3 ms·

> that cannot, under any circumstances, be rolled back But getting hacked is ok, right?

by smallnamespace 10y ago

pavel_lishin 10y ago
Cash transactions can't be rolled back either, and run the many risks, but they have advantages as well.
- slavik81 10y ago
  Countries have hard-forked cash to invalidate large thefts. > When Iraq invaded Kuwait in 1990, the Iraqi dinar replaced the Kuwaiti dinar as the currency and large quantities of banknotes were stolen by the invading forces. After liberation, the Kuwaiti dinar was restored as the country's currency and a new banknote series was introduced, allowing the previous notes, including those stolen, to be demonetized. https://en.wikipedia.org/wiki/Kuwaiti_dinar https://en.wikipedia.org/wiki/Kuwaiti_dinar > the Central Bank of Kuwait (CBK) announced the withdrawal of Kuwaiti Dinar currency notes issued and placed in circulation up to August 1,1990, and the issue of currency notes of the new design against those notes withdrawn. The Bank also announced that they will not accept certain series of old Kuwaiti Dinar currency notes in different denominations in exchange of new currency notes so issued. The final date for the conversion into new design notes of valid old Kuwaiti Dinar currency notes, held abroad by individuals and banks was 30.09.91. http://www.island.lk/2001/10/11/busine02.html http://www.island.lk/2001/10/11/busine02.html
  - pavel_lishin 10y ago
    Oh yeah, that's a good point. Apparently something similar happened in Northern Ireland; the IRA stole enough money that the bank just printed new versions of the affected denominations: https://en.wikipedia.org/wiki/Northern_Bank_robbery https://en.wikipedia.org/wiki/Northern_Bank_robbery
robryk 10y ago
I've once heard an argument that one of the desirable properties of the legal system is that its decisions, even if bad, are considered as final by everyone. This sounds kinda similarly.
- smallnamespace 10y ago
  OTOH, legal systems consider humans and their motivations to be first-class entities. The same is not true for a cryptocurrency system.
milesf 10y ago
Getting hacked is a different problem, but solving it with rollbacks means any future country would likely do the same if adopted.

> that cannot, under any circumstances, be rolled back But getting hacked is ok, right?

pavel_lishin 10y ago

Cash transactions can't be rolled back either, and run the many risks, but they have advantages as well.

slavik81 10y ago
Countries have hard-forked cash to invalidate large thefts. > When Iraq invaded Kuwait in 1990, the Iraqi dinar replaced the Kuwaiti dinar as the currency and large quantities of banknotes were stolen by the invading forces. After liberation, the Kuwaiti dinar was restored as the country's currency and a new banknote series was introduced, allowing the previous notes, including those stolen, to be demonetized. https://en.wikipedia.org/wiki/Kuwaiti_dinar https://en.wikipedia.org/wiki/Kuwaiti_dinar > the Central Bank of Kuwait (CBK) announced the withdrawal of Kuwaiti Dinar currency notes issued and placed in circulation up to August 1,1990, and the issue of currency notes of the new design against those notes withdrawn. The Bank also announced that they will not accept certain series of old Kuwaiti Dinar currency notes in different denominations in exchange of new currency notes so issued. The final date for the conversion into new design notes of valid old Kuwaiti Dinar currency notes, held abroad by individuals and banks was 30.09.91. http://www.island.lk/2001/10/11/busine02.html http://www.island.lk/2001/10/11/busine02.html
- pavel_lishin 10y ago
  Oh yeah, that's a good point. Apparently something similar happened in Northern Ireland; the IRA stole enough money that the bank just printed new versions of the affected denominations: https://en.wikipedia.org/wiki/Northern_Bank_robbery https://en.wikipedia.org/wiki/Northern_Bank_robbery

robryk 10y ago

I've once heard an argument that one of the desirable properties of the legal system is that its decisions, even if bad, are considered as final by everyone. This sounds kinda similarly.

smallnamespace 10y ago
OTOH, legal systems consider humans and their motivations to be first-class entities. The same is not true for a cryptocurrency system.

milesf 10y ago

Getting hacked is a different problem, but solving it with rollbacks means any future country would likely do the same if adopted.