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this post was submitted on 04 Sep 2023
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chapotraphouse
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I agree, but if the anti fraud measures are legal in nature then what purpose does blockchain serve? You could take a traditional database and make it cryptographically signed and publicly verifiable and it wouldn’t need miners burning as much electricity as Ireland to maintain it because it could be maintained by organisations bound by regulations. It wouldn’t be blockchain though, or it would be a blockchain so distorted the name would cease to mean anything.
Basically if the political will existed to legislate a secure blockchain solution, the blockchain part would be necessarily redundant. That’s what I’m trying to say.
Of course it’s all academic because the political will doesn’t exist and as you allude to, capitalism will need to fall before it does.
I think this idea got started by people who don't trust the government and can see themselves being robbed from by financial institutions blatantly breaking and abusing rules, but they don't have the ideological framework to imagine something substantially different/trustworthy so they invent this technology as a bandaid fix for the specific problem of information transparency.
And the new ethereum proof of stake uses a fraction of the energy but is still considered a block chain.
Absolutely, it’s tech-fetishism (in the sense of commodity fetishism) combined with capitalist realism. They identify a very real problem, but they cannot believe that it is inherent to capitalism and can only be solved by its ending.
Edit: Proof of stake had inherent problems also, it removes the “fairness” of verification and ties the ability to do so directly to one’s investment.
The best way to defeat capitalists is by playing the game where the capitalist can buy a lot more game pieces and can fail many more times than you can.