Key phrases transcribed below the fold.
“The blockchain is an immutable, absolute record of facts of what actually is happening and what has happened.
Once we understand that fully then all of us can know the truth.
If you want to know certain transactions that have happened, they are on the blockchain.
Applications using the blockchain are using it because it is an immutable record of what has happened.
For the first time in human history, we have that. So we have the truth available to us. If we structure it properly so then we can access it, then we all know the truth.
If we know, for example, that HitBTC is, in fact, a criminal organization stealing money – how do we know? Because its on the blockchain.
Take a look, they stole all my money. Do I have a proof? Yes, it’s all here in the blockchain.
Then we can make a choice. We don’t need police, we don’t need regulations, we don’t need force, we don’t need to go into the HitBTC office (even when we don’t know where they are). We don’t need to. We all stop using it.
Because we know that if we put our money there, they will steal it. Then we don’t put our money there.
What happens? They just disappear.
Now, we don’t have the privilege of punishing these people. But, does punishment help? No.
If a tiger eats a gazelle, does punishing the tiger do anything? No.
If you look at it: Don’t play with the tigers if you are a gazelle. Don’t go into this field because it’s full of tigers. Eat over there.
Do you understand? We need no force, we need no police, we need no one to protect us.
All we need is the truth.
And the blockchain gives us the truth.”
Stephen E. Arnold: Yes, but. ….for public blockchains (private are a difference kettle of fish) a 51% attack, application of the Small Leaks Sink Big Ships methodology, or pay two or three of the blockchain analytics firms to publish a list of interesting transactions to illustrate the utility of
blockchain for bad actors. Sort of a George Soros “public service operation.”
But the big play is to let Switzerland and Goldman Sachs dominate the financial sector and the technology. Then “You want to play, you do it our way.”
And of course you have the Chinese controlling a stunning share of blockchain value and blockchain mining operations.