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> People traded "cold hard cash" for tokens. And, tokens are... Money! Instead of being enforced by people with guns who will shoot you, it's enforced by math.

> People traded "cold hard cash" for tokens. And, tokens are... Money! Instead of being enforced by people with guns who will shoot you, it's enforced by math. > Those tokens then got lost, stolen and changed in value. Same with US currency, to the dot. > Speaking from the sidelines, people losing money isn't of particular concern. Really now? At least where I live, if someone or some place loses a lot of money, cops are called, and insurance can be summoned. There's a big response. And there's restorative methods to stem that problem. And if I went and stole $1000 from a bank, you can be your ass the cops are going to be there quick, and on a manhunt. > We're getting some interesting science, economics and art out of the process; re-allocating capital for those pursuits isn't particularly bad for society. No, we're not. The blockchain is inherently really awesome. So are the new proofs-of-X being discovered. But the language, Solidity, is more like Liquidity. The coding errors inherent here are major show-stoppers. I wouldn't put $5 in that pile. If someone could make a better lang and attach it, then I'd certainly reconsider. But not with Ethdev, and certainly not with Solidity.

JumpCrisscross 9y ago
> tokens are... Money! Some people are calling them money. (Those same people don't seem to want the rules and requirements that come with calling something money.) I don't see why society needs to devote public resources to enforcing private crypto claims. If people are harmed, they can sue. It's not like these markets weren't screaming caveat emptor from the start. More broadly, we're getting value from detached observation. American securities laws and conventions were built in the 1930s. They have since been replicated worldwide. Cryptocurrencies are giving us a chance to see what laws are still necessary, which may be anachronistic given cultural and technological changes and for which there is a better way. Think of it as a publicly-funded experiment for the benefit of finance.
deadmetheny 9y ago
>And, tokens are... Money! The amount of services that are taking Internet Fun Bucks as exclusive payment (read: not immediately turning them into some other form of fiat) are so few as to consider them statistically insignificant. Calling something money when you can't do anything meaningful with it unless you convert it into other currency is laughable.

JumpCrisscross 9y ago

> tokens are... Money! Some people are calling them money. (Those same people don't seem to want the rules and requirements that come with calling something money.) I don't see why society needs to devote public resources to enforcing private crypto claims. If people are harmed, they can sue. It's not like these markets weren't screaming caveat emptor from the start. More broadly, we're getting value from detached observation. American securities laws and conventions were built in the 1930s. They have since been replicated worldwide. Cryptocurrencies are giving us a chance to see what laws are still necessary, which may be anachronistic given cultural and technological changes and for which there is a better way. Think of it as a publicly-funded experiment for the benefit of finance.

deadmetheny 9y ago

>And, tokens are... Money! The amount of services that are taking Internet Fun Bucks as exclusive payment (read: not immediately turning them into some other form of fiat) are so few as to consider them statistically insignificant. Calling something money when you can't do anything meaningful with it unless you convert it into other currency is laughable.