The bitcoin blockchain hasn’t been hacked. Period. There has been 100% uptime.
The Fed doesnt come close to that reliability.
Any cryptocurrency that isn’t Bitcoin is referred to as a sh**coin. And usually rightfully so.
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The bitcoin blockchain hasn’t been hacked. Period. There has been 100% uptime...Any cryptocurrency that isn’t Bitcoin is referred to as a sh**coin
The main article points out serious vulnerabilities in blockchain technology overall. Ethereum - the subject of the article, is not sh**coin.
While technically it may be true that the Bitcoin blockchain itself hasn't been hacked, we can't just ignore the BILLIONS of dollars in theft and laundering that have occurred on the Bitcoin exchanges. An argument can be made that Bitcoin, cryptocurrency in general, and the creation of blockchain technology, have given a unique gift to technically savvy thieves.
We're talking about scale - the ability to do a great amount of damage, stealing vast amounts of currency/assets, through (proportionally) little effort - that is, for the people who have the technical expertise. An argument can be made that it is precisely the 'openness' of the blockchain that invites the criminality.
Beating the drum of 'decentralization' isn't going to cut it either. People are just naturally wary of something that is generally too complex for an average person to understand, especially when it comes to their money and financial welfare.
It's hard to understand how in 2024, anyone believes the credibility of the argument that Bitcoin, or any other cryptocurrency - will be used as a peer-to-peer payment system on a global scale. No government, no central bank - will EVER allow this to happen. If anything, the average person has to deal with more government oversight when it comes to their finances (see the IRS $600 rule). As it pertains to the global financial system - the citizen has no power. We don't even own the assets that we think we own.
The system being built is CBDC - with oversight and regulation.