171–180 of 1001 posts
GNU Taler is a working implementation of "digital cash" in the spirit of Ecash. Since it doesn't come with its own currency, it cannot be used for gambling. It is quite telling that it has seen essentially zero adoption in the "crypto" scene.
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Indeed, most societies ended up inventing a mandatory trusted third party escrow called a "legal system" as part of a "state". They usually issue hard-to-copy tokens, solving the double spending problem.
Most states still haven't created digital versions of these hard-to-copy tokens meaning that there needs to be an alternate provided by a 3rd party which is where cryptocurrency comes in.
Believe it or not, banks don't ferry around cash to each other. It's all just numbers in a computer.
Is it really a waste if you made enough money to retire?
Right, OP writes up crypto as being this terrible disease with no meaning. But outside of crypto there aren't many jobs that have real meaning either. I worked for the UN at one point, and that was actually one of the worse. At the end of the day you are always just working to make someone else rich or to give them the promotion they want. If you get rich yourself along the way, take that as a win.
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It's an ingenious solution to achieve a "trustless" currency that prevents double-spending without a central authority. Unfortunately, this solves the wrong problem. Spending money usually involves getting a good or service in return, which inherently requires "trust" (as does any human interaction). Your fancy blockchain is not going to help you if you order something with Bitcoin and no package arrives.
Neither will cash. Thats what a third party escrow is for. You get that as part of what you pay for a credit card. Not trying to come down on either side of this i personally hold near zero crypto, your statement was just wrong.
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Neither will cash. Thats what a third party escrow is for. You get that as part of what you pay for a credit card. Not trying to come down on either side of this i personally hold near zero crypto, your statement was just wrong.
Indeed, most societies ended up inventing a mandatory trusted third party escrow called a "legal system" as part of a "state". They usually issue hard-to-copy tokens, solving the double spending problem.
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Am I misinterpreting you or are you saying Bitcoin would make a better, faster, cheaper Git? If you are, I am already laughing.
They're saying git would not have been better or faster or cheaper if implemented in a classical centralized way.
Github is nowhere near the world's "central and only" service for Git, so what am I missing to not laugh about?
The downside of a global distributed database (no matter what) is the speed of light, if you need ordering in any transaction you are in trouble, and no classic service requires that for all transactions in its scope, we figured out partitions, row locks, and shards a long time ago.
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Indeed, most societies ended up inventing a mandatory trusted third party escrow called a "legal system" as part of a "state". They usually issue hard-to-copy tokens, solving the double spending problem.
Most states still haven't created digital versions of these hard-to-copy tokens meaning that there needs to be an alternate provided by a 3rd party which is where cryptocurrency comes in.
It obviously has no pseudo anonymity, is literally the least democratized banking system in existence, and is subject to the government’s whims in a whole host of ways. But it is a digital ledger of massive sums of real dollars (the banks can ask for it in cash if need be), and you couldn’t really steal the money even if you managed to create an unauthorized transfer on some bank’s master account.
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Neither will cash. Thats what a third party escrow is for. You get that as part of what you pay for a credit card. Not trying to come down on either side of this i personally hold near zero crypto, your statement was just wrong.
I love watching the HN comment hivemind speedrun the history of blockchain innovation every time this comes up. You just reinvented smart contracts on Ethereum, keep going :-)
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Neither will cash. Thats what a third party escrow is for. You get that as part of what you pay for a credit card. Not trying to come down on either side of this i personally hold near zero crypto, your statement was just wrong.
I love watching the HN comment hivemind speedrun the history of blockchain innovation every time this comes up. You just reinvented smart contracts on Ethereum, keep going :-)
No smart contract can prove you were not actually delivered your goods without trusting someone else.
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No solution is perfect. Come up with a better one. More regulation, however, is not what we need. We need to decide what we want the financial sector to actually do, and that probably doesn't involve a bunch of children playing games.
Just because no solution is perfect doesn't mean we should adopt a solution worse than the status quo.