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Cryptocurrency does nothing, nada, zilch, zero to address corruption in any shape. In many ways, it helps corruption, by providing a way to secretly transfer fu
by user-the-name 5y ago
Cryptocurrency does nothing, nada, zilch, zero to address corruption in any shape. In many ways, it helps corruption, by providing a way to secretly transfer funds.
- can16358p 5y agoSure many illegal activity goes on on crypto, but as a person who doesn't trust the authorities, I'd still prefer crypto. Lots of illegal activity goes on fiat too, at least I have more control over my assets on crypto.
- user-the-name 5y agoSo you agree it does nothing to address corruption?
- can16358p 5y agoI don't. I have much more control over my assets whereas a corrupted government can seize my assets from a bank under their authority.
- user-the-name 5y agoThat is not the generally accepted meaning of the word "corruption". You are playing fast and loose with words here.
- ben_w 5y agoAgree about the first sentence, but for the second, don’t underestimate the value of a suitcase full of gold bars.
- HeckFeck 5y ago> Cryptocurrency does nothing, nada, zilch, zero to address corruption in any shape. Those are nice nouns, but have you any specific argument? Bitcoin's origins were designed to redress this very issue.
- deleted 5y ago[deleted]
- user-the-name 5y agoThis is what Bitcoin was designed for: > Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model. Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for non- reversible services. With the possibility of reversal, the need for trust spreads. Merchants must be wary of their customers, hassling them for more information than they would otherwise need. A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party. > What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers. Nothing in there about corruption.
- HeckFeck 5y agoSatoshi mentions later in the paper that BTC is impossible to inflate by design. Inflation enables much of the corruption in our current financial system. "Just print more money bro! ;)" Also, designing a means of transaction that is independent of governments and banks - two of the most corrupt institutions in every society - is surely a deliberate move against them? Finally, the genesis block of Bitcoin specifically mentions bailouts of banks. The arrival of Bitcoim amid the 2008 financial crisis is no coincidence. I welcome anything that weakens their hold and means my money doesn't lose half its value over my lifetime.