5 ms·

One more reason to use Bitcoin.

by popol12 10y ago

kefka 10y ago
yeah, because we can introduce a max cap of 5 transactions/second. Sounds like a great idea :/ Bitcoin isn't the answer. Sane banks with good laws, however are.
- dest 10y ago
  To be fair, the max cap of btc transactions may not last forever, with off-chain or alt-chain transactions. Of course sane banks with good laws are desirable. But bitcoin can be seen as a way to put pressure on the regulating entities, so that the laws are designed with more protections for the citizen.
- dnautics 10y ago
  did you not notice how this 'good law' suddenly became racist?
  - Ensorceled 10y ago
    It's not racist, it's nationalist. I'm sure it's not flagging Japanese because they come from a low crime country despite they're being of non Northern European descent. Not necessarily defending it, but please name the bigotry correctly.
pjc50 10y ago
That enables you to lose the £440k instantly and with no recourse instead.
- elcct 10y ago
  Yeah, if you freeze your own wallet somehow :)
  - pjc50 10y ago
    The kind of things I've seen reported on /r/bitcoin: - lose key to wallet - lose wallet due to inadequate backups - lose contents of "brainwallet" due to weak password - lose wallet/contents due to malware targeting bitcoin - lose wallet/contents due to bug in client software (recommendations change frequently) - send to merchant, defrauded in the old-fashioned way - keep on exchange for trading, exchange collapses - erroneously swap transaction value and transaction fee, or other fat-finger errors - erroneously send to wrong or non-existent target address
    - duiker101 10y ago
      It's like dropping your phone in the toilet. You never think it'll happen to you... until one day...
    - DennisP 10y ago
      Many of these can be prevented by multisig and/or a hardware wallet with the seed phrase tucked away. Sending to the wrong address can be fixed with smart contracts that associate addresses with easier identifiers. Swapping value/fee can be prevented with a simple safety check in the client software, to make sure the fee is reasonable.
      - elcct 10y ago
        We are still at the beginnings. With Bitcoin you are your own bank and some people are not used to have such responsibility and freedoms it gives.
        blibble 10y ago
        one of the pro-consumer features of the regular banking system is that it is possible to undo mistakes not possible with bitcoin
        elcct 10y ago
        It is possible, but sometimes it is not. If you sent money to wrong account, bank can't just take it back from other party account. On the other hand, I by mistake sent bitcoin to a wrong address and couldn't believe that someone who owned that address sent me all bitcoins back week or so later. There are good souls out there :)

One more reason to use Bitcoin.

by popol12 10y ago

One more reason to use Bitcoin.

kefka 10y ago

yeah, because we can introduce a max cap of 5 transactions/second. Sounds like a great idea :/ Bitcoin isn't the answer. Sane banks with good laws, however are.

dest 10y ago
To be fair, the max cap of btc transactions may not last forever, with off-chain or alt-chain transactions. Of course sane banks with good laws are desirable. But bitcoin can be seen as a way to put pressure on the regulating entities, so that the laws are designed with more protections for the citizen.
dnautics 10y ago
did you not notice how this 'good law' suddenly became racist?
- Ensorceled 10y ago
  It's not racist, it's nationalist. I'm sure it's not flagging Japanese because they come from a low crime country despite they're being of non Northern European descent. Not necessarily defending it, but please name the bigotry correctly.

pjc50 10y ago

That enables you to lose the £440k instantly and with no recourse instead.

elcct 10y ago
Yeah, if you freeze your own wallet somehow :)
- pjc50 10y ago
  The kind of things I've seen reported on /r/bitcoin: - lose key to wallet - lose wallet due to inadequate backups - lose contents of "brainwallet" due to weak password - lose wallet/contents due to malware targeting bitcoin - lose wallet/contents due to bug in client software (recommendations change frequently) - send to merchant, defrauded in the old-fashioned way - keep on exchange for trading, exchange collapses - erroneously swap transaction value and transaction fee, or other fat-finger errors - erroneously send to wrong or non-existent target address
  - duiker101 10y ago
    It's like dropping your phone in the toilet. You never think it'll happen to you... until one day...
  - DennisP 10y ago
    Many of these can be prevented by multisig and/or a hardware wallet with the seed phrase tucked away. Sending to the wrong address can be fixed with smart contracts that associate addresses with easier identifiers. Swapping value/fee can be prevented with a simple safety check in the client software, to make sure the fee is reasonable.
    - elcct 10y ago
      We are still at the beginnings. With Bitcoin you are your own bank and some people are not used to have such responsibility and freedoms it gives.
      - blibble 10y ago
        one of the pro-consumer features of the regular banking system is that it is possible to undo mistakes not possible with bitcoin
        elcct 10y ago
        It is possible, but sometimes it is not. If you sent money to wrong account, bank can't just take it back from other party account. On the other hand, I by mistake sent bitcoin to a wrong address and couldn't believe that someone who owned that address sent me all bitcoins back week or so later. There are good souls out there :)