(4) Crypto "mining" (validation of encryption codes so a processor can access a transaction block) is a MASSIVE energy drain.
Not good in a time of rising energy costs and a worsening climate crisis.
(5) Blockchain may be great for a lot of transactional applications, but when you learn how it actually works, basing a global financial system on it is, in my opinion as a software engineer, sheer insanity! It is massively inefficient and the risk of the entire thing getting corrupted, slowing to a crawl or crashing under heavy usage or malicious intent should be a huge cause for concern.
Not good characteristics for a system you want to use to maintain secure global financial transaction data.
Btw, when Elon wanted out of the deal, why didn't Twitter just say "ok, bye"?
As a former stockbroker, I never sold a product I didn't understand. And I advised my clients to never buy a product/security/financial instrument they did not understand. It was and still is a very good rule.
Twitter accepted the deal because corporations have one overriding mission: Maximize shareholder value. Shareholders got paid way above a realistic market price.
I don’t think any population of Twitter’s users, vendors, customers, business partners, etc. would have accepted the deal.
Two more main problems for crypto:
(4) Crypto "mining" (validation of encryption codes so a processor can access a transaction block) is a MASSIVE energy drain.
Not good in a time of rising energy costs and a worsening climate crisis.
(5) Blockchain may be great for a lot of transactional applications, but when you learn how it actually works, basing a global financial system on it is, in my opinion as a software engineer, sheer insanity! It is massively inefficient and the risk of the entire thing getting corrupted, slowing to a crawl or crashing under heavy usage or malicious intent should be a huge cause for concern.
Not good characteristics for a system you want to use to maintain secure global financial transaction data.
Btw, when Elon wanted out of the deal, why didn't Twitter just say "ok, bye"?
Meh, not really.
PoW going away, being replaced by PoS. Will be just fine energy-wise.
Re: inefficient, there are several techniques for scale-up. E.g. sharding. No big deal.
The conventional wisdom, at the moment, seems to really really want crypto to fail. And, it may, in some sense(s). Guess we'll see.
As a former stockbroker, I never sold a product I didn't understand. And I advised my clients to never buy a product/security/financial instrument they did not understand. It was and still is a very good rule.
“Fiduciary Duty”
Twitter accepted the deal because corporations have one overriding mission: Maximize shareholder value. Shareholders got paid way above a realistic market price.
I don’t think any population of Twitter’s users, vendors, customers, business partners, etc. would have accepted the deal.
Exactly correct. If board had let him out they would be subject to shareholder derivative lawsuits out the wazoo.
Murder-suicide-suicide pact? I have no idea, but I'm so happy that they did.
The former shareholders are getting paid. I'm not sure even with sound management whether Twitter would have been a good investment at that price.