Which sounds stupid, but if we used it more for things that aren't stupid money, perhaps we could find something where transparency and permanent immutable logs are a good thing. For currency those may even be bad things because privacy. Which Monero solves and that's actually another useful thing - ability to make untraceable payments remotely. Used to have to use cash for that.

[–] CosmicTurtle0@lemmy.dbzer0.com 6 points 2 months ago (3 children)

permanent immutable logs

My understanding of current blockchain technology is that it's only permanent so long as someone is online maintaining the block integrity. If enough machines go down, or if enough machines come up that refute it, then anyone can push an alternate history.

[–] rumba@lemmy.zip 4 points 2 months ago

A Bitcoin heist where you install a false ledger using a botnet.

[–] boonhet@sopuli.xyz 3 points 2 months ago (1 children)

It assumes that the stakes are high enough for there to be a significant network online, yes. You could of course still compare your local history to the online one but by then the technology has failed its purpose.

[–] CosmicTurtle0@lemmy.dbzer0.com 4 points 2 months ago

The stakes may not be high for me but if it has value to someone, all I have to do is build my bot net and then hold their ledger ransom.

[–] Knock_Knock_Lemmy_In@lemmy.world 2 points 2 months ago

False.

How do you modify a transaction that occurred 100 blocks ago? You'd have to also modify the 99 other blocks since that modification. But for those new blocks to be valid you need to find the new magic number that brings the hash below a certain threshold, 99 times. But there aren't enough machines.

[–] Electricd@lemmybefree.net 1 points 2 months ago

There are a couple of good uses of blockchain, not only currency, but yea

[–] Chakravanti@monero.town 0 points 2 months ago (1 children)

Bitcoin would be fantastic to force businesses to be taxed under a clear ledger.

Snap, Atomic, whatever...

[–] boonhet@sopuli.xyz 2 points 2 months ago (1 children)

Well yeah, but as a private citizen, I don't want MY spending transparent to everyone like that

Now businesses? Yeah would be nice

[–] Chakravanti@monero.town 1 points 2 months ago (1 children)

No, I get it. You can see where I'm from here.

[–] boonhet@sopuli.xyz 1 points 2 months ago

Ah right, I was on mobile and Voyager doesn't show instance addresses by default lol