An online post which criticises blockchain enthusiasts and which went viral over the Christmas period has provoked scathing criticism from within the blockchain community.
Kai Stinchcombe, CEO of True Link Financial Banking, wrote the lengthy article on December 21 which has since gone on to attract over twenty thousand views. Stinchcombe opened his piece with the statement that, aside from speculation and illegal transactions, “nobody has actually come up with a use for the blockchain.“
Touching a Nerve?
The article, which outlines its case by focusing on specific fields in which blockchain solutions are currently being developed including banking, micro-payments and distributed storage, has since become the target of criticism from the audience it criticises.
“If the idea was for you to inspire debate then the article has purpose but to make bombastic statements such as you make in your headline only demonstrates ignorance,” one reader replied.
“Speaking as someone who contributed in a small way to the development of what eventually became ‘the Internet’ .. we knew perfectly well what it was for,” replied another reader, pointing out that disruptive new technologies, including the internet, do not always experience rapid mass adoption.
It does appear, however, that Stinchcombe’s article has touched a nerve – as some have increasingly questioned the validity of blockchain solutions, particularly within the ICO and token sales space.
“Some of the scepticism arises from the fact that the blockchain has attracted opportunists and charlatans, particularly with some of these ICOs out there,” another reader pointed out, “and whilst the blockchain awaits its first, mass adoption product, then it doesn’t surprise me that some people will remain sceptical.”
An estimated fifteen minute read, Stinchcombe’s article is appended with his profile description which appears to adopt an equally abrasive tone:
In his spare time [Stinchcombe] enjoys hoping that, post singularity, a detergent delivery drone doesn’t self-execute a smart contract on his life, bitbleaching him from the sky into a hissing pool of unstructured data in exchange for a handful of bitcoins.