topranks

7 ms·

61.
by topranks 1y ago
This is a much more optimal solution than blockchain.
62.
by topranks 1y ago
I get a push notification if a wire comes in. And if I send one I’m carful the details are correct, but I’m not completely doomed if I typo the account number.
63.
by topranks 1y ago
Stablecoin issues are just waving their hands and saying “blockchain” to try to magic away that liability. Otherwise they’re doing the exact same thing.
64.
by topranks 1y ago
We need to trust those running the system. Societies cannot function without trusted intermediaries, in finance and many other things. If we are in a democracy then the government regulates such organisations and should punish those who do
65.
by topranks 1y ago
Why does it have to be decentralised (by which I assume you mean permissionlesss to join as a validator?) The only reason for this - it would seem to me - is the ability to have nobody in control who can be subject to law enforcement. If yo
66.
by topranks 1y ago
There is a grain of truth in what you say, but your conclusions are off. Tether started as a way to pump the Bitcoin price, under the guise of better facilitating payments on crypto exchanges. They’d issue Tethers out of nowhere and use it
67.
by topranks 1y ago
Just because they ditch the proof-of-work doesn’t make it efficient. The blockchain structure, the validation mechanism etc are still a very inefficient way to do general compute or database type functions.
68.
by topranks 1y ago
“Post the collateral” I’m fairly sure if you want a bank loan and are prepared to lodge cash in the bank to secure it they won’t need too much paperwork. Usually people getting loans don’t have the funds in cash already. Defi is nothing li
69.
by topranks 1y ago
Not unless you lie about what money you have and just print them out of thin air.
70.
by topranks 1y ago
Not real audits by a major firm. Just pinkie promises. David Gerard discussed a while back: https://davidgerard.co.uk/blockchain/2021/03/30/tether-produ...
71.
by topranks 1y ago
The same way it does in Excel. You fire up Excel. Put some numbers in the boxes. Say those numbers are dollar bills you have under the bed. Then you do SUM(A1:A10) to show your total funds. It has to be legit because Excel doesn’t lie ri
72.
by topranks 1y ago
This is the company who have never produced a real audit despite years of saying they would? If they are fully backed they’d get an audit. The fact they don’t should tell you all you need to know.
73.
by topranks 1y ago
Only a fool would think Tether have never had an audit done out of fear it would prove they’re fully backed.
74.
by topranks 1y ago
The mechanics are sort of different. It’s on a blockchain so a true “reverse” is not possible. But the smart contracts they write look up a blacklist, which only they control. They can block, unblock or burn tokens. To “reverse” something
75.
by topranks 1y ago
Not really. The “solution” for decentralisation - proof of work - makes the system a lot more expensive (think: higher fees) than a centralised database.
76.
by topranks 1y ago
Tether has been reluctant in many cases to freeze addresses reported to it. At least historically it would not do so if the coins didn’t belong to its direct customers (mostly the large exchanges), rather than individuals who got them from
77.
by topranks 1y ago
Good news! They’re back!
78.
by topranks 1y ago
Do you the police should have zero power to set up checkpoints, or search cars even with a warrant?
79.
by topranks 1y ago
Indeed. Blockchains are for breaking the law. I think it would be wholly better, in democracies, if we changed laws we didn’t like than tried to create technology to evade them.
80.
by topranks 1y ago
Pretty sure they didn’t that’s why we brought in anti money-laundering laws.
81.
by topranks 1y ago
Yep. And the White House will let them now.
82.
by topranks 1y ago
Isn’t the advantage of Stablecoins just that you can avoid regulation when it comes to payments, especially across borders? Otherwise why not just use normal digital payments? I fail to see why a blockchain is needed to log the transaction
83.
by topranks 1y ago
Exactly this. Which isn’t really “vibe coding” as it’s been promoted, i.e. a way for non-programmers to just copy and paste their way to fully working software systems. It’s a very powerful tool but needs to be used by someone with the expe
84.
by topranks 1y ago
Right but if you are going to run and operate server infrastructure for yourself you need to know about that stuff. You saying the average admin is gonna have no issue setting up their MX records but “won’t even know” what a reverse DNS ent
85.
by topranks 1y ago
Not really sure I get why that would be a factor
86.
by topranks 1y ago
Sure. It might be a tool in the box. But it’s still cat and mouse. In my place we quickly concluded the scrapers have tons of compute and the “proof-of-work” aspect was meaningless to them. It’s simply the “response from site changed, nee
87.
by topranks 1y ago
I do kind of wonder if it benefits Wikipedia for them to allow so much on commons. I get it’s hard to distinguish between pornography and something that might have educational merit at the edges, and have a workable policy. But still I can’
88.
by topranks 1y ago
Yeah it’s sort of like all the apps that would refuse to run on a jailbroken iPhone. Basically on such a system you can potentially manipulate the process. Here that would probably be to install the credentials of someone else on the device
89.
by topranks 1y ago
Those people keep their money in banks. Sure you can pressure people to transfer money from banks to you. But that will be easier to trace and the transactions could just be reversed. If moving all your wealth the bank is likely to ask so
90.
by topranks 1y ago
Breaking the law in other words.

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