Blockchain works only if the trusted intermediaries are more than the untrusted ones. It’s based on the same concept as the TOR project and that went down when governments figured they could become TOR nodes and intercept all the data, leading back to the source. The same issue persists with blockchain technology.

What’s worse is that bitcoin originally came packaged as a socialist cause when it’s actually capitalist. The only thing is achieves is move the power to manufacture currency from governments to private companies—because lets face it, home based mining is no longer possible and only the large corporates with number churning machines would be mining and gaining the rewards so it’s not exactly a social system now is it? In a more true system, even a poor man should be able to come up with hard work but that’s not how bitcoin works.

Another issue this technology creates is power consumption. Unlike fiat currencies where the cost of materials and power is at manufacture, this takes the power at each transaction (which are always higher in number since the same money gets moved around a lot). And each time this happens several devices compete to solve the same mathematical problem causing a lot of power consumption. Only the first to win (that one corporate machine) wins and the rest of the effort goes wasted. In a world where power is scarce and we’re moving to solar, I don’t think such a system will last long. So, as much as I enjoyed reading the enthusiam in your article, I have to disagree with most of it. Perhaps a better form of currency might come which supersedes these issues but still the blockchain has flaws as well. I guess there has to be a better solution and with time there will be!