Hard Problems in Cryptocurrency: Five Years Later
None of these are the actual hard problems in cryptocurrency and the fact this is the focus speaks volumes. The real hard problems are:1. How do we stop using more power than Switzerland to process 4 transactions per second (lol)2. How do we stop payments to international terrorists and rogue states.3. How do we stop money laundering.4. How do we stop price manipulation by fraudulent actors.5. How do we allow people who lost access to their money by negligence, fraud, theft, act of god or otherwise, access to their money again.[bonus] how do we generate the right quantity of new cryptocurrency so that the pace of money growth matches that of economic and population growth so as not to disproportionately reward early comers just for “being early”?You know, the “currency” problems and not the “crypto” problems. These are the actual hard problems of cryptocurrency and until solved it will never, and I mean never, reach mass adoption, making the questions from the article totally irrelevant.