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You are clearly anti-cryptocurrency and there are lots of reasons to have a strong opinion about it. I explained some of what I meant by "democratization". For

by ilaksh 5y ago

You are clearly anti-cryptocurrency and there are lots of reasons to have a strong opinion about it. I explained some of what I meant by "democratization". For another example, people without banks may find it harder to get debit cards to make digital transactions. The fundamental technology is like giving away the key. The fraud protection and everything is largely there due to the poor structure of the technology. This was not about BTC specifically so that fee discussion is a straw man. Being completely immune to trust is another straw man, I never claimed that. But it's objectively true that auditable public ledgers using cryptography require less trust. You think it's laughable, but that isn't an argument, it's just a baseless characterization. The fact that a practical cryptocurrency for transactions hasn't been widely deployed doesn't mean that doesn't exist or could not happen very soon or change the underlying technical argument. The basic idea is that we are not going to give away the actual numbers that enable someone to make a transaction on our behalf. It's just objectively an outdated approach. You suggest something like Apple Pay. We cannot audit the operation of a private payment entity, but it will probably be based on something like credit card numbers or something less secure. And also the principal is the ability to control one's own money and transfer it without a private intermediary. You just sort of throw out Apple Pay like it's automatically going to be as good as or better than some cryptocurrency without argument. Which is just your bias against cryptocurrency.

md_ 5y ago
> You are clearly anti-cryptocurrency and there are lots of reasons to have a strong opinion about it. I'm glad you know my opinions better than I do. :) > The fundamental technology is like giving away the key. Which fundamental technology? EMV is not, nor are the delegated payment models of PayPal/Apple Pay/Google Pay, nor the similar models supported by some European banks. Static credit card numbers are indeed, but this isn't fundamental to centralized payments; if your primary goal is to eliminate shared-secret payment schemes, Bitcoin is overkill, obviously. Conversely, if what you think is great about cryptocurrency is that it avoids shared secrets, you're really missing the key innovations and advantages. :) > This was not about BTC specifically so that fee discussion is a straw man. Sure, but POW has an inherent economic requirement that workers get paid, either via fees or via currency devaluation. Can you name a POW scheme where what I said is not true? > You just sort of throw out Apple Pay like it's automatically going to be as good as or better than some cryptocurrency without argument. No, I threw it out as a specific payment technology that supports online payments without giving payees an ability to impersonate payers. Am I wrong? > Which is just your bias against cryptocurrency. I think you may have misunderstood me. That being said, "cryptocurrency" isn't a protected class. You can't be "cryptocurrencyist". However, I do tend to think that, like Jesus, a lot of cryptocurrency's biggest fans don't actually know how it works or what it's all about, and they tend to be among the loudest on online forums, sadly. ;)
- ilaksh 5y ago
  You are insulting me in a sneaky way suggesting I don't understand cryptocurrency and also the emoticons are insults and express smugness. Comments like yours are the reason I should stop trying to participate online. People who really understand cryptocurrency don't espouse private payment systems. Your misplaced smugness is extremely infuriating. I would appreciate it if you would never reply to me again.

by ilaksh 5y ago

md_ 5y ago

> You are clearly anti-cryptocurrency and there are lots of reasons to have a strong opinion about it. I'm glad you know my opinions better than I do. :) > The fundamental technology is like giving away the key. Which fundamental technology? EMV is not, nor are the delegated payment models of PayPal/Apple Pay/Google Pay, nor the similar models supported by some European banks. Static credit card numbers are indeed, but this isn't fundamental to centralized payments; if your primary goal is to eliminate shared-secret payment schemes, Bitcoin is overkill, obviously. Conversely, if what you think is great about cryptocurrency is that it avoids shared secrets, you're really missing the key innovations and advantages. :) > This was not about BTC specifically so that fee discussion is a straw man. Sure, but POW has an inherent economic requirement that workers get paid, either via fees or via currency devaluation. Can you name a POW scheme where what I said is not true? > You just sort of throw out Apple Pay like it's automatically going to be as good as or better than some cryptocurrency without argument. No, I threw it out as a specific payment technology that supports online payments without giving payees an ability to impersonate payers. Am I wrong? > Which is just your bias against cryptocurrency. I think you may have misunderstood me. That being said, "cryptocurrency" isn't a protected class. You can't be "cryptocurrencyist". However, I do tend to think that, like Jesus, a lot of cryptocurrency's biggest fans don't actually know how it works or what it's all about, and they tend to be among the loudest on online forums, sadly. ;)

ilaksh 5y ago
You are insulting me in a sneaky way suggesting I don't understand cryptocurrency and also the emoticons are insults and express smugness. Comments like yours are the reason I should stop trying to participate online. People who really understand cryptocurrency don't espouse private payment systems. Your misplaced smugness is extremely infuriating. I would appreciate it if you would never reply to me again.