this post was submitted on 09 Mar 2024
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Blockchain is only potentially useful if there’s no single entity that can be trusted. If banks can’t even trust themselves to manage their own internal ledgers, they have much bigger problems to deal with.
Trustless 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.
https://youtu.be/bBC-nXj3Ng4
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.
Blockchains aren't hard, unreliable or expensive
Cryptocurrency Ledgers can be corrupted?
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.
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.
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.
guys they are putting micro chips in the cheese and using block chains to track the micro chips https://www.businessinsider.com/edible-microchips-on-parmigiano-reggiano-used-to-fight-counterfeiters-2023-8
That'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
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.
If the bank can’t even trust themselves then there’s no point in having the bank at all.
You really don't get it? Trust is a problem. Anyone, or anything, can and will fail or be compromised.
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.
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).
because problems in the bank's software are the bank's responsibility. If they lose my money, it's their responsibility to get it back. Cryptocurrencies are the exact opposite, by design. If you're fucked, you'ee fucked. unless of course half the participants decide to fork, half don't and you end up with two "currencies" out of thin air.
Banks and firms that uses their services are audited thoug. It is not blind trust. And regadress the tech used there would sitll be audits.
Agreed, audits are beneficial in virtually every situation. I just think that, of all the well-formed arguments to be made against cryptocurrencies (especially PoW coins), the fact that it is software isn’t one of them. In my opinion, fueling distrust of software in general is ill-advised.
The distruss to software is not against all software. Blockchains are usually advertised as trustless, so the argument against that has to be made as you have to trust the devs. The trustless argument is weak on other fronts also, but this is one side of the issue.
Blockchains is a tool for moving trust around in a decentralized network, not a tool for removing it.
Security starts with trust.