Re:Why NFTs are bad: the long version
by cogman10 on Friday November 26, 2021 @05:41PM
(#29355001)
That's a false equivalence.
I have more trust in the correctness of encryption than the reliability of the justice system.
HOWEVER, that's not what's at issue with crypto. The issue of crypto is that it's irreversible. It absolutely does exactly what you tell it to do, and no more. But, at the same time, that means that when non-algorithm mistakes or exploits (ransom, cons, etc) happen you have 0 recourse to fix it.
There's a reason crypto is the preferred method of wealth transmission for scam artists, hackers, and ransomware.
I have more trust in the correctness of encryption than the reliability of the justice system.
HOWEVER, that's not what's at issue with crypto. The issue of crypto is that it's irreversible. It absolutely does exactly what you tell it to do, and no more. But, at the same time, that means that when non-algorithm mistakes or exploits (ransom, cons, etc) happen you have 0 recourse to fix it.
There's a reason crypto is the preferred method of wealth transmission for scam artists, hackers, and ransomware.