Re:You Do Not Need Blockchain: Popular Use Cases and Why The...
by spurgu on Tuesday February 26, 2019 @05:55PM
(#19259158)
> there's exactly one use case where the blockchain is a superior [- illegal transactions]
To start off, the reason cryptocurrencies have survived this long is probably due to the fact that the dark web thrives on it. That said it's certainly not a reason to outlaw it.
What about the situations where the legal system is questionable? Off hand I've read stories about a lot of poker players who've gotten cash confiscated when flying. What about [insert stories here]?
How about a means to store (and transfer) value, where you can be certain - given your measures of security is sound - that no one but you (or multisig) can access it? If I store cash at home I can get robbed. If I own property it can be destroyed (loopholes in insurance policies, betrayal of other forms, military state).
I remember the feeling I had a few years back when I had my own bitcoin in a paper "wallet" (actually a master seed with my personally devised cipher), protected by the (mental) measures of my choosing, it was mine. Yes, that caters well to illegal activities but likewise also empowers individual privacy, as well as removing any political, governmental or other influences. Power to the individual.
It's not the monetary system's role to regulate how people behave in society, merely to facilitate transfer of value. If that transfer method can't be trusted alternatives will spring up. On that note if there are better people on the planet the methods of value transfer matters less. If there was more trust in financial institutions there would be less need for cryptocurrencies. On HN people advocate having backups of backups, but how do you backup your money in the bank? You're trusting them.
Yes, drug lords exist and have existed in the past thanks to anonymous transactions, but... there is corruption in banking systems (offshore accounts) and whatever systems and we should/could question why there are drug lords in the world in the first place. They wouldn't have a place here if things were better organized. Either by more happy people (having less want/need for stimulants, given a bleak outlook on humanity), by giving the people the freedom to explore their minds more freely (psychedelics) or simply (as a step on the way) give the state the power to regulate as opposed to making everything illegal.
I would expect more of HN than to have this as a top comment. Let's just ban cash altogether because the only thing it's useful for is enabling illegal transactions. Sigh. Quite a naive way of looking at things. What you're suggesting is doing what they're doing in China (and US and other countries as well) with the credit ratings of everyone without any chance of living a normal life unless you're subscribed to the system in place. Add hyper surveillance à la mega corps and no one can escape. Please keep the beacon lit for at least some of the measures in place to insure personal freedom.
To start off, the reason cryptocurrencies have survived this long is probably due to the fact that the dark web thrives on it. That said it's certainly not a reason to outlaw it.
What about the situations where the legal system is questionable? Off hand I've read stories about a lot of poker players who've gotten cash confiscated when flying. What about [insert stories here]?
How about a means to store (and transfer) value, where you can be certain - given your measures of security is sound - that no one but you (or multisig) can access it? If I store cash at home I can get robbed. If I own property it can be destroyed (loopholes in insurance policies, betrayal of other forms, military state).
I remember the feeling I had a few years back when I had my own bitcoin in a paper "wallet" (actually a master seed with my personally devised cipher), protected by the (mental) measures of my choosing, it was mine. Yes, that caters well to illegal activities but likewise also empowers individual privacy, as well as removing any political, governmental or other influences. Power to the individual.
It's not the monetary system's role to regulate how people behave in society, merely to facilitate transfer of value. If that transfer method can't be trusted alternatives will spring up. On that note if there are better people on the planet the methods of value transfer matters less. If there was more trust in financial institutions there would be less need for cryptocurrencies. On HN people advocate having backups of backups, but how do you backup your money in the bank? You're trusting them.
Yes, drug lords exist and have existed in the past thanks to anonymous transactions, but... there is corruption in banking systems (offshore accounts) and whatever systems and we should/could question why there are drug lords in the world in the first place. They wouldn't have a place here if things were better organized. Either by more happy people (having less want/need for stimulants, given a bleak outlook on humanity), by giving the people the freedom to explore their minds more freely (psychedelics) or simply (as a step on the way) give the state the power to regulate as opposed to making everything illegal.
I would expect more of HN than to have this as a top comment. Let's just ban cash altogether because the only thing it's useful for is enabling illegal transactions. Sigh. Quite a naive way of looking at things. What you're suggesting is doing what they're doing in China (and US and other countries as well) with the credit ratings of everyone without any chance of living a normal life unless you're subscribed to the system in place. Add hyper surveillance à la mega corps and no one can escape. Please keep the beacon lit for at least some of the measures in place to insure personal freedom.