If the bank can’t even trust themselves then there’s no point in having the bank at all.
Comment on Please Stop
hemko@lemmy.dbzer0.com 2 months agoThat’s the thing, they shouldn’t trust a single source of assumed truth. If the single source is tampered with, there’s nothing to compare to.
Removing the need to trust a single entity is just a great security feature
magic_lobster_party@kbin.run 2 months ago
hemko@lemmy.dbzer0.com 2 months ago
You really don’t get it? Trust is a problem. Anyone, or anything, can and will fail or be compromised.
vrighter@discuss.tchncs.de 2 months ago
so I put my trust in software instead. And by extension its developers. You’re saying of all people, we should trust some programmers above all else. You know, the “move fast and break things” guys.
As a programmer myself, this thought is both terrifying and hilarious.
QuaternionsRock@lemmy.world 2 months ago
As a fellow programmer: what kind of doomer take is this? I don’t have any opinion on the efficacy of blockchain technology, but all of us put an immeasurable amount of trust in software every single day. And it’s not like current banking practices are different in this regard, either: blockchain tech requires faith in the software implementation, while contemporary banking requires faith in banks and the software they use (including a borderline unmaintainable COBOL stack, from what I’ve heard).
Natanael@slrpnk.net 2 months ago
Blockchains is a tool for moving trust around in a decentralized network, not a tool for removing it.
kibiz0r@midwest.social 2 months ago
Security starts with trust.
Lichtblitz@discuss.tchncs.de 2 months ago
You can implement public or semi public ledgers without Blockchain. That’s what banks are doing already by sending huge CSV files internally and externally. Blockchain is not a technology of zero trust. It’s close to the opposite. You trust a few peers and blindly trust everyone they trust. That way you trust a network that you know nothing about and if the network decides on a common truth that you are convinced is incorrect, there is nothing you can do about it. The consensus always wins and there is no single entity to complain to and get it fixed. This is great for making sure that many actors need to be bad actors in order to have the whole system fail. It’s bad if you don’t trust anyone and want to make sure that your standards are always observed. From a technology standpoint I love the concept of Blockchain. But use cases that are not forced are few and far apart. Too few for the amount of hype it receives.