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I didn't want to discuss whether the banking system provides or not a trustable audit trail when someone screws up, because I don't know about it and I don't wa

I didn't want to discuss whether the banking system provides or not a trustable audit trail when someone screws up, because I don't know about it and I don't want to speculate whether stuff gets sweeped under rug or not. with the blockchain you can't hide the mistakes, that was my point.

ekjhgkejhgk 1y ago
> I didn't want to discuss whether the banking system provides or not a trustable audit trail You did want to discuss it because you said > you wouldn't have heard about it What you wanted to avoid is the fact that because the system works well, it doesn't cause anyone problems.
- kobalsky 1y ago
  Banks wouldn't have made an error like this public. Maybe if there was an investigation an audit trail exists that could bring that to the public. With crypto this isn't an option, you screw up in public by default, there's no possibility to hide it. > What you wanted to avoid is the fact that because the system works well, it doesn't cause anyone problems. I don't know what you mean by the system. But banks, and their ability to create money on the spot, have been the epicenter of uncountable economic crises.
  - ekjhgkejhgk 1y ago
    > you screw up in public by default, there's no possibility to hide it. It doesn't matter, because as you admitted yourself, it gets fixed so fast it doesn't cause anyone problems. Better than the alternative, which is if you screw up it's a problem for all eternity.
FloorEgg 1y ago
When I see these interactions play out, I can't help but suspect the people who see crypto only as a scam haven't studied history. I see a lot of crypto as a scam, but immutable distributed ledger technology sure seems like a societal defense mechanism against authoritarianism.
- nopelynopington 1y ago
  Sure seems like the authoritarians love it.
  - FloorEgg 1y ago
    That's a good point, but the nuance matters and understanding why matters too. Without being too specific about the who, I think your concern boils down to: 1) authoritarian leaders like crypto that they create themselves because it's not regulated and they can use it to raise funds from the gullable and uninformed. 2) authoritarian leaders who can move markets tolerate crypto that is decentralized because it's also unregulated and they can trade against their own words and actions. (E.g. short and then cause a crash, buy and then cause a spike, etc.) Very few authoritarian leaders have this kind of influence, and as adoption increases the influence one person can have over the market will diminish. I think these authoritarian benefits are temporary artefacts of where it is in its lifecycle. The technology resists authoritarianism the more decentralized and ubiquitous it is.

ekjhgkejhgk 1y ago

> I didn't want to discuss whether the banking system provides or not a trustable audit trail You did want to discuss it because you said > you wouldn't have heard about it What you wanted to avoid is the fact that because the system works well, it doesn't cause anyone problems.

kobalsky 1y ago
Banks wouldn't have made an error like this public. Maybe if there was an investigation an audit trail exists that could bring that to the public. With crypto this isn't an option, you screw up in public by default, there's no possibility to hide it. > What you wanted to avoid is the fact that because the system works well, it doesn't cause anyone problems. I don't know what you mean by the system. But banks, and their ability to create money on the spot, have been the epicenter of uncountable economic crises.
- ekjhgkejhgk 1y ago
  > you screw up in public by default, there's no possibility to hide it. It doesn't matter, because as you admitted yourself, it gets fixed so fast it doesn't cause anyone problems. Better than the alternative, which is if you screw up it's a problem for all eternity.

FloorEgg 1y ago

When I see these interactions play out, I can't help but suspect the people who see crypto only as a scam haven't studied history. I see a lot of crypto as a scam, but immutable distributed ledger technology sure seems like a societal defense mechanism against authoritarianism.

nopelynopington 1y ago
Sure seems like the authoritarians love it.
- FloorEgg 1y ago
  That's a good point, but the nuance matters and understanding why matters too. Without being too specific about the who, I think your concern boils down to: 1) authoritarian leaders like crypto that they create themselves because it's not regulated and they can use it to raise funds from the gullable and uninformed. 2) authoritarian leaders who can move markets tolerate crypto that is decentralized because it's also unregulated and they can trade against their own words and actions. (E.g. short and then cause a crash, buy and then cause a spike, etc.) Very few authoritarian leaders have this kind of influence, and as adoption increases the influence one person can have over the market will diminish. I think these authoritarian benefits are temporary artefacts of where it is in its lifecycle. The technology resists authoritarianism the more decentralized and ubiquitous it is.