Visa and Mastercard have surged over the past two decades, reaching a combined $1 trillion market cap. That has attracted unwanted attention from regulators.
I have the most incredible news for you about this crazy new thing called… cash.
More seriously, there’s no reason government bodies shouldn’t just create a central digital transaction system with real money, instead of pouring resources into the stupidity of a blockchain system. Save everyone a lot of trouble and wasted compute cycles and just make the source of trust in the system the fact that it’s administrated by a trusted central authority running a database, instead of the various shell game wank of blockchain systems.
The whole reason the shell game wank is an attractive prospect in the first place is a question of who watches the watchmen. If your trusted central authority gets compromised, will you know? And if you know, will you be able to do anything about it?
I don’t exactly think that cryptocoin is the best solution in this regard, but I can at least respect the attitude behind how it came to be.
Well then I suppose this begs the question of why so many would give up ownership of their crypto and sacrifice the benefits they would have had keeping it on-chain in order to let FTX and Gox take it. It seems like there’s a piece of the puzzle missing here that I suspect points to a flaw in the system.
The counterpoint being that a centralized organization introduces checks, balances, and recovery methods for some losses. If your credit card gets stolen and charged or your bank suddenly becomes insolvent, you have a significant chance that your money will be able to be recovered. Compare that to cryptocurrency, where your wallet information being compromised or a crypto exchange you have assets in going under leaves you at a complete loss and entirely devoid of recourse.
Centralized systems have many issues, obviously, as Visa seems to be on an endless crusade to make everyone supremely aware of, but at the same time cryptocurrency being an alternative doesn’t make it a valuable or viable alternative.
I have the most incredible news for you about this crazy new thing called… cash.
More seriously, there’s no reason government bodies shouldn’t just create a central digital transaction system with real money, instead of pouring resources into the stupidity of a blockchain system. Save everyone a lot of trouble and wasted compute cycles and just make the source of trust in the system the fact that it’s administrated by a trusted central authority running a database, instead of the various shell game wank of blockchain systems.
The whole reason the shell game wank is an attractive prospect in the first place is a question of who watches the watchmen. If your trusted central authority gets compromised, will you know? And if you know, will you be able to do anything about it?
I don’t exactly think that cryptocoin is the best solution in this regard, but I can at least respect the attitude behind how it came to be.
As opposed to Mt Gox and FTX?
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Well then I suppose this begs the question of why so many would give up ownership of their crypto and sacrifice the benefits they would have had keeping it on-chain in order to let FTX and Gox take it. It seems like there’s a piece of the puzzle missing here that I suspect points to a flaw in the system.
deleted by creator
The counterpoint being that a centralized organization introduces checks, balances, and recovery methods for some losses. If your credit card gets stolen and charged or your bank suddenly becomes insolvent, you have a significant chance that your money will be able to be recovered. Compare that to cryptocurrency, where your wallet information being compromised or a crypto exchange you have assets in going under leaves you at a complete loss and entirely devoid of recourse. Centralized systems have many issues, obviously, as Visa seems to be on an endless crusade to make everyone supremely aware of, but at the same time cryptocurrency being an alternative doesn’t make it a valuable or viable alternative.