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You're forgetting the only real claim of the bitcoin paper that spawned the industry: an append only transaction ledger with tokens that are near guaranteed to
by eyegor 4y ago
You're forgetting the only real claim of the bitcoin paper that spawned the industry: an append only transaction ledger with tokens that are near guaranteed to be legitimate. If you look at the stock market mess that happened in the past couple of years, there's a clear benefit to a traceable ledger. Of course the big players in the finance industry have chosen to be secretive because it benefits them, so I'm not sure why they would agree to use one.
- Hermitian909 4y agoBut of course, the stock market also requires a huge number of transactions. Crypto hasn't found a good L1 solution to this that doesn't require immense amounts of energy and once you move to L2 you start losing the traceability guarantees. While the stock market shenanigans have generated a lot of noise I don't see a good enough argument for crypto to warrant the pain of a switch. Note also that if we have the political will to force wall street to be held accountable more centralized systems can achieve our goal with a much smaller cost.