“Blockchain, but not Bitcoin” is an erroneous slogan

Question: exposing the statement “blockchain, but not bitcoin”, how can we convince an ordinary person that such logic is erroneous?
The only motive for using the blockchain is to achieve decentralization. In order to achieve decentralization, we need the ability to confirm transactions without giving anyone the right of veto or the right to control the network. Decentralization of transaction confirmation is needed, and the best mechanism we have so far found for decentralized transaction confirmation is a consensus algorithm that is based on competition. This may be, for example, Proof-of-Stake. In order to have competition, we need risk and reward. To reward you need an internal token. You need something valuable that people are trying to get, which causes them to stay in the game.

If you do not have such value, then you do not have the basis for competition. Without competition, there is no security. In the absence of security, you will have to centrally monitor transaction confirmations. And without decentralization there is no point in creating a blockchain.


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Basel Committee report notes

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