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And you were at the whim of the banks. They could confiscate your funds, lose the tx, reverse the payments, etc. You are missing what cryptocurrency is about.
by randomhodler84 5y ago
And you were at the whim of the banks. They could confiscate your funds, lose the tx, reverse the payments, etc.
You are missing what cryptocurrency is about. No banks. No middle man. No censorship. No do-overs. Personal responsibility for wealth. When a person says “but I can do x with bank” they have missed the entire point of the exercise.
- loceng 5y agoAnd Bitcoin et al is at the whim of the government, example: China ban Bitcoin et al.
- randomhodler84 5y agoGovernments can ban whatever they like, it is meaningless. Bitcoin exists. As long as there is a communication channel, transactions will flow. It is a simple thing, and cannot be stopped. Every network level distribution can by bypassed. It is by design.
- loceng 5y agoRight, so here's how the government can easily crack down on Bitcoin - through non-digital communication channels: you get officers to pretend to be normal people, you give them Bitcoin for something you buy from them (legal item or illegal), or they give you something in exchange for Bitcoin, then they arrest you - take your Bitcoin on you, get a warrant to confiscate/search all of your equipment and take any Bitcoin they find or just keep the equipment if it's encrypted - as part of a sting operation. So does your answer stay the same with the above scenario?
- randomhodler84 5y agoAntiBitcoin Death Squads. Cool. The kind of fascist future you imagine for society is exactly what we fight against. Yes, my answers does not change, and we will fight to ensure such a future never occurs.