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The ability to transact anonymously online shouldn't be understated.

by vageli 6y ago

panzagl 6y ago
Transact for what? What am I more likely to need bitcoin for than to pay off some script kiddie?
- asdff 6y ago
  In theory, anything you'd like without fussing around with bank accounts. In practice, my local head shop has a bit coin ATM. That's about the only legitimate place I've seen that accepts bitcoin. The biggest problem imo is that its unrooted, its value is purely speculative. At least the USD has the petrodollar system to keep it in check.
- typenil 6y ago
  It's a strange thing to condemn an entire concept because you lack imagination. ACH takes days to transfer between bank accounts in the same country. Maybe you want your money to get somewhere faster than that. Maybe you need to take money with you when leaving the country and don't want the border agents to nail you with civil asset forfeiture. Those are off the top of my head. If that's not sufficient, I'm really not sure why umbrellas exist - it's not raining on me at the moment.
  - panzagl 6y ago
    Somehow I doubt account->bitcoin->different account is faster and cheaper than ACH or venmo. Your second case is also either no issue, or you now have the issue of how to turn bits into cash in a foreign country, which doesn't seem easier. I may lack imagination, but I am also not subject to the paranoid delusions that seem to surround this stuff.
- FeepingCreature 6y ago
  I pay with bitcoin basically whenever I can. I don't have a credit card. A site can either support Paypal (ugh), or support our nice secure local payment system (marginally likely), or they can support Bitcoin and then a Bitcoin payment provider has to support our nice secure local payment system, which is much more likely. Either way, once the money is in Bitcoin, I am the only one responsible for the security of my wallet, and if I lose that I'll at least know it's my fault.
unreal37 6y ago
Also, Bitcoin is not anonymous. https://www.elliptic.co/our-thinking/bitcoin-transactions-money-laundering https://www.elliptic.co/our-thinking/bitcoin-transactions-mo...
- Acrobatic_Road 6y ago
  (but Monero is)
- bb88 6y ago
  Transmission of BTC between wallets is traceable -- if the wallet is tied to a person's real name. Transmission of wallets between people is not traceable.
  - Proven 6y ago
    1) Nobody except maybe spies and terrorists transfers wallets 2) Bitcoin being useless, one still has to sell it for fiat where anonymity usually ends
- vageli 6y ago
  The parent said "cryptocurrency", not "Bitcoin".

The ability to transact anonymously online shouldn't be understated.

by vageli 6y ago

The ability to transact anonymously online shouldn't be understated.

panzagl 6y ago

Transact for what? What am I more likely to need bitcoin for than to pay off some script kiddie?

asdff 6y ago
In theory, anything you'd like without fussing around with bank accounts. In practice, my local head shop has a bit coin ATM. That's about the only legitimate place I've seen that accepts bitcoin. The biggest problem imo is that its unrooted, its value is purely speculative. At least the USD has the petrodollar system to keep it in check.
typenil 6y ago
It's a strange thing to condemn an entire concept because you lack imagination. ACH takes days to transfer between bank accounts in the same country. Maybe you want your money to get somewhere faster than that. Maybe you need to take money with you when leaving the country and don't want the border agents to nail you with civil asset forfeiture. Those are off the top of my head. If that's not sufficient, I'm really not sure why umbrellas exist - it's not raining on me at the moment.
- panzagl 6y ago
  Somehow I doubt account->bitcoin->different account is faster and cheaper than ACH or venmo. Your second case is also either no issue, or you now have the issue of how to turn bits into cash in a foreign country, which doesn't seem easier. I may lack imagination, but I am also not subject to the paranoid delusions that seem to surround this stuff.
FeepingCreature 6y ago
I pay with bitcoin basically whenever I can. I don't have a credit card. A site can either support Paypal (ugh), or support our nice secure local payment system (marginally likely), or they can support Bitcoin and then a Bitcoin payment provider has to support our nice secure local payment system, which is much more likely. Either way, once the money is in Bitcoin, I am the only one responsible for the security of my wallet, and if I lose that I'll at least know it's my fault.

unreal37 6y ago

Also, Bitcoin is not anonymous. https://www.elliptic.co/our-thinking/bitcoin-transactions-money-laundering https://www.elliptic.co/our-thinking/bitcoin-transactions-mo...

Acrobatic_Road 6y ago
(but Monero is)
bb88 6y ago
Transmission of BTC between wallets is traceable -- if the wallet is tied to a person's real name. Transmission of wallets between people is not traceable.
- Proven 6y ago
  1) Nobody except maybe spies and terrorists transfers wallets 2) Bitcoin being useless, one still has to sell it for fiat where anonymity usually ends
vageli 6y ago
The parent said "cryptocurrency", not "Bitcoin".