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> there's no underlying value in cryptocurrency Of course, there is a value: it's a decentralized write-only database that can be used for things like proof of
by leadingthenet 5y ago
> there's no underlying value in cryptocurrency
Of course, there is a value: it's a decentralized write-only database that can be used for things like proof of ownership without the requirement of a central authority. A famous use-case is the illicit online drug trade, which cannot currently be achieved (to my knowledge) with fiat currencies.
It might never replace government-backed currencies (or it just might, who knows), but to say it literally has no utility betrays a lack of knowledge about the system.
- Yizahi 5y agoNo, it can't be used for "proof of ownership" at all. Crypto only barely works because it lives inside blockchain completely. Anything external to the blockchain (which is practically everything) can't be verified using blockchain. Only using some centralized and opaque/corrupt additions to the blockchain some rights can be maybe transferred (but not enforced even then), but at that point blockchain is useless can be safely removed if data is stored centrally.
- ipaddr 5y agoIt can be used for proof of ownership not to be confused with proof of identity because anyone can check the public blockchain to determine that funds sent from account a belongs to whoever setup account a. It allows proof ownership without proof of identity.
- Yizahi 5y agoNo it doesn't allow proof of ownership. Ownership is a set of intellectual rights encoded via laws. NFT can't do anything about IPs or laws, and won't be able in future.
- ipaddr 5y agoHaving a private key provides ownership over an account. That ownership allows you to transfer money. It allows you to accept money. This is outside of IP or laws. You can move money without laws. NFT are a differet topic. NFT are a way of having a digital token attached to something that can be used to determine ownership to an account. Do they need to be decentralized? No but it opens up ownership to all not just the approved.
- orange8 5y ago> Only using some centralized and opaque/corrupt additions to the blockchain some rights can be maybe transferred Hmmm... centralized and opaque/corrupt. So like a traditional bank?
- Yizahi 5y agoAssuming if the banks are bad, please tell me why are we replicating them them again but in worse way? (opaque, unregulated, anonymous and usually sitting in offshore fearing IRS sanctions)
- orange8 5y agoYou seem to have a very flawed, fundamental misunderstanding of either the term opaque, or what a public ledger is. There is nothing opaque about bitcoin transactions. They are all (every single one of them) open to the public. They are more traceable than cash transactions and more public than bank transactions. > please tell me why are we replicating them them again but in worse way? But this is just your disputed opinion. It is like asking "why is Kanye always singing and selling bad new songs, and we already have the beatles". Because they can and want to.
- Yizahi 5y agoBitcoins are transparent, that I don't contest. Now please tell me how do Bitcoins specifically facilitate "proof of ownership" of stuff? Because that's where this thread started, that crypto will somehow do this, according to crypto fans.
- orange8 5y agoShort answer: passwords The very same way your online bank account facilitates "proof of ownership" of that said bank account.
- Yizahi 5y agoLolno. You are completely mistaken about what ownership means. I don't own my bank account (it's complicated), I don't own my HN account. Password is only used to authenticate and authorize me on the digital property owned by someone else - PG or bank corporation.