Posted by Tiberium 14 hours ago
or just not rebuild it at all.
pros: can already be used to buy all things, and doesn't set the earth on fire in order to verify transactions
cons: cannot be used to buy live grenades and CSAM
idk to me that just seems intuitively like something you'd need to have to be credible? Cold is a different story...but how can hot not be covered?
Thats been the fascinating part of crypto is watching society speedrun “best hits of financial crisis from history” by ignoring things we already solved.
Crypto is roughly agreeing that the current password rotation practices kinda suck and agreeing that the new way forward is just to have a single plain text file because you’re sure all that overhead was just nonsense
I bet they are celebrating.
Congratulations. Nice haul.
Note that I was one of the folks early on that bought into the idea (but not as much of the coins sadly) and I still think the Bitcoin white paper is a beautiful intellectual exploration (as is the concept of blockchains).
But the centralized entry and exit points in practice mean all the theoretical benefits aren't really in play.
If governments ban crypto then they will without fail ban cash as well.
Edit: For additional context, I live in a country where fees and transactions related to government and regulated services (including telecom) are required by law to use our national payment system exclusively, and it is hell for people who fall through the cracks (e.g. problems national ID that blocks payment systems). I've seen first-hand on multiple occasions people standing outside government buildings begging others to pay their fees in exchange for cash so that they can get unblocked from the payment system.
Whether through malice or incompetence, human institutions can never and will never be perfect. Cash and cash-like systems (inc. crypto) must remain or a lot of innocent people will get hurt, even if it enables criminals.
it is wild to me that people expect that crypto is supposed to solve a problem that is as old as currency.
For me bitcoin opened up the idea that we could maybe do money better. That idea still lives, but not in practice. Yet.
That said, it’s got to be one of the funniest moments in modern history.
Glad it turned out to be Michelin-starred bollocks.