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Bitcoin is a system where you can have reasonably strong trust in the ledger and absolutely no trust in any other part of the market at all. It's a demonstratio
by JulianMorrison 9y ago
Bitcoin is a system where you can have reasonably strong trust in the ledger and absolutely no trust in any other part of the market at all. It's a demonstration in practise that pure unregulated trade in the digital equivalent of used unmarked bills leads to a broken market where literally everything is a scam, crime pays, and meaningful business cannot be transacted.
Its value is being propped up beyond this technical tinkering, by poorly informed optimism, ideological dreamers and a lot of people hoping to make hay while the sun shines, sometimes by knifing you first. It is going to bust all the way down to $0 and probably get internationally banned as an attractive nuisance.
- jebeng 9y agoIn what way is a transparent blockchain where every transaction is recorded and fully public analogous to unmarked bills?
- JulianMorrison 9y agoWay to pick out a non-central point. But the answer is that cash and bitcoins are intrinsically self-authenticating but not owner-identified and do not rely upon a credit card / bank-account facility which can be shut down by authorities if it is being misused.
- mrhappyunhappy 9y agoHere's a thought: if you bought Bitcoin with Fiat it is 100% identifiable to you. Please learn about blockchains before you talk.
- leereeves 9y agoYour real identity isn't in the blockchain. You can only be identified if the identity of whoever you bought from is known, they know your identity, and they can be induced to share it, or if the transaction can be identified and you can be tracked from the transaction.
- mrhappyunhappy 9y agoSo if I request a payment in Bitcoin and someone fulfills my request, this is not meaningful business? How is everything a crime? What are you taking about???