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Dare Obasanjo

This story of North Korea’s nuclear program being funded by hacking crypto reminds me of why Silicon Valley VCs infatuation with crypto annoyed me so much.

While there were techies who naively bought the hype that the blockchain and decentralized would magically solve a host of problems, VCs like a16z were never that naive.

Crypto allowed them to create a new financial system with no regulations. Insider trading? Go ahead. Money laundering? That’s just decentralization.
politico.com/news/2023/12/21/n

25 Dec 2023 at 13:48 | Open on mas.to
15 comments
IPmonger

@carnage4life I’m still looking for a blockchain use-case that isn’t essentially an unregulated financial system… the demand for public database with (relatively) high update latencies are bountiful even excluding fincrimes, right?

25 Dec 2023 at 13:52 | Open on hachyderm.io
Leon Bambrick

@carnage4life it’s hard to know if it’s just that my network were 99% “very sceptical” re crypto, or if that was common amongst software developers more broadly? It might take only a small percent, to implement the whole thing, given the numbers of developers today.

25 Dec 2023 at 14:01 | Open on mastodon.cloud
RCG

@carnage4life this is another side of the constant failure on tech companies to create and release quality products. Every company now is ok with monthly release patches, the never ending bug fixes (often outsourced to white hackers), the mediocrity of their own testing capabilities. Is all about shipping code even if it does not help customers or consumers. this is the environment that enables crypto to flourish.

25 Dec 2023 at 14:51 | Open on mastodon.world
Noah Cook

@ReneGarcia @carnage4life Now I have this mental image of the large room with the ENIAC tables, and every time it blows a tube and they have to shut it down and replace it, there's a voice whispering from a dark corner, "pssst, kid, wanna get on the Blockchain?"

25 Dec 2023 at 16:33 | Open on med-mastodon.com
Allan Chow

@carnage4life unintended consequences be damned because it's UNINTENDED, your honor. Therefore I'm not guilty.

25 Dec 2023 at 15:56 | Open on fosstodon.org
𝚝𝚓𝚠

@carnage4life I'm entertained by the thought that anarcho-capitalists ended up helping North Korea, but then if I think about it enough, it's not even that ironic.

25 Dec 2023 at 15:59 | Open on mastodon.social
RealGene ☣️

@carnage4life
Ah for the days when North Korea just printed $100 bills that were better than the real thing…

25 Dec 2023 at 16:13 | Open on mastodon.online
Noah Cook

@carnage4life Wait, there have been people investing in crypto for reasons other than ransomware, Colombian agricultural exports, and Ponzi schemes?

25 Dec 2023 at 16:29 | Open on med-mastodon.com
Paul Sutton

@carnage4life

Surely other countries would have to follow suit for this to be really effective.

25 Dec 2023 at 17:09 | Open on qoto.org
Pepita Pepito

@zleap @carnage4life When it comes to the financial system, the US is in a position to tell other countries what to do (otherwise they get disconnected from USD settlement, which is quite onerous).

25 Dec 2023 at 19:59 | Open on cryptodon.lol
:gnu: bonifartius 𒂼𒄄

@carnage4life
> Crypto allowed them to create a new financial system with no regulations.

as it should be.
25 Dec 2023 at 19:04 | Open on qoto.org
Matt Sicker מתן בן פטר (WIP)

@carnage4life I can only begin to imagine how many wars and deaths have been funded through shitcoin markets. Iran, Russia, …

25 Dec 2023 at 19:06 | Open on babka.social
Iron Bug
@carnage4life I warned ppl that would be like this. and it's generally a financial pyramid, that's why I never used it. but people are attracted by glowy sticker "decentralized" and are ready to exhange real earned values for some monopoly money that finance terrorists and dirty trafficing.
26 Dec 2023 at 0:41 | Open on friendica.ironbug.org
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