Will blockchain technology survive the crypto crisis? In the view of strategists at Commerzbank, the blockchain is hardly likely to be the disruptive technology that many are making it out to be.
Rights of disposal leave to a majority decision, the opposite of freedom
“Rather than establishing a central institution, market participants have to communicate in the blockchain model to achieve consensus (which is particularly expensive in Proof of Work but not without costs with alternative arrangements). In some cases that may be more efficient than a central institution but not principally so.”
“Without a central trustworthy institution (i.e. a national legal system) the blockchain markets would leave the rights of disposal to a majority decision. That can only lead to the opposite of freedom.”
“It seems to me that the same people who have been trying to sell ‘crypto currencies’ as the technology of the future might now (that this has clearly failed) be moving on to arguing that perhaps ‘crypto currencies’ were not the best idea, but that the underlying blockchain technology was the thing of the future. This argument is as weak as the previous argument in favour of Bitcoin & Co had been before it.”