Today in Bitcoin (2018-05-14) - I ordered a blockchain but all I got was a database - Consensus 2018

Here's a synthesized summary of the May 14, 2018, "Today in Bitcoin" podcast episode, "I ordered a blockchain but all I got was a database - Consensus 2018," structured as requested:

1. Narrative Summary

The podcast episode, recorded during Consensus 2018 in New York City, dives into the burgeoning, and often confusing, landscape of blockchain technology. While the conference itself is generating substantial revenue, it's also a focal point for examining the hype surrounding blockchain and its applications. The hosts express skepticism about the widespread claims of blockchain's incorruptibility, drawing parallels to the misleading narratives that preceded the 2008 financial crisis. A key theme is the critical distinction between Bitcoin’s original blockchain – a publicly verifiable, transparent, and secure ledger – and the many "blockchains" now being marketed, which often lack these essential qualities and are essentially private databases. The podcast emphasizes the importance of understanding this difference, warning listeners not to be fooled by the buzzword "blockchain" and to critically evaluate the underlying technology. The episode also touches on the emerging institutional interest in Bitcoin, the boycott of the conference by Vitalik Buterin, and predictions for Bitcoin's future price.

2. Main Topics Discussed

• Consensus 2018 Conference: Discussion of the conference's revenue, attendance, and Vitalik Buterin's boycott.
• Blockchain Hype & Skepticism: Critiquing the overblown claims surrounding blockchain technology and drawing parallels to the 2008 financial crisis.
• Bitcoin's Blockchain vs. Other "Blockchains": Highlighting the unique properties of Bitcoin's blockchain (public verifiability, integrity, transparency) and differentiating it from private or permissioned blockchains.
• Private/Permissioned Blockchains: Criticizing these systems for lacking decentralization, integrity, and transparency, essentially labeling them as private databases.
• Institutional Adoption of Bitcoin: The emergence of Bitcoin custody products and the potential for increased institutional investment.
• RSK Sidechain: Discussion of the rollout and limitations of the RSK sidechain.
• Predictions for Bitcoin Price: Fund Strat predicts Bitcoin could reach $20,000 and potentially $64,000 by 2019.
• Shifting Narrative around Blockchain: A Forbes writer's move from focusing on Bitcoin to emphasizing the potential of blockchain technology.

3. Key Quotes

• "We are surrounded by boxes full of bad fish..." (Referring to poorly implemented blockchain solutions)
• "Private blockchains that are not mined by independent third parties lack integrity and transparency."
• "So now we have private databases claiming to be immutable blockchains."
• "I ordered a blockchain but all I got was a database." (Episode title reflecting the core message)

4. People Mentioned

• Thomas Hunt: Podcast Host
• Tom Lee: Fund Strat (made Bitcoin price predictions)
• Sam Doctor: Fund Strat
• Vitalik Buterin: Ethereum co-founder (boycotted Consensus 2018)
• Don and Alex Tapscott: Authors of "Blockchain Revolution"

5. Bitcoin Price

Bitcoin was trading at $8,757, with a 24-hour range of $8,311 to $8,800. It had increased 0.71% in the last 24 hours.