this post was submitted on 20 Aug 2023
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Blockchain is stupid and cryptocurrency is a scam.
Blockchain and cryptocurrencies are pretty cool from just a technology perspective. At university I studied a lot of math and cryptography and that happened to be at the same time that Bitcoin became a thing. It could have some real applications, but scammers and cryptobros ruined it for everyone and now I can't even say I find crypto (meaning cryptography) cool without seeming like an asshat.
Blockchain is an unchangeable (unless you own the only authority as we've seen, or you fork it) database that can only grow. It HAS to have multiple, identical instances or the owner can corrupt it. I'm not sure I see any benefit here except for potential security. But we've seen blockchains get into the terrabytes pretty quickly which isn't that feasible for large-scale operations.
This is why Ethereum is moving to statelessness. Where only a rolling state is saved but the diffs are broadcast and accessible for a certain period of time before they are dropped. So any system listening to an Ethereum node can just follow the root and listen for just changes they care about.
How do you ensure you are holding an accurate copy of the blockchain in that case? A single holder of a blockchain means the entire thing is insecure and the holder can change or steal whatever they want.
If a new player wants to host a copy of the etherum blockchain, how do they do that when it's stateless?
It will still have some state, things like merkle roots will still be verifiable, and any derived/state that isn't kept from the main chain will have some form of proof that links it to the main chain.
Most actual transactions/normal user stuff is moving to layer 2 chains, which commit a hash or proof of their state to the main chain. So they will still carry their state, but rely on the security of Ethereum main net.
There will still be archive nodes that store everything that's ever happened, but being a full archive node won't be required to run a normal node as a validator or as a user. This allows the network to be more decentralized without every node needing 2-4TB of fast nvme to even do anything.
You're right about that for sure. But a few TB isn't that big a deal anymore, and if there was a need to deal with it we could come up with something.. or just not use it at all. 😎
They are just distributed ledgers with deflationary economic policies added. Not really impressive.
Well, I guess I just used a „scam“ to pay for my VPN subscription. Later today, I will use another „scam“ to pay for my email service. Tomorrow I will use a „scam“ to pay for a VPS. Some day, I might use a „scam“ to rent a seedbox. So unfortunate that your so called „scam“ is actually usable to make payments online. In fact, those „scam“ payments are in some cases better, then‚ using a absolutely trustworthy credit card issued by a definitely trusted a reliable bank. Because banks never collapse and they never scam their customers. Such trustworthy multi-billion dollar corporations, I really don’t see a reason to distrust them. Depending on which “scam” you use, your payments are actually anonymous, just like cash. But the government and your bank don’t want you to use cash, because that way, they can’t track all of your transactions. They hand you a credit card, and they advertise it to you, and you actually start thinking that it is supposed to help you, while in reality it makes you a slave to the corporate and government-lead surveillance system. Fuck credit cards, fuck banks and payment providers, fuck central banks and governments. Use Monero and stay anonymous.
What's the transaction or gas fee just to pay your bills?
Digital verification and tokenization of securities would prevent all fraud in the stock market
lol. So all the fraud in the crypto space that isn’t being prevented is a feature?
Virtually none of the fraud in the stock market is because of lack of verification or tokenization.
Please lemmy.world god, tell me what the fraud in the stock markets is from
People lying about the underlying assets the stock represents? People cooking their books? Pump and dump scams? Receiving multiple lines of credit against the same assets?
What forms of fraud are solved by tokenization or digital attestation that are prevalent today?
Rehypothenticaton and naked short selling would both be entirely eliminated globally
How heavy are your GME bags?
Hmm? These are issues all across the markets, not just one security
Buddy, only Apes are on the “naked short” conspiracy train. I didn’t even need to check your history to know it’s full of DRS GME dumb shit.
Naked shorting isn't a conspiracy lol. If you truly believe that then I also have a bridge to sell you. 100% of my entire port is DRSd for good reason
Apes never have any proof of their shit. They just pick a shit stock, declare it naked shorted, and proceed to lose a bunch of money lmao
Shut up! BBY is going to restructure and get out of bankruptcy any day now!
0 idea where you think you're getting this from but alright then :)
Keep buying!
You didn't even address the nature of my comment. Just came out of the gate swinging for no reason.
Tokenized securities prevent rehypothenticaton as well
Neither of those are fraud, bud. You just don’t like them. Vote for people who also don’t like them. Blockchain won’t solve either.
Dumbass hot take lol
People like you are why taking blockchain seriously is hard.
Web3 is the "next" internet whether the USA bootlickers like it or not. I direct register my shares because I don't trust the America markets.
I would 100% buy tokenized securities to verify I'm actually getting stock and not an IOU
Instead we got scams on top of scams and zero use out of either. Wake me up when anyone finds a use that isn't theft. I'll be in fucking torpor by the time I'm woken up.
Talking shit about early-alpha type shit is so dumb. People said the exact same shit about web2
Lol, web2? When Facebook, reddit, amazon, twitter, etc pretty much killed the internet and consolidated most users under themselves. That was an unmitigated failure for the internet. It has directly led to the homogenization and garbage heaps we have now.
Web2.0 is a "failure" so why even both fixing the system?..
Web3 isn't fixing shit. It's more techbros trying to steal more of the internet. How many NFTs you own, bro?
Tokenized securities will eliminate financial fraud. Disengage bro
You keep repeating this. No one cares it hasn't happened and never will.
You don't need a block chain to sign a transaction and there is plenty of other ways to stop fraud. It's not happening because banks don't care to invest in fixing it.
Not to mention fixing this one issue isn't fucking web 3 lmao
Zzzzzzzzzz okay sure bootlicker
But I don't like web2