[Cryptography] Proof of Work is the worst way to do a BlockChain

[jamesd at echeque.com]

On 08/02/2018 17:18, Ersin Taskin wrote:
> 5. Plus no bank has robbed me, served me poorly with my money deposited 
> on them in my entire life.

Several American banks have robbed me and served me poorly, particularly 
with regard to iras and international transactions.

A number of people deemed enemies of the state, most notably wikileaks, 
were forced into cryptocurrency early by having their funds in quasi 
statal institutions (banks, paypale, etc) frozen, and lots of people 
have had their crypto currency frozen by quasi governmental crypto 
currency exchanges.

And in the Great Minority Morgtage Meldown, they served everyone very 
poorly and robbed large numbers of people.

In a big holiness spiral the banks competed each to lend more money to 
non Asian minorities than the other, the big winner being Countrywide, 
which was rewarded for its superior holiness by being enabled by the 
regulators to take over other banks with depositor money.

Competing each to lend more money to minorities than the other, they 
proceeded to make million dollar mortgage loans to cat eating wetbacks 
with no income, no job, no assets, and no credit rating.

They unloaded most of these dud mortgages on Fannie, which is to say the 
taxpayer, Freddie, which is to say the taxpayer, and on the Mortgage 
Derivative market, which is to say they swindled individual investors, 
though China was compensated by the American taxpayer for the money that 
the banks swindled out of them.

 From 2005 November to late in 2007, banks were still unloading dud 
mortgages at near face value on the mortgage derivative market, but 
investors who bought these derivatives at near the face value of the 
underlying mortgages found that they could not resell them, that prices 
in the derivative market were fake.  Every mortgage derivative sale from 
2005 November onwards was a bare faced swindle.

Swindling very large numbers of people out of very large amounts of 
money was deemed OK, because done in the holy social justice cause of 
getting non asian minorities to occupy houses in leafy green suburbs.

And now we are seeing a bunch of crypto currencies sponsored by quasi 
state entities in Green Energy, female emancipation, etc, which seem 
likely to retread the path trodden by the Mortgage Derivative Market.