Buttcoin

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Buttcoin is the future of online butts. Buttcoin is a peer-to-peer butt. Peer-to-peer means that no central authority issues new butts or tracks butts.

A community for hurling ordure at cryptocurrency/blockchain dweebs of all sorts. We are only here for debate as long as it amuses us. Meme stocks are also on topic.

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dgerard@awful.systems

The Australian Securities Exchange CHESS blockchain: seven years of sunk cost fallacy (davidgerard.co.uk)

submitted 4 months ago by dgerard@awful.systems to c/buttcoin@awful.systems

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[–] slazer2au@lemmy.world 0 points 4 months ago (3 children)

It has one legitimate use case that I can think of. Immutable audit logs, even then there are better options.

[–] bitchkat@lemmy.world 8 points 4 months ago

Blockchain, the solution in search of a problem.

[–] dgerard@awful.systems 8 points 4 months ago (1 children)

so in practice it actually doesn't, and enterprise "blockchain" systems tend to evolve:

do the real work in the blockchain bit
do the real work in a program with an SQL database attached, claim the blockchain is for audit logs
every SQL DB can produce those anyway, remove the blockchain bit entirely
don't bother removing the word "blockchain" from your marketing copy

multiple such cases!

[–] slazer2au@lemmy.world 0 points 4 months ago

exactly, like I said, there is only 1 thing it could be used for, but there are better options for that anyway.

[–] rook@awful.systems 7 points 4 months ago

Careful not to conflate things like hash trees with Blockchains. The former do get used for stuff like certificate transparency logs right now, because it is a sensible technology. Blockchains could do exactly the same thing (because they’re based on the same underlying principle), only with much more expense and waste, so there’s basically no point.