This post below was from Reddit. It really highlights my feelings of where we are at as a whole with blockchain technology.

13 Aug 2022, 07:42

This post below was from Reddit. It really highlights my feelings of where we are at as a whole with blockchain technology. 🧠 ------------------------------- So, former fintech worker here. There are two things you need to be aware of for this discussion. First, it takes a pretty long time for new tech to find its way into the industry and mature. AI and Machine-Learning sound fancy, but they've actually been around since at least the 80s - and the bar for making something technically 'artificially intelligent' isn't very high. "Cloud computing" has existed conceptually for several decades and has had implementations at least as early as the 90s, usually under the moniker of "distributed computing" or something similar. Databases have existed, conceptually, since at least the 50s, and we had decently well-known database solutions such as IMS starting in the 60s. But databases were clunky, hard-to-work with, painful to license, and computationally expensive until around the 80s. The tech world has had nearly 80 years - nearly a century - to figure databases and integrate them into everything. Smartphones. Ooooh, what about those? Those are new. No, actually, they're not. A modern smartphone is a PDA with the ability to make phone calls. Guess what; PDAs have existed since the 80s. PDAs that could make phone calls - since the 90s. Here's the dirty secret about the tech world: nothing's new. All the "bleeding edge" technology out there is actually at least ten to twenty years old in concept, often more. Early implementations tend to suck, and it's only with iteration that things get better. And there's often no reason to go bleeding edge when contemporary solutions will work just as fine. That last bit is important for the second part to this: the entire cryptocurrency ecosystem, as it exists today, sucks. It sucks hard. Rampant insecurity, consistently inconsistent network conditions, high cost of use, slow speeds (relative to mainstream solutions), shady and unprofessional development teams, et cetera ad nauseam. To adopt anything in the crypto space right now, not only do you have to justify not going with existing technology that will work just fine, you have to take on excessive amounts of risk for debatable gain. And even if you individually really, truly believe it's worth the risk... You have to convince other people that it is. It's a very hard sell to anyone in management who isn't already a crypto fanatic. Enterprises do not just replace their entire infrastructure with experimental technologies because it might get them a head start - especially when you consider that early implementations are often completely inferior to later ones, and you don't want to have to go through the very expensive process of restructuring everything not once but twice when all the kinks are worked out. The reason big tech hasn't adopted blockchain in a big way is because we're so early technologically that we're basically in its infancy - and despite common belief otherwise, that isn't a good thing. The reason companies are adopting cryptocurrency right now is to cash in on the current hype. Real embracement of the technology on a deep level that isn't just a quick cash-in will, like everything else that's come before, take decades. And that comes with an entire array of hefty assumptions about the roles crypto can fill.