8/15/2023 0 Comments Iota tangle bug![]() Again, how do you know that their representations regarding the currency are true? How do you know that the amount of crypto withheld for the founding organization is fair or won’t overly dilute the network? How do you know there are no backdoors? If the crypto is pegged to another currency/commodity/crypto, how do you know that the peg will work in practice (this is very hard)? How do you know that the organization is actually holding the pegged currency in reserve, like they said they would? Even if the currency is perfect, how do you know that your wallet provider is safe/not inadvertently malicious? What recourse will you have if you get hacked? (none, and if someone says “that’s not fair, Chase can be hacked too” - sure, but that’s less likely, and the U.S. However, you could only trust the system to properly implement this extremely intangible technology if you fundamentally trust the organizations involved. Theoretically, what’s going on behind the scenes shouldn’t matter. Side note: I changed “trust something” to “trust a currency” in my OP to be more specific. It is, essentially, a currency backed by full faith in speculation, illicit activity, asset hiding, and under the radar transactions. Bitcoin took a step down in both intangibility and institutional trust. Digital dollars are more tangible than cryptos. Physical dollars are more tangible than digital dollars. The less tangible the currency is, the more trust is required in the issuing institution. ![]() However, there is a “tangibility-trust” axis with currencies. My point isn’t that full understanding is a prerequisite for widespread crypto adoption. Trust us, we’re better than the Other Guys” how can you fully evaluate them? Even if they have great standards on paper, how do you know that they will be upheld in practice? How do you know that there’s no backdoor for hackers or company founders to use? Even if you do all your research before investing, you’re still a sitting duck with the tail risk of capricious losses. Here are all the virtually incomprehensible protections we have. Zox said “keep your cryptos with us, we have the latest in crypto security. There’s no mining (which adds huge transaction costs to the network). There’s no wallet code on a flash drive that you can lose. They don’t know much about the monetary system from a macro standpoint, but a dollar is a dollar. Obviously, while such a system has tangible consumer benefits, it wouldn't be nearly as libertarian as Bitcoin. The government cryptos would have to be as impermeable to hackers as your current digital bank account with (insert Big Bank here). The data would only be used for that loan in particular, and it would be illegal to use it for any other purposes, or to retain it after the loan is done. When someone wants a loan, commercial banks and fintech companies would get temporary access to user data to compete on providing that loan. Every citizen would have a free digital checking account, fully backed by the issuing government. They are an opportunity for the government to create a centralized Federal Retail Bank that reduces the amount of rents and subsidies captured by commercial banks. Governments will probably issue cryptos themselves eventually. I don't think cryptos will ever take off without widespread institutional and gubernatorial support. Can you really trust a currency that the vast majority of people don't understand? Trust is a big part of a credible cryptocurrency. If you're incredibly space-constrained but only somewhat CPU-constrained, it might make sense to encode numbers as ternary when persisting them, as a kind of compression and then to persist them to something else that stores natively in ternary (like an imaginary NAND cell design half-way between SLC and MLC with three voltage levels per cell.) But that's probably nothing to do with what IOTA's doing with it, if they're using ternary as a live representation for computation. pretty much the only existing real-world use I know of for ternary, though.įor a non-real-world argument: ternary is closest to the theoretical "base e" that would have the best numeric packing factor, and therefore be able to represent numbers in the fewest digits. (The "third value" here acts like a NULL does in an RDBMS, but comparing equal to everything rather than unequal.) "0110?10?1") to describe the search queries you want your CAM to execute and the CAM itself needs to be able to store trits so that it can represent bits that "don't matter" and could match a search query with any value in that position. You need to be able to put essentially "trit vectors" on the address bus (think e.g. There's one place ternary logic already exists-the found in network switches. Devil's advocate arguments, from someone who has never really paid attention to IOTA:
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |