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this post was submitted on 14 Aug 2024
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Buttcoin
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if it worked like regular crypto, we’d have a major revolution after a bunch of pension money got lost to poor opsec, a smart contract hack, fat fingering, or any of the other fucking stupid things that only happen in crypto
Can't forget outright scams and pump and dumps.
Which happens because of the open nature of some of the crypto networks, nothing says their solution would have been an open one (probably not in fact since the stock exchange doesn't let just anyone list their company).
But otherwise there's plenty of scams and pumps and dumps on the stick exchange even with the safety measures in place at the moment...
So the system would be centralized...
Also the fact that scams already exist on the stock market doesn't automatically greenlight crypto-ing the whole thing. Though I don't think that's exactly what they were trying to do, is it? Sounds like they just wanted to slap a trade ledger on a block chain? Centralizing that would defeat the whole purpose of a blockchain.
Also I just caught that you said decentralized cryptos are more likely to be scams? I'm not following that line of thought.
I wrote about this previously https://awful.systems/post/1695710
yeah it was literally to use it as the back-end database for the settlement system
tl;dr not even crypto exchanges do things this arse-backwards
It would probably have been a centralized system though so much easier to control it.
A bit like USDT that is controlled by a company that has frozen assets on certain accounts in the past and replaced those frozen assets with new ones. They have control over the contract so they can just prevent certain wallets from interacting with it, making the coins useless as they're stuck in the wallet (need to interact with the contract in order to move coins around).
that sounds a lot like a shitty database with extra steps
Well, just the fact that it's 100% transparent is a step forward compared to the stock exchange as it is at the moment and otherwise your comment also applies to the stock exchange as it is working now...
"we made the plane 100% transparent! now you can tell if the pilots are doing anything bad, it's a major step forward. also it doesn't really fly now"
the plane's made of perspex and the wires are salt-soaked strings wrapped in liquorice strips for isolation but it's fine, our designer signed off on it
Wasn't the space ship in Niven's Ringworld series both literally indestructible and transparent? There's no way I'm going back to check because Niven is one of those authors I realized decades after reading him was a dirty old man.
no idea, never read
if you're gonna come in here and spew coiner bullshit at least make it entertaining for fuck’s sake
I was vacillating so, so hard on replying to this one