You first wrote
> if this mistake had been made on banking system, you wouldn't have heard about it, because it gets fixed and its gone without a trace.
And then you edited it to
> if this mistake had been made on banking system, you wouldn't have heard about it
I was going to reply that if gets fixed and doesn't cause anyone problems, you're making a case for it. I guess you must have understood that too and backtracked :-) I actually loled at the dishonesty.
with the blockchain you can't hide the mistakes, that was my point.
You did want to discuss it because you said
> you wouldn't have heard about it
What you wanted to avoid is the fact that because the system works well, it doesn't cause anyone problems.
> What you wanted to avoid is the fact that because the system works well, it doesn't cause anyone problems.
I don't know what you mean by the system. But banks, and their ability to create money on the spot, have been the epicenter of uncountable economic crises.
It doesn't matter, because as you admitted yourself, it gets fixed so fast it doesn't cause anyone problems. Better than the alternative, which is if you screw up it's a problem for all eternity.
I see a lot of crypto as a scam, but immutable distributed ledger technology sure seems like a societal defense mechanism against authoritarianism.
Without being too specific about the who, I think your concern boils down to:
1) authoritarian leaders like crypto that they create themselves because it's not regulated and they can use it to raise funds from the gullable and uninformed.
2) authoritarian leaders who can move markets tolerate crypto that is decentralized because it's also unregulated and they can trade against their own words and actions. (E.g. short and then cause a crash, buy and then cause a spike, etc.) Very few authoritarian leaders have this kind of influence, and as adoption increases the influence one person can have over the market will diminish.
I think these authoritarian benefits are temporary artefacts of where it is in its lifecycle. The technology resists authoritarianism the more decentralized and ubiquitous it is.