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I largely enjoyed reading the article but: > Out of the tools we possess to rid the system of crony capitalism, crypto is still our best shot. What in the DNA

I largely enjoyed reading the article but: > Out of the tools we possess to rid the system of crony capitalism, crypto is still our best shot. What in the DNA of "crypto" suggests that it would ever rid us of "crony capitalism"? Did I not get the memo?

skulk 5y ago
Full transparency is in the "DNA of crypto" imo, and shady dealings being out in the open is definitely a check against "crony capitalism." However, beyond the surface, claiming that crypto will clean up corruption is laughable.
- tome 5y ago
  To what extent is Tether "out in the open"?
- arcticbull 5y ago
  It's really not - that's just marketing. The reality of the blockchain is that its guarantees only extend to what can be wholly represented and encapsulated on-chain. That's why only abstract/fiat currencies have emerged after 14 years of research as viable use cases. The boundary between the chain and reality is where these guarantees break down. The blockchain cannot guarantee the reserves in Tether's bank account. That's not transparency, that's the illusion of transparency. That's much worse than intentional opacity IMO since it throws people off the trail.
Finnucane 5y ago
This is not even really a surprising result. Bitcoin is not designed to be a functional currency in any modern sense. It's never going to be the basis of a complex, large economy. It is far too inflexible and inefficient. It is designed to be a hoardable asset, as long as you can keep convincing people to pay into the system. The lack of government oversight and control obviously appeals to the criminal and the corporate mobsters.
- ipaddr 5y ago
  Bitcoin is functional in the modern sense. It's post modern compared to credit cards or cash. It current doesn't scale currently to replace the existing system for everyone. You could say the lack of oversight around cash makes it appeal to criminals. The truth is most criminals have bank accounts. The majority of thief happens with credit cards not bitcoin.

skulk 5y ago

Full transparency is in the "DNA of crypto" imo, and shady dealings being out in the open is definitely a check against "crony capitalism." However, beyond the surface, claiming that crypto will clean up corruption is laughable.

tome 5y ago
To what extent is Tether "out in the open"?
arcticbull 5y ago
It's really not - that's just marketing. The reality of the blockchain is that its guarantees only extend to what can be wholly represented and encapsulated on-chain. That's why only abstract/fiat currencies have emerged after 14 years of research as viable use cases. The boundary between the chain and reality is where these guarantees break down. The blockchain cannot guarantee the reserves in Tether's bank account. That's not transparency, that's the illusion of transparency. That's much worse than intentional opacity IMO since it throws people off the trail.

Finnucane 5y ago

This is not even really a surprising result. Bitcoin is not designed to be a functional currency in any modern sense. It's never going to be the basis of a complex, large economy. It is far too inflexible and inefficient. It is designed to be a hoardable asset, as long as you can keep convincing people to pay into the system. The lack of government oversight and control obviously appeals to the criminal and the corporate mobsters.

ipaddr 5y ago
Bitcoin is functional in the modern sense. It's post modern compared to credit cards or cash. It current doesn't scale currently to replace the existing system for everyone. You could say the lack of oversight around cash makes it appeal to criminals. The truth is most criminals have bank accounts. The majority of thief happens with credit cards not bitcoin.