given enough time the entire crypto space will have reinvented every regulation they tried to get rid of and understood why they existed in the first place
And the hilarious thing is that they see the absence of this regulation as a feature and don't even recognize just to what extent they are reinventing the wheel.
My favorite example is kleros.io, a "decentralized arbitration service". There's an app "Kleros Court". Can't wait for the "Kleros Supreme Court" version, for appeal processes and such.
Right, but they have to get through the robber baron and feudalism phases first.
Some googling found this article on the origin of the phrase "Chesterton's fence".
"Hey, grandma, run this command and press enter and I'll send you the Fountain of Youth™ creme tomorrow."
At least you kind-of-sort-of have a chance at reverting a transaction.
Heck, my bank completely blocks my transactions over a certain limit (I need to ask for temporary limit increases through a separate process) and frequently delays transactions larger than another limit and they call me to verify that I want to do them.
Sure, blockchains could do the same, through intermediaries, but then... they've reinvented banks.
Just like modern-day web development!
Where do you hear that? One of the big criticisms of the biggest cryptocurrencies as currencies is that transactions are glacially slow for most practical uses (small transactions). Improving on that seems to be the main selling point of Solana.
What do you mean?
At the moment the transfer fee for Bitcoin/Eth is about $1.80/$4, so if you are buying a $5 coffee it’s not really cost effective to do that on chain.
The main issue that drives up cost is that Bitcoin has a scalability problem for transactions, particularly as the market cap/difficulty has gone up.
This is why the lightning network was introduced - although that comes with its own drawbacks compared to “pure” crypto.
What’s the ideal scenario here? Transactions on chain eventually become free and then we truly have a useful distributed currency?
But frankly that’s besides the point. There are very few physical transactions in the “cash” world. Crypto can become very successful and never touch those transactions if it can work to standardize & disintermediate the electronic movement of money it could be a massive change.
I don’t know if that will happen and it’s not a goal of the crypto diehards I’ve met, but that’s a path to success that allows for fees along the way.
Fair point. But there are still many more informal cash transactions that don't have that issue, but maybe that's not what cryptocurrency will solve. That's fair.
> But frankly that’s besides the point. There are very few physical transactions in the “cash” world. Crypto can become very successful and never touch those transactions if it can work to standardize & disintermediate the electronic movement of money it could be a massive change.
Definitely agree traditional electronic money transfer today has many issues. But I don't yet understand why cryptocurrency is the necessary solution. Sure it's a solution, but surely it's possible to fix the issues without cryptocurrency.
I think I understand the core principle and appeal of crytpocurrency as a decentralized currency, underground currency among those wishing to avoid traditional financial institutions. But everywhere I look I see cryptocurrency turning into traditional banking and I don't really understand the overall benefit. It seems the few benefits it does have over traditional banking (speed, ease of transfer, univeral currency) are outweighed by the drawbacks (power hungry, surprisingly insecure, easy to simply lose everything you have with no recourse).
That depends on which blockchain you're fully settling on. There's more than one, Ethereum != "the blockchain".
Have I missed some Turing Award discoveries while I was away?
That's not necessarily a problem. Slow is ok if it's highly secure, reliable, and inexpensive relative to the amounts being moved or compared to other alternatives.
Yes. ZK Rollups - https://polynya.medium.com/conjecture-how-far-can-rollups-da...
If you don't understand this post he has many more explaining the technologies behind it.