There is nothing wrong with Blockchain as a technology. Like all tools it can be used for good or evil.
Using it to create a fiat currency is imo controlled opposition; it can only lead to harm. But using it as an exchange medium for a real asset (if done properly) could lead to the greatest good.
Imagine all stocks being on the blockchain for example. Then stocks could be traded instantly, without a middle man. There would be no need for creating a short, so there could be no more short selling. Stocks would become simply, "I bought the stock because I like the prospects of the company."
Such a move, which is actually fairly simple to do (and GME may do that) would completely destroy all market manipulation. It could create a truly free market (something that has never existed).
You could also easily create such a system to back a good intermediary for exchange, like silver. With the infrastructure in place for transfer of crypto to real asset (like a bank) you could have a real, asset backed crypto currency. No more fractional reserve lending, since only real in stock silver is tied to each crypto.
If you tie other assets to their own crypto also, like gold, platinum, stocks, etc., or anything for which such an infrastructure could be created in a reasonable way, you would eliminate currency fuckery. Hording of money would cease to be an issue. In such a system you could even eliminate the need to have any standard intermediary for barter (not that that is necessarily desirable, but it becomes possible). Supply/demand would determine all exchanges, simply through barter itself, with the ease of crypto.
A hammer in the hands of a carpenter can build a house. In the hands of a murderer it can kill someone. In both cases, its just a hammer.
There is nothing wrong with Blockchain as a technology. Like all tools it can be used for good or evil.
Using it to create a fiat currency is imo controlled opposition; it can only lead to harm. But using it as an exchange medium for a real asset (if done properly) could lead to the greatest good.
Imagine all stocks being on the blockchain for example. Then stocks could be traded instantly, without a middle man. There would be no need for creating a short, so there could be no more short selling. Stocks would become simply, "I bought the stock because I like the prospects of the company."
Such a move, which is actually fairly simple to do (and GME may do that) would completely destroy all market manipulation. It could create a truly free market (something that has never existed).
You could also easily create such a system to back a good intermediary for exchange, like silver. With the infrastructure in place for transfer of crypto to real asset (like a bank) you could have a real, asset backed crypto currency. No more fractional reserve lending, since only real in stock silver is tied to each crypto.
If you tie other assets to their own crypto also, like gold, platinum, stocks, etc., or anything for which such an infrastructure could be created in a reasonable way, you would eliminate currency fuckery. Hording of money would cease to be an issue. In such a system you could even eliminate the need to have any standard intermediary for barter (not that that is necessarily desirable, but it becomes possible). Supply/demand would determine all exchanges, simply through barter itself, with the ease of crypto.
A hammer in the hands of a carpenter can build a house. In the hands of a murderer it can kill someone. In both cases, its just a hammer.
/thread