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> Is crypto an emerging method for dictators to expropriate wealth Yes, same for local mafiosi/siloviki who can force the electricity company guy to look the o
by MagnumOpus 5y ago
> Is crypto an emerging method for dictators to expropriate wealth
Yes, same for local mafiosi/siloviki who can force the electricity company guy to look the other way (at gunpoint).
> Are there going to be “blood bits” similar to “blood diamonds”
Given the recirculation and tumbling, probably a majority of BTC/Ether went through shady people's hands (just like most $100 bills have coke residue on them...). Bitcoin advocates usually tout this as a feature not a bug.
- adolph 5y agoIsn't there a difference between using a medium of exchange versus creating it? To stretch the analogy, instead of using $100 bills, printing them a la NK superbills? If dictators/mafiosi contribute a significant amount to the overall hash rate, are they not decreasing transaction costs for whichever blockchain they use?
- pjc50 5y agoPart of the stupidity of bitcoin's proof-of-waste algorithm is that increasing the hashrate increases transaction costs. The difficulty level adjusts automatically to maintain N blocks per hour, while the number of transactions in a block is fixed. So adding hashrate just increases the energy cost of blocks. (The actual transaction cost to the user is driven by congestion and is set unilaterally by the user based on their tolerance for queueing, so it can be zero.)
- mrguyorama 5y agoIt can theoretically be zero. When's the last time a zero cost transaction made it? Or more realistically, what's the mean transaction time for a zero cost transaction?