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I find that many articles like this pick and choose what blockchain people ‘believe’. The people I interact with in the community pay their taxes, use fiat mor
by PretzelPirate 5y ago
I find that many articles like this pick and choose what blockchain people ‘believe’.
The people I interact with in the community pay their taxes, use fiat more than crypto, and would gladly keep their assets in a regulated exchange like Coinbase, or a traditional institution like Fidelity. There is a lack of trust in these organizations because the world of finance favors the rich and they feel left out.
Articles like these tend to get caught up on the memes, which are an exaggeration of what very early Bitcoin libertarians were selling.
I hold quite a bit of my net worth in traditional stocks, real estate, and some cash, but I appreciate the value of decentralized networks and the assets that can be built on them (I also hold ETH). Having low friction to create, transact with, and use assets can be a good thing as long as scammers can be punished (probably through social consensus).
We do need a neutral, decentralized network that allows digital goods to live longer than the companies that issue them (or perhaps companies that live forever as long as anyone funds the contracts). I don’t want my Xbox to stop being able to play games because Microsoft shuts down their licensing servers in 20 years, I want those licenses to be stored somewhere else that still provides Microsoft the assurance that they can control piracy while at the same time doesn’t grant them control I’ve the lifetime of that data.
Blockchain (w/ proof of stake) is a decent place to store this. The state will be rather static, I can hold onto my own data in case the blockchain data is ever not available, and the rest of the nodes in the chain can prune that state and not worry about storing it forever.
Then if Xbox ever shuts down, I point my Xbox to my own blockchain node and it can still validate the signatures and know that the license is valid.