[Arm-netbook] Urgent statement on Cryptocurrency ethics

Luke Kenneth Casson Leighton lkcl at lkcl.net
Thu Mar 22 06:53:42 GMT 2018

On Thu, Mar 22, 2018 at 6:40 AM, Hrvoje Lasic <lasich at gmail.com> wrote:
> I completely disagree. You are mixing block chain and cryptocurrencies.

 not entirely

> Also, I disagree on second point. We still have ` power at the hands of
> central banks, corrupt governments, expensive and flawed judicial systems,
> overcharging and underpayment by unethical insurance companies` *This is my
> main point, there is no actual business processes implemented.*

 that's not entirely true... and bear in mind i did say, "it's early
days".  ripple implements a business process, and cryptokitties
definitely implements a business process.

> Now this is
> all on speculation basis because it is `great technology`. Now is more
> about greed then something that can be good for all of us.

 yes that's very true.  like i said: "early days".

> Not too mention very inefficient process for exchange that spend way too
> much energy, just the opposite what main idea was. Paying with cryptos
> looks expensive right now.

 paying with *bitcoin* looks expensive [but didn't only 2 years ago]

> Then fraud practices, literally taking your
> money etc, criminal practices etc. These are all valid problems.

 look at where the fraud primarily occurs: i think you'll find that
there's a direct correlation between *central choke-points* and the
fraud.  oh.  sorry, i forgot to add the other qualifier to
crypto-currencies / blockchain: *individuals* have to take *direct*
responsibility [where previously they could abdicate that
responsibility to a third party / central authority].  if they fail to
take responsibility, they get ripped off [viruses, lost wallet
passwords etc.].

> I think we all agree that blockchain is really good technology but it
> should not be about speculation.

 because the carrot dangling free money in front of people gets them
interested like nothing else....

> Also, I am a bit skeptical about how we
> are to avoid third parties completely.

 by designing algorithms that take that into account.  Zero Knowledge
Proofs, Pederson Committments, proper peer-to-peer distributed
protocols and much more.  i reiterate: it's early days yet.

> Wherever there are humans there
> could be disputes, frauds etc.

 if there is fraud and disputes, then the design of the algorithm has
failed and/or the user has not taken proper responsibility.  again: i
reiterate, it's early days yet.

> Then again you need some kind of regulation.

 if regulation is needed then the design of the algorithm has failed.
again, i reiterate: it's early days yet.


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