3 ms·

Establishing trust between seller and buyer is not a new problem. The same scenario that you described could be had with mailing checks, physical cash etc. wher

Establishing trust between seller and buyer is not a new problem. The same scenario that you described could be had with mailing checks, physical cash etc. wherever there is not a trusted escrow service. Ironically, blockchain technology is the first technology that actually solves the age old problem of how to establish trust within a truestless system. imho Bitcoin is a novel implementation of open-source technology, cryptography, and decentralized networks. I realize hackernews community has a disdain for greed and the avarice that is commonly connoted with "cryptocurrency" aka crypto-assets, but the reality is that bitcoin and crypto-assets are here to stay, and I for one am glad they are open-source.

freewilly1040 6y ago
My critique is not about greed. My critique is about crypto proponents claiming it does things it doesn’t do. The GP complains about the overhead and data collection of traditional solutions, implying it’s a bunch of unnecessary cruft. In fact it’s to comply with local laws and protect the consumer and merchant from fraud. GP used Bitcoin to get around this hassle, renouncing any rights in the event of a dispute. Now, maybe that’s a win, but it’s a much more nuanced and less generalized win than is put forth by crypto proponents. Notice also the goalpost move of declaring Bitcoin a win over mailing cash. Ok, have you ever done that in your life? I have not been involved in mailed cash transactions aside from receiving $5 from my grandma in the mail 20 years ago.
- bigphishy 6y ago
  actually yes, every month I pay my rent by mailing a check. Also, what is the acronym 'GP' ?
  - raindropm 6y ago
    GP = grand parent. The topmost parent comment we’ve reply (or refer)to.
  - xapata 6y ago
    Mailing a check is not mailing cash. I'm sure you're familiar with the differences.
Macha 6y ago
> The same scenario that you described could be had with mailing checks, physical cash etc. wherever there is not a trusted escrow service. Isn't that exactly why this mailing cash/cheques fell out of favor compared to bank transfers, credit cards, PayPal, all these centralised systems that bitcoin posits are a problem

freewilly1040 6y ago

My critique is not about greed. My critique is about crypto proponents claiming it does things it doesn’t do. The GP complains about the overhead and data collection of traditional solutions, implying it’s a bunch of unnecessary cruft. In fact it’s to comply with local laws and protect the consumer and merchant from fraud. GP used Bitcoin to get around this hassle, renouncing any rights in the event of a dispute. Now, maybe that’s a win, but it’s a much more nuanced and less generalized win than is put forth by crypto proponents. Notice also the goalpost move of declaring Bitcoin a win over mailing cash. Ok, have you ever done that in your life? I have not been involved in mailed cash transactions aside from receiving $5 from my grandma in the mail 20 years ago.

bigphishy 6y ago
actually yes, every month I pay my rent by mailing a check. Also, what is the acronym 'GP' ?
- raindropm 6y ago
  GP = grand parent. The topmost parent comment we’ve reply (or refer)to.
- xapata 6y ago
  Mailing a check is not mailing cash. I'm sure you're familiar with the differences.

Macha 6y ago

> The same scenario that you described could be had with mailing checks, physical cash etc. wherever there is not a trusted escrow service. Isn't that exactly why this mailing cash/cheques fell out of favor compared to bank transfers, credit cards, PayPal, all these centralised systems that bitcoin posits are a problem