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Episode 37 - Blockchain, Smart Contracts, & False Promise ft David Gerard (Patreon)

Published:
2021-09-23 00:00:24
Imported:
2023-01

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Episode 37 - Blockchain, Smart Contracts, & False Promise ft David Gerard

full show at patreon.com/leftreckoning

Comments

Anonymous

so I definitely lost money on bitcoin. i had initially bought some on mtgox (which was a site that hosted exchanges) but then got scammed multiple times in multiple ways trying to sell it. people would charge me back on PayPal after I "sent the coins" or mark it as fraud and get their money back, my ewallet at inputs.io was knicked. im banned from Venmo to this day. the promise of bitcoin is that you can have the convenience of apps like zelle or cash app "without the bank or government" or that its "cash that can be sent thru the internet". the problem is that its not really private at all and they had to make whole new "currency" and, to make the "new currency" valuable, artificially limit it, and the process totally favors early adopters and those with more compute power as you guys said. without banks and institutions there is no way to stop fraud and restore victims. Even the source code of bitcoin itself (which is publicly viewable, but controlled by a shadow cabal) has been compromised: the cabal controlling the source code only makes decisions that favor large mining groups, and not "day to day users". (the problem being that users are expected to download the entire blockchain in order to append it which is gigabytes and gigabytes long and contains every single transaction). the only other way to use bitcoin without downloading the entire blockchain is by using an ewallet, which is just like a bank except the owner of the bank can steal all the money and get away with it. this is what happened on the Silk Road dark web site where people sold drugs; the owner - who, shocker, used an arbitrage system to build trust so folks could pay coins into the site and then release them to the seller after receiving the package, ended up stealing all the coins out of the arbitrage system and shutting off the site. I guess my question is is it morally wrong or unleftist for me to sell the small coin I have left? I might break even after all... or do I have to ritualistically destroy it, for humanity? I appreciate everything you guys and David Gerard said, just wanted to share my experience inside shitcoin world. I had an anarco leftist phase after occupy. one love.