News for hackers. Stuff that matters.
Re:In defense of cryptocurrency by ninkendo on Friday June 10, 2022 @08:14AM (#31692977)
The subject of this thread is reversibility, and how implementing that would involve trusting a central authority (goverment, etc) to force reversals of transactions on the chain.

Per an ancestor comment you replied to:

> Reversibility is one example of a design requirement that undoes the claimed advantages of permissionless blockchains that are meant to justify their inherent downsides.

If we need reversibility on a permissionless blockchain, why have a blockchain? A postgres database would do fine. You could even broadcast the write-ahead log to allow any party to verify that history isn’t silently rewritten.

You even said it yourself:

> Do you not want to transact on the base layer because of lack of reversibility or fees? Move to a higher layer solution that sacrifices some characteristic of Bitcoin to enable something new.

If we’ve established that reversibility is a table stakes requirement for a financial system, the thing you’re “sacrificing” is the very thing that makes PoW essential. Since PoW is planet-melting, can’t we just use a database instead?

There are no comments on this comment yet.