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by CPLX
4124 days ago
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> The "no recourse for fraud" meme about Bitcoin is simply wrong. OK, but wait: > There are not many dispute-resolution mechanisms right now... If Bitcoin catches on among a wider demographic, dispute resolution... will get built. The technology is very flexible and can accommodate just about everything... Ah, OK. So the fact that there's no recourse for fraud is actually correct. But because, in theory, there could be fraud detection, then there's no reason to worry about fraud. Reminds me of: https://www.google.com/search?q=assume+a+ladder |
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I don't know what Bitcoin will look like in ten years. I do understand the technology and am interested in having a discussion about it. But on Hacker News, in threads like this one, a great many of the comments demonstrate fundamental technical misunderstandings or seem to regard Bitcoin as a mature ecosystem. So I think it's appropriate to try to dispel the ignorance and to emphasize that Bitcoin is actually a nascent technology, one that offers far more than the rudimentary sort of magic Internet money that we see today. Bitcoin is a base layer for permission-lite financial innovation in whatever direction the market demands. You can build all sorts of stuff on top of it.
That means that if Bitcoin's still around in a decade, the ecosystem will likely look very different from today's. "Assume we will never have a ladder," you seem to be saying. Meanwhile, plenty of capable people are hard at work building ladders.