XPost: alt.os.development, comp.arch   
   From: nmm@wheeler.UUCP   
      
   In article ,   
   R.Wieser  wrote:   
   >   
   >The problem with crypto-currency is that its validity is not determined by   
   >something on the currency itself, but by what other people "in the chain"   
   >have stored about it.   IOW, its *fully* out of your control.   Dirty and/or   
   >break that chain and suddenly the value of your crypto-block drops to Zero.   
   >   
   >And when you than would try to rectify that you would have to deal with   
   >scores of people, all pointing to each other as the possible cause of that   
   >breakage (read: with you being left in the cold).   
   >   
   >Try to do that with cold hard cash, or even a bank account.   
      
   I can assure you that exactly such denial of responsibility is fairly   
   common in finance and banking, though it's not as overt or as basic   
   a part of the design as in cryptocurrency.  Consider guaranteed debts   
   where the guarantor has insurance, and similar horrors.  One break in   
   the chain (whether from bankruptcy, fraud, or simply reneging) can   
   leave the owner of the money faced with a legally impossible task to   
   recover it.  The algorithmic problem of securing guarantees (which is   
   what money is) is both ancient and intractable.   
      
      
   Regards,   
   Nick Maclaren.   
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)