784
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 24 Sep 2024
784 points (99.6% liked)
News
36569 readers
373 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious biased sources will be removed at the mods’ discretion. Supporting links can be added in comments or posted separately but not to the post body. Sources may be checked for reliability using Wikipedia, MBFC, AdFontes, GroundNews, etc.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source. Clickbait titles may be removed.
Posts which titles don’t match the source may be removed. If the site changed their headline, we may ask you to update the post title. Clickbait titles use hyperbolic language and do not accurately describe the article content. When necessary, post titles may be edited, clearly marked with [brackets], but may never be used to editorialize or comment on the content.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials, videos, blogs, press releases, or celebrity gossip will be allowed. All posts will be judged on a case-by-case basis. Mods may use discretion to pre-approve videos or press releases from highly credible sources that provide unique, newsworthy content not available or possible in another format.
7. No duplicate posts.
If an article has already been posted, it will be removed. Different articles reporting on the same subject are permitted. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners or news aggregators.
All posts must link to original article sources. You may include archival links in the post description. News aggregators such as Yahoo, Google, Hacker News, etc. should be avoided in favor of the original source link. Newswire services such as AP, Reuters, or AFP, are frequently republished and may be shared from other credible sources.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 2 years ago
MODERATORS
I have the most incredible news for you about this crazy new thing called... cash.
More seriously, there's no reason government bodies shouldn't just create a central digital transaction system with real money, instead of pouring resources into the stupidity of a blockchain system. Save everyone a lot of trouble and wasted compute cycles and just make the source of trust in the system the fact that it's administrated by a trusted central authority running a database, instead of the various shell game wank of blockchain systems.
The whole reason the shell game wank is an attractive prospect in the first place is a question of who watches the watchmen. If your trusted central authority gets compromised, will you know? And if you know, will you be able to do anything about it?
I don't exactly think that cryptocoin is the best solution in this regard, but I can at least respect the attitude behind how it came to be.
The counterpoint being that a centralized organization introduces checks, balances, and recovery methods for some losses. If your credit card gets stolen and charged or your bank suddenly becomes insolvent, you have a significant chance that your money will be able to be recovered. Compare that to cryptocurrency, where your wallet information being compromised or a crypto exchange you have assets in going under leaves you at a complete loss and entirely devoid of recourse. Centralized systems have many issues, obviously, as Visa seems to be on an endless crusade to make everyone supremely aware of, but at the same time cryptocurrency being an alternative doesn't make it a valuable or viable alternative.
As opposed to Mt Gox and FTX?
Corporations like Mt Gox and FTX are not blockchains, they are companies that use blockchains.
People keeping their money with them were willingly giving up ownership over their crypto, deliberately sacrificing the benefits they would have gotten by keeping it on-chain
I get criticizing crypto, but I get a bit miffed when I see people directly conflating blockchains as a technology and private corporations that use said technology, and use one's actions to criticize the non-failings of the other.
Well then I suppose this begs the question of why so many would give up ownership of their crypto and sacrifice the benefits they would have had keeping it on-chain in order to let FTX and Gox take it. It seems like there's a piece of the puzzle missing here that I suspect points to a flaw in the system.
At least from my past experience observing the media sphere and demographics regarding crypto, it tends to just be newbies that are investing primarily due to the seeking of gains, but not for any sort of ideological reason, as opposed to the people who initially invested in crypto for its other freedom-preserving qualities.
For instance, I had originally mined some Bitcoin years and years ago when I initially just thought the concept of a stateless, distributed-control monetary unit was an interesting concept. I held that bitcoin in a non-custodial (i.e. not on an exchange/company) wallet, because I believed in the actual values prescribed to Bitcoin at the time.
Later, when my father wanted to try investing in crypto because he also thought it was interesting, he invested through an exchange, but refused to withdraw his money because he wasn't that interested. It was just general intrigue, but not enough to overcome his apathy.
In the Mt Gox days, it was just so early, and Bitcoin was generally so new as a concept, that people didn't understand the point of self-custody as much. With FTX, it was the masses who downloaded their app simply because they saw it during the Super Bowl and wanted to give it a shot as an investment vehicle, but not because they had any clue what the original values were underpinning the technology.
The people putting their money in the hands of these companies never cared about the ideological reasons for holding crypto (which I believe have now been totally overtaken by greed and wealthy VC firms), they just wanted to see if they could be the next person to get rich.
In my eyes, that's an ideology problem, not a problem with the technology, but I do see how we could very well disagree on this.