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They are the same problem, and not a jump at all. You even used the phrase “court of law” yourself. Financial security depends on the ability to show who bad a
by empthought 8y ago
They are the same problem, and not a jump at all. You even used the phrase “court of law” yourself.
Financial security depends on the ability to show who bad actors are and undo their transactions. I don't see how this is possible without some sort of middleman involving civil government. Yes, the current banking system has flaws, but they are not technological flaws and cannot be solved by technological means.
- keymone 8y ago> You even used the phrase “court of law” yourself yes, in context of resolving dispute with counterparty > Financial security depends on the ability to show who bad actors are and undo their transactions no, that's in my opinion the opposite of financial security. i feel financially secure when i know no government, bank or corporation fuck up can affect the state of my account. > Yes, the current banking system has flaws, but they are not technological flaws and cannot be solved by technological means. the flaw of current banking system is humans. humans are often corrupt, incompetent, unreliable and with malicious intent. basing financial security on assumption that only honest, competent, reliable and well intentioned humans end up in positions of power is obviously wrong. i don't hold that assumption and think that taking humans out of the loop is the best way to address flaws of existing system. the fact that flaws are not technological in no way means technology can't solve them.
- Fnoord 8y ago> the flaw of current banking system is humans. humans are often corrupt, incompetent, unreliable and with malicious intent. Software, including a blockchain or Bitcoin, is designed by humans.