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This is because banks rely on property rights, which are enforced by courts, whereas cryptocurrencies operate on a "fait accompli" basis (i.e. whoever happens t
by lottin 5y ago
This is because banks rely on property rights, which are enforced by courts, whereas cryptocurrencies operate on a "fait accompli" basis (i.e. whoever happens to control the coins, owns them). This means, in the cryptocurrency world, mistakes are irreversible. In conventional finance, this is not usually the case.
- robocat 5y agoFiat accompli?
- lottin 5y ago"Fait accompli" https://www.merriam-webster.com/dictionary/fait%20accompli https://www.merriam-webster.com/dictionary/fait%20accompli There's probably a better term but English isn't my first language.
- robocat 5y agoYour English is excellent - as a native speaker I wouldn’t have guessed you had a different mother tongue. ‘Fait accompli’ is used in English with the same meaning. I was trying to make a stupid joke referring to fiat currency… HN is a tough audience, and I’m more of a droll engineer type.
- tombert 5y agoSorry for replying to an old thread, but I wanted to respond to this. I totally understand why blockchain isn't the standard for everything right now; my statement was in regards to formal methods to ensure correctness. For example, "reversing" a transaction could totally be modeled in TLA+ (and probably other systems, I'm just most familiar with TLA+ than most other systems), which would provide model checking (and possibly even proofs) that you would not otherwise have.