3 ms·
Well... you wouldn't know if the reserves that they show proof of are theirs or borrowed from someone else. In the real world "your keys" doesn't necessarily m
by lottin 4y ago
Well... you wouldn't know if the reserves that they show proof of are theirs or borrowed from someone else. In the real world "your keys" doesn't necessarily mean "your assets", that's the point.
- siftrics 4y agoSure, but is the not a step in the right direction?
- lottin 4y agoPersonally, I don't think so. It's another attempt to replace 'trust', in this case trust on an independent party that audits the financial statements, with an even less reliable alternative that doesn't even work. This obsession with trustlessness is a mistake.
- siftrics 4y agoWell, you're wrong. Let's come back to this in 10-20 years and see who's right.
- lottin 4y agoMaybe you do, but I don't need 20 years to figure out that 'crypto' can't succeed because of 1) limitations that are inherent to 'trustlessness', 2) isolation from and inability to deal with physical reality, 3) competitive disadvantage of distributed systems, and 4) lack of appeal to anyone who has normal, healthy relationships with other people (i.e. a social life).