3 ms·

Can you provide a source for your statement? Nothing in the Satoshi white paper says that was the purpose, and Satoshi wasn't even sure if the project would wor

Can you provide a source for your statement? Nothing in the Satoshi white paper says that was the purpose, and Satoshi wasn't even sure if the project would work as digital cash, much less enable wealth transfers.

arcticbull 4y ago
Oh it's got nothing to do with what it started as, and everything to do with what it is today. Satoshi didn't mention: - Substantially everyone never making on-chain transactions and instead using centralized, trusted, censorable, KYC-required custodial exchanges to speculate on the price of cryptos. Where they're not even segregated in the event of exchange insolvency. - Have BNY Mellon and Fidelity custody your coins. - Run your crypto transactions using a Visa debit card. - The biggest players in the space being Cumberland/DRW, Alameda and Jump Crypto. - Have transaction fees as high as $60 - $250+ if you factor in block reward. - 100X leverage trading at off-shore bucket shops denominated in synthetic dollar derivatives that simply evaporate if you look at them sideways. - [edit] using a country worth of power to guess random numbers by machines that will 97% of the time never guess a single random number right in their entire productive lives. Wall Street owns crypto, and Satoshi would be horrified. Satoshi envisioned a "Peer-to-Peer Electronic Cash System" - not a store of value, not digital gold, not a wild number-go-up-machine. Today's thought leadership has different goals.
- greiskul 4y ago
  - Have transaction fees as high as $60 - $250+ if you factor in block reward. This goes so far outside the original vision, that makes me wonder if current believers in crypto even read the paper. Satoshi's vision was that existing ways to transfer money on the internet had too high overheads, which made micropayments impossible.

3 ms·

Can you provide a source for your statement? Nothing in the Satoshi white paper says that was the purpose, and Satoshi wasn't even sure if the project would wor

by jkepler 4y ago

arcticbull 4y ago
Oh it's got nothing to do with what it started as, and everything to do with what it is today. Satoshi didn't mention: - Substantially everyone never making on-chain transactions and instead using centralized, trusted, censorable, KYC-required custodial exchanges to speculate on the price of cryptos. Where they're not even segregated in the event of exchange insolvency. - Have BNY Mellon and Fidelity custody your coins. - Run your crypto transactions using a Visa debit card. - The biggest players in the space being Cumberland/DRW, Alameda and Jump Crypto. - Have transaction fees as high as $60 - $250+ if you factor in block reward. - 100X leverage trading at off-shore bucket shops denominated in synthetic dollar derivatives that simply evaporate if you look at them sideways. - [edit] using a country worth of power to guess random numbers by machines that will 97% of the time never guess a single random number right in their entire productive lives. Wall Street owns crypto, and Satoshi would be horrified. Satoshi envisioned a "Peer-to-Peer Electronic Cash System" - not a store of value, not digital gold, not a wild number-go-up-machine. Today's thought leadership has different goals.
- greiskul 4y ago
  - Have transaction fees as high as $60 - $250+ if you factor in block reward. This goes so far outside the original vision, that makes me wonder if current believers in crypto even read the paper. Satoshi's vision was that existing ways to transfer money on the internet had too high overheads, which made micropayments impossible.