Is Blockchain really going to change things?

[martinz1995]

So the whole blockchain revolution has been regarded by many as a way to bring back control to society away from big tech companies (who are often platform business models part of the sharing economy) e.g. Uber, Amazon, Airbnb, Etsy.

Many complain that these big tech companies are the middleman in transactions as they take a large portion of the profits e.g. Uber takes about 27.5% from each driver. This is obviously just the nature of all business, to generate profit through the workforce.
Now the blockchain revolution is claiming that this problem will no longer exist - because big tech companies will be replaced by blockchain transactions.

However the blockchain that is developed to carry out the transaction must have some incentive correct? No one just goes out to develop a blockchain software/platform for the fun of it.
So when people claim that blockchain will remove the platform/centralised nature of big tech companies - I think this would just lead to another form of centralisation. I mean sure Uber is not as centralised as a taxi company where the owners take 40-50% of profits but it makes up for this in scale. Now imagine a blockchain for taxi rides. Ultimately won't the blockchain technology control the entire transaction, giving it ultimate power?

 

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[Stridone]

Proper blockchains (Bitcoin, Ethereum) are decentralized. There is not going to be a "blockchain" for taxi rides, this would be a decentralized app on the Ethereum blockchain. That app can run without anyone's permission or interference.

 

[oasis1frog]

Many complain that these big tech companies are the middleman in transactions as they take a large portion of the profits e.g. Uber takes about 27.5% from each driver.

The mob aka blockchain takes $20, $30 'gas fee' everytime I move my small amount of Ethereum, either to purchase or transfer to hardware wallet ?!

 

[maverick]

The mob aka blockchain takes $20, $30 'gas fee' everytime I move my small amount of Ethereum, either to purchase or transfer to hardware wallet ?!

L2fees.info

Never let anyone spoon-feed you a narrative without checking it yourself.

 

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[DougRMR]

L2fees.info

Never let anyone spoon-feed you a narrative without checking it yourself.

Can you expand on what this is?

 

[oasis1frog]

L2fees.info

Never let anyone spoon-feed you a narrative without checking it yourself.

Whats that ?? 1, 2, 3 cents to send a ETH ?!
No there was no "spoon-feed" & I didn't just check, I paid for it, if you bothered to read. Never assume anything.
$25 fees on $4,967.55 ETH. To a consumer/investor it make no difference if the fees actually charged by the miner or blockchain or the brokerage, still the cost to transact crypto.

 

[MJ DeMarco]

Thus far crypto has been the perfect place to take advantage of the uneducated.

SEC.gov | Press Releases

www.sec.gov

The SEC website is littered with scammers who are being busted. For every 1 who gets caught, there are 100 others who are still under the radar.

Here's a tip -- instead of "investing" in crypto, seek out and expose the scammers. The SEC will pay you millions to do so as a whistleblower.

For anyone who is a crpyto expert, this is where I'd be making my "investment", not sitting around waiting for some coin to go asymmetrical.

 

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[Leo Hendrix]

So the whole blockchain revolution has been regarded by many as a way to bring back control to society away from big tech companies (who are often platform business models part of the sharing economy) e.g. Uber, Amazon, Airbnb, Etsy.

Many complain that these big tech companies are the middleman in transactions as they take a large portion of the profits e.g. Uber takes about 27.5% from each driver. This is obviously just the nature of all business, to generate profit through the workforce.
Now the blockchain revolution is claiming that this problem will no longer exist - because big tech companies will be replaced by blockchain transactions.

However the blockchain that is developed to carry out the transaction must have some incentive correct? No one just goes out to develop a blockchain software/platform for the fun of it.
So when people claim that blockchain will remove the platform/centralised nature of big tech companies - I think this would just lead to another form of centralisation. I mean sure Uber is not as centralised as a taxi company where the owners take 40-50% of profits but it makes up for this in scale. Now imagine a blockchain for taxi rides. Ultimately won't the blockchain technology control the entire transaction, giving it ultimate power?

Yes - Decentralization. Validators, Nodes & Miners secure & confirm the transaction(s) & earn fees.

 

[maverick]

Can you expand on what this is?

Yes Ethereum is seen as a layer 1 - which means it's so-called "settlement layer". All transactions are "settled" at this level. You can view the transactions on a block explorer like etherscan.io.

