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> I don't hold bitcoin because I think it'll go up in value, I hold it because I don't want someone to tell me I can't pay rent because ... well they can't tell
by arcticbull 5y ago
> I don't hold bitcoin because I think it'll go up in value, I hold it because I don't want someone to tell me I can't pay rent because ... well they can't tell me why, because "sorry, I don't have access to that information"
Well you certainly can't do that with Bitcoin unless your landlord has a similarly anarchocapitalist worldview. You'd have to cash it out at an exchange and pay the individual in question. This choke point would leave you similarly locked out.
This applies to only a fringe minority of the participants in the Ponzi.
More sympathetically, even if this was a real problem that doesn't mean a Ponzi scheme is the way out. It's like saying you got burned in 2001 so decided to invest with Madoff knowing full well he was a Ponzi, but at least he wasn't a tech company.
- reaperducer 5y agoYou'd have to cash it out at an exchange and pay the individual in question. This choke point would leave you similarly locked out. Would it? The parent commenter was in the United States, and even in cities of about 1 million people, I've seen Bitcoin ATMs at chain supermarkets. Some were even integrated into the ubiquitous CoinStar machines at the front of the store.
- arcticbull 5y agoI'm pretty sure all those Bitcoin ATMs are deposit-only. No withdrawals. There may be some two-way, but I suspect they're exceedingly rare.
- feanaro 5y ago> This choke point would leave you similarly locked out. Would it? People are willing to exchange USD for BTC. You can't control everything.