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I believe in Crypto, but have less than zero faith in "Big Crypto" The whole point of the tech is that centralized players are simply not needed. Why did an e

by realce 4y ago

I believe in Crypto, but have less than zero faith in "Big Crypto" The whole point of the tech is that centralized players are simply not needed. Why did an engineer design a system where they're not needed? Because they commit fraud whenever given a chance. Greed and ignorance is what reinstalled them into the stack.

londons_explore 4y ago
There are plenty of ways to commit fraud with fully decentralized protocols. For example, build in a well hidden backdoor, and then steal all the users funds with it (via a good VPN of course, so nobody knows it was you, and you can publicly claim you were hacked).
- mkagenius 4y ago
  > you can publicly claim you were hacked 1) What 2) H Ref: https://twitter.com/SBF_FTX/status/1591989554881658880 https://twitter.com/SBF_FTX/status/1591989554881658880
  - xeromal 4y ago
    lmao. I can't believe this is real.
codetrotter 4y ago
I have USD or EUR. I want BTC or ETH. To sell my USD or EUR in exchange for BTC or ETH, I use a centralised exchange. Then I immediately transfer the BTC or ETH that I bought to a wallet that I control. Centralised exchanges are useful.