5 ms·

Whatever VISA is doing is orders of magnitude more efficient.

• VMG 8y ago
  * not censorship resistant * issuance controlled by a monopoly Don't get me wrong, I use VISA all the time, but it's a different product.
  • hudon 8y ago
    Bitcoin is neither of those things. Mining, developers and exchanges are all centralized. All a government that cares has to do to control issuance or censor transactions is regulate those entities.
    • mido22 8y ago
      do you really understand how transactions are recorded in bitcoin? Care to educate me how a government can censor a transaction?
      • hudon 8y ago
        One example that the US government's OFAC is considering is blacklisting addresses and tainted UTXOs [0]. Miners would be forbidden by law to confirm a transaction related to a tainted UTXO. This means if the transaction is spending a tainted UTXO or sending to a blacklisted address (and thus creating a tainted UTXO), it wouldn't be confirmed. "taint" in this case travels forward in a chain of transactions and is a well documented property if you google it. Companies like Chainalysis have become really good at not only clustering related UTXOs but also monitoring taint as UTXOs are attempted to be obfuscated. [1] [0] https://www.coindesk.com/goodbye-fungibility-ofacs-bitcoin-blacklist-remake-crypto/ https://www.coindesk.com/goodbye-fungibility-ofacs-bitcoin-b... [1] https://www.chainalysis.com https://www.chainalysis.com As an aside, the patronizing tone is unwarranted. It was acceptable five years ago when the jury was out on Bitcoin, but science is slowly revealing the inadequacies of the technology. Examples here [2] and here [3] and here [4] [2] https://www.cell.com/joule/fulltext/S2542-4351(18)30177-6 https://www.cell.com/joule/fulltext/S2542-4351(18)30177-6 [3] https://www.tse-fr.eu/sites/default/files/TSE/documents/doc/wp/2017/wp_tse_817.pdf https://www.tse-fr.eu/sites/default/files/TSE/documents/doc/... [4] https://arxiv.org/abs/1801.03998 https://arxiv.org/abs/1801.03998