Crypto Currency Thread (Vol.2)
Discussion
Mr Whippy said:
Currency will always trickle down from an authority of some kind.
Even if that were say a group of elected representatives at a trading market for instance… you’d then be able to take your eggs on Monday and wait till Wednesday for the jam to arrive to do the trade.
Of course the market would take a cut to cover its operational costs.
It’s like the start of 2001 A Space Odyssey.
What we end up with as it develops is the corruption of the original intention.
Even with BTC you’d need markets to buy and sell and they’d want a cut to cover costs.
You’ll never get rid of this ‘central’ nature to human activity… and humans will never stop being greedy and corruptible and ruining even the best laid foundations for an equitable way of sharing and living.
What?Even if that were say a group of elected representatives at a trading market for instance… you’d then be able to take your eggs on Monday and wait till Wednesday for the jam to arrive to do the trade.
Of course the market would take a cut to cover its operational costs.
It’s like the start of 2001 A Space Odyssey.
What we end up with as it develops is the corruption of the original intention.
Even with BTC you’d need markets to buy and sell and they’d want a cut to cover costs.
You’ll never get rid of this ‘central’ nature to human activity… and humans will never stop being greedy and corruptible and ruining even the best laid foundations for an equitable way of sharing and living.
A centralised digital currency can’t work. It’s impossible to make it secure enough.
Haven’t we seen enough failures of centralisation to get this message across yet?
CBDC will never be as secure as bitcoin. They are still working on a bank-first ideology which is 100% unnecessary and introduces various attack vectors and weaknesses and places all liability with the bank. The decentralisation and proof of work elements of bitcoin are not a happy accident. Removing the trusted third party is key to its success - it has no liability and creates an ecosystem which verifies and records all transactions, aka triple entry accounting.
Isn’t the whole idea of CBDC that it’ll use a blockchain like bitcoin?
If bitcoin is secure with public servers, how will an institutional ‘bitcoin’ be less secure with private servers?
Unless you’re proposing some kind of hacking event where someone gets in there with another 100%+ of their processing power and starts adding numbers to their accounts?
If bitcoin is secure with public servers, how will an institutional ‘bitcoin’ be less secure with private servers?
Unless you’re proposing some kind of hacking event where someone gets in there with another 100%+ of their processing power and starts adding numbers to their accounts?
Mr Whippy said:
Isn’t the whole idea of CBDC that it’ll use a blockchain like bitcoin?
If bitcoin is secure with public servers, how will an institutional ‘bitcoin’ be less secure with private servers?
Unless you’re proposing some kind of hacking event where someone gets in there with another 100%+ of their processing power and starts adding numbers to their accounts?
Public blockchain with decentralized validation is by design way more secure than any private network can ever be. Start there, and then layer on the various attack vectors inherent in a CBDC.If bitcoin is secure with public servers, how will an institutional ‘bitcoin’ be less secure with private servers?
Unless you’re proposing some kind of hacking event where someone gets in there with another 100%+ of their processing power and starts adding numbers to their accounts?
pquinn said:
The plans are mostly around normal databases 'cos blockchain is seen as a crap solution to that problem. You can read the BoE technical report if you want to see what they're thinking.
Haha blockchain is not a crap solution, that's just them trying to spin the fact that they can't recreate the bitcoin blockchain. Imagine trying to generate that computing power centrally. Impossible.https://ycharts.com/indicators/bitcoin_network_has...
dimots said:
pquinn said:
The plans are mostly around normal databases 'cos blockchain is seen as a crap solution to that problem. You can read the BoE technical report if you want to see what they're thinking.
Haha blockchain is not a crap solution, that's just them trying to spin the fact that they can't recreate the bitcoin blockchain. Imagine trying to generate that computing power centrally. Impossible.https://ycharts.com/indicators/bitcoin_network_has...
No-one is going to recreate Bitcoin because it's not even close to being the best solution for a coin, let alone for an actual core transaction system.
pquinn said:
It's definitely a crap solution in terms of supported transaction rate and compute requirement, if all you're after is a transaction record. All that computing power is *not* a good thing.
No-one is going to recreate Bitcoin because it's not even close to being the best solution for a coin, let alone for an actual core transaction system.
Yes it is a good thing. The utter impossibility of securing a private centralized digital currency to the same degree as bitcoin seems lost on you No-one is going to recreate Bitcoin because it's not even close to being the best solution for a coin, let alone for an actual core transaction system.
Janet Yellen talking absolute b
ks haha. She's obviously going down the increasing centralization and regulation route. That means CBDC in its worst form. The perfect system already exists but they think they can make the old rules fit.
I never thought I'd see history play out like this in front of me, it is staggering to realise how people entrenched in out-dated ideas simply won't give up on their beliefs.
ks haha. She's obviously going down the increasing centralization and regulation route. That means CBDC in its worst form. The perfect system already exists but they think they can make the old rules fit.I never thought I'd see history play out like this in front of me, it is staggering to realise how people entrenched in out-dated ideas simply won't give up on their beliefs.
Flare drop day today. Hurray! Very simple, and straight into my bifrost wallet.
Received around 22% of my investment today - there's now a 7 day 'cooling off' period before the next snapshots begin.
Info here:
https://flare.network/flaredrop-guide/
Anyone else in FLR?
Received around 22% of my investment today - there's now a 7 day 'cooling off' period before the next snapshots begin.
Info here:
https://flare.network/flaredrop-guide/
Anyone else in FLR?
Banks trying to fix the fact dollars are becoming increasingly worthless by making them increasingly available
https://www.federalreserve.gov/newsevents/pressrel...
https://www.federalreserve.gov/newsevents/pressrel...
dimots said:
pquinn said:
The plans are mostly around normal databases 'cos blockchain is seen as a crap solution to that problem. You can read the BoE technical report if you want to see what they're thinking.
Haha blockchain is not a crap solution, that's just them trying to spin the fact that they can't recreate the bitcoin blockchain. Imagine trying to generate that computing power centrally. Impossible.https://ycharts.com/indicators/bitcoin_network_has...
Mr Whippy said:
They can run a blockchain without such robust proof of work on a closed/secured network. Ie, could run it on a vanishingly small fraction of the power of public blockchains.
Basically a database. Centralized. All liability with the owner. It's not the same thing at all.dimots said:
Mr Whippy said:
They can run a blockchain without such robust proof of work on a closed/secured network. Ie, could run it on a vanishingly small fraction of the power of public blockchains.
Basically a database. Centralized. All liability with the owner. It's not the same thing at all.A ledger that holds all transactions for the entire currency, ever.
Yes it’s not decentralised. Hence the word ‘centralised’ in the currencies name.
Shock. CBDC isn’t decentralised!
I mean if we want to be pendants, BTC isn’t decentralised, it’s both central and decentralised depending on the mining owners.
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