5 ms·
> — the ability for many untrusted participants in a network to establish consistency and trust. This is something the Internet has never had, but now it does,
by nixpulvis 5y ago
> — the ability for many untrusted participants in a network to establish consistency and trust. This is something the Internet has never had, but now it does, and I think it will take 30 years to work through all of the things we can do as a result.
Wow, when you put it like that, it's amazing that I can shop, bank, and safely talk with my friends and family online. Pretty much all my messages are encrypted and/or checksummed (as necessary) and I still have to trust all the hardware and software on top to do it's job, just like anything else.
How does "Crypto" change this?
- SuoDuanDao 5y agoyou don't have to trust the vendor, the bank, or the social media company.
- aborsy 5y agoYou still have to trust your hardware, software and surrounding tech (phone, computer, etc), produced by central authorities (lawful companies implementing government laws).
- deleted 5y ago[deleted]
- nixpulvis 5y agoReally!? How!?
- DSingularity 5y agoThe conservative vs liberal angle is interesting but it just feels so contrived. So far the only thing cryptocurrencies was used for was to speculate on value of tokens and digital currencies. And my conclusion from that case-study is that cryptocurrency as a whole is a system unworthy of trust. Who owns BTC/ETH?
- lottin 5y agoSo cryptocurrencies allow you to buy something from someone you don't trust? How does that work?
- SuoDuanDao 5y agoFor a transaction like that up to now, you'd need someone you both trust to hold the payment in escrow until the transaction clears. Crypto automates the job of the trusted third party because you can both audit the code and predict what will happen.
- lottin 5y agoThe code doesn't know whether the terms of the agreement have been fulfilled.