Re Schneier in Wired: There's No Good Reason to Trust Blockchain Technology

["Dave Farber" <farber () gmail com>]

Begin forwarded message:

> From: Peter Gutmann <pgut001 () cs auckland ac nz>
> Date: February 8, 2019 at 9:52:39 AM GMT+9
> To: John Levine <johnl () iecc com>, "cryptography () metzdowd com" <cryptography () metzdowd com>
> Subject: Re: [Cryptography] Schneier in Wired: There's No Good Reason to Trust Blockchain Technology
>
> John Levine <johnl () iecc com> writes:
>
> > Nothing particularly new here, just reminding us why whatever problems public
> > blockchains solve, they are not problems you have.
>
> Yup, and it points out an important feature about trust in conventional
> financial mechanisms: If something goes wrong with a conventional mechanism, I
> trust that the bank or credit card company, or ultimately the courts and/or
> government regulators, will sort it out.  That's worked for centuries.
>
> The blockchain on the other hand is the car without seatbelts and brakes of
> the financial system.  If something goes wrong with a blockchain-based
> mechanism, I trust that I'm screwed.
>
> Enthusiasm for blockchain seems to follow a pattern of being inversely
> proportional to the enthusiasts knowledge of how large-scale financial systems
> work (with the occasional exception of people who are aware of how they work
> but have thrown in the blockchain because it'll get then funding).
>
> Peter.
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> cryptography () metzdowd com
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