Re:Crypto is an unproductive bubble
by zozbot234 on Friday March 18, 2022 @10:13PM
(#30730260)
The government need not even be especially hostile per se, just unwilling or unable to adjudicate that particular transaction. With crypto, the basic operation of the transaction is enforced via a mechanism shared by all users of that cryptocurrency, and a mutually-trusted third-party arbitrator (or even a more complex decision mechanism, defined by a smart contract) can be chosen to address any potential concerns in advance. These are compelling properties even though they're rather costly to ensure when transactions are not centrally managed.
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Re:Crypto is an unproductive bubble
by mumblemumble on Friday March 18, 2022 @10:51PM
(#30730477)
I generally would not trust smart contracts to deal with those issues. They run afoul of the classic problem with ensuring that the blockchain and meatspace are in sync with each other.
To wit: it may be very difficult for me to ensure that the smart contract does not contain a malicious payload. Even if we pinky swear to there being no malicious payloads. Perhaps even if I read the code in an effort to personally confirm that there's no funny business going on.
This very problem is a big part of why smart contracts are becoming a popular tool for confidence artists. There seem to be a lot of people who are very (one might even say unreasonably) confident that the fact that smart contracts can't be altered after the fact makes them inherently trustworthy.
Re:Crypto is an unproductive bubble
by imachine1980_ on Friday March 18, 2022 @10:45PM
(#30730428)
except that in some case this private companies can change the rules of the game like happens whit etherium, who fork the blockhains after one of the biggest owner being theft for have an insecure smart contracts, and some Blockchain only allow certein type of transactions, o request specific fees for gambling for example.