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The justice system is an external control, I’m saying that blockchain protocols can have value because they provide this security without an external control. T
by camjohnson26 5y ago
The justice system is an external control, I’m saying that blockchain protocols can have value because they provide this security without an external control. That permanence could be a feature or a downside depending on how the protocol is used.
- cogman10 5y agoAnd I'm pointing out the downside. External control does not work on the blockchain, which means that when mistakes or theft happen, there's no mechanism to undo. It's a pretty large downside. The only upside I've heard is that you could avoid oppression or government theft. However, I'd contend that a government that would directly rob your bank account isn't exactly going to stop at just that.
- camjohnson26 5y agoWe agree there. The crypto ecosystem seems to be in a massive bubble, and Tether is a blatant fraud that’s contributing to wash trading on the unregulated exchanges, and NFTs are just a scam. But it bothers me when people use those facts to try to say that blockchain technology therefore doesn’t have a valid use case. It does, and proof of work was a monumental invention, but how blockchain ultimately will be used is unclear right now because the industry is so broken.
- Jensson 5y agoI think we should continue to research blockchain and crypto, it is an interesting topic. But when the crypto scam industry is worth many billions then basically every online discussion will be full of people who try to manipulate others to buy into crypto so that their crypto assets would increase in value. So until the scam part dies down it will be impossible to have a fruitful online discussion about it, it will just be a lot of scammers and a lot of defensive people who try to avoid getting scammed.