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That's a silly argument. Bitcoin does not rely on validation by 3rd parties. It relies on validation by a large number of independent third parties who can only
by darawk 9y ago
That's a silly argument. Bitcoin does not rely on validation by 3rd parties. It relies on validation by a large number of independent third parties who can only act in a way inconsistent with the rules of the system if a majority of them collude. And even then what they can do is very narrowly prescribed (a double spend attack, specifically). That is vastly different from trusting a single independent third party like a bank who has literally no restrictions whatsoever on what they can do unilaterally.
- b1daly 9y agoWell, banks have tremendous restrictions on what they can do, in collusion, or unilaterally. One very good reason for this high level of regulation is that banks are a primary component of the money supply system. Having a functional monetary system is a great thing, for the society as a whole. It has aspects of being a public good. (Some people argue that banking should be made a government supplied service, for this reason.) Almost every aspect of modern life is subject to laws and regulations, by a sovereign entity of some sort. Such an entity has very valid reasons for regulating the use of bitcoin. Even people using bartering systems have gotten in trouble with the IRS.