Re:Blockchain Is Dangerous Nonsense
by mattwilsonn888 on Thursday April 28, 2022 @06:43AM
(#31190946)
That's not true. A bank does not allow universal and unquestioning withdrawal nor does it truly require user consent to complete transactions. Clever cryptography makes it possible to do both building on top of Bitcoin or whatever ledger has the desired security and feature set.
>That's not true. A bank does not allow universal and unquestioning withdrawal
Neither the "full blockchain solution" would, once the fraud protection and other safety checks are added.
Which is the point I've made.
You can't simultaneously claim the benefits of blockchain being without protection, and respond to the criticism about the dangers with "it's just a toolkit, you can add protection in layers above". Or you can, but you're claiming the pros on both sides of a XOR feature set.
Correct, crypto is great when you need an append only database with no root password.
Outside of that use case crypto is a speculative investment vehicle. Maybe BTC will replace gold as a store of value. But that is just speculation.
It's more like blaming a water utility company that doesn't give potable water, and its supporters tell you "but you can always buy a bottle of water from the store. Or maybe dig for water yourself!".
Yes, one can build the "fraud prevention" and other measures on top of blockchain. But then you have a financial institution just like a bank, and you can drop the blockchain part - anything it "solves" can be solved much simpler and with 1000x less energy once you have the other trappings of a financial institution.