Cryptocurrency in the news #28

Much like “The Singularity” was en vogue 10 years ago for a slew of reasons that haven’t really materialized (i.e., “an idea before its time”), it is equally unclear how or why blockchains + the Internet of Things has been receiving so much attention. For instance, IBM recently published: “Device democracy: Saving the future of the Internet of Things.”

Let’s be quite clear: yes this technology could develop to work as stated in the next decade.  However, it is unclear why Ethereum, which has still not launched despite 8 months of non-stop marketing, is being cited as the test bed.  I am skeptical that when it does launch, that its economic model will be able to fuel the use-cases that everyone seems to throw at it.

In the meantime, other stories this past week:

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One thought on “Cryptocurrency in the news #28

  1. Yes, it is indeed interesting. Couple of observations:

    1. Any cryptographic ledger can deliver the same functionality when it comes to the Internet of Things. No need in particular for Bitcoin or Ethereum.

    2. Currently, IoT seems to lack the killer punch. It needs a Steve Jobs kind of figure that demonstrates why all devices need be connected.

    3. Ethereum embodies all (once dashed) hopes of the crypto community. Bitcoin went through a massive run up in expectations, and then realization that it will take time to materialize. Also the horrid fact that a blockchain is not particularly good at doing many things hitherto imagined. PoW blockchain could also be unstable in the long run. Now, its Ethereum going through the cycles!

    4. I do think the core concept behind Ethereum (Ledger contracts with state and code) will prove very useful. Probably, it will take time and a different form to materialize.

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