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I have been wondering recently... how unlikely is it that a major IT failure/hack/whatever occurs which produces a tremendous lack of faith in our existing trad

I have been wondering recently... how unlikely is it that a major IT failure/hack/whatever occurs which produces a tremendous lack of faith in our existing traditional-currency-backed systems, leaving cryptocurrencies with the only PROVABLE form of money? Walmart says they made $5 billion? Why should we trust that they're telling the truth about that? They rely completely upon swiss-cheese computer systems built on sand and wishful thinking. They build their empire on slapped-together garbage full of holes and push it further than it was ever intended to go, adamantly refusing to slow down or devote the resources to building a dependable, reliable system. How unlikely is it that this will eventually bite them and the mathematical provability of cryptocurrency becomes of paramount, and nigh sole, value? Not as unlikely as those who have convinced bank computers to read large numbers for their balance, I expect.

stephen_g 9y ago
I really think for normal people the chance is close to zero... Walmart’s accounts have to reconcile to their bank’s, the bank’s accounts need to reconcile with their accounts at the central bank... There are checks and balances, fraud tends to be found out eventually when things don’t match, and at the end of the day, 99% or the population don’t understand proof-of-work or proof-of-stake anyway... I think some of the problems of the current system are overstated (dare I say some are even imagined?) by crypto-enthusiasts. There’s no doubt that blockchain is fascinating and useful technology, but the idea that it’s a perfect and complete replacement for a crumbling system just doesn’t actually map to reality...
pjc50 9y ago
Crypto currency also relies on slapped together systems; it makes it easier to lose all your money to a browser flaw or wallet problem.

stephen_g 9y ago

I really think for normal people the chance is close to zero... Walmart’s accounts have to reconcile to their bank’s, the bank’s accounts need to reconcile with their accounts at the central bank... There are checks and balances, fraud tends to be found out eventually when things don’t match, and at the end of the day, 99% or the population don’t understand proof-of-work or proof-of-stake anyway... I think some of the problems of the current system are overstated (dare I say some are even imagined?) by crypto-enthusiasts. There’s no doubt that blockchain is fascinating and useful technology, but the idea that it’s a perfect and complete replacement for a crumbling system just doesn’t actually map to reality...

pjc50 9y ago

Crypto currency also relies on slapped together systems; it makes it easier to lose all your money to a browser flaw or wallet problem.