Re:SEC has not approved Bitcoin ETFs [fixed]
by Tao3300 on Tuesday January 09, 2024 @06:01PM
(#38933561)
> a social contract requiring enforcement through technology
That's fundamentally a bad thing. I want my social contracts enforced socially. The rot is at the heart.
Re:SEC has not approved Bitcoin ETFs [fixed]
by ChainOfFools on Tuesday January 09, 2024 @07:32PM
(#38934482)
No disagreement here, not a fan.* but so many arguments miss this point. the problems with blockchain are rooted in the why; the how is mostly a sideshow but admittedly much more expedient to criticize in comparison.
* were not for HN's character limit my username would have started with the word 'block'
It's a back door attempt to fundamentally rewire how value is routed through society, and in the abstract this _might_ be a good thing (perhaps too generous with that 'might') in practice it cannot possibly happen due to physical constraints on consensus formation at the global, realtime scale that it would have to happen. As a result shortcuts are taken (or appear organically, i.e. exchages) in the form of centralized nodes of consensus settlement (what the promoters like to call Layer 2, sharding, or similar), and it's the people controlling these centralized nodes who end up becoming the new kings of this "revolutionized" system, the trust-me-bro's of trustlessness. I've met some of them, and they are not people who I would ever want to have anyone I care about to be under the thumb of.