I use friends and family as sample data for unit/integration tests.
At a previous job, I tested an automated email system by scheduling fake events for various US presidents. I’ve long left that position, but I never cleaned up the test data. Every month I still get a reminder for Nixon’s upcoming reservation at the Watergate Hotel.
You don’t have to trust banks to not shortsell the housing market with your own money (causing a recession for the entire world)
The way I read this, it suggests that banks shorting the housing market with my deposits caused a global recession.
You’re right about the ratings agencies (as far as I know, also from The Big Short), I was skipping over that for brevity.
Unrelated to the overall point you’re trying to make, but shorts didn’t cause the '08 recession. They just profited from it. The cause was banks treating mortgage backed securities as if they were an unsinkable asset class.
Relating things back to your point though, I’m not convinced that blockchains solve this. Take the crypto crash of spring/summer '22: You have a few products (TerraUSD/Luna, CEL token) “generating” yield that everyone (DEFI, CEFI, retail, institutions) piles on top of. Then that base layer of “value” turns out to be a naked emperor and there’s a massive crash when everything based on that system is now backed by nothing. Rigid computerized rules are only as solid as the axioms that underpin them. You can decentralize the interpretation of rules, but somebody can always start with a flawed assumption and then it doesn’t matter how reliable your decentralized system is.
As long as any asset can be rehypothecated into another, shinier asset, there’s always a risk that the underlying asset is shit. It’s no less true in crypto as in conventional banking.
Happened at my workplace. An phishing email went out to test how likely people were to click the link.
Anyone who clicked the link had to take phishing training. Anyone who forwarded it to our internal “hey this is a phishing email” service also had to take training… because the internal service would automatically click the link.