<p>Decentralized technology is inherently more inefficient than centralized tech. In Bitcoin this expresses e.g. in the difficulties to implement Scalability and the Proof of Works energy consumption.</p>

<p>The other most prevalent criticism I've read is that there is no central instance in Bitcoin to dampen value swings. The predetermined rate of money creation does not leave any option of steering the money supply. While this is something many Bitcoin advocates like about the project, citing the patchy performance of central banking in the past, the resulting volatility is frequently listed as the most important design flaw of Bitcoin.</p>

CC BY-SA 3.0
2015-11-07T15:36:31.457Z
2017-08-10T23:07:29.153Z
2017-08-10T23:07:29.153Z
Murch
<p>What are the best criticisms of blockchain technology? Specifically, what are the top flaws of the blockchain as it's currently implemented by Bitcoin?</p>

CC BY-SA 3.0
2015-06-03T15:02:32.173Z
One of the major downsides in my opinion is the fact that mining consumes lots of energy.
Luca Matteis
CC BY-SA 3.0
2015-06-03T20:03:11.287Z
@LucaMatteis: I was thinking: (1) double SHA-256 proof-of-work isn't computationally useful for anything ([GridCoin](https://www.gridcoin.us/) is still affected by this criticism to a certain extent); (2) it's not as immune to centralization as it could be (control of blockchain is proportional to computing power; it should be proportional to number of human users).
Geremia
CC BY-SA 3.0
2015-06-04T07:12:49.793Z
Also, the "one CPU, one vote" ethos seemed to be quite important, unless ASICs eventually become widespread, which we hear about a lot, but the truth is a few conglomerates control the mining pools: is that so different to today's more efficient system?
Wizard Of Ozzie
CC BY-SA 3.0
2015-06-09T11:50:16.170Z
related: [What security threats does blockchain technology solve or present?](http://bitcoin.stackexchange.com/q/37840/5406)
Murch
<blockchain>
What are the best criticisms of blockchain technology?
Geremia
# What are the best criticisms of blockchain technology?

(Asked by: username_0 on 2015-06-03)

What are the best criticisms of blockchain technology? Specifically, what are the top flaws of the blockchain as it's currently implemented by Bitcoin?

**Tags:** blockchain

> **Comments:**
> **username_1**: One of the major downsides in my opinion is the fact that mining consumes lots of energy.  
> **username_0**: @username_1: I was thinking: (1) double SHA-256 proof-of-work isn't computationally useful for anything ([GridCoin](https://www.gridcoin.us/) is still affected by this criticism to a certain extent); (2) it's not as immune to centralization as it could be (control of blockchain is proportional to computing power; it should be proportional to number of human users).  
> **username_2**: Also, the "one CPU, one vote" ethos seemed to be quite important, unless ASICs eventually become widespread, which we hear about a lot, but the truth is a few conglomerates control the mining pools: is that so different to today's more efficient system?  
> **username_3**: related: [What security threats does blockchain technology solve or present?](http://bitcoin.stackexchange.com/q/37840/5406)  

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## 1 answers

### Answer by username_3 on 2015-11-07. Score: 2 | Accepted answer

Decentralized technology is inherently more inefficient than centralized tech. In Bitcoin this expresses e.g. in the difficulties to implement Scalability and the Proof of Works energy consumption.

The other most prevalent criticism I've read is that there is no central instance in Bitcoin to dampen value swings. The predetermined rate of money creation does not leave any option of steering the money supply. While this is something many Bitcoin advocates like about the project, citing the patchy performance of central banking in the past, the resulting volatility is frequently listed as the most important design flaw of Bitcoin.


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