We hear a lot about how Bitcoin is a scam but "we like blockchain".
Well, truth be told, we have seen a total blockchain scam for the last couple years. The entire "enterprise" or "permissioned" blockchain is nothing but a marketing ploy. Now, people are starting to see what bullcrap it is.
Blockchain can offer a number of advantages but excellent data structure is not one of them. When looking at the way data can be recorded, there are a lot of other ways to structure it is more efficient and useful.
What blockchain does provide is more security. It also offers immutability. This is done through the decentralized nature of things, something that is missing in the permissioned "blockchains".
The fact of the matter is they are not truly blockchains. There is no immutability if the "blockchain" is on one company's server. The truth is that the data can be changed at any time. As for security, just ask Marriott customers what happens when data is on a single server network.
We are starting to see people looking into this situation. What they are finding is the propaganda is not matching the results. One study showed zero "blockchain" success. In fact, most of the vendors refused to even call back.
"We fared no better when we reached out directly to several blockchain firms, via email, phone, and in person. Not one was willing to share data on program results, MERL [monitoring, evaluation, research and learning] processes, or adaptive management for potential scale-up. Despite all the hype about how blockchain will bring unheralded transparency to processes and operations in low-trust environments, the industry is itself opaque."
https://www.theregister.co.uk/2018/11/30/blockchain_study_finds_0_per_cent_success_rate/
We also have Amazon now bringing out their "blockchain" solutions. I won't go into the full details because it is the same story replayed again. While they allegedly claim they are using SHA-256, who is to really know? Plus, even if a permissioned "blockchain" is immutable, what about the governance situation? Guess who answers that one?
I will tell you something after almost 30 years in sales and marketing. When you have things changing names, let that be a warning. When this happens, odds are what was being proclaimed before was not true and is starting to be realized. One thing about marketers, we can always stay one step ahead.
So we are about to see an end to the "blockchain" circus. The scam is found out and being eliminated. What is resulting, I am sure after a bunch of highly paid marketers got together, is distributed ledger technology.
Isn't that just special?
Look for that to be the mantra for 2019. The blockchain bubble is already bursting. Ironic, they could not keep that one going for more than a couple years.
Which brings me to the main point of this article: Steem.
Being a true blockchain, meaning decentralized, will serve it well going forward. Not all the propaganda the past few years is misplaced. Blockchain does offer a lot of solutions and, I believe, in a decade you will see much of the digital world tied it. For this to be true, it will take time. A lot of development needs to take place. We are looking at a process that will unfold one creation at a time.
The industry needs to handle a couple major issues. One of them is ease of use. Until creating a blockchain is as easy as developing a database, adoption will be slow. At the same time, while there are a billion C++ developers out there, few are experts at coding blockchain. Here is an evolutionary learning curve that has to take place.
Steem is in wonderful position especially after the last week. I know, a few of you are wondering how can I say that after Ned's big announcement which sent fear throughout the Steem community.
The bottom line is that Steem is less risky today, both as a blockchain and a token, than it was last week. Ned's announcement brought issues into the open, it did not create them. Everything that is being discussed now was present a week ago. We just were not aware about them.
To me, that is much riskier. It is rarely the problems that you know about that sink you. It is the surprises. The entire community was caught off guard at the announcement.
This is not the case anymore. Since that time a number of articles appears approaching the problem. Steemit Inc is already implementing a plan to reduce their risks. At the same time, I can tell you a number of application developers are looking into the full node issue. My guess is that we will be a lot less dependent upon Steemit Inc for that in another 90-120 days. A lot of smart people are focusing attention on this area.
A week ago, we were not aware that we could be hit in the face with a right cross. Lacking that knowledge did not mean that it was not possible. Today, we are aware of it and can create a defense by having our guard up.
The are a lot of naysayers in the entire spectrum. We know that. Now, Steem is on the hit list by some. We are starting to see the Steemit Inc is going down. I do not know, perhaps it will. Without insight into the financial situation for that company, I have no clue of the long term viability. What I can say is that Steem is in no danger of disappearing; at least no more than a week ago.
They will get it done.
https://busy.org/@theycallmedan/the-gut-check
As the farce that is "enterprise blockchains" starts to fade, the truly decentralized blockchains are going to emerge as the force they truly are. Personally, I am more optimistic about Steem than I was before. Watching the response to Steemit's situation only affirmed what is taking place here.
I usually write how it is important to watch the development while paying little attention to pricing action. Now, I think it is more accurate to focus upon the developers. They are the movers and the shakers. What came out this week is truly inspiring.
In the comment section of that article, I posted that my original plan is still in effect. I have pricing targets that I am watching to purchase. This has not changed one bit. I will be buying when those targets are hit because the value of Steem, in my opinion, is much greater than what the market is pricing it at.
There is a big difference between looking at something with the proverbial rose colored glasses, which I have been accused of, versus having the belief in the ability to overcome challenges and setbacks. I am, nor have I ever been, ignoring of the problems associated with Steem. This is a very new project in a relatively new industry. There are going to be problems. Not everything that is tried will work out. There will be failures.
This is the nature of things.
However, I feel very certain that we can overcome everything that is tossed at us. I interact with far too many committed people who have the abilities to help do this.
And they are determined to see Steem reach it's potential.
Personally, this is the safety net that I see with this ecosystem.
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