Pavlo’s Reviews > Attack of the 50 Foot Blockchain: Bitcoin, Blockchain, Ethereum & Smart Contracts > Status Update

The price will rise and fall dizzyingly, though realising it as actual money will still be strangely problematic; exchanges will continue to be hacked on a monthly basis. People will continue to lament “if only I’d bought in 2011, I’d be rich!” – though if they had bought in 2011, they’d have lost it in Mt. Gox. Cooler heads will wonder just how much longer this can be kept going.

At least tulips are pretty.

“The good bits of blockchain are not original, and the original bits of blockchain turn out not to be much good.”

“‘You can replace the term “distributed ledgers” with “shared Excel sheets” in about 90 percent of talk about blockchain and finance.’
– Tracy Alloway”

“This illustrated the final major problem with smart contracts: CODE IS LAW until the whales are in danger of losing money.”

“The blockchain was ‘immutable,’ so they changed how it was interpreted. The “impossible” bailout had happened.”

Since cryptocurrency enthusiasts had already self-selected for gullibility, the very first smart contracts they wrote were chain letters, lotteries and automatic Ponzi schemes. These ably demonstrated «the requirement for coding correctly, first time, every time

The eventual fix […] demonstrates the other problem with smart contracts: the “immutable” system containing the smart contract was suddenly considered changeable the moment the big boys risked losing enough money.

“‘My immutable unforgeable cryptographically secure blockchain record proving that I have 10,000 pounds of aluminum in a warehouse is not much use to a bank if I then «smuggle the aluminum out of the warehouse through the back door.’”

Yet another of many things tech fails to grasp