Comment on US passes Genius Act, first major national crypto legislation
knightly@pawb.social 3 weeks agoAs opposed to crypto, whose track record is barely over a decade old and filled to the brim with scams.
Comment on US passes Genius Act, first major national crypto legislation
knightly@pawb.social 3 weeks agoAs opposed to crypto, whose track record is barely over a decade old and filled to the brim with scams.
locuester@lemmy.zip 3 weeks ago
Scamming is done by humans, not digital currency. Scamming isn’t new.
Crypto is liked by scammers for the same reason it’s so valuable to everyone else, including nation states. It’s irreversible. It’s a mathematically perfect ledger objective of corruption and military might. It’s a source of truth in a very grey world.
knightly@pawb.social 3 weeks ago
Irreversability is a liability for a currency.
locuester@lemmy.zip 3 weeks ago
Irreversibility is what Bitcoin brought to the table. Prior to it, nothing else has ever had that capability. It’s literally the scientific breakthrough. It’s why it holds value.
If you can’t see that value, that’s one thing. But it is there.
knightly@pawb.social 3 weeks ago
It’s not a scientific breakthrough. I’ve been using distributed hash tables since the early oughts, assigning monetary value to it wasn’t innovation.
Bitcoin was never going to be what it was claimed to be because it isn’t designed for anonymity. The blockchain doesn’t forget, every transaction goes into a permanent ledger and can’t be reversed or cancelled. That makes it a liability.