Cryptocurrency Ledgers can be corrupted?
Comment on Please Stop
TragicNotCute@lemmy.world 2 months agoTrustless systems aren’t a bad thing that has to step in when the good thing fails. Trustless systems are inherently better because you don’t have to trust a bank (or anyone for that matter).
Additionally, ledgers can be gamed/corrupted/falsified. This is significantly more complex (bordering on impossible) on the blockchain.
NoiseColor@startrek.website 2 months ago
TragicNotCute@lemmy.world 2 months ago
I was hedging against a particularly snarky commenter showing up. You can do a 51% attack and theoretically corrupt it. In practice, that’s much more difficult.
nom345@sopuli.xyz 2 months ago
You dont need 51% attack to corrupt a ledger. Just enter incorrect info and the ledger is wrong. Not a damn thing a blockchain can do about that. Same issue is with any trustless system where you have to trust someone to input the correct info/do the agreed thing/ship the ordered physical item.
QuaternionsRock@lemmy.world 2 months ago
Just enter incorrect info and the ledger is wrong.
The concept behind cryptocurrency is that the ledger is the info, because you’re right, a half-assed blockchain ledger used for external (e.g. cash) transactions doesn’t really solve the root problem. Proof of work is fucking stupid though, and it has (rightfully) ruined the perception of blockchain technology among those who can see past their own crypto wallet.
magic_lobster_party@kbin.run 2 months ago
There are often easier, more reliable, and far cheaper ways to achieve the same things without using a blockchain. Some of the principles are even used in normal web browsing to ensure secure untampered connections.
Blockchain just solves a subproblem that only arises when there’s no appointed central entity.
Blaiz0r@lemmy.ml 2 months ago
Blockchains aren’t hard, unreliable or expensive