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The internet is like building a city, obviously such a thing creates a potential for harm, but if you design it correctly it will be much more. It's something t
by Comevius 4y ago
The internet is like building a city, obviously such a thing creates a potential for harm, but if you design it correctly it will be much more. It's something that can support an entire economy.
Crypto has no such potential, it couldn't support a restaurant. It can only support speculative financial products, mainly pumping and dumping. Blockchain technologies can eliminate the double spending problem trustlessly and tolerate a large amount of faulty or malicious nodes by making the voting power depend on the computation effort, but such a heavy-handed approach is not needed for most services. They either don't have a double spending problem (if they only have invariant confluent transactions they don't require consensus at all) or they only have a small amount of nodes.
Blockchain technologies ultimately can only give you confidence in their immutability, though the blockchain can be forked away from any point, which is what happened to Ethereum. Money buys you voting power and let's you sway the stewards of the network, which is fundamentally inequal and unfair.
https://ethereumclassic.org/why-classic https://ethereumclassic.org/why-classic
The point is that I don't want this to be the future, this technology is fundamentally inefficient and unfair.