4 ms·

Does anyone want or need “bulletproof” anything? The one feature of any transaction or contractual framework that I’d be most reluctant to give up is the one wh

Does anyone want or need “bulletproof” anything? The one feature of any transaction or contractual framework that I’d be most reluctant to give up is the one where they are fungible and reversible e.g in courts. Features luge secrecy, resistance to hacking, corruption, and so on seem to be second to this in nearly every case in the regular/legal economy of open democracy (I.e the part of the economy that matters).

ryanobjc 5y ago
Solutions exist to this that can respect the distributed nature and not rely upon a single authority. Multisig wallets that require N of M where the participants are chosen from a broad swath of the relevant community is popular. That way you can go in and change transactions after the fact, all without requiring the blockchain to (a) know about it and (b) everyone gets to choose their own relevant security model. It even exists now, if you mis-send USDC/USDT you can petition Circle or Tether to reverse or change a balance. Commonly required when sending USD* to an address that can't move it out or handle it. But ALSO a lot of payment systems that people like are in fact not reversible, even by courts. And people like them that way - it prevents fraud. Fedwires, Swift wires. Consider selling a high value item: there are few ways of electronically transferring amounts that can't be frauded out later. This is why many used car sales are done via cash - can't undo cash!
- alkonaut 5y ago
  > This is why many used car sales are done via cash - can't undo cash! If there is some shenanigans going on then the buyer/seller can just take it to a court. Cash or not isn’t really relevant to the legality of a transaction it’s just a means of payment. It’s just like the deed to a house, it’s not really relevant to the purchase of a house. It’s that the buyer and seller respects the legal framework surrounding the transfer. A blockchain storing house ownerships doesn’t add much?
forum_ghost 5y ago
do you want your laptop bulletproof from hacking by members of this forum? what about your bank account?
- alkonaut 5y ago
  Neither I think? But I must admit I have no idea how blockchain tech would apply to the hacking of a computer. My bank account I want handled by humans and courts in the end. There is nothing wrong with having public immutable ledgers making tampering visible. This is useful. But the question there is: what is the drawback of centralized ledgers, e.g like the ones for interbank transfers? Even git a git repo represents a kind of public ledger like that.

ryanobjc 5y ago

Solutions exist to this that can respect the distributed nature and not rely upon a single authority. Multisig wallets that require N of M where the participants are chosen from a broad swath of the relevant community is popular. That way you can go in and change transactions after the fact, all without requiring the blockchain to (a) know about it and (b) everyone gets to choose their own relevant security model. It even exists now, if you mis-send USDC/USDT you can petition Circle or Tether to reverse or change a balance. Commonly required when sending USD* to an address that can't move it out or handle it. But ALSO a lot of payment systems that people like are in fact not reversible, even by courts. And people like them that way - it prevents fraud. Fedwires, Swift wires. Consider selling a high value item: there are few ways of electronically transferring amounts that can't be frauded out later. This is why many used car sales are done via cash - can't undo cash!

alkonaut 5y ago
> This is why many used car sales are done via cash - can't undo cash! If there is some shenanigans going on then the buyer/seller can just take it to a court. Cash or not isn’t really relevant to the legality of a transaction it’s just a means of payment. It’s just like the deed to a house, it’s not really relevant to the purchase of a house. It’s that the buyer and seller respects the legal framework surrounding the transfer. A blockchain storing house ownerships doesn’t add much?

forum_ghost 5y ago

do you want your laptop bulletproof from hacking by members of this forum? what about your bank account?

alkonaut 5y ago
Neither I think? But I must admit I have no idea how blockchain tech would apply to the hacking of a computer. My bank account I want handled by humans and courts in the end. There is nothing wrong with having public immutable ledgers making tampering visible. This is useful. But the question there is: what is the drawback of centralized ledgers, e.g like the ones for interbank transfers? Even git a git repo represents a kind of public ledger like that.