Cryptocurrency is something people tell lies about in hopes of getting richer

Re:Cryptocurrency is something people tell lies about in hop... by secondaryacct on Friday September 24, 2021 @04:18PM (#28647327)

I can rephrase it: why do you think it impossible for vastly resourceful entities to acquire so much power they can control the decentralized system - in a softer way, probably but still.

Imagine a world tmr where bitcoin is everywhere. You ll have mining conglomerates in the cheapest electricity providers working as cartels to help each other and protect their interests (so can envision centralizing a blacklist of addresses they dislike, coordination on software version etc), de facto cartels of whales (like todays "billionaires" people describe as a collaborative force), and large lenders who concentrate capital and therefore still can buy out whatever they want (today called banks).

How do you think the blockchain solve any of that?

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Re:Cryptocurrency is something people tell lies about in hop... by megameter on Friday September 24, 2021 @10:29PM (#28649942)

It's easy. Copy-paste the blockchain and start over with a fork. When the system delegitimizes itself, a debt jubilee lies around the corner. This stuff is just glue now - a cheap way of making a financial system.

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Re:Cryptocurrency is something people tell lies about in hop... by DangitBobby on Saturday September 25, 2021 @01:43PM (#28654857)

So if you don't like the history of the currency, scrap it entirely and start over. That seems like the opposite of the point of Blockchain.

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