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You didn't bother to look up Henry Duncan did you. Go do the proper homework and come back. This financial network and it's rule of laws did not start that wa

You didn't bother to look up Henry Duncan did you. Go do the proper homework and come back. This financial network and it's rule of laws did not start that way, learn from history or don't I frankly don't care what you feel/think, you are literally 1 person that does not represent anyone but yourself. You're entire argument is a strawman, I gave you the hint to understand why but you are too lazy to learn. GLHF!

bcrl 4y ago
I read up on Henry Duncan prior to making my previous post, and it's mostly irrelevant. He created savings and loan entities that were still regulated by the government and had to abide by the rule of law. More importantly, they were run by and employed humans. Humans have incentive to abide by the rule of law which computers (nodes in the Bitcoin network) do not. That's a pretty massive difference between the two approaches to financial transactions which you have not addressed in the slightest. I've explained what my major concerns are. You have not provided any explanation for how these concerns can / will be addressed. Your claim that Henry Duncan explains things seems to be a very indirect way of stating that laws need to be changed. Great -- let's say the law is changed. How do you retroactively implement governance mechanisms in Bitcoin whereby a transaction can be reversed upon an order by the court? Right now you can't! This is a real concern for myself and others. Hand waving it away is not addressing the problem. Why would I even remotely consider giving money to people that insist upon hand waving concerns about governance issues away? Please respond with facts and ideas, not vitriol. I really do want to understand how people involved crypto currencies are going to implement the governance that is needed in the real world, as the current approaches appear to be completly ad-hoc and unpredictable to an outsider.
- johnnymorgan 4y ago
  It was completely unregulated when he launched it and he was the proponent of regulation but that didn't come for another 10 years+ after he rolled it out and open sourced the idea. If you can't see the parallels then meh, it's pretty much the same process any new financial network goes through. You're entire argument is one big strawman, people will figure out over time how to regulate it, ie custodian solutions are just the beginning, you know all of these funds can be held in escrow. Your lack of vision is a you problem, not the network's. Innovate or get left behind, I gave you a clear example from history which refutes your core concept and you just...hand wave it away.
bcrl 4y ago
Btw - I genuinely believe that there are applications of blockchains that would improve governance in the real world. Most notably, blockchains as a public ledger tracking the actual ownership of publicly traded stocks and other financial instruments would be a really good idea, as it would enable the verify part of "trust, but verify". Sadly, this is not the application that has captured mainstream attention as of yet.

bcrl 4y ago

I read up on Henry Duncan prior to making my previous post, and it's mostly irrelevant. He created savings and loan entities that were still regulated by the government and had to abide by the rule of law. More importantly, they were run by and employed humans. Humans have incentive to abide by the rule of law which computers (nodes in the Bitcoin network) do not. That's a pretty massive difference between the two approaches to financial transactions which you have not addressed in the slightest. I've explained what my major concerns are. You have not provided any explanation for how these concerns can / will be addressed. Your claim that Henry Duncan explains things seems to be a very indirect way of stating that laws need to be changed. Great -- let's say the law is changed. How do you retroactively implement governance mechanisms in Bitcoin whereby a transaction can be reversed upon an order by the court? Right now you can't! This is a real concern for myself and others. Hand waving it away is not addressing the problem. Why would I even remotely consider giving money to people that insist upon hand waving concerns about governance issues away? Please respond with facts and ideas, not vitriol. I really do want to understand how people involved crypto currencies are going to implement the governance that is needed in the real world, as the current approaches appear to be completly ad-hoc and unpredictable to an outsider.

johnnymorgan 4y ago
It was completely unregulated when he launched it and he was the proponent of regulation but that didn't come for another 10 years+ after he rolled it out and open sourced the idea. If you can't see the parallels then meh, it's pretty much the same process any new financial network goes through. You're entire argument is one big strawman, people will figure out over time how to regulate it, ie custodian solutions are just the beginning, you know all of these funds can be held in escrow. Your lack of vision is a you problem, not the network's. Innovate or get left behind, I gave you a clear example from history which refutes your core concept and you just...hand wave it away.

bcrl 4y ago

Btw - I genuinely believe that there are applications of blockchains that would improve governance in the real world. Most notably, blockchains as a public ledger tracking the actual ownership of publicly traded stocks and other financial instruments would be a really good idea, as it would enable the verify part of "trust, but verify". Sadly, this is not the application that has captured mainstream attention as of yet.