some fucking shitty crypto thing got """"hacked"""" and """"lost half a billion dollars"""" to """hackers"""" and this is their response lmaopic.twitter.com/BRMZPaEjqU
I'm worried that the baby thinks people can't change.
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some fucking shitty crypto thing got """"hacked"""" and """"lost half a billion dollars"""" to """hackers"""" and this is their response lmaopic.twitter.com/BRMZPaEjqU
Pro tip: if you rely on law enforcement for your cryptocurrency security, maybe it is not "decentralized finance"? That's kind of what we call _centralized_ finance.
I mean 99.99% of crypto nerds are just holding it via a centralized exchange anyway, not much different either way, except the exchange can get hacked and lose everything everyone has with no recourse
Crypto is literally the same as all other currency. I have no idea why anyone thinks it is different. Anyone who thinks the outcome will be anything other than a standard government-backed currency are completely delusional, and they're about to find that out.
This is trivial to understand if you think about it for even one second. What do you do when you transfer some bitcoin to AMC theaters for a movie ticket, and then they deny you entrance to the movie theater?
It's blatantly obvious that as soon as crypto is used in the real world to buy real things like groceries, houses, cars, etc., you need all the infrastructure of a government, and that means you need... the government. End of f'ing story.
Ever heard of smart contracts, oracles, channels, plasma chains, side chains or rollups? These can help solve this problem. Real estate in Australia already uses blockchain.
I have heard of all of them, and no, they do not solve any of these problems. The point is that they do not exist in the real world. That is the problem. Why is this so hard for people to understand?
It is very simple. There is nothing on the blockchain but digital information. Anything physical (real estate, groceries, cars, clothing, houses, wood, metal) can only be tied to the blockchain by police, courts, and law. Period. End of story.
What are you going to do when someone says "I own this plot of land" and you say "no, I own it, look here on the blockchain" and they say "I don't give a shit about the blockchain"? What do you think a "smart contract" is going to do?
The blockchain is literally worthless without the government. It can only exist because there are governments that will do the things that governments do. And as such, no blockchain will ever be "decentralized".
If people want to _actually_ solve the decentralization problem, they would need to solve _physical enforcement_ in a decentralized way. Which is either a) an unsolvable problem or b) solvable, but nobody has figured out even theoretically how it would be possible.
You’ve made a very good point. I’m curious if someone will figure this one out.
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