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Politics : View from the Center and Left
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To: neolib who wrote (480208)9/28/2021 12:38:23 PM
From: cosmicforce1 Recommendation

Recommended By
alwaysbmiki

   of 541253
 
While crypto is built on blockchain, they aren't all the same. Cardano (ADA) is designed to provide a million transactions per second. For a digital currency, this is far better than bitcoin.

Like "plastics" - there will be applications where a blockchain is appropriate and ones where it isn't. There are few plastic bridges because while plastic is useful for a lot of things, there are definitely things that bridges should NOT be made out of. Plastic is probably one of those. Profitability unfortunately is often a more important consideration than "being appropriate" (consider Italian bottled water shipped around the world in a plastic bottle).

For the problems blockchain is appropriate for, there is no good alternative that establishes scalability, independent verification, provenance, chain of custody, or supplies the "smart contract" option that can't be revoked. Who are we to trust to keep our ledgers? The banks?

Credit cards have not advanced their security because they just roll the thefts into their costs and charge 10x the interest rate they get from the Fed. They don't have to pay the total costs for identity thefts arising from their poor handing of security matters by design - never making the victims whole. Same with credit bureaus. Why should anyone be able to open credit with some personal details - one of which used to say "Not for Identification Purposes"? My SS card used to have this wording right on it.

The imagined harms of crypto seem to discount the known harms of banking as it exists today and in the past.
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