4 ms·
I think it's absurd to think that it should be possible to package 150 years of median US household labor into an easily transportable, easily securable form. T
by creato 8y ago
I think it's absurd to think that it should be possible to package 150 years of median US household labor into an easily transportable, easily securable form. That simply will never be possible. It's not a technology problem.
Even if you could somehow do this, you would be incredibly vulnerable to extortion, and I doubt you would actually really want to do this even if you had the capability. There are people that have significant wealth that exists outside of "official" legal capacities (drug lords, dictators of small nations, etc.). They have to spend incredible effort on maintaining security of their assets. Pretty much the only thing that works is giving an army of people a better deal than they can get from someone else to steal your wealth from you.
- DINKDINK 8y ago>Even if you could somehow do this...That simply will never be possible You already can: bitcoin. >I doubt you would actually really want to do this even if you had the capability If I'm a Jew in 1930s Germany or a grocery store owner in Venezuela and I see the writing on the wall that my government is constantly deriding me, saying I'm the scourge of and leach on society, I'm going to immigrate out of the country. They've banned all institutions from services me, I benefit from having access to a means to store wealth that's independent from a government. To disagree is to be excessively myopic and optimistic.
- creato 8y ago> If I'm a Jew in 1930s Germany or a grocery store owner in Venezuela and I see the writing on the wall that my government is constantly deriding me, saying I'm the scourge of and leach on society, I'm going to immigrate out of the country. They've banned all institutions from services me, I benefit from having access to a means to store wealth that's independent from a government. To disagree is to be excessively myopic and optimistic. I didn't disagree with any of that. My position is that if you are actually in that situation, bitcoin doesn't help that much, and no technology can. If you attempt to actually execute this plan, the risk is extremely high that you will be detected, and a corrupt government doesn't have any shortage of ways to force you to comply with whatever they come up with. Are there any examples of a Venezuelan moving a significant amount of wealth out of the country via bitcoin?
- int_19h 8y agoI don't think you're going to find any specific examples, because nobody is going to boast of moving a lot of money under the radar. But judging by the trade volume in Venezuela, they're clearly using it for something. https://www.cnbc.com/2019/02/14/venezuela-crisis-bitcoin-trading-volumes-hit-an-all-time-high-.html https://www.cnbc.com/2019/02/14/venezuela-crisis-bitcoin-tra...
- wolco 8y agoHere is a great article. The size of the /growth of market is interesting. https://cointelegraph.com/news/how-venezuela-came-to-be-one-of-the-biggest-markets-for-crypto-in-the-world https://cointelegraph.com/news/how-venezuela-came-to-be-one-...