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Accountable to a government body with opaque motives and capture over its citizens. Crypto has inspectable source code and miners and coin holders can jump ship

Accountable to a government body with opaque motives and capture over its citizens. Crypto has inspectable source code and miners and coin holders can jump ship if shenanigans are perceived

toomuchtodo 6y ago
How’d that Ethereum DAO attack go? Some folks just decided to hard fork the chain. Much trust, such governance. I’d elect for a suboptimal government over such mechanisms any day, which seems to be a global consensus when you observe the lack of volatility in reserve currency values.
- rytill 6y ago
  Then the market decided that the new chain was more valuable than the original. Still decentralized. Forks are fair game.
  - toomuchtodo 6y ago
    Hence why crypto can't be taken seriously as a currency. Imagine explaining to a non tech family member or friend why their dollars have zero value now because they’re on the wrong chain.
    - icebraining 6y ago
      That's not how forks work.
      - tsimionescu 6y ago
        If they had sold some items for Eth just before the fork, they will never recover the Eth, and they may be unable to recover the items either. So yes, in a fork people lose money.
        corvos 6y ago
        forks set their genesis state as a snapshot of a block on the original chain. if anything you now have twice as much money since your account has funds on the old chain and the new one
        tsimionescu 6y ago
        Let's say you just sent someone 1000 dollars in exchange for 1 Eth, sometime close to the fork. Before the transaction, you have 1000 USD and 0 Eth. In the old block chain, the transaction goes through, your wallet has 1 Eth, and theirs has 0. In the forked block chain, their wallet has 1 Eth, your has 0. However, regardless of which block chain you choose to believe in, they have the 1000 dollars. So if the forked chain becomes accepted, then they have 1000 USD and 1 Eth, while you have 0 dollars and 0 Eth, and you're never going to make the mistake of trusting a cryptocurrency ever again.
- jackric 6y ago
  Crypto is nascent and I would expect finger burning as part of the path to long term stability. I'm not personally wedded to any of the current implementations in their current versions, but long term the concept of crypto currency supplants governmental fiat money
  - deleted 6y ago
    [deleted]

Accountable to a government body with opaque motives and capture over its citizens. Crypto has inspectable source code and miners and coin holders can jump ship if shenanigans are perceived

toomuchtodo 6y ago

How’d that Ethereum DAO attack go? Some folks just decided to hard fork the chain. Much trust, such governance. I’d elect for a suboptimal government over such mechanisms any day, which seems to be a global consensus when you observe the lack of volatility in reserve currency values.

rytill 6y ago
Then the market decided that the new chain was more valuable than the original. Still decentralized. Forks are fair game.
- toomuchtodo 6y ago
  Hence why crypto can't be taken seriously as a currency. Imagine explaining to a non tech family member or friend why their dollars have zero value now because they’re on the wrong chain.
  - icebraining 6y ago
    That's not how forks work.
    - tsimionescu 6y ago
      If they had sold some items for Eth just before the fork, they will never recover the Eth, and they may be unable to recover the items either. So yes, in a fork people lose money.
      - corvos 6y ago
        forks set their genesis state as a snapshot of a block on the original chain. if anything you now have twice as much money since your account has funds on the old chain and the new one
        tsimionescu 6y ago
        Let's say you just sent someone 1000 dollars in exchange for 1 Eth, sometime close to the fork. Before the transaction, you have 1000 USD and 0 Eth. In the old block chain, the transaction goes through, your wallet has 1 Eth, and theirs has 0. In the forked block chain, their wallet has 1 Eth, your has 0. However, regardless of which block chain you choose to believe in, they have the 1000 dollars. So if the forked chain becomes accepted, then they have 1000 USD and 1 Eth, while you have 0 dollars and 0 Eth, and you're never going to make the mistake of trusting a cryptocurrency ever again.
jackric 6y ago
Crypto is nascent and I would expect finger burning as part of the path to long term stability. I'm not personally wedded to any of the current implementations in their current versions, but long term the concept of crypto currency supplants governmental fiat money
- deleted 6y ago
  [deleted]