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from the create-your-own-fiat-currency dept.
Submitted via IRC for AndyTheAbsurd
I don't think it needs introduction about the current hype that is going on with Blockchain, bitcoin, Ethereum and other initiatives. To get more feeling about what it is and how it works I decided to have a go with Ethereum as it promises to be a possible disruptive solution for lots of different use cases. Without going into the theoretical background of Blockchain or Ethereum (there are already lots of docs written about it) this post will focus on how I set up a private Ethereum network on my MacBook. I will use Docker containers as Ethereum nodes and use Mist browser on my Mac to 'connect' to the private network.
Source: https://pragmaticintegrator.wordpress.com/2017/10/28/set-up-private-blockchain-with-ethereum-part-1/
(Score: 3, Insightful) by Snow on Wednesday November 01 2017, @08:07PM (6 children)
I don't get it...
A few months ago, I went to a bitcoin meetup. It was the first meetup I have ever been to. There were about 20 people there. Of those 20 people, there were maybe 3 of us that actually had a clue. The rest of them had heard of this 'blockchain thing' and were trying to shoehorn ideas onto it with the goal of becoming filthy, filthy rich.
I'd say a good 50% of ideas went something like this:
1) Create private blockchain
2) Put something on it (Art, house titles, medical records, electricity tokens, company shares)
3) Get filthy rich.
No one seems to understand that a private blockchain is worthless. A private blockchain is just a shitty, poor performing sql server. It is not immutable. It doesn't 'prove' anything. Anyone remember when arstechnica decided to hop on the bandwagon and create their own shitcoin, ArsCoin?
A blockchain solves the problem of a trustless distributed ledger. A private blockchain is neither trustless nor distributed.
(Score: 2, Funny) by Anonymous Coward on Wednesday November 01 2017, @08:34PM (2 children)
I am interested in obtaining some of your Snowcoin, I hear your blockchain is very high-tech! If i get in on the ground floor, can you make me filthy rich? Yours, former Bernie Madoff investor.
(Score: 2) by DeathMonkey on Wednesday November 01 2017, @08:52PM (1 child)
I know! Let's put energy in this blockchain then we can trade it!
If i get in on the ground floor, can you make me filthy rich? Yours, former Enron investor.
(Score: 0) by Anonymous Coward on Thursday November 02 2017, @01:12AM
I'm filthy rich and I have blockchains to thank. All you need is a little confidence in yourself and a $200 to create a superior mining rig. In my book you can learn all the steps, you can get it from Amazon with fee shipping!
(Score: 2) by arslan on Wednesday November 01 2017, @10:02PM
It smells doesn't it? That's the problem, the blockchain buzzword is being overloaded and sold like it has all the shiny that Bitcoin has but behind the scenes it is being stripped down and tweaked for specific use-cases. It reeks like a snake-oil salesman expo.
(Score: 0) by Anonymous Coward on Thursday November 02 2017, @01:32AM (1 child)
Being "private" doesn't necessarily mean that it's only in control of a single entity. It could just mean that the unwashed masses are not invited to participate. Such private-club blockchains are what is being mooted for use with inter-bank transfers and whatnot.
(Score: 0) by Anonymous Coward on Thursday November 02 2017, @04:04AM
I nominate this comment for the most ignorant comment on SoylentNews in 2017. Can he win a prize?