[Cryptography] [FORGED] Schneier in Wired: There's No Good Reason to Trust Blockchain Technology

[Paweł Zegartowski]

>
>
> John Levine <johnl at iecc.com> writes:
>
> 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.
>
>
Well yeah, in general that's true, though in blockchain network "the
network" can "vote" and agree to rewrite some part of the past by altering
past blocks of the chain in majority of full hosts.
We've seen that in ETH network e.g. with DAO Hack [1] and in fact
discussions about altering part of the chain still happens from time to
time.

So yeah, no court or formal institution can decide here but vote of
majority of the hosts (users). I believe for some minds especially those
with a bit anarchistic inclination such model can be appealing.
For general public though? Well, let's face it - cryptocurrencies never got
to the point where they're used by general public anyway.

Regards,
Paweł Zegartowski

[1]
https://coincodex.com/article/50/the-dao-hack-what-happened-and-what-followed/
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