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BEWARE of fake EEVblog NFT's

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madires:

--- Quote from: SiliconWizard on January 21, 2022, 07:59:35 pm ---
--- Quote from: madires on January 21, 2022, 02:59:26 pm ---Blockchain based crypto money is nothing but an overly complicated and wasteful way of simple accounting.

--- End quote ---

Not, it's not. It's a way of holding a proof of authenticity with very high probability, in a completely decentralized manner. "Simple accounting" doesn't give you that.

--- End quote ---

Do we need everyone to keep a huge and ever-increasing copy of a public ledger? Again, it doesn't scale!

nctnico:

--- Quote from: SiliconWizard on January 21, 2022, 08:24:34 pm ---
--- Quote from: magic on January 21, 2022, 08:06:03 pm ---You gotta be kidding me.

There are two reasons why governments would like to adopt crytpo:
- the total lack of privacy - all transactions are a matter of public record, it just takes linking a wallet to a person and you're in
- no need to collect taxes to run the system - peers pay for their electricity, problem solved

That's about all I can see.

--- End quote ---

Yes, and? How is that contradicting what I said above?
Of course, if/when governments switch to a "cryptocurrency", it will likely be a system close to what nctnico seems to be advocating - "supernodes", which governments and central banks will have complete control over. Which is kind of the opposite of the current model, which is entirely decentralized.

Maybe your "You gotta be kidding me" was to answer my "many people currently fiercely against cryptocurrencies will embrace them as the next great progress, the day their governments..." point?

--- End quote ---
I still want to insist in seperating between cryptocurrencies (the ones that needs to be mined by solving hashes and are useless for real world usage) and distributed ledger (the underlying database to store transactions). IMHO it is absolutely essential to understand the difference. Cryptocurrency are the cars and the distributed ledger is the road; to suggest an analogy.

If I take the NL for example: there is a separate company which takes care of all the financial transactions in the country. The advantage is that banks don't have to have their own payment systems and deal with shops that take payments and so on. So in a way it is efficient by having everything centralised. But it is also a weak point. Every now and then it does happen that there are outages which cause the payment processing in large parts of the country to stop (well, the NL is very small so an outage can cover a significant part of the country quickly).

A step further could be that the banks take part of the role back by using a distributed ledger which is shared among the banks. Another step in achieving decentralisation could be that big chain stores can have their own distributed ledger node.  But in the end we'd still be paying in Euros governed by the European Central bank. Definitely not cryptocurrency!

madires:
Some basics on money and banking: The Mystery of Banking by Murray N. Rothbard (https://mises.org/library/mystery-banking)

nctnico:

--- Quote from: madires on January 22, 2022, 03:50:31 pm ---Murray N. Rothbard (https://mises.org/library/mystery-banking)

--- End quote ---
OMG  :palm: Another moron that wants to go back to the gold standard. Rule of thumb: anyone who is suggesting to go back to the gold standard has no idea about modern economics are supposed to work. In the end gold is just a substitute as well and solves none of the underlying issues.

Nominal Animal:

--- Quote from: nctnico on January 22, 2022, 04:00:12 pm ---OMG  :palm: Another moron that wants to go back to the gold standard.

--- End quote ---
OMG :palm: Another moron who does not understand that the way modern economics is taught in academia and described in media is not the actual way modern economies work.

Let me guess, you also believe 'fractional banking' applies to international central banks?  Heh.

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