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> Crypto is like the invention of ink that cannot be erased. No, that was invented in the late 70s, with the Merkle tree. The whole wildly expensive consensus
by TomSwirly 4y ago
> Crypto is like the invention of ink that cannot be erased.
No, that was invented in the late 70s, with the Merkle tree.
The whole wildly expensive consensus phase in cryptocurrencies is absolutely not needed for immutable ledgers.
> It's literally perfect for finance
People have been using digital certificates in finance since the 80s. When there is a single source of truth, which is the case for almost all finance except cryptocurrencies, there is no need for the horrific expense of the blockchain.
> Also, I don't know any law that exempts crypto companies from being taken to court.
Who said that? No one. No one at all.
- pazimzadeh 4y ago>> Also, I don't know any law that exempts crypto companies from being taken to court > Who said that? No one. No one at all. jedberg: "[crypto] ... prevents a lot of funny business because people are afraid of getting caught and being put in jail" https://news.ycombinator.com/item?id=33110400 https://news.ycombinator.com/item?id=33110400
- pazimzadeh 4y ago>> Crypto is like the invention of ink that cannot be erased. > No, that was invented in the late 70s, with the Merkle tree. Ok then, crypto is like ink that cannot be erased, with distributed copies throughout the world. My point is that like ink it's a technology like any other, that can be applied to various problems by various entities including the government. Crypto is not automatically subversive or incompatible with law/finance.