No, this would be better if the headline where IT outage shows the dangers of centralized systems because that would be more accurate. The monero network kept chugging along all day with no problems.
this post was submitted on 21 Jul 2024
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True, but if internet connection for some reason crashes in some part of the world you still can't use crypto there, so cash is still not useless (and probably shouldn't ever be).
It took me about a month to get over the lack of “convience” of no cards & needing to carry cash in my country, but now I absolutely prefer it—as do small vendors. Card usage is very low & if you use one, minimums are high & you are on the hook for the network fee. Where I was born, folks bake the cost of the fee into the price which means using cash, you are subsidizing everyone using cards/apps which is pretty insane—it’s money for the giant payment providers that vacuum up all of our personal data. Cash is resilient, but way more private.
While this does raise a good point, crypto would be no better in this case as the machines that run the PoW/ PoS, etc might also be running on Windows systems, no? I know most are likely Linux, which weren't affected by the Falcon mayhem this week, but if we're comparing payment methods, both credit/ debit and crypto rely on some sort of network
both credit/ debit and crypto rely on some sort of network
Credit/debit rely on centralized networks which will have more of the same systems running the same software. Bitcoin is decentralized, running on several versions of several softwares and updates don't roll out to the entire network at once. Much more resistant to this kind of outage. Which is why Bitcoin has a better uptime than pretty much any bank or other financial provider. It's simply more resistant to this kind of failure.
Very true. At worst the crypto network(s) might just have an influx of transactions and maybe a few validators go offline if they were running Falcon endpoint detection.