US Senate Testimony: Crypto Is the Mother of All Scams(banking.senate.gov)
banking.senate.gov
US Senate Testimony: Crypto Is the Mother of All Scams
https://www.banking.senate.gov/imo/media/doc/Roubini%20Testimony%2010-11-18.pdf?_lrsc=77fa845c-a7a2-4e2e-b4e7-18b4357f1900
12 comments
I stopped reading the paper after this quote.
If the author doesn't understand the tech or has a very simplistic understanding of it, their opinion on it doesn't matter and shouldn't hold any weight.
If the author doesn't understand the tech or has a very simplistic understanding of it, their opinion on it doesn't matter and shouldn't hold any weight.
I think he understands the technology better than a fair percentage of casual readers here. Perhaps you should read the rest of the paper.
a decentralized ponzi scheme. that's what I said : )
but I am curious to see how it functions in times of crisis. does it go to shit, explode, or nothing.
but I am curious to see how it functions in times of crisis. does it go to shit, explode, or nothing.
Crypto has 1 advantage... signed transactions are undeniable and cannot be argued with. This feels almost like a new UI paradigm.
At the same time, this can be a terrible disadvantage... mistakes are brutally punished with no recourse. Lose your key or get hacked and you lose everything. There is no warning.
To me, interacting with large amounts of crypto feels like running full speed through an electrified razor-wire maze.
At the same time, this can be a terrible disadvantage... mistakes are brutally punished with no recourse. Lose your key or get hacked and you lose everything. There is no warning.
To me, interacting with large amounts of crypto feels like running full speed through an electrified razor-wire maze.
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USD is the mother of all scams.
I imagine you could have said equally terrible things about the internet ten years after it's protocols were developed. Bubble! Scams! Blah blah blah...
If you don't have even one good thing to say about something that has obvious benefits, you may be unreasonably biased.
If you don't have even one good thing to say about something that has obvious benefits, you may be unreasonably biased.
Obvious benefits of the internet: communicate instantly with anyone anywhere in the world with any interface that can be digitized.
Obvious benefits of blockchain: You can get tons of free money from idiot investors? You can hide wealth from the tax man with private fiat? You can forget your bank account number and never be able to access your money again? You can have a database that takes ten times as much electricity to maintain? There are so many benefits!
Obvious benefits of blockchain: You can get tons of free money from idiot investors? You can hide wealth from the tax man with private fiat? You can forget your bank account number and never be able to access your money again? You can have a database that takes ten times as much electricity to maintain? There are so many benefits!
Just because something can be used for "evil" doesn't mean it can't be used for "good". You really can't imagine any "good" benefit?
I genuinely can't. What can a blockchain do that a database can't?
The only benefit that doesn't involve evading regulations is (a dream) of lower fees for sending money. But even that hasn't materialized and comes with rather large costs.
I think he fundamentally understands and misunderstand something that most people, (though probably not here) don’t get.
A blockchain is an immutable distributed ledger (database). It is a terrible decision for anything that can be centralized (something where you can trust some party).
It is incredible tool and a case where you can’t trust anybody.
There are very few applications where The trade off of trust does not outweigh the efficiency of centralization, but should you have such a case…