this post was submitted on 14 Aug 2024
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if it worked like regular crypto, we’d have a major revolution after a bunch of pension money got lost to poor opsec, a smart contract hack, fat fingering, or any of the other fucking stupid things that only happen in crypto
Can't forget outright scams and pump and dumps.
Which happens because of the open nature of some of the crypto networks, nothing says their solution would have been an open one (probably not in fact since the stock exchange doesn't let just anyone list their company).
But otherwise there's plenty of scams and pumps and dumps on the stick exchange even with the safety measures in place at the moment...
So the system would be centralized...
Also the fact that scams already exist on the stock market doesn't automatically greenlight crypto-ing the whole thing. Though I don't think that's exactly what they were trying to do, is it? Sounds like they just wanted to slap a trade ledger on a block chain? Centralizing that would defeat the whole purpose of a blockchain.
Also I just caught that you said decentralized cryptos are more likely to be scams? I'm not following that line of thought.
I wrote about this previously https://awful.systems/post/1695710
yeah it was literally to use it as the back-end database for the settlement system
tl;dr not even crypto exchanges do things this arse-backwards
I'm not saying it greenlights making it crypto, I'm pointing out that the system in place doesn't prevent scams anyway.
The advantage of the blockchain, even if it's centralized, would be the transparency. USDT is centralized, doesn't keep people from using it and it allows the central authority to freeze stolen/criminal assets if they need to, but it's stuff anyone can look into if they want.
I'm not saying decentralized cryptos are more likely to be scams, I'm saying open cryptos are more likely to be used for scams. There's no shitcoins used for pumps and dumps on the Bitcoin network because Bitcoin is the only thing being traded on it. The Ethereum, BNB and Polygon networks are open, anyone can create alternative coins on them in a couple of minutes, that's where the scams happen.
Oh, because they're open source and easy to fork. Following now.
The issue is that only decentralized cryptos are actually transparent, centralized ones are just "trust me bro." Look at FTX.
FTX was an exchange though, they didn't operate a network as far as I know. So on a centralized exchange itself there's no transparency because they take the coins, put them in their own wallet and trades happen internally, but in theory you can still see how much of each give the exchange has in its wallet as the wallet itself is public. There's decentralized exchanges as well that just facilitate the exchange of coins between people but it's all happening on the network.
The way I see it for a stock exchange you would want that second option (decentralized exchange so it's transparent) and the different stocks would be what are called alt coins on the existing networks, but only the central authority could create new ones instead of it being open bar...
It would probably have been a centralized system though so much easier to control it.
A bit like USDT that is controlled by a company that has frozen assets on certain accounts in the past and replaced those frozen assets with new ones. They have control over the contract so they can just prevent certain wallets from interacting with it, making the coins useless as they're stuck in the wallet (need to interact with the contract in order to move coins around).
that sounds a lot like a shitty database with extra steps
Well, just the fact that it's 100% transparent is a step forward compared to the stock exchange as it is at the moment and otherwise your comment also applies to the stock exchange as it is working now...
"we made the plane 100% transparent! now you can tell if the pilots are doing anything bad, it's a major step forward. also it doesn't really fly now"
the plane's made of perspex and the wires are salt-soaked strings wrapped in liquorice strips for isolation but it's fine, our designer signed off on it
Wasn't the space ship in Niven's Ringworld series both literally indestructible and transparent? There's no way I'm going back to check because Niven is one of those authors I realized decades after reading him was a dirty old man.
no idea, never read
if you're gonna come in here and spew coiner bullshit at least make it entertaining for fuck’s sake
I was vacillating so, so hard on replying to this one