Kim Kardashian wants out of lawsuit for promoting EthereumMax

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PUBLIC DEFENDER By Brian Livingston Attorneys for Kim Kardashian, the famous reality-TV star, have filed a motion to dismiss a lawsuit that alleges in
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OscarCP, Andy M, DLivesInTexas, lmacri

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The letter to Congress, considering who some of the authors are, got my serious attention right away.
Thanks, Brian.

Some things in the letter in particular, such as:

“Not all innovation is unqualifiedly good; not everything that we can build should be built.”

Absolutely in agreement.

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“It’s almost a truism in the crypto world that the people who make a fortune from a new currency are mostly the people who invent and sell the initial supply.
Just to name the most obvious example: the originator of bitcoin, who is known only by the pseudonym Satoshi Nakamoto, holds roughly 1 million of the original batch of tokens. That stash is worth about $25 billion at bitcoin’s current price”

Reminds me of Ponzi pyramid schemes.

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“By its very design, blockchain technology is poorly suited for just about every purpose currently touted as a present or potential source of public benefit. From its inception, this technology has been a solution in search of a problem and has now latched onto concepts such as financial inclusion and data transparency to justify its existence, despite far better solutions to these issues already in use. Despite more than thirteen years of development, it has severe limitations and design flaws that preclude almost all applications that deal with public customer data and regulated financial transactions and are not an improvement on existing non-blockchain solutions.”

…..

“As software engineers and technologists with deep expertise in our fields, we dispute the claims made in recent years about the novelty and potential of blockchain technology. Blockchain technology cannot, and will not, have transaction reversal or data privacy mechanisms because they are antithetical to its base design. Financial technologies that serve the public must always have mechanisms for fraud mitigation and allow a human-in-the-loop to reverse transactions; blockchain permits neither.”

News to me, when it comes to other uses than those ripe for financial speculation as crypto is. For example, protecting the integrity of medical records and other sequential forms of recording important information. I would appreciate someone explaining this here, or giving references as to why this may be so, written in a manner not overly technical. See also:

https://www.sciencedirect.com/science/article/pii/S266660302100021X#:~:text=A%20Blockchain%20network%20is%20used,ones%20in%20the%20medical%20field.

Excerpt:

“Blockchain is a decentralised and public digital ledger that records transactions on many computers so that no record involved can be altered retroactively without altering any blocks afterwards. Blockchain is verified and linked to the preceding ‘block,’ forming a long chain. After all, Blockchain is the name of the record. As any transaction is registered and checked publicly, Blockchain provides a good deal of accountability.”

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Now back to the open letter:

“The catastrophes and externalities related to blockchain technologies and crypto-asset investments are neither isolated nor are they growing pains of a nascent technology. They are the inevitable outcomes of a technology that is not built for purpose and will remain forever unsuitable as a foundation for large-scale economic activity.”

When it comes to crypto, certainly. All these remarkably bad events have been in the news repeatedly in the few years elapsed since the first cryptocurrencies came to the attention of the public.

Ex-Windows user (Win. 98, XP, 7); since mid-2017 using also macOS. Presently on Monterey 12.15 & sometimes running also Linux (Mint).

MacBook Pro circa mid-2015, 15" display, with 16GB 1600 GHz DDR3 RAM, 1 TB SSD, a Haswell architecture Intel CPU with 4 Cores and 8 Threads model i7-4870HQ @ 2.50GHz.
Intel Iris Pro GPU with Built-in Bus, VRAM 1.5 GB, Display 2880 x 1800 Retina, 24-Bit color.
macOS Monterey; browsers: Waterfox "Current", Vivaldi and (now and then) Chrome; security apps. Intego AV

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Never trust anyone with artificial pumped up lips!

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wavy

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