Bitcoin is in a downtrend/bear market. I don't know where the bottom is, but I will start buying again if it goes below $2000.
I've been in bitcoin since 2013, and was a miner. I compile bitcoin binaries from source (github repo) every time there's a new version, and I don't even wanna bore you with other coins and other stuff I've needed to setup over the years. I'm not a developer but these are what's required especially when the coin is in early stages. Look at Tezos right now, the only official wallet is Linux cli, that needs to be compiled, then setup delegate for baking (mining coins) that requires 10,000 coins per roll, all the while keeping track of updates every few days that require re-compiling the binaries from gitlab source. I think I can safely say I know more than you when it comes to cryptos.
Now, back to blockchain. No tricks. Tell me what you see on the blockchain that cannot be entered into a spreadsheet? (below is the latest block at the time of my writing this post).
https://www.blockchain.com/btc/bloc...56e83dbad8e659000715d67a0cf081ffec2a6ec672796
As I said, no tricks, I'll walk you through it. Block number (think of it as a database record ID), block hash, previous block hash, individual transactions, transaction ID's (txid's), source bitcoin addresses, destination bitcoin addresses, amounts, change amounts, change addresses, arbitrary data OP_return, etc. All of these you can map on a spreadsheet with probably less than 20 columns.
A bitcoin block is generated every 10 minutes (that's the target interval, some blocks take less than that and some much longer). Think for yourself and don't believe the bullsh*ts you read about your blockchain projects. How are they using the blockchain? They can have an Oracle database or an IBM Database system that can generate thousands of records a minute, why would they need a slow blockchain? I showed you what a blockchain is, so don't make it some kind of magical stuff.
So, without you asking, why does bitcoin need the blockchain? immutability as secured by a hash that was produced by a miner through proof of work brute-force solution to a mathematical puzzle. This is very important in order to enforce certain "truths", such as if a bitcoin has been sent to someone, it cannot be sent to another address (double-spend) or if someone tries to generate a million bitcoins, the network of nodes will reject it per the software code/protocol.
So, maybe you'll ask, well, maybe drug companies want immutability? Of course they do, in order to control the supply chain and authenticity and whateverz. So they need a blockchain? No, they need a database that is secure. Why not a blockchain? They can but it will be slow. They'll get immutability? Huh? who will enforce it? If the hash signatures are coming from the same entities or even outside entities, the weak link is whoever controls that system. Bottom line, they are still working with the same centralized systems that they have now and moving it to a blockchain just slows it down without gaining the trustless, censor-resistant design of the bitcoin blockchain.
I'm sure all these things are over your head. Do me a favor and disprove what I said. At least I'll know you studied blockchain. I'll be here.
