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by arcticbull 2397 days ago
> 1. Proof of stake.

This has yet to be proven, and as you say, there’s reasons why it has yet to land. I give this one vitaliks sideways smiley face.

> 2. You can't -- this is a cultural problem, not a technological one

Uh, one that doesn’t exist in the current financial system. I’m sure y’all will find a way. As I said, it’s a prerequisite.

> 3. There’s no such thing as money laundering.

Hilarious. I see someone never took compliance training at work. With that attitude I’d love to see you explain your position to a judge. Money laundering is literally financial transactions arranged in such a way as to conceal the original source of funds.

> 4. Buzzword soup.

> 5. More buzzword soup.

More buzzword soup that immediately falls down as once you use crypto as only a bulk transport instrument you’ve lost out on all its ostensible benefits. No transparency, no security, it’s no better than just using a wire transfer.
6 comments
weego 2397 days ago
Hilarious. I see someone never took compliance training at work. With that attitude I’d love to see you explain your position to a judge. Money laundering is literally financial transactions arranged in such a way as to conceal the original source of funds.

I though anonymity and legal safeharbour were founding principles of cryptocurrency? The original comment is correct that what we call money laundering is an artificial construct of power.

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realusername 2397 days ago
> Uh, one that doesn’t exist in the current financial system. I’m sure y’all will find a way. As I said, it’s a prerequisite.

Is that sarcasm? How do you think criminal groups get funded? They use the financial system like anybody else. You should have a look into the history of HSBC, money laundering and financing drug cartels is one of their main specialty.

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emsimot 2396 days ago
> 4. Buzzword soup

Maybe I'm in too deep but peer-to-peer is a buzzword? I mean person-to-person, without intermediaries. This seems useful and powerful to me (and my politics I suppose).

> 5. no transparency/security using crypto as bulk transport

I don't mean building a social layer on top, I mean building digital infrastructure on top, 'smart contracts' etc.

I still maintain hope for something like this but after watching the gradual but massive increase in the complexity of 'DeFi' (decentrialized finance) in the Ethereum community I don't know where to look and what to work on these days...

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DennisP 2397 days ago
> 5. Currently in production

It's DAI, a stable currency based on derivatives, built on Ethereum and backed by ETH. It's not perfectly stable but it's done a reasonably good job keeping a value of one dollar, despite a 94% drop in the ETH price. Current DAI supply is $86 million.

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Shoue 2397 days ago
>This has yet to be proven, and as you say, there’s reasons why it has yet to land. I give this one vitaliks sideways smiley face.

Yeah, the hundreds of cryptocurrencies using it isn't enough.

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drcode 2397 days ago
Proof is stake has been running fine in production for a long time as part of the tendermint project.
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