“The good news is is that there have been significant improvements made in blockchain technology that addresses all of these enough to make them technically ready for the mainstream (but not in Bitcoin).”

It is good to finally hear someone coming from the space actually laying out the (almost) complete palette of serious issues related to cryptocurrencies and so-called decentralized systems. However, it is disappointing to hear that the writer believes there are still virtues in “blockchain technology” and permissionless systems.

First of all, let’s summarize:
1. There are only 2 use-cases for crypto: transacting illicit activity and investing/speculating in the demand for it. There is no reason tor refer to crypto as “currencies” since they are not used like currencies.
2. Blockchain (an ancient technology -merkle trees- in its core form) is useless. One virtue (immutability) prevents it from ever scaling and requires “decentralized” operation to assure its integrity. This is both a technical and ethical flaw. And, as Mr. Tanner points out, solving any of this requires reliability-threatening complexity and vulnerability.
3. Blockchain is a “solution” in search of a problem. This has spawned the ultimate and giant corrupt eco-system to preserve, promote and profit from something that requires 99% ignorance/belief/opportunistic motivation to participate in it. For many, regardless of the problems, it has become too big to fail. Even the IEEE has gotten suckered.

Blockchain Definition: A technology that was invented in the late 1970’s that found an “application” in the early 2000’s motivated by a pseudo-economic and right wing political viewpoint that has permitted massive illicit activity to transact without risk of discovery. Nothing else of any significant use has come about.

I am writing (slowly) here on Medium the end-to-end problematic context and state (economic/political/technical) of crypto and decentralized systems. The size, money, institutional and (yes) political involvement and, most of all, the degree of misinformation requires that this to be laid out in full.

Mr. Tanner has nevertheless written an excellent short version. I really appreciate finally hearing another voice who also comes from the space and is disappointed — if if only by the current state.