In what is without doubt the celebrity innovator’s most damning public critique of Blockchain yet, DMH takes aim this morning at the industry incumbents Ethereum, EOS and Tron:
One is built by a 20-something who, while smart, has been unable to deliver anything else subsequently (calling into question how much of his presence at Ethereum is pure marketing spin), another is headed up by Brock Pierce, a former child-star from Hollywood with a highly questionable reputation, and the last one is founded by a mainland Chinese plagiarist who apparently, upon being frankly confronted with the evidence that his White Paper’s contents were stolen from Filecoin’s White Paper, reacted by saying “we’ve decided that didn’t happen.”
Further, he adds that the technology itself – that being the software which sends, receives and stores data known as the digital ledger technology – is not that sophisticated, either. Only its use-case as an alternative form of money makes it remotely appealing as a scaleable tech, according to DMH’s Medium post:
… the technology itself is pretty crap. It’s a very standardised software, much like an excel spreadsheet, with a very unique and exceptional use-case: that crap smells like money. If it wasn’t for the ascription of financial value to the data storage process that is entailed in the digital ledger’s processing functionality, Blockchain would be a thing of the past already, ascribed to weird library-storage use-cases that you never hear about.
The post was written in response to a detailed report by McKinsey, a consulting firm famous for dealing with the most complex business problems of the largest companies in the world. The report was critical of the development trajectory thus far achieved in the Blockchain business. DMH points the finger at venture capitalists and accuses them of giving money to those who least represent innovative leadership:
Until Venture Capitalists stop openly supporting the sort of pond scum that resides at the top of the Blockchain river, you can expect more mosquito-infected swamps and little-to-no core development to take place. Russian criminals, American down-and-out rent-me-a-career attorneys, strip-club owners, child-beaters and liars are not the sorts of people who built the economy that produced Boeing 747s. That was something rather different, and until Blockchain finds the same sorts of people who did that, it’ll remain nothing more than a second-rate form of money that is consigned to sketchy third-rate financial actors.
You can read the whole post here.