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A bank could theoretically rewrite your account balance with terminal command. Now this example is contrived because banks are under strong government regulatio
by quocanh 5y ago
A bank could theoretically rewrite your account balance with terminal command. Now this example is contrived because banks are under strong government regulations, but what about similar deals you make with your peers? When there are an infinite type of deals you can come up with and no regulation could ever keep up with every single deal that you would ever want to make, how do you trust that the other party will keep their word?
Blockchains solve a human problem, not a technical one.
- oblio 5y agoNo, they don't. Because you need people with guns, in the end, to enforce stuff in cases of non compliance.
- quocanh 5y agoI'm not sure what you mean by "they don't." But you don't need guns for compliance. If can make it so that people will lose money if they don't follow the deal, then no you don't need guns. People will comply because it's good for themselves. That's how compliance is enforced under a capitalist system and it's the main reason we live in a modern, golden age of cooperation rather than a medieval age of conflict.