4 ms·

Bitcoin is yesterday but look at Ethereum. You can now trade dollar backed tokens issued by fully regulated banks for the cost of an Ethereum transaction. This

Bitcoin is yesterday but look at Ethereum. You can now trade dollar backed tokens issued by fully regulated banks for the cost of an Ethereum transaction. This lets you use smart contracts backed by US dollars, or write contracts to trade US dollars for other currencies. The writing is on the wall, more regulated tokens are on the way. Public stocks to municipal bonds. Why wouldn't people want to cut out the middle man?

asynchrony 8y ago
If these tokens are truly regulated by the state and the ledger is editable by the courts, then there's nothing decentralized about it and it provides no advantages over the current system. All of this talk about decentralization and cutting out the middleman is a mirage.
- smokeyj 8y ago
  Decentralized isn’t a binary. The courts can’t edit the blockchain but a federation of private keys can. It still allows an alternative to transferring money without Visa or PayPal.
  - asynchrony 8y ago
    If the courts cannot control it then they will not recognize it as a source of truth. It's very binary.
    - smokeyj 8y ago
      Like cash? Like a vault that holds cash and has a lock? Anyways, this discussion is clearly offensive to people in this community. Sorry to intrude the “safe space”.
      - asynchrony 8y ago
        I only see rational disagreement. Sorry that this discussion is making you emotional.
        smokeyj 8y ago
        You see rational disagreement yet every one of my comments is negative. Rational disagreement isn’t welcomed here :(
        asynchrony 8y ago
        There are clear guidelines about civility. This is not reddit. If you're being downvoted it's not because people disagree with you. It is though very likely that many people disagree with you.
pavel_lishin 8y ago
> Why wouldn't people want to cut out the middle man? Who exactly am I cutting out when I'm trading USD-backed currency via a smart contract owned by a company?

asynchrony 8y ago

If these tokens are truly regulated by the state and the ledger is editable by the courts, then there's nothing decentralized about it and it provides no advantages over the current system. All of this talk about decentralization and cutting out the middleman is a mirage.

smokeyj 8y ago
Decentralized isn’t a binary. The courts can’t edit the blockchain but a federation of private keys can. It still allows an alternative to transferring money without Visa or PayPal.
- asynchrony 8y ago
  If the courts cannot control it then they will not recognize it as a source of truth. It's very binary.
  - smokeyj 8y ago
    Like cash? Like a vault that holds cash and has a lock? Anyways, this discussion is clearly offensive to people in this community. Sorry to intrude the “safe space”.
    - asynchrony 8y ago
      I only see rational disagreement. Sorry that this discussion is making you emotional.
      - smokeyj 8y ago
        You see rational disagreement yet every one of my comments is negative. Rational disagreement isn’t welcomed here :(
        asynchrony 8y ago
        There are clear guidelines about civility. This is not reddit. If you're being downvoted it's not because people disagree with you. It is though very likely that many people disagree with you.

pavel_lishin 8y ago

> Why wouldn't people want to cut out the middle man? Who exactly am I cutting out when I'm trading USD-backed currency via a smart contract owned by a company?