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What does "happily live without it" even mean? Fact is that Bitcoin is used a whole lot for laundering and transferring money in illegal businesses or across b
by bayesian_horse 6y ago
What does "happily live without it" even mean?
Fact is that Bitcoin is used a whole lot for laundering and transferring money in illegal businesses or across borders without taxation. The "legal" part of Bitcoin transactions which aren't just for investment or speculation, like "Pizza sales" or something, are, for one thing not that practical, for another not that popular or significant.
So it does stand to reason that most of the speculation is around the use of Bitcoin for laundering money. And even those with the best intentions are helping the money launderers by keeping the network alive and secure.
- quickthrower2 6y agoI mean you can have nodes, miners, block creation without the dark things you mentioned. Bitcoin price might be lower. But this is hypothetical anyway because with ASIC mining and dedicated power plants you can’t go back to a low price (other than zero i.e. network trust is lost!). I would imagine even $1000 Bitcoin now would introduce issues of too much hash power. With too much has power and not enough mining incentive in USD terms you’ll just get network attacks.