4 ms·

Banks are bad because they charge to much, but they aren't that bad. What kind of unbelievably shitty bank doesn't provide 24-7 money transfers through a conven

by midjji 5y ago

Banks are bad because they charge to much, but they aren't that bad. What kind of unbelievably shitty bank doesn't provide 24-7 money transfers through a convenient phone app? Those transfers always take 0 time within the bank and have legally forced waiting periods between banks and between regions. The time may be legally required to be higher for certain scales of transactions, but they are generally as fast as they can be. Btw if your bank does not provide these services, just switch to one that does.

midjji 5y ago
Another curious thing to note is that the legal requirements on transaction delays are mostly regarding wealth control, scams and ensuring its difficult to launder money. Strictly speaking, if bitcoin was treated as a currency, or even a publicly traded derivative, internationally a lot of them would apply to bitcoin. Bitcoin of course cannot obey these by design, but the more popular it gets, the more countries will try to enforce these, most recently china. That bitcoin is more vulnerable to state actors than people seem to think is pretty funny too. If china turned all its supercomputing clusters to bitcoin mining without building anything new, they might well become big enough to control the blockchain. If they made an investment in asics large enough to match just the recent baidu supercomputer, they would control the blockchain entirely. So good luck getting your assets out when they decide to really enforce their rules. Just kidding, this will only ever be approved when the officials in charge want to really own a lot of bitcoin^^. More realistically they would just simultaneously and long term kill every major exchange via hacking and ddos and asset freezes, but thats just because that would be cheaper.
- eventreduce1 5y ago
  Having 51% of the network does not mean they can know your private key.
  - Dylan16807 5y ago
    It does mean the ability to block transactions at will.
atatatat 5y ago
lol, or switch to Dogecoin — now accepted at Sheetz!

by midjji 5y ago

midjji 5y ago

Another curious thing to note is that the legal requirements on transaction delays are mostly regarding wealth control, scams and ensuring its difficult to launder money. Strictly speaking, if bitcoin was treated as a currency, or even a publicly traded derivative, internationally a lot of them would apply to bitcoin. Bitcoin of course cannot obey these by design, but the more popular it gets, the more countries will try to enforce these, most recently china. That bitcoin is more vulnerable to state actors than people seem to think is pretty funny too. If china turned all its supercomputing clusters to bitcoin mining without building anything new, they might well become big enough to control the blockchain. If they made an investment in asics large enough to match just the recent baidu supercomputer, they would control the blockchain entirely. So good luck getting your assets out when they decide to really enforce their rules. Just kidding, this will only ever be approved when the officials in charge want to really own a lot of bitcoin^^. More realistically they would just simultaneously and long term kill every major exchange via hacking and ddos and asset freezes, but thats just because that would be cheaper.

eventreduce1 5y ago
Having 51% of the network does not mean they can know your private key.
- Dylan16807 5y ago
  It does mean the ability to block transactions at will.

atatatat 5y ago

lol, or switch to Dogecoin — now accepted at Sheetz!