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But do you really access them in a decentralised fashion? Imagine a pariah state where you want to evade heavy inflation by acquiring some trusted and agreed u
by gravitycorn 4y ago
But do you really access them in a decentralised fashion?
Imagine a pariah state where you want to evade heavy inflation by acquiring some trusted and agreed upon “store of value”, let’s say btc.
Assuming you don’t want to run massive covert mining rigs converting your local energy to btc you need an exchange, which can be regulated in the same way the dollar exchanges are regulated.
You could argue that you can onboard people to btc by illegal barter, but for that you need major gatekeepers aquiring the btc or running said mining rigs in the first place. Maybe ransomware extortion might be an alternative. They then have to be willing to distribute those deflationary btc to the people by exchange against goods or inflationary cash without adding a big premium on top.
Of course I am oversimplifying,
but it’s not as easy as one would think.
And we haven’t even touched on what a dystopian place this country will be when a completely public and auditable database of cash flows will be the ledger of choice in an autocratic (or any) country.
Also, a question always worth asking when talking about blockchain:
Where would you store your unrecoverable password to your life savings-account? Does your hair-dresser might know the amount of your life savings because you paid your last haircut with btc?
- davidguetta 4y agoMm what ? As far as i know you dont' need a "exchange" but simply a wallet (which is a key and a bunch of passphrase) and an internet connection, and another person with the same thing willing to exchange. You may be in a pariah state but the system works because of mining all around the world, not just in your state.
- tsimionescu 4y agoSay you have 100 million Turkish lira, and suspect that Erdogan's terrible policies will reduce the value of that, so you want to buy bitcoin with it. How are you going to acquire BTC without access to an exchange (or some equivalent) that agrees to buy your lira? You could buy mining equipment and electricity of course, but then the state may crack down on your operation before you have a chance to recoup your investment. And even if they don't, if you then want to buy tomatoes at your local market, how are you going to buy lira for your BTC without an exchange (or equivalent)?
- davidguetta 4y agoAt 100 milion you will have access to people you and I dont who know schemes better than bitcoin to buy massive foreign cureencies.. Such as simple as buying a property in london And for that: > And even if they don't, if you then want to buy tomatoes at your local market, how are you going to buy lira for your BTC without an exchange (or equivalent)? It seems u never heard of localbitcoins.net and equivalents. There IS a market