this post was submitted on 06 Nov 2023
713 points (96.8% liked)
Technology
59292 readers
3982 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
No. Blockchain is a technology where you generate a hash of an event that happened - e.g. garage door opened at 7:00am, and then you hash another event - garage door closed at 7:02am, continue doing that for years, hundreds of thousands of garage door movements, and just by looking at the last hash in the event chain, you can verify, in less than a millisecond, that two copies of the blockchain are identical (e.g. the working data set and a backup copy of it).
It's just a simple and efficient data integrity checker and it's shit for scams - because there's no way to hide your tracks when the feds investigate you... as Sam Bankman-Fried just learned.
Pretty soon the scammers will realise they're better off with cash and paper books which can easily be doctored (or simply misplaced - "sorry your honor, we can't find records for July 2021 anywhere!").
Yep. It's hard to feel sorry for anyone who got grifted, who knew that buying the equivalent of a graffiti'd up CVS receipt would turn out to be worthless.