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The problem is scale. If society only had 400 people, the 390 people that were not scammers could remove the 10 people who are scammers from their economic syst
by gitfan86 4y ago
The problem is scale. If society only had 400 people, the 390 people that were not scammers could remove the 10 people who are scammers from their economic system manually.
If you create a online store, one million strangers could connect to it. You need a way to understand who is a scammer in that situation.
- headsoup 4y agoThis is true, and why all political ideologies fail. They can't cater for scale, or when they do, they do so by tyranny, which also fails eventually. Blockchain/Bitcoin has already been thoroughly corrupted, so ironically will prove itself to be entirely untrustworthy before it even gets established as whatever wonderful thing is assumed is still coming from it.
- fartcannon 4y agoWho has bitcoin been corrupted by?
- headsoup 4y agoThe exchanges. Clearly and factually.
- ntoskrnl 4y agoIf I use my private key to send a transaction to your public key, the exchanges have no say in it. You can choose who to trust. If some exchange is corrupted, just don't use it.
- rglullis 4y agoThe price of the coin is being manipulated by the exchanges, no matter if you use it or not. One exchange in particular (Bitfinex) is helping to keep the largest fraud scheme in history (Tether/USDT) around.
- fartcannon 4y agoI dont understand what you mean. Is there somewhere I can read about this?
- headsoup 4y agoFor a straightforward start, this guy piles on a bit, but also holds a lot of the history/evidence on record too: https://mobile.twitter.com/Bitfinexed https://mobile.twitter.com/Bitfinexed
- fartcannon 4y agoThank you. However that's not bitcoin being corrupted, he suggests that tether, and an exchange are corrupted. When people use USD for crime, is USD corrupted?
- gitfan86 4y agoCorruption is probably a bad description. It is more like what happened to Tulips during Tulip Mania, or Beanie Babies during that bubble. Beanie Babies are not "corrupted". They are "associated" with a bubble. Crypto as a whole is becoming increasingly associated with zero sum scams like Ponzi/MLMs. And it is partially due to the fee extraction entities that are making a profit of off the "investor's" cash.
- fartcannon 4y agoI mean Mt Gox was almost a decade ago. Bad people try to do bad things with other peoples money. That's the value in bitcoin though. You dont need to use these exchanges. If you're smart, you dont trust large institutions of any kind with your money.
- dividedbyzero 4y agoThat mitigates these risks for people who are able to have an in-depth understanding of Bitcoin, which is in itself extremely complex and requires tons of prior knowledge. Everyone else has to trust someone with their crypto needs and is left to be fleeced with no recourse at all. As of now, that merely replaces the group that profits disproportionately with a crypto bros and the like.
- DasIch 4y agoThat problem is actually solved though. There are plenty of online stores where you can create an account and buy something via invoice after it got delivered to you. This works just fine.