US Senate Testimony: Crypto Is the Mother of All Scams

Re:US Senate Testimony: Crypto Is the Mother of All Scams by justjonathan on Wednesday October 31, 2018 @04:29PM (#18349029)

“Blockchain Is The Most Over-Hyped Technology Ever, No Better than a Spreadsheet/Database”

I think he fundamentally understands and misunderstand something that most people, (though probably not here) don’t get.

A blockchain is an immutable distributed ledger (database). It is a terrible decision for anything that can be centralized (something where you can trust some party).

It is incredible tool and a case where you can’t trust anybody.

There are very few applications where The trade off of trust does not outweigh the efficiency of centralization, but should you have such a case…

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Re:US Senate Testimony: Crypto Is the Mother of All Scams by nil_pointer on Wednesday October 31, 2018 @04:37PM (#18349112)

I stopped reading the paper after this quote.

If the author doesn't understand the tech or has a very simplistic understanding of it, their opinion on it doesn't matter and shouldn't hold any weight.

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Re:US Senate Testimony: Crypto Is the Mother of All Scams by asynchrony on Wednesday October 31, 2018 @08:40PM (#18350519)

I think he understands the technology better than a fair percentage of casual readers here. Perhaps you should read the rest of the paper.

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