Imagine that you have this magic book, which everyone can write something in (Ethereum's case, pograms also, not just monetary transactions) and nobody can delete anything from it. Everyone have the same physical copy of this book on their hard drives and everyone need to sync it. Some books (well almost everyone), have the option to ditch this book from your HDDs, becuse you will trust a third-party (another guy's HDD) to store this book for you. But you don't want to do that, because rather you trust only yourself, when it comes to money.
This book will grow, some will faster, some slower. One day, this book will be terabytes of data. One day, countries will use this book as their official currency. And when Bob from grocery store will jump on it, you bet this book will grow faster.
One day you wake up and thinking, this sh*t is downloading 200GB of transaction data into my local blockchain DB from midnight and I still have 6 other cryptocurrencies where I store my money in.
Than you screwed, you don't want to invest in another hard drives, you just enter in some other dudes blockchain DB address and basically you just gave up the decentralization of the whole thing.
This will happen with every-single-blockchain-technology!
One day, people start to give up specific blockchain technologies and start to use a fresh one, because they want a smaller sized DB.
Or storage prices become marginally lower and technology become better. But what do you do with your smartphones? How do you want to store petabytes of data? Maybe the next 10-20-30 years it will be possible. But what I afraid is that it will grow so fast (the blockchain technologies) that people just start to give up using the local copy of this book. And with this decision they give up the purpose of the whole thing: decentralised independence from oligarchs. With this decision the whole thing become just the "ECoin" from Mr. Robot and sh*theads like *P Morgan and another oligarchs will control the entire thing, because they have the server capacity to STORE the whole thing. From this day, the whole database will be just another bank's internal DB which you can't afford to look inside.
I hope I just looking a bad outcome and this never gonna happen. You already gave up the sovereignty of the technology with mobile phone wallets. And just to tell the truth, I gave up mine also, because I use a local copy of myetherwallet from git (because I trust a third-party independent dude, which I don't really know who the heck is).
Blockchain is internet's answer for money, but certainly not perfect (just like the internet).
I'm downloading the Monero blockchain file since 3 days. It's 18GB now.
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I'm continuing the "magic book" analogy:
Imagine that you have this magic book, which everyone can write something in (Ethereum's case, pograms also, not just monetary transactions) and nobody can delete anything from it. Everyone have the same physical copy of this book on their hard drives and everyone need to sync it. Some books (well almost everyone), have the option to ditch this book from your HDDs, becuse you will trust a third-party (another guy's HDD) to store this book for you. But you don't want to do that, because rather you trust only yourself, when it comes to money.
This book will grow, some will faster, some slower. One day, this book will be terabytes of data. One day, countries will use this book as their official currency. And when Bob from grocery store will jump on it, you bet this book will grow faster.
One day you wake up and thinking, this sh*t is downloading 200GB of transaction data into my local blockchain DB from midnight and I still have 6 other cryptocurrencies where I store my money in.
Than you screwed, you don't want to invest in another hard drives, you just enter in some other dudes blockchain DB address and basically you just gave up the decentralization of the whole thing.
This will happen with every-single-blockchain-technology!
One day, people start to give up specific blockchain technologies and start to use a fresh one, because they want a smaller sized DB.
Or storage prices become marginally lower and technology become better. But what do you do with your smartphones? How do you want to store petabytes of data? Maybe the next 10-20-30 years it will be possible. But what I afraid is that it will grow so fast (the blockchain technologies) that people just start to give up using the local copy of this book. And with this decision they give up the purpose of the whole thing: decentralised independence from oligarchs. With this decision the whole thing become just the "ECoin" from Mr. Robot and sh*theads like *P Morgan and another oligarchs will control the entire thing, because they have the server capacity to STORE the whole thing. From this day, the whole database will be just another bank's internal DB which you can't afford to look inside.
I hope I just looking a bad outcome and this never gonna happen. You already gave up the sovereignty of the technology with mobile phone wallets. And just to tell the truth, I gave up mine also, because I use a local copy of myetherwallet from git (because I trust a third-party independent dude, which I don't really know who the heck is).
Blockchain is internet's answer for money, but certainly not perfect (just like the internet).
I'm downloading the Monero blockchain file since 3 days. It's 18GB now.