Monthly Archives: April 2017

♫ Blockchain is a bubble ♫

So I’ve read today that some morons paid $FCT Factom $8,000,000 to have some morgage documents stored on the blockchain. So what Factom now has to do perhaps is to develop an API for storing data of a certain type on an already existing platform, which can take up to 3 days and make one programmer busy. In fact, nothing needs to be done to already store such documents on the blockchain, you could do it before, and not only for morgages, for any type of a document. And you could do it in BTC (for high costs), you could do it on NXT or any other platform that supports messaging. Because “duh”, message = data. Once you store the data, you can read them, encrypted or not.

To sum up: No revolution, no innovation, no evolution. Nothing. Someone just feels like throwing $8,000,000 down a black hole is a good idea. This makes me seriously believe that the current blockchain trend is about 8000x overhyped. $1000 USD would be a viable amount for such project. And this makes me concerned for both Bitcoin and altcoins alike.