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A single point of failure for a global currency sounds like an awful idea to me. A federated model, in which each main node has to go through a rigorous apprais
by rubinelli 13y ago
A single point of failure for a global currency sounds like an awful idea to me. A federated model, in which each main node has to go through a rigorous appraisal before it joins its peers, and they continuously "trust but verify" each other, is a much more palatable option.
- UVB-76 13y agoCentralisation is the endgame. All transactions will be logged, and all will be instantly reversible in the unlikely event of some kind of security breach. Money laundering will be impossible, and there'll be no incentive to hack other people's accounts because all thefts will be reversible (even if the thief then went on to transfer said currency to third parties)
- rubinelli 13y agoThe question is, who gets the key to the vault? Who can say a transaction was fraudulent? Who will you give the authority to freeze all your digital assets, pending further investigation? Amazon? Google? Paypal?
- UVB-76 13y agoA non-governmental international organisation à la the United Nations or the World Bank. Of course, we're talking about the long-term here. In the next 5-10 years similar systems will be implemented by individual nations. International cooperation will take much longer.
- illuminate 13y ago"there'll be no incentive to hack other people's accounts because all thefts will be reversible" There'll always be an incentive to hack others' accounts.