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This most definitely is not a Show HN.Reply
The problem with cryptocurrency is that it builds cost right into the protocol, and social effects seem to kick out cost-free protocols(BitTorrent is doing great, but nowhere near the hype level of BitCoin, and there are very few non-coin P2P projects with traction now).
Instead of becoming too cheap to meter, it will always cost something.
It can never really be suited for a heavily partitioned network if it needs consensus. That's a very scary thing. If we are going to build the future of tech, it should be resilient. If a building's internet goes down, I should still be able to get a message from one floor to another.
It also imposes another kind of cost. Irreversibility. Our current ecosystem is based on being able to fix our mistakes. Banks reverse transactions. We can delete unwanted social media posts from when we were 16 and wanted to be shot because of hair loss.
We can't do that with a ledger. Which means our current level of security is unacceptable. A large percentage of people might have lost their life savings if everything was crypto.
Even things like a bad autocorrect algorithm could cause a permanent embarassing entry in the blockchain. I would not be happy if someone grabbed my phone, teabagged the camera, and anyone with some special "View hidden posts" tool could see it forever. That's what I'd call sub optimal UX.
Hardware wallets are no solution. They can be lost, and impose a tax on our time.
I don't want the future of tech to have high cost built in, whether that be time, money, or safety.
There may be uses for it, but we should stop baking it into decentralized protocols, and stop promoting it as a full replacement for fiat unless you can guarantee 100% parity, every bit as stable, every bit as easy to prosecute fraud, etc.Reply
This was a great post, thanks for this. It was interesting to read about the interesting science side of blockchains in one place.
I'm glad it's making some impact on the mathematical community and that those investment dollars from VCs aren't quite as wasted as they may have seemed to me before now. Maybe they'll even find an application for it one day!Reply
> Isn't cryptocurrency all about getting rich quick? > That's definitely why 99% of people are into cryptocurrency
The vast majority of people in the space, and their expectations will end up deciding the future of the space. It doesn’t matter how cool the tech is, the mob is there to make money, and anything that promises so (including BitTorrent the company issuing crypto tokens) will get money, hype.
By being in the space, a hacker lends it legitimacy, and this spreads to the remaining 99% projects as well no matter what they’re for.Reply
please remove Show HN from the title, this doesn’t fit the guidelines.Reply