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> Crypto solves one problem and one problem only: censorship It doesn't even do that properly, because there is no guarantee of service given by the system. Mi
by this_user 3y ago
> Crypto solves one problem and one problem only: censorship
It doesn't even do that properly, because there is no guarantee of service given by the system. Miners could just decide that they don't like you very much and refuse to process your TX. Or they could conspire to blackmail you: "pay us or your tokens are useless". Sure, someone might be willing to process your TX, or you could try to do it yourself, but that might take a long time or it might fail altogether.
Furthermore, as the Ethereum rollback has shown when the original "DAO" was hacked, the vast majority of crypto project have some sort of backdoor that can and will be used.
The only thing crypto "solves" is oversight by governments, and the people who are interested in that the most are criminals or actors who have been sanctioned like North Korea or Russia. Somehow, I don't quite see the value in that.
- tromp 3y ago> Miners could just decide that they don't like you very much and refuse to process your TX. Some miners perhaps. But others will like every tx that pays a decent transaction fee and these tend to eventually get your tx included.
- jeremyjh 3y agoI like the part where you just ignore GP's famous example of miners colluding to void a transaction, quite successfully.
- knocte 3y agoFirst: I guess you guys are talking about mining pools, not miners. Second: so long as there's one single mining pool that is not colluding, then any censorship attempt is going to be moot. You would need to have, not just 51% of mining-pool collusion, you need 100%! Third: even if you had 100% collusion, this "problem" is actually being solved with technology, it's called Stratum V2 protocol. Stay tuned. Last but not least: I'm really surprised this level of ignorance still exists in the HN community wrt crypto. I guess we are still early.
- jeremyjh 3y agoWhat we are talking about is something that already happened: the DAO rollback. So, it’s impossible? I’m really not surprised this level of ignorance exists in crypto fandom.
- knocte 3y agoIf the DAO rollback had been a successful attempt at censorship (e.g. 100% collusion of miners), then there would have not been a chain-split, but there was one, and as a result of that, both ETC and ETH exist today. Now, if you're suggesting one-off cases like this are the counter-argument for the censorship argument, I'll bring you the bad news: this has never happened on chains that are not shitcoins, e.g. bitcoin.
- knocte 3y ago(And what I mean with that is that bitcoin has never hard-forked to attempt a censorship attack like it happened with the ETH community. BTC has only hard-forked in emergency situations to fix bugs.)
- jeremyjh 3y agoSo the people who pulled off the DAO heist can redeem their ETH for cash somewhere?
- mrguyorama 3y ago>The only thing crypto "solves" is oversight by governments Crypto only solves what it was designed to: A specific version of the byzantine generals problem. Turns out, nobody needed it solved.
- boring_twenties 3y agoThere was no backdoor involved in the DAO Ethereum rollback, it was done by network consensus