Because Bitcoin especially (through the Tether fraud) and cryptocurrency more generally is a pyramid scheme, of course Wall Street and venture capital need it to go mass market. It's the only road to getting out of their current investment at a profithttps://www.politico.com/news/2021/05/30/bitcoin-investment-wall-street-lobbying-491399 …
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Cryptocurrency = blockchain tech + capitalism. The tech is "fine" (super underdeveloped and way to early to be useful for much), but the interests of capital force it to be overhyped and scammy, with ~all the current uses being self referential finance; that's where the money is
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For example: https://z.cash/technology/zksnarks/ … Snarks are a genuinely novel cryptography creation, that can be used to make transactions anonymous, but also can be used outside of cryptocurrency for huge efficiency and security gains in distributed systems.
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You can use blockchain to update a public ledger without risk of hack or corruption by dishonest actors. Ledgers are used for many purposes but suffer from insecurity. Can be applied to voting, shares, public registries, many other use cases. I agree gambling has been prevalent.
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False. Dishonest actors with enough resources just need to override the natural consensus of the blockchain to change things such that they benefit.
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@opentimestamps <- Can you do this without a hard-to-mutate blockchain like bitcoin? -
yes: publicise an encrypted version of the data, then later release the key or just publicise the data when you make it or create an asymmetric keypair based on the data (e.g. a hash), and clearsign a message, then later release the private key
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You group “the tech” when there are many adaptations already serving different purposes. Explain how “the tech” isn’t facilitating near instant global settlement, enabling enhanced traceability of supply chains, allowing globally used ID systems, creating networks of huge value?
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That is a terribly uninformed take
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