigslist like market where you can buy/sell things for monero, kuno a monero based gofundme alternative for fundraisers, retoswap.com an instance of haveno, a decentralized, p2p monero exchange, monerica.com a repository of monero accepting business and other monero related things are designed with the idea of treating monero as money.
Price stability - because of the fact that monero is actually used for payments it's price is established through adoption rather than speculation which makes it fairly stable in comparison to the rest of the crypto market, thanks to this you can safely spend and receive monero without worrying that a month from now it will loose 50% of it's value. Of course, there are peaks and valleys often caused by the macro market movements like the recent few day pump to $800 and crash back to $400 but that's an exception rather than the rule, for the most part (excluding stable coins) it's one of the most stable cryptos out there with a slight long-term uptrend.
5 Years
All time
Cryptocurrency development makes a whole bunch of arbitrary value-guided decisions during creation, all of these decisions have tradeoffs such that nobody has figured out a way to feature them all at the same time, or would they want to.
For example, bitcoin is fully auditable. Anyone with a copy of the bitcoin blockchain can review every single transaction in bitcoin's history, and trace the flow of every last satoshi from it's mining to today. This is because the developers of bitcoin place a high value on verifiable auditability and security. Conversely monero was developed for the purpose of being a completely untraceable, unauditable currency that still has a knowable supply. And ethereum was created in a manner that intentionally supported scripting, so that it could be used as a platform for novel applications and contracts. None of these primary features could be ported to either of the other two without breaking them completely, because of the deep programmatic implications of the requirements.
It's not really a question of better or worse, but of use case. The fact of the matter is that the reason these three examples are the leading currencies for their use case is literally because nobody has yet been able to do a better job. And for bitcoin at least, at this point it's security rests just as much in it's wide adoption and interest as it's design intent, so it's unlikely that anyone ever will.