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Bitcoin isn't censorship resistant when you want to pay out into real money. The exchanges can block it, especially if you're on one of the various "do not trad

by zaarn 7y ago

Bitcoin isn't censorship resistant when you want to pay out into real money. The exchanges can block it, especially if you're on one of the various "do not trade" lists.

deleted 7y ago
[deleted]
mrb 7y ago
You don't get it. The full benefits of Bitcoin are realized when you stay in the system. Receive BTC. Spend BTC. Avoid converting to fiat ("real money") when possible. As adoption increases[1] year-over-year it becomes increasingly feasible to do that, to stay in the system. [1] https://bitinfocharts.com/comparison/bitcoin-transactions.html https://bitinfocharts.com/comparison/bitcoin-transactions.ht...
- zaarn 7y ago
  Ah, so where in Iran can I live only using Bitcoin and no paper money whatsoever?
  - oska 7y ago
    No part of this story happened in Iran. It was a US American sending money to a US American media website. > On January 3, a reader tried to make a donation of $10 to The Grayzone through PayPal. The small donor, a US citizen who lives in California, wrote the following message to accompany the donation: “Thanks for all your excellent work and especially the Gray Zone’s coverage of the murder of Soleimani and war with Iran. You fellows are so insightful and brilliant.”
  - ryanlol 7y ago
    I’m sure you’d have no trouble finding someone in Iran willing to take BTC and pay literally anything for you. Sure, there’s still paper money involved at some point. But there’s no need to use western exchanges directly.
  - mrb 7y ago
    I did not say that it was possible to live using Bitcoin in Iran. Read my comment again.
    - zaarn 7y ago
      I would argue that the problem is that nothing about Bitcoin is feasible to carry any large scale system that could handle even one country's day-to-day transactions. At best, Bitcoin is currently an instrument for investors at wallstreet to make even crazier bets than normal, it's not a good tool for actual money.
ryanlol 7y ago
Huh? The world is full of exchangers that require no KYC whatsoever. The Russian guy who pays my rent with SEPA transfers has never asked for my name.
- ckrailo 7y ago
  Not certain, but I think most of the time, rent will be under the amount/volume threshold for KYC requirements.
  - ryanlol 7y ago
    My rent is firmly in the Bay Area territory, so probably not. Anyway, none of these guys do KYC.
- zaarn 7y ago
  Atleast once your tax office wants some details, using an exchange without KYC requirements could net you some trouble. Doesn't really fix that Bitcoin is at best pseudonymous, not anonymous. If any of your addresses is linked to your bank account, then your identity is linked to your wallet.

by zaarn 7y ago

Bitcoin isn't censorship resistant when you want to pay out into real money. The exchanges can block it, especially if you're on one of the various "do not trade" lists.

deleted 7y ago

[deleted]

mrb 7y ago

You don't get it. The full benefits of Bitcoin are realized when you stay in the system. Receive BTC. Spend BTC. Avoid converting to fiat ("real money") when possible. As adoption increases[1] year-over-year it becomes increasingly feasible to do that, to stay in the system. [1] https://bitinfocharts.com/comparison/bitcoin-transactions.html https://bitinfocharts.com/comparison/bitcoin-transactions.ht...

zaarn 7y ago
Ah, so where in Iran can I live only using Bitcoin and no paper money whatsoever?
- oska 7y ago
  No part of this story happened in Iran. It was a US American sending money to a US American media website. > On January 3, a reader tried to make a donation of $10 to The Grayzone through PayPal. The small donor, a US citizen who lives in California, wrote the following message to accompany the donation: “Thanks for all your excellent work and especially the Gray Zone’s coverage of the murder of Soleimani and war with Iran. You fellows are so insightful and brilliant.”
- ryanlol 7y ago
  I’m sure you’d have no trouble finding someone in Iran willing to take BTC and pay literally anything for you. Sure, there’s still paper money involved at some point. But there’s no need to use western exchanges directly.
- mrb 7y ago
  I did not say that it was possible to live using Bitcoin in Iran. Read my comment again.
  - zaarn 7y ago
    I would argue that the problem is that nothing about Bitcoin is feasible to carry any large scale system that could handle even one country's day-to-day transactions. At best, Bitcoin is currently an instrument for investors at wallstreet to make even crazier bets than normal, it's not a good tool for actual money.

ryanlol 7y ago

Huh? The world is full of exchangers that require no KYC whatsoever. The Russian guy who pays my rent with SEPA transfers has never asked for my name.

ckrailo 7y ago
Not certain, but I think most of the time, rent will be under the amount/volume threshold for KYC requirements.
- ryanlol 7y ago
  My rent is firmly in the Bay Area territory, so probably not. Anyway, none of these guys do KYC.
zaarn 7y ago
Atleast once your tax office wants some details, using an exchange without KYC requirements could net you some trouble. Doesn't really fix that Bitcoin is at best pseudonymous, not anonymous. If any of your addresses is linked to your bank account, then your identity is linked to your wallet.