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by hn_throwaway_99
1514 days ago
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I thought the overall "shadowy Wall Street elite cabal" in this article was bizarre and a bit nauseating. I actually mentioned this somewhat recently, https://news.ycombinator.com/item?id=31156677, but the one place where crypto and blockchain actually does make sense to me is as a replacement for our (in the US) insanely outdated and antiquated settlement systems for banks. I was a software developer well steeped in the "API world" of modern software development, and when I got into fintech/banking and learned about how our current banking technology works I had about 64,000 WTFs. The thing that finally "clicked" with me is when I understood that our current banking technology is really just a digital implementation of paper processes from basically the 1950s and 60s. That why so much of the stuff is big, batch-file-processing-based, and why things that seem like they should be quite simple and straightforward have loads of confusing and arcane rules (just see the NACHA specs for ACH transfers). So seeing that large financial institutions are making use of blockchain technology (but without some of the stuff that is the achilles heel of many current cryptocurrencies, like proof-of-work) I see as a great thing to modernize our financial technology. This "crypto anarchists vs. wall street elites" bullshit is just something that plays out in a comic book-view of the world. |
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Especially since most of it is circumstantial, guilt by association or outright misleading. I don't know of anybody in crypto who still takes enteprise blockchains or the likes of JPM Coin seriously. In any case, it would give little credence to an accusation of collusion between Wall Street and the "crypto elite". It's just a private company using a certain technology.