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Read the Bitcoin paper: https://bitcoin.org/bitcoin.pdf https://bitcoin.org/bitcoin.pdf It does not, at any point in there, say that the benefit is to avoid s
by cwyers 5y ago
Read the Bitcoin paper:
https://bitcoin.org/bitcoin.pdf https://bitcoin.org/bitcoin.pdf
It does not, at any point in there, say that the benefit is to avoid state control. It talks about how the cost of requiring a third party in transactions discourages microtransactions, for instance (there are other touted benefits as well). But it's not an anarchist manifesto. And all of the benefits of Bitcoin listed in the original paper require it to be a useful medium of exchange. The Bitcoin paper posits that it should be useful for transactions _much smaller_ than a cup of coffee. It isn't. It so obviously isn't that even Bitcoin advocates can admit that.
Okay, so maybe you think that it's okay that Bitcoin doesn't meet its original goals given that it meets these other goals. But the goals you state, the lack of state control and the difficulty of seizure, are... like, Bitcoin does not put you the person outside of the state's law enforcement mechanisms, including the taxation people. Ironically, if Bitcoin was actually useful for small microtransactions, like the paper says it should be, that might actually be useful for avoiding state control. It's not! And nothing about Bitcoins makes them hard to seize if you are within the physical jurisdiction of the state.
- superdisk 5y agoThe original point of Bitcoin was most certainly to avoid state control. Read some of satoshi's forum posts or this: https://en.bitcoin.it/wiki/Genesis_block https://en.bitcoin.it/wiki/Genesis_block
- lifty 5y agoOn Bitcoin you can do micro transactions using the lightning network. On Ethereum you have a plethora of layer 2 scaling projects that are gaining traction as we speak. Other networks like Avalanche achieve high throughput and low finality out of the box. It seems to me that there are plenty of things to be excited about in the space but you have to keep an open mind instead of being a stickler about the verbiage used in the original Bitcoin white paper. Random fun fact: the EU Investment Bank just did a 100 mln bond issuance on Ethereum. The financial rails of the world will be moving to crypto asset networks, slowly at first, and there is nothing that can stop this shift.
- Igelau 5y ago"But documentation says it isn't for that..." https://en.wikipedia.org/wiki/Vine-Glo https://en.wikipedia.org/wiki/Vine-Glo