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Did you miss the part about it being anonymous(pseudonymous)? Also did you consider the fact that it circumvents any government regulations / oppression / sanct

Did you miss the part about it being anonymous(pseudonymous)? Also did you consider the fact that it circumvents any government regulations / oppression / sanctions that parties involved in the transaction may have been subjected to? Bitcoin advocates know very well that centralized systems are faster and more efficient, that’s just the trade off of actually owning your assets. Right now you own nothing but some promise in some database controlled by bunch of potentially corrupt individuals governed by potentially repressive institutions.

minikites 7y ago
>Right now you own nothing but some promise in some database controlled by bunch of potentially corrupt individuals governed by potentially repressive institutions. Are you describing Bitcoin or fiat currency?
- keymone 7y ago
  you don’t understand how bitcoin works if you have to ask this question.
  - perl4ever 7y ago
    To be fair, people[1] have raised the question of whether bitcoin is manipulated by people who have printed other types of currency without limit, which implies practically nobody understands how bitcoin works. [1]https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3195066 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3195066
    - keymone 7y ago
      That’s like manipulating value of USD by printing more Euros. Sure it has effect because economies are interrelated by it can’t be sustained - Euro will be worth nothing eventually.
    - keymone 7y ago
      Also Tether is special case - it’s not unrelated altcoin, it’s supposedly stablecoin bound to BTC. “Supposedly” because no proper audit of tether assets and liabilities was done and there is little transparency. Counterargument is that if tether is insolvent, it would affect Bitcoin but only to some degree. Here’s the logic: if tether was printed without backing to buy and prop up price of bitcoin then somewhere somebody is sitting on a pile of USDT which they will want to get rid of. You can get rid of USDT by asking tether to buy them back from you for USD or you can trade them on the market for BTC. Assuming tether goes dark USDT owners will be forced to sell USDT at discount creating even more buy pressure for BTC. The whole thing will be a huge debacle and incur some damage to BTC but ultimately it’ll be perceived like one more exchange scams - not your keys not your Bitcoin, trusting that USDT can keep USD parity is purely on you. Bottom line is - people are being manipulated, not Bitcoin. Bitcoin will continue to live up to its promise - distributed open ledger and transaction platform, solving consensus problem via proof of work and there will only ever be 21 million of them.

minikites 7y ago

>Right now you own nothing but some promise in some database controlled by bunch of potentially corrupt individuals governed by potentially repressive institutions. Are you describing Bitcoin or fiat currency?

keymone 7y ago
you don’t understand how bitcoin works if you have to ask this question.
- perl4ever 7y ago
  To be fair, people[1] have raised the question of whether bitcoin is manipulated by people who have printed other types of currency without limit, which implies practically nobody understands how bitcoin works. [1]https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3195066 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3195066
  - keymone 7y ago
    That’s like manipulating value of USD by printing more Euros. Sure it has effect because economies are interrelated by it can’t be sustained - Euro will be worth nothing eventually.
  - keymone 7y ago
    Also Tether is special case - it’s not unrelated altcoin, it’s supposedly stablecoin bound to BTC. “Supposedly” because no proper audit of tether assets and liabilities was done and there is little transparency. Counterargument is that if tether is insolvent, it would affect Bitcoin but only to some degree. Here’s the logic: if tether was printed without backing to buy and prop up price of bitcoin then somewhere somebody is sitting on a pile of USDT which they will want to get rid of. You can get rid of USDT by asking tether to buy them back from you for USD or you can trade them on the market for BTC. Assuming tether goes dark USDT owners will be forced to sell USDT at discount creating even more buy pressure for BTC. The whole thing will be a huge debacle and incur some damage to BTC but ultimately it’ll be perceived like one more exchange scams - not your keys not your Bitcoin, trusting that USDT can keep USD parity is purely on you. Bottom line is - people are being manipulated, not Bitcoin. Bitcoin will continue to live up to its promise - distributed open ledger and transaction platform, solving consensus problem via proof of work and there will only ever be 21 million of them.