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> I don’t think so. A system with clear record keeping, auditable by third parties, and subject to the judiciary is far better than below: And we've learned th

> I don’t think so. A system with clear record keeping, auditable by third parties, and subject to the judiciary is far better than below: And we've learned that record-keeping has its own very strong negative side. It alone can establish ties between people, and serve to eliminate privacy all in the names of "transparency". (And I can hear it now too - "Why want privacy if you have done nothing wrong?"). I think we're only at the beginning of crypto-fraud arrests, because the ledger is the log - and that's a liability. And the auditability is primarily a governmental requirement, usually based around fraud, financing terrorists, or the like. If cheating occurs, the excommunication from the network is the punishment - you are removed from your position of power. And frankly, we can look at our systems of how auditability doesnt stop the various failure modes: blatant financing of terrorism/HBSC, billions of $ transferred away from citizens with usurious fines, overleveraging finance side affecting savings/loan. In the end, auditability is just a way to assign blame. And that blame is never directed towards those at the top who manufacture and use illegal techniques - it is used to blame the rank and file; the cashier, the teller, the engineer, the low middle manager. And subject to the judiciary is an interesting case you bring up... Because transfers in (I believe) all cryptocurrency is not subject to the judiciary. And in many more popular cryptosystems, that is seen as a strong anti-government bonus, and not a malus. And Point being, is that the Hawala is the last millenium's Bitcoin.. And when compared to BTC or ETH now, is still strictly better. (And we haven't discussed the barrier to entry, wasted electrical power, e-waste, etc.)

lotsofpulp 6y ago
>And we've learned that record-keeping has its own very strong negative side. It alone can establish ties between people, and serve to eliminate privacy all in the names of "transparency". Hawala people can establish ties too, unless they are somehow incorruptible. And electronic money transfer systems and SWIFT and whatnot aren't perfect, but my contention is they are more preferable to almost all people than Hawala. I am aware of the corruption with regards to HSBC, but I can't agree with >billions of $ transferred away from citizens with usurious fines, overleveraging finance side affecting savings/loan Keeping funds secure and moving money has never been so easy and so cheap for almost all people. Yes, you can get screwed if the government deems you a terrorist, and a more distributed system like Hawala might be more resilient to that kind of attack, but there's other costs to Hawala that the current system doesn't have. >Point being, is that the Hawala is the last millenium's Bitcoin.. And when compared to BTC or ETH now, is still strictly better. (And we haven't discussed the barrier to entry, wasted electrical power, e-waste, etc.) I can't comment on this since I don't know enough about BTC or ETH or Hawala.

lotsofpulp 6y ago

>And we've learned that record-keeping has its own very strong negative side. It alone can establish ties between people, and serve to eliminate privacy all in the names of "transparency". Hawala people can establish ties too, unless they are somehow incorruptible. And electronic money transfer systems and SWIFT and whatnot aren't perfect, but my contention is they are more preferable to almost all people than Hawala. I am aware of the corruption with regards to HSBC, but I can't agree with >billions of $ transferred away from citizens with usurious fines, overleveraging finance side affecting savings/loan Keeping funds secure and moving money has never been so easy and so cheap for almost all people. Yes, you can get screwed if the government deems you a terrorist, and a more distributed system like Hawala might be more resilient to that kind of attack, but there's other costs to Hawala that the current system doesn't have. >Point being, is that the Hawala is the last millenium's Bitcoin.. And when compared to BTC or ETH now, is still strictly better. (And we haven't discussed the barrier to entry, wasted electrical power, e-waste, etc.) I can't comment on this since I don't know enough about BTC or ETH or Hawala.