Comment on Is the blockchain an interesting innovation, aside from cryptocurrencies ?

• manitcor@lemmy.intai.tech ⁨1⁩ ⁨year⁩ ago

  so if you are looking at this its a question to trust scopes, at least in public systems. here you are trusting:

  • the bank
  • the broker
  • docusign
  • you govt
  • your courts

  the proposal for a decentralized ledger with neutral execution is that the only “trust” needed is that in the contracts function, however this is not entirely true, in reality you are shifting trust to:

  • genesis ceremony
  • your ability/resources to asses the contracts function and your counterparties.

  some people feel this is a better way of doing things, ive found it interesting to work in the space technically but I dont necessarily agree with the wildwest nature of the public systems and am more an advocate of regulated channels if these are going to be done at all. There is also the idea that a large enough network makes it possible for the network to handle larger loads than any individual processor could handle, this has borne out in some cases though its not perfect since we know P2P network instability tends to ripple through a network.

  Finally if an application has been built with web3 practices enshrined its entirely possible to ensure service continuity even in the event of the provider failing finically and being unable to serve the users. Important to note this is RARELY done properly and I have only seen a couple cases where it worked so far.

  If we are talking the internal org, like docusign itself, an org like might adopt a ledger based system for the in-built capabilities of some chains, you find quickly that enterprise grade cryptographic tracking of large scales of assets or process gets VERY expensive. Ledgers can be very helpful in these cases though are more a consideration when validating a new system rather than it being an impetus to upgrade in and of itself.

  I often refer to it as a specialized app-server stack to clients.

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  • dragontamer@lemmy.world ⁨1⁩ ⁨year⁩ ago

    And… where does FTX and Celsius come into the mix? Because in practice, that’s where people lose $8 Billion overnight.

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    • manitcor@lemmy.intai.tech ⁨1⁩ ⁨year⁩ ago

      That’s a different conversation isn’t it? shifting from technical capabilities to what people do with them, we have a number of technologies in society that deal with this issue. Important to note that every form of messaging and storage tech ever conceived has likely or is capable of facilitating large scale fraud.

      I understand wanting to point the anger, as someone who sat this tech out until I saw the govt take it seriously, I’d say collectively every government and municipality slept on this, which surprises me, I expected this to get killed long before it capped at 2T in value.

      Also important to note that cryptocurrency technology was not central to the failure of these orgs as the vast majority of thier holdings never left the exchange. They bascially setup shop claiming to have the tulips everyone was raging for in full warehouses when they didn’t even have seeds. I’m angry at the abject greed as well, however if we apply the current thinking im seeing toward crypto tech as it would logically extend, get ready to throw out all the tech in your house, a surprising amount of it can be used to manipulate and defraud you. Most of FTX’s messaging went out over traditional communication channels, controlled by our governments and endorsed by broadcasters.

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      • dragontamer@lemmy.world ⁨1⁩ ⁨year⁩ ago

        You’re saying a lot of words and not addressing the hardware cryptocoin wallet problem I outlined above.

        Lets focus on that. How do you know that a hardware cryptocoin wallet truly emits random numbers that aren’t being hacked? The trust problem in this cryptocoin world is horribly, horribly unsolved despite 15+ years.

        That’s why these scams keep coming up. Because the “oh just trust the cryptocoin” approach doesn’t work. You need to think from the perspective of a security researcher.

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