Because gas fees increase per usage, at times of peak usage the gas fees are high. To circumvent this a second layer is created (i.e. L2). On this layer effectively all user activity will occur. The settlement will be done by the L2 to L1 themselves. So the L1 fees are paid by the L2. You will pay for the L2 fees which are significantly lower and actually decrease when the number of transactions increases here.

 

[maverick]

Whats that ?? 1, 2, 3 cents to send a ETH ?!
No there was no "spoon-feed" & I didn't just check, I paid for it, if you bothered to read. Never assume anything.
$25 fees on $4,967.55 ETH. To a consumer/investor it make no difference if the fees actually charged by the miner or blockchain or the brokerage, still the cost to transact crypto.

You moved 5k for a 0.5% fee and call that high. smh

 

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[DougRMR]

Yes Ethereum is seen as a layer 1 - which means it's so-called "settlement layer". All transactions are "settled" at this level. You can view the transactions on a block explorer like etherscan.io.

Because gas fees increase per usage, at times of peak usage the gas fees are high. To circumvent this a second layer is created (i.e. L2). On this layer effectively all user activity will occur. The settlement will be done by the L2 to L1 themselves. So the L1 fees are paid by the L2. You will pay for the L2 fees which are significantly lower and actually decrease when the number of transactions increases here.

Huh. I've been following crypto for a while and did not know this. Where can you access this L2? Metamask and all the other variations would be L1, correct?

 

[RussRussman18]

Blockchain will change nothing and gain no traction in the world markets.

What are the best selling phones in the world?

Iphones (Apple)

Apple was the most valuable company in the world at the beginning of 2022 (although it has now been overtaken by an oil company)

Apple products have the LEAST features, privacy, security and extensibility of any tech company.

They don't succeed in spite of this, but BECAUSE of it.

They KNOW what people want.

People don't want to learn tech skills.

They don't want responsibility

They don't want to personally deal with their security.

And, in the context of crypto and blockchain, the situation is identical.

People may say they 'hate' banking, but they like it much more than learning how to use these systems where you are in total control of your assets.

They like having this stuff taken care of for them.

 

[DougRMR]

Blockchain will change nothing and gain no traction in the world markets.

What are the best selling phones in the world?

Iphones (Apple)

Apple was the most valuable company in the world at the beginning of 2022 (although it has now been overtaken by an oil company)

Apple products have the LEAST features, privacy, security and extensibility of any tech company.

They don't succeed in spite of this, but BECAUSE of it.

They KNOW what people want.

People don't want to learn tech skills.

They don't want responsibility

They don't want to personally deal with their security.

And, in the context of crypto and blockchain, the situation is identical.

People may say they 'hate' banking, but they like it much more than learning how to use these systems where you are in total control of your assets.

They like having this stuff taken care of for them.

Crypto is still in the early stages, though. You or I don't know just how commoditized or easy it might get. Crypto has a very steep learning curve now, yes, but so did the Internet, so did buying stocks, etc.

 

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[Leo Hendrix]

Huh. I've been following crypto for a while and did not know this. Where can you access this L2? Metamask and all the other variations would be L1, correct?

Yes - metamask will connect you to other layers & chains automatically when you connect your wallet.

 

[oasis1frog]

You moved 5k for a 0.5% fee and call that high. smh

Another assumption ?! I had no opinion, now that you ask, or put words in my mouth. Of course, $3 fee for a $15,000 share trade, a coin can move multiple times, $50, $100 vs $3, smho.

 

[maverick]

Blockchain will change nothing and gain no traction in the world markets.

What are the best selling phones in the world?

Iphones (Apple)

Apple was the most valuable company in the world at the beginning of 2022 (although it has now been overtaken by an oil company)

Apple products have the LEAST features, privacy, security and extensibility of any tech company.

They don't succeed in spite of this, but BECAUSE of it.

They KNOW what people want.

People don't want to learn tech skills.

They don't want responsibility

They don't want to personally deal with their security.

And, in the context of crypto and blockchain, the situation is identical.

People may say they 'hate' banking, but they like it much more than learning how to use these systems where you are in total control of your assets.

They like having this stuff taken care of for them.

Blockchain will become ubiquitous.

 

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