this post was submitted on 13 Nov 2024
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Blockchain wouldn't have mattered for 2008, at least not the crash parts. Blockchain would help with who owned which loans which was also an issue. It wouldn't do anything for the crash parts as that was bad lending fundamentals of no verified income or unrealistic appraisal.
Blockchain scams are evidence of it's unreadiness and naivety. Crypto has speed ran the last 200-300 years of financial fraud. Pump and dumps, ponzi schemes, front running, market manipulation, rug pulls, and more.the fact the only viable use case is crime is also pretty telling, anyone that can safely involve a government entity would rather do that.
There's scams with fiat currency, but you don't show that as evidence that dollars aren't ready for mainstream. When people get scammed out of their crypto it's not blockhain's naivety, it's the victim.
Edit: you all are comparing money, banking, AND government regulation to crypto. They are not comparable and that's not a fair comparison. Crypto is a ledger, like QuickBooks or bank accounts. I'm not even arguing that it should have a great value, but technically it does have value and it serves its purpose. Crypto is only like 15 years old.
When people get scammed in traditional currency, you can revert the transaction. You cannot revert anything with blockchain, and that's a feature, which means if you get scammed out of your bitcoin, there's nothing you can do. That money is lost, and the scammer keeps it.
Also, when I try to scam someone using my bankaccount, my bank goes "Uhhh, please show us that this isn't a scam". My bitcoin wallet doesn't care.