4 ms·
This is a great comment, I’ve always thought that the huge blind spot of true believers is that if something looks good on paper, it does not automatically mean
by jc_811 3y ago
This is a great comment, I’ve always thought that the huge blind spot of true believers is that if something looks good on paper, it does not automatically mean it will transfer into the real world.
Crypto currency would work terrific in a society with fixed rules, unchanging laws & regulations, and constant rule followers. In other words, this would be amazing in a society filled with robots. Humans are not that. Humans are error-prone, emotional, conscious, questioning, moral, and very special creatures.
No matter how strong your passwords are, how “offline” your crypto wallets be, or how hacker proof your crypto holdings are - this doesn’t matter! All someone has to do is break into your house, hold a gun to your head and say “transfer your entire bitcoin holdings right now or we kill you”. Just like that you lose your entire life savings with absolutely no recourse or chance to reverse anything. We are immediately faced with an undeniable human issue. A human is breaking the rules of society. A human is fraudulently taking something that is not theirs. A human is using the threat of physical violence in the real world. Not only is Crypto/blockchain technology not equipped to handle this situation, not being able to do anything about this situation is a fundamental feature of the ecosystem.
- lordfrito 3y ago> Not only is Crypto/blockchain technology not equipped to handle this situation, not being able to do anything about this situation is a fundamental feature of the ecosystem. Yeah, in it's pure form (no interop with fiat) it's the financial equivalent of anarchy. Rules/laws are impossible to enforce, no police or justice system to stop bad actors. It's lawlessness. This is a feature, not a bug.