Quote #3: “The combination of “blockchain technology + personal body connectome” will allow all human thoughts to be encoded and made available in a standardized compressed format. Data will be captured by cortical scans, EEG, brain-computer interfaces, cognitive nanorobots, etc. Thinking can be represented as chains of blocks, recording virtually all of a person’s subjective experience and perhaps even their consciousness. Once recorded in the blockchain, the various components of memories can be administered and transmitted – for example, to restore memory in the case of diseases accompanied by amnesia.

If every node in the network does the same thing, then obviously the bandwidth of the entire network is equal to the bandwidth of a single node in the network. And do you know what it equals exactly? Bitcoin can handle a maximum of 7 transactions per second – all of them.

In addition, Bitcoin blockchain records transactions only once every 10 minutes. And once a record appears, it is customary to wait another 50 minutes for reliability, because records regularly spontaneously roll back. Now imagine that you need to buy gum with bitcoins. It’s only an hour in a store, so it’s no big deal.

In the context of the whole world, this is ridiculous even now, when Bitcoin is used by barely one in a thousand people on Earth. And at this rate of transactions, it won’t be possible to significantly increase the number of active users. By comparison, Visa processes thousands of transactions per second, and it is easy to increase capacity if necessary, because classical banking technologies are scalable.

Even if conventional money dies out, it is clearly not because blockchain solutions will replace it.