Comment on US passes Genius Act, first major national crypto legislation
locuester@lemmy.zip 3 days agoScamming 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 days ago
Irreversability is a liability for a currency.
locuester@lemmy.zip 3 days 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 days 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.
locuester@lemmy.zip 2 days ago
I thought that word might bug someone.
It’s not just a distributed hash table. That’s not a trustless cache. It’s Byzantine fault tolerant. Trustless.
It combines game theory with distributed hash tables and makes them irreversible.
And yes, even satoshi himself was upset he couldn’t get the anonymity perfect. Great strides in other chains to do that, and zk stuff for confidential activity.
Look, it’s not for everyone. It’s not for you obviously. But it’s a breakthrough for sure - tech, science, whatever category you want.
It’s the first time man created a system that can’t be reverted. That’s a big deal.