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> financial instruments that cannot be controlled by corrupt intermediaries Yeah, because there are no corrupt middlemen and grifters in the crypto industry, a

by Veen 4y ago

> financial instruments that cannot be controlled by corrupt intermediaries Yeah, because there are no corrupt middlemen and grifters in the crypto industry, are there? It's all honest and upstanding citizens doing their best to make freedom a reality for us all. If they happen to "lose" a few billion in the process, you have to ask: shouldn't we be willing to take a few risks for freedom? It's really quite selfish of all these freedom-haters to complain when their money vanishes (after the freedom-fighting whales have cashed out, of course).

usrn 4y ago
What makes crypto special is that you can easily replace corrupt middlemen yourself where you absolutely cannot with traditional banks.
- survirtual 4y ago
  I think the phrase “corrupt intermediaries” is being misunderstood by people given they are addressing higher abstractions. They don’t seem to get that legacy monetary supply and markets have been compromised at a fundamental level. Any system that cannot be reasonably audited with limited resources has near certainly been compromised at this point. And none of these systems take even remotely 50% to corrupt. They take like < 5%. And corrupting them is HIGHLY profitable, which means there is massive incentive to do so. Which means it is certainly the case. Bitcoin disincentivizes corruption. A 51% attack is not profitable. It is also highly detectable and risk is very limited. It is the only known way to corrupt the fundamental mechanics of bitcoin, and frankly, if humanity allows a single or collaborative entity to acquire 51% of the compute resources, we have bigger problems. And that’s the point. It brings things hidden away into the light. The promise of crypto is not financial equity, it is financial honesty. It makes the rules of the game equal.
survirtual 4y ago
There are no corrupt forces capable of stopping you from sending money to whoever you want within the confines of the bitcoin network, no. And that can be proven. There are also no forces that can arbitrarily create new money in the Bitcoin network, they can only create money according to specific rules agreed upon by all using the network. That can also be proven. Can you prove these two things with any other monetary system on the planet outside of crypto?

by Veen 4y ago

usrn 4y ago

What makes crypto special is that you can easily replace corrupt middlemen yourself where you absolutely cannot with traditional banks.

survirtual 4y ago
I think the phrase “corrupt intermediaries” is being misunderstood by people given they are addressing higher abstractions. They don’t seem to get that legacy monetary supply and markets have been compromised at a fundamental level. Any system that cannot be reasonably audited with limited resources has near certainly been compromised at this point. And none of these systems take even remotely 50% to corrupt. They take like < 5%. And corrupting them is HIGHLY profitable, which means there is massive incentive to do so. Which means it is certainly the case. Bitcoin disincentivizes corruption. A 51% attack is not profitable. It is also highly detectable and risk is very limited. It is the only known way to corrupt the fundamental mechanics of bitcoin, and frankly, if humanity allows a single or collaborative entity to acquire 51% of the compute resources, we have bigger problems. And that’s the point. It brings things hidden away into the light. The promise of crypto is not financial equity, it is financial honesty. It makes the rules of the game equal.

survirtual 4y ago

There are no corrupt forces capable of stopping you from sending money to whoever you want within the confines of the bitcoin network, no. And that can be proven. There are also no forces that can arbitrarily create new money in the Bitcoin network, they can only create money according to specific rules agreed upon by all using the network. That can also be proven. Can you prove these two things with any other monetary system on the planet outside of crypto?