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Isn't it ironic to use a REST API to send BTC vs say using what any cryptocurrency is intended for? To use their native APIs to transfer value. The aim of decen
by westoque 5y ago
Isn't it ironic to use a REST API to send BTC vs say using what any cryptocurrency is intended for? To use their native APIs to transfer value. The aim of decentralization is to eliminate that third party but this puts it back. We've come full circle.
- base698 5y agoHaven't used it directly in forever but bitcoind had a rest API early on.
- ed25519FUUU 5y agoThe Bitcoin network supports a theoretical maximum of 7 transactions per second, so they’re probably eager to do it some other way.
- reedjosh 5y agoLightning though... Amiright!? I'm setting up a node as soon as my ssd arrives.
- polyomino 5y agoCoinbase has been the slowest to adopt new bitcoin features since they realized their business model is actually an altcoin casino.
- tedunangst 5y agoIs "as soon as my ssd arrives" the new "the check is in the mail"?
- reedjosh 5y agoHa, no I really do have one coming.
- hestefisk 5y agoYou are setting up a Lightning node? For?
- reedjosh 5y ago> You are setting up a Lightning node? Yes. > For? To learn, and for myself and friends to use. Vague question. I want the Lightning network to be the BTC solution to transaction throughput and privacy, but I don't know that it is. Figure best way to find out is to get my hands dirty.
- hestefisk 5y agoOk. I’m interested in monetising modern crypto mining so I’m always interested in hearing about people’s ideas.
- davedx 5y agoI don't this is ironic. I think this is a pretty cynical attempt at wrapping the "Coinbase platform" around more layers of crypto than they already had. Embrace, extend...
- davuinci 5y agoA better wording would be that the aim of decentralization is the option to eliminate the third party. If someone wants to use a third party to transact then he should have the freedom to do so. Similarly, if someone wants to transact with another party directly then this should also be allowed.
- _red 5y agoThe idea "everyone should be their own bank" is a great idea, and most should endeavor to do that, but it fails often for a variety of legal and regulatory reasons. Suppose you are a company, with a myriad of shareholders, do you: (a) Setup a crypto wallet and give Frank and Bill the keys, or (b) Outsource to reputable 3rd party. I can tell you which your shareholders would prefer.
- notyourwork 5y agoMiddlemen have to middle, that’s the model of a middleman. As long as they provide some perceived value over the same without middlemen they will be profitable. In this case, coinbase abstracts crypto away from technically illiterate who want to ride the crypto wave without learning the technicals.
- chrisked 5y agoPeople who understand technicals might use AWS which provides tremendous value for many. I believe Coinbase wants to build AWS for crypto.