The calls for "you don't need a blockchain, just use a database" will become less and less.
Edit: Of course, Hacker News hates this comment.
With crypto, anything but perfect opsec on the entire stack through which your money travels means potentially losing all your money irreversibly. I’ll take “just use a database” thanks.
Sorry to spoiler you but the answer is: no.
Its not like BitCoin and other Coins are free of scams/fraud because they are not regulated...
Most blockchains startups need to create problems which nobody has to sell it to people who don't know better...
I don't think it's an authentication problem as there's no confirmed problem with proving an assertion as in e.g. (sha3("hello") === "0xabc") in the original post.
Compared to legacy finance, the exchanges are indeed bugfree. I would sooner trust Binance security team than people who think SMS is enough of a second factor. Never mind all the 'European unicorn' challenger 'banks'.
Do you know why Ethereum Classic exists?
Whether they are likely to have a competent security team with sufficient budget is an exercise left to the reader.
My interactions with Klarna have so far failed to inspire similar confidence.
You mean through proof of stake instead? Yay, now all the people who wanted to avoid having a competent central bank in a free democracy control the money supply get to have the people with the most money control the supply instead.
Jesus fucking christ, you cryptocurrency lunatics have lost it.
(1) They're way too volatile.
(2) Even if they weren't, the popular cryptocurrencies today have fixed money supplies. A central bank cannot increase it to target moderate inflation.
Crypto currencies are run by people as much as central banks are. People can have opinions and values. People forked of Ethereum into Ethereum Classic because they had an issue with the main chain's policy. ETC community is alive.
Building crypto currencies is all about optimizing for legitimacy [3]. We can build what we want, we just need to want it in the first place. No need to discount a whole field of computer science with a comment.
- 1: https://link.springer.com/article/10.1007/s11403-014-0127-3
- 2: https://github.com/reflexer-labs/whitepapers/blob/master/Eng...