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General Tech Technology & Software 2 years ago
Posted on 16 Aug 2022, this text provides information on Technology & Software related to General Tech. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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What are the best criticisms of blockchain technology? Specifically, what are the top flaws of the blockchain as it's currently implemented by Bitcoin?
Decentralized technology is inherently more inefficient than centralized tech. In Bitcoin this expresses e.g. in the difficulties to implement Scalability and the Proof of Works energy consumption.
The other most prevalent criticism I've read is that there is no central instance in Bitcoin to dampen value swings. The predetermined rate of money creation does not leave any option of steering the money supply. While this is something many Bitcoin advocates like about the project, citing the patchy performance of central banking in the past, the resulting volatility is frequently listed as the most important design flaw of Bitcoin.
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