COINBASE for Crypto has come

[vimothy]

a bunch of apps that do what?

 

[Clinamenic]

what makes you think it's non-dystopian? that is certainly not my impression

The dystopian possibilities revolve around having your every financial maneuver rendered publicly visible, the utopian possibilities are largely about having such data be practically uncensorable by would-be central authorities.

 

[Clinamenic]

a bunch of apps that do what?

Everything that apps currently do in a fractured set of private databases.

 

[vimothy]

also

 

[vimothy]

I love the concept of "almost immutable" databases

 

[vimothy]

Everything that apps currently do in a fractured set of private databases.

to what end?

 

[Clinamenic]

to what end?

Arguably the biggest value prop of blockchain is the possibility of this network effect, that all thse apps could actual leverage each other in ways that aren't nearly as feasible in our current technological world.

 

[Clinamenic]

Also, I'd say just the fact that all this data would be publicly auditable would be an end in itself, aside from whether or not such integration actually benefits all these apps in the manner of a network effect.

 

[vimothy]

in order to do what? to bring what about?

 

[Clinamenic]

I love the concept of "almost immutable" databases

Yeah I say that because if the nodes reach a consensus, the database can be changed.

 

[Clinamenic]

in order to do what? to bring what about?

More of a status quo of transparency about data, and decentralization of power. Not completely, but non-trivial steps forward.

 

[vimothy]

it's either immutable or it's not

 

[HMGovt’s Glorious Return!]

All I know is I'm pulling £5,000/month (after tax) in passive income from my very successfully and shrewdly chosen, totally free NFTs.

 

[Clinamenic]

it's either immutable or it's not

In absolute, black and white terms, it's not immutable. It;s just profoundly infeasible to orchestrate a mutation.

 

[vimothy]

The dystopian possibilities revolve around having your every financial maneuver rendered publicly visible, the utopian possibilities are largely about having such data be practically uncensorable by would-be central authorities.

even taking this at face value, what's to stop central authorities from using this technology to create a kind of financial panopticon?

 

[vimothy]

All I know is I'm pulling £5,000/month in passive income from my very successfully and shrewdly chosen, totally free NFTs.

amazing, you should start a youtue channel

 

[HMGovt’s Glorious Return!]

Either get to know or fuck off moaning

 

[Clinamenic]

They would need to outlaw alternatives to a CBDC, which, seeing as these stablecoins operate globally, would seem to require an intergovernmental effort to achieve. But if they could outlaw stablecoins, and phase out credit cards and other non-crypto payment sources, a panopticon could be forced into existence.

 

[vimothy]

I don't follow

 

[Clinamenic]

The current stablecoins don't require identity verification to use, so they aren't a panopticon. A CBDC may conceivably involve such regulations, and could associate ones on-chain financial activity with ones legal activity, which currently is only a piecemeal status quo, i.e. only certain platforms are required to enforce Know Your Client / Anti-Money Laundering procedures.