Re:Blockchain Is Dangerous Nonsense
by JeremyNT on Thursday April 28, 2022 @09:38AM
(#31192282)
> I don't think protection against human-factor scams and frauds was ever a goal, you certainly never hear it as an argument.
And there's a reason you never hear it as an argument - the lack of such fundamental protection is a massive weakness of these blockchain currencies. The extremely technical savvy early adopters do not care, because evading authorities is actually an objective and they profit regardless as long as the value of their holdings goes up, but protecting normies from scams is actually kind of important if you want to be used as a "normal" currency rather than a speculative asset.
A central authority with the ability to deal with bad actors is a fundamental aspect of making fiat currency actually work in the real world.
And there's a reason you never hear it as an argument - the lack of such fundamental protection is a massive weakness of these blockchain currencies. The extremely technical savvy early adopters do not care, because evading authorities is actually an objective and they profit regardless as long as the value of their holdings goes up, but protecting normies from scams is actually kind of important if you want to be used as a "normal" currency rather than a speculative asset.
A central authority with the ability to deal with bad actors is a fundamental aspect of making fiat currency actually work in the real world.