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Finality is a mundane occurrence within the world: destruction of a physical asset - not a financial instrument - is definitely final. And crypto does have a no
by syntheweave 5y ago
Finality is a mundane occurrence within the world: destruction of a physical asset - not a financial instrument - is definitely final. And crypto does have a notion of "burning" tokens(by sending them to a random place, rendering them inaccessible to all parties) that has proven to be useful as an equivalent finalization.
What isn't final about crypto is rather the entirety of the system. When using it you consent to the inner part of it - the on-chain record - being final, while the overall framework is not and can be reformed with hardforks, protocol upgrades etc.
TradFi does the inverse: the overarching framework of international finance is taken to be final, ultimately enforced through political and military power - while the day-to-day details of the system are negotiable.
The underlying utilitarian proposition of introducing crypto - irrespective of the ideological - is that making an entire financial system open, fungible and mutable is net beneficial towards the goal of economic coordination, even if some aspects like consumer payments may remain traditional in nature.