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He's right. Blockchain is a solution to a very idiosyncratic and uncommon problem set: 1. You and your counterparty both need to be pseudo-anonymous 2. You and
by paulusthe 4y ago
He's right. Blockchain is a solution to a very idiosyncratic and uncommon problem set:
1. You and your counterparty both need to be pseudo-anonymous
2. You and your counterparty can't agree on an existing intermediary (bank, credit card, whatever) to facilitate the transaction
3. You and your counterparty both require the transaction and resulting claim to ownership to be public record.
The pundits doing the "the underlying tech cannot be questioned, so this sad single instance of failure cannot be extrapolated to the ecosystem as a whole" thing are, as Diehl points out, missing the forest for the trees. Couldn't agree more.
- hansvm 4y ago(1) and (3) are optional. (2) is a value add though; the credit card oligopoly, Stripe, PayPal, ... have a lot of power and choose to bias that power toward PR control and liability mitigation over letting you actually move and access your money. Crypto isn't the only solution, but in the absence of a benevolent, less profitable payment provider or else appropriate legislative action I don't see anything better coming down the pipe.