this post was submitted on 19 May 2025
710 points (97.2% liked)
memes
14820 readers
4221 users here now
Community rules
1. Be civil
No trolling, bigotry or other insulting / annoying behaviour
2. No politics
This is non-politics community. For political memes please go to !politicalmemes@lemmy.world
3. No recent reposts
Check for reposts when posting a meme, you can only repost after 1 month
4. No bots
No bots without the express approval of the mods or the admins
5. No Spam/Ads
No advertisements or spam. This is an instance rule and the only way to live.
A collection of some classic Lemmy memes for your enjoyment
Sister communities
- !tenforward@lemmy.world : Star Trek memes, chat and shitposts
- !lemmyshitpost@lemmy.world : Lemmy Shitposts, anything and everything goes.
- !linuxmemes@lemmy.world : Linux themed memes
- !comicstrips@lemmy.world : for those who love comic stories.
founded 2 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
I might be incorrect, but databases can always be updated to affect existing data.
That's what an audit trail is for.
And what happens when the audit doesn't get written to, because there is a "delay" when the transaction happens? Or maybe it doesn't happen at all.
In the NFT design, the transaction is it's own audit entry. It's federated because that's how block chains work. No one can argue that the transaction didn't happen, and everyone knows who it belongs to.
The fact that banks generally aren't running off with your money suggests the system works.
The fact that hacking an Instagram account can let you social engineer yourself into the NFT system shows that system does not work.
I'm fairly certain financial institutions don't use it because of that anti-laundring application.
They don't usually want their transactions publicly known anyway.