Navigating The Murky Waters Of The Blockchain

ogochukwu (68) in discussion • 7 years ago

I wrote a post sometime ago about the Blockchain and the birthpangs of decentralization. There are a lot of things that have happened in the past few days that have shaken our faith in the Blockchain

And this can be linked to a lot of factors. The truth is here is that it is not everyone who has the clean heart of Satoshi. A lot of people have recognized that there is money to be made in this new world order and they are desperate to make it via hook or crook

The truth is that we have a long way to go before the Blockchain gets massive adoption like the Internet and as the days goes by things are getting more fuzzier and we are just hoping for the best

The recent Binance hack have brought up a lot of questions tht has to do with Blockchain risk management. While it true that decentralized exchanges will solve this issue of hacking to an extent. Decentralized exchanges like Bithshares are still not as popular as their Centralized counterparts

A lot of ICO's that were launched last year are all failed projects now. The most iconic was the one that left the world ' Penis' after raising $30 million in Investors Money

Different solutions to this problems have been proferred. Regulations, outright bans of ICO's and a whole lot of suggestions by the Crypto community

The Bitcoin developers never did an ICO but it just turned out fine and that was a time where the Blockchain was known by just a few people. Now that the level of awareness has risen, I believe that any well meaning project can survive with minimal investment and not the millions of dollars being raised by ICO's these days

So what ways do you think that the problems we are facing in this space can be solved when it comes to dealing with Human greed

Your can also talk about the things you have noticed in the Steemit community too. We are a part of the Blockchain too 🙂

Thanks For Reading

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7 years ago by ogochukwu (68)

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molokwu (51) · 7 years ago

I'll talk about the steemit platform. From the way it's looking now, if you didn't join steemit in 2016 or early 2017, your chances of becoming a whale is very slim.
Getting upvotes is now a thing of "man know man" . You'll have to know someone with good sp before you can get frequent upvotes.

Creating quality contents is no longer the dogma of this platform. For the average steemian, getting upvotes is a game of chance hence discouraging people from taking their time to create good contents.

This problem is mainly because whales don't really care about curating good contents. They rather just use their steempower to make profit.

Let me stop here for now

ogochukwu (68) · 7 years ago

Yes this is very discouraging, but believe me there are still people on this platform who will upvote you. You will just have to find them and bring them value

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kingeazi (53) · 7 years ago (edited)

We're Humans, greed and corruption can never be eradicated from us but we can only hope for the best and the security of blockchains should really be their priority, hackers are making these platforms unsafe for us, just recently my friend was scammed of "40 steem" it was transferred from her account and the steem is still in the scammer's wallet, we're trying to see if something can be done to help.

Different solutions to this problems have been proferred. Regulations, outright bans of ICO's and a whole lot of suggestions by the Crypto community

I agree with the Ban of ICO'S. Any coin that is genuine and here to stay should earn our 'Trust' and acceptance and not buying it with ICO'S. That is why I believe so much in Steemit, they have earned our trust and showed us that it's here to stay and help everyone.

The security if our blockchain wallets is really my greatest concern now.

Thanks for sharing this man!

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ogochukwu (68) · 7 years ago

I feel for your friend. 40 Steem is a lot of Money . I pray it is recovered. Your wallets are safe as far as no one else has the password so secure it

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kingeazi (53) · 7 years ago

Nothing could be done to get d steem back☹️. Not sure how she fell victim though but we need to be very careful now and keep our Passwords secret and safe.
I'm glad our Wallet is safe

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cyprianj (62) · 7 years ago

Though I don't really know much about blockchain in toto but I have to the realization that there several factors that influence this cryptocurrency :one of which is awareness and usage. I stand to be corrected, I believe bitcoin is where it is today because of its awareness by many individuals. I have observe a continuous decrease in the price sbd and steem this few days.
I read through an article written by one of the whale in this community and what he was clamouring on was that he is tired of steemit and feel like investing his time to other platform. The question I threw at him was tha

if we all decide to leave, who then will develop our steemit, I made him understand that he has gone a long way to give up so easily on steemit.

The point I am drawing out here is that the success of steemit depends on our collective participation. I believe when more people are active and participate in the use of this sbd and steem, it will really rise.
I know there was a time it rose to about 15, this is still achievable.
One of my worries also is the heavy data usage by steemit platform, I think they have to do something about it, so that more people will have reasonable time online.
These are my few observations and proferred solution.