US Senate Testimony: Crypto Is the Mother of All Scams
banking.senate.gov
banking.senate.gov
I think he fundamentally understands and misunderstand something that most people, (though probably not here) don’t get.
A blockchain is an immutable distributed ledger (database). It is a terrible decision for anything that can be centralized (something where you can trust some party).
It is incredible tool and a case where you can’t trust anybody.
There are very few applications where The trade off of trust does not outweigh the efficiency of centralization, but should you have such a case…
If the author doesn't understand the tech or has a very simplistic understanding of it, their opinion on it doesn't matter and shouldn't hold any weight.
but I am curious to see how it functions in times of crisis. does it go to shit, explode, or nothing.
At the same time, this can be a terrible disadvantage... mistakes are brutally punished with no recourse. Lose your key or get hacked and you lose everything. There is no warning.
To me, interacting with large amounts of crypto feels like running full speed through an electrified razor-wire maze.
If you don't have even one good thing to say about something that has obvious benefits, you may be unreasonably biased.
Obvious benefits of blockchain: You can get tons of free money from idiot investors? You can hide wealth from the tax man with private fiat? You can forget your bank account number and never be able to access your money again? You can have a database that takes ten times as much electricity to maintain? There are so many benefits!