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I don't understand. Isn't the point of bitcoin that it doesn't need a central authority? If Bitcoin has evolved to the point where you need to have currency e
by tuna-piano 9y ago
I don't understand. Isn't the point of bitcoin that it doesn't need a central authority?
If Bitcoin has evolved to the point where you need to have currency exchanges that act just like banks... what's the point?
- jeremyt 9y agoThe point is to not to need to convert back to fiat.
- 52-6F-62 9y agoThere are dealers and exchanges who abide by regulation in one or more countries, and some that don't. It's also public record where transactions travel on the blockchain, so if it was ever noted what address the funds entered, I imagine it could prove difficult to dilute the transactions enough that the ledger wouldn't be accepted as proof. But I'm just speculating on that last bit.
- rickycook 9y agoonly to transfer it into another currency you can trade bitcoin to bitcoin just fine
- artursapek 9y agoIt is more accurate to say that the point of Bitcoin is everyone has perfect information about how much money everyone has and who they transact with. The hackers are free to send the stolen money to someone else with no central authority to stop them, but an exchange is likely to reject that because they deal with fiat and therefore have to meet certain legal and ethical standards. The hackers can still spend the money on something else provided the other party doesn't hold themselves to the same standards.
- hellbanner 9y ago"likely to reject" -- I haven't seen any history of exchanges stopping specific withdrawals for certain coins.
- deleted 9y ago[deleted]