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... WHY you ask...and HOW did things get

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kiy   Sunday, 05/06/18 12:44:19 PM
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... WHY you ask...and HOW did things get so f*uckup...
Our existing financial institutions are deeply flawed, in short, and permanently prone to corruption, and this was so long before bitcoin was a gleam in its mysterious inventor’s eye. Satoshi Nakamoto made a point of stating it plain as day in the so-called genesis block that started bitcoin rolling: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” Bitcoin was a politically motivated project from the first, a new system explicitly built to provide a tamperproof digital means of exchange on which a better alternative to our existing banking systems might be based.

The theory behind all cryptocurrencies, including bitcoin, is that the records produced by a distributed computer network can be made tamperproof, thus theoretically guaranteeing the soundness of a currency better than governments can. And so far, despite some substantial bumps in the road, the blockchain system on which bitcoin is built has at least partially proved this theory. A million or more bitcoins have been stolen since 2009, but the underlying system’s distributed ledger, the accounting system on which bitcoin is based, has so far remained stable and incorruptible.

The many thefts and ripoffs that occurred in the early days of bitcoin call to mind the movie The Treasure of Sierra Madre, a fine drama of greed and corruption set during the 1920's. There can be no question that the prospect of instantaneous wealth, almost close enough to touch, can drive people insane. Note, however, that the propensity of greed to produce crime and insanity did not cause the value of gold to evaporate.
03/01/2018 https://ih.advfn.com/p.php?pid=nmona&article=76840441 Did North Korea Pull Off the World's Biggest Cryptocurrency Heist?

The real caveat here is that the incorruptibility of the bitcoin ledger survived, not only because of the system’s distribution, not only because of its clever cryptographic safeguards, but because of the good faith and good sense of individual developers who shepherded the project through its wobbly-legged infancy. Without the sangfroid of Gavin Andresen, who was effectively bitcoin’s sole steward during many of its early moments of crisis, the project might easily have died. Even today, the various forks and growing pains still bedeviling the bitcoin system are providing a kind of stress test. At present (this is just my opinion) the relative untrustworthiness of bitcoin’s core devs, who are thought by many to be strategizing for their own benefit, may be inflicting lasting damage not only to the cause of bitcoin, but also to the promise of blockchain technology in general.

... WHY you ask...and HOW did things get so f*uckup...

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