7 ms·

Crypto is an open protocol for financial services/transactions running on decentralised hardware. Thats pretty cool and useful. Naturally the first thing that

Crypto is an open protocol for financial services/transactions running on decentralised hardware. Thats pretty cool and useful. Naturally the first thing that happened was that all the scammers and get rich idiots moved in like with any powerful new technology. It will surely take some time to get the real world usage up and the portion of moon boys/scammers down but it will happen nevertheless.

_xnmw 5y ago
> Crypto is an open protocol for financial services/transactions running on decentralised hardware. Except it's not. "Open" and "decentralized" are the false promises of crypto. The entire crypto market is dominated by centralized exchanges, criminal enterprises like Tether and Binance.
- Paradigma11 5y ago
  How is it not open when anybody can interact with it and look at the source code, state of the chain and smart contracts? The chain is decentralized as no company is hosting the servers and can pull a google on short notice. But sure, many chains have serious problems with centralization of assets, control by a single person group..... This things, in combination with regulation, have to work itself out and the situation will most likely be completely different in 5-10 years.
  - NicoJuicy 5y ago
    You're talking as a developer. None of the exchanges influencing crypto is actually open about their business. Eg. They even try to fake audits as much as possible. Ponzi schemes, pump and dumps, fake code-audits that reveal 0day exploits at launch and other (sometimes insider) hacks everywhere! It really is a daily wild wild west show - https://rekt.news https://rekt.news I will never trust a currency, where malicious insiders can walk away anonymously with my money and blame it on a hack.
- TimJRobinson 5y ago
  "Open" and "decentralized" are the false promises of computing. The entire market is dominated by centralized companies like Microsoft and Apple. Sound stupid? That's how your statement looks to people who understand the space. Linux and open source software started slow but every year run more of the world because they are a better way of building things Crypto and decentralized finance is doing the same for the finance industry. There are already $250B in DeFi protocols (see http://defillama.com http://defillama.com) all of which are open source, transparent and decentralized.
  - NicoJuicy 5y ago
    There should be % fraud/hacked in there, if you really want to compare "a better way of building things" with actual KPI's
moron4hire 5y ago
Scammers moving in on new, powerful technologies is a function of regulartory arbitrage in the face of moving the massive boat of government. To get rid of the scam requires removing the arbitrage. Financial systems are centralized specifically because you can't regulate them without the rule of law. The IRS in the US has already required reporting crypto-asset income. All that is left is for government to ban transfers to/from anonymous wallets.

_xnmw 5y ago

> Crypto is an open protocol for financial services/transactions running on decentralised hardware. Except it's not. "Open" and "decentralized" are the false promises of crypto. The entire crypto market is dominated by centralized exchanges, criminal enterprises like Tether and Binance.

Paradigma11 5y ago
How is it not open when anybody can interact with it and look at the source code, state of the chain and smart contracts? The chain is decentralized as no company is hosting the servers and can pull a google on short notice. But sure, many chains have serious problems with centralization of assets, control by a single person group..... This things, in combination with regulation, have to work itself out and the situation will most likely be completely different in 5-10 years.
- NicoJuicy 5y ago
  You're talking as a developer. None of the exchanges influencing crypto is actually open about their business. Eg. They even try to fake audits as much as possible. Ponzi schemes, pump and dumps, fake code-audits that reveal 0day exploits at launch and other (sometimes insider) hacks everywhere! It really is a daily wild wild west show - https://rekt.news https://rekt.news I will never trust a currency, where malicious insiders can walk away anonymously with my money and blame it on a hack.
TimJRobinson 5y ago
"Open" and "decentralized" are the false promises of computing. The entire market is dominated by centralized companies like Microsoft and Apple. Sound stupid? That's how your statement looks to people who understand the space. Linux and open source software started slow but every year run more of the world because they are a better way of building things Crypto and decentralized finance is doing the same for the finance industry. There are already $250B in DeFi protocols (see http://defillama.com http://defillama.com) all of which are open source, transparent and decentralized.
- NicoJuicy 5y ago
  There should be % fraud/hacked in there, if you really want to compare "a better way of building things" with actual KPI's

moron4hire 5y ago

Scammers moving in on new, powerful technologies is a function of regulartory arbitrage in the face of moving the massive boat of government. To get rid of the scam requires removing the arbitrage. Financial systems are centralized specifically because you can't regulate them without the rule of law. The IRS in the US has already required reporting crypto-asset income. All that is left is for government to ban transfers to/from anonymous wallets.