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