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What crypto lacks and has underpinned all large-scale commerce throughout the history of civilization is a robust justice system. Mistakes will always be made
by rkagerer 5y ago
What crypto lacks and has underpinned all large-scale commerce throughout the history of civilization is a robust justice system. Mistakes will always be made and bad actors will always endeavor to exploit them.
To date it's generally fallen to software updates to make things right, which entails a huge amount of friction and risk of hard forks (diluting capital and your users).
I have a hunch the tech will evolve toward a cryptocurrency which integrates an effective, decentralized judicial system of some sort. With a mechanism for dispute arbitration and a culture inclined to correct obvious system errors or severe abuse. Hitting the right balance will be tricky but it could prove more robust over the long term and really supercharge the decentralized economy.