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It is until you're on a list, for whatever reason. When states and countries can just block your access to your bank accounts, because you're on the other side
by OtomotO 4y ago
It is until you're on a list, for whatever reason.
When states and countries can just block your access to your bank accounts, because you're on the other side of interests, it gets...Interesting
With a decentralised approach, such actions would've needed to be implemented in the real world, not merely by the flick of a virtual lever.
- Nursie 4y agoWhat’s truly decentralised? Miners are increasingly centralised and can effectively block/ignore transactions if they like. They may conceivably end up compelled to blacklist certain wallets, as some exchanges already do. And that’s before we get to stuff like Luna, where the decentralised authorities took the centralised action of halting the chain entirely
- eudoxus 4y agoI'm curious what makes this a centralized action? Many independent (decentralized?) entities debated and used social consensus to come to the decision to halt the chain to isolate further potential damage. Like them or hate them, I'm intrigued where the centralized line in the sand was crossed
- Nursie 4y agoA relatively small group of powerful people shut the chain down. This was not a consensus action amongst token holders, network users or any other group, their consent was not required. Power is held by this group of (130?) people, it seems pretty centralised to me, basically an oligarchy.
- cuteboy19 4y agoIt's so decentralised that Mr. Kwon can just turn off the blockchain when he wants to!
- eudoxus 4y agoIf we're going to shit on crypto, can we at least be accurate in our statements. The validators of the Terra chain halted it. There's no switch that Kwon as an individual can flip.
- adhesive_wombat 4y agoCould the company not just issue a hundred trillion dollars of it in a day and sink the currency if they wanted to (or were forced into it). There's no built-in way to verify that minted Tether can be verified to be backed. If there were, firstly there'd be no questions about the backing at all, it's all public on the blockchain, and second, it would revolutionary and actually useful to have a smart contract that can track real assets and not let them vanish from under it.
- LittlePeter 4y agoHow were multiple validators coordinated to switch the chain off? When we say Putin can press the red button obviously we don't mean a physical red button pressed by Putin himself. But he is the one coordinating.
- eudoxus 4y agoThere's many channels/groups where the validators coordinate and communicate for all kinds of chain related activities, tasks, upgrades, etc. Actually, the Putin analogy is basically exactly what happens. Putin pushed the "red button" and everything else is a direct consequence. That's not how it works with validator based PoS chains. Absolutely Kwon can "suggest" to do something, but has no omnipotent influence or control unlike your Putin analogy. Validators are absolutely free to discuss, debate, and agree to whatever they think is best. Additionally, the validators in the active set with this power are put there mostly by the community of token holders.
- mindwok 4y agoDoes this really matter though? Is it any different to drug lord having a tonne of dirty cash they can’t use anywhere because all the useful places you could put it want nothing to do with you? Watching from the sidelines, the Crypto world seems to just be morphing into the normal financial world.
- exdsq 4y ago> Watching from the sidelines, the Crypto world seems to just be morphing into the normal financial world. Say this is true, how amazing would that be for countries without existing banking infrastructure to easily access it?
- closedloop129 4y agoCan't they already use WeChat and AliPay?
- exdsq 4y agoHow do you do that without a bank account?
- chii 4y agothis is already being done via mobile phones. Crypto doesn't solve the problem of being unbanked. In fact, the requirement that you need good internet speed for crypto to run locally means it's even harder for a place without infrastructure to participate.
- searchableguy 4y agoIn India, everyone has a phone even if they do not have a roof, bank account, proper 3 meals a day, etc. Bank accounts also require minimum balance, address and identity proof which is hard to get for some, local branch is necessary to open an account due to regulation and quality can vary wildly even for urban centres. > In fact, the requirement that you need good internet speed for crypto to run locally means it's even harder for a place without infrastructure to participate. Internet costs less than $2 for monthly unlimited data. You can find 300-500 Mbps broadband in small towns of country where you won't find roads or basic hospitals.
- katcher 4y agoLike you're on a list for starting a genocide.
- hestefisk 4y agoThose lists can come in quite handy when you need to deal with people like Russian oligarchs …
- lupire 4y agoAnd with dissidents. But not so handy if you are an oligarch (or a dissident)
- outside1234 4y agoWe need the lists for drug dealers and oligarchs. There are lists for a reason.
- paganel 4y agoThere are also political dissidents in there. See Canada.