I am always amazed how little knowledge and cargo culting of 2017-era bitcoin knowledge is prevalent on HN. Whatever you monetary feelings towards crypto is, the technical aspects are fascinating. But most of the time HN gets it wrong.
TBH, the more you know about the technical aspects the less fascinating it gets.
Smart contracts and stablecoins by extention sound technologically interesting, but at the end you always rely on trusting people.
The core of the financial system is about managing trust and therefore a social issue, not a tech issue. It'd be nice if more tech nerds would internalize that tech can't solve social issues on it's own
I don't think you're using that term right. Not knowing how something works doesn't mean you're cargo culting.
People are not so knowledgeable about the other coins because the whole point of magic internet money is that it can't be controlled by anyone. If your entire account exists in some box somewhere under the control of some entity, how is that any different from a bank (which also mostly doesn't operate on cash but just moves bytes around)?
USDT is implemented as a contract written in Solidity, working over other network like ETH, and it has a blacklist managed by admins. Once address is added to a blacklist, you cannot spend anything from it.
Does anyone on this website realize there are different types of crypto coins?
I am always amazed how little knowledge and cargo culting of 2017-era bitcoin knowledge is prevalent on HN. Whatever you monetary feelings towards crypto is, the technical aspects are fascinating. But most of the time HN gets it wrong.
TBH, the more you know about the technical aspects the less fascinating it gets.
Smart contracts and stablecoins by extention sound technologically interesting, but at the end you always rely on trusting people.
The core of the financial system is about managing trust and therefore a social issue, not a tech issue. It'd be nice if more tech nerds would internalize that tech can't solve social issues on it's own
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> cargo culting
I don't think you're using that term right. Not knowing how something works doesn't mean you're cargo culting.
People are not so knowledgeable about the other coins because the whole point of magic internet money is that it can't be controlled by anyone. If your entire account exists in some box somewhere under the control of some entity, how is that any different from a bank (which also mostly doesn't operate on cash but just moves bytes around)?
2 replies →
USDT is implemented as a contract written in Solidity, working over other network like ETH, and it has a blacklist managed by admins. Once address is added to a blacklist, you cannot spend anything from it.
yeah bitcoin indeed was