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Except, it's not that? Or at the very least it's a poor version of that. Want to get and move Bitcoin easily? You are going through an exchange, which will abs

Except, it's not that? Or at the very least it's a poor version of that. Want to get and move Bitcoin easily? You are going through an exchange, which will absolutely be regulated at some point. Not going through an exchange? Well, I suppose you can try and find a local person who already has some Bitcoin to sell you and work out some sort of shady transfer and hope neither of you get scammed. Now you have some "currency", and it's relatively easy (but not free) to move it to someone else's wallet. The value may have doubled or halved since you acquired it. So you want to move it quick. Except it's not quick. But you get the transfer done. Now the person who receives it has to convert it into usable currency - no one is buying food or energy with Bitcoin. To be free from meddling, they too need to find and meet with someone who will give them cash for their coins. But wait, that's not all! Most folks interacting with the coin are using exchanges. And they come from well regulated places. So the laws and financial planners of those countries will indirectly impact the price of the coin. If coins suddenly get taxed heavily, out a local fiat gets strong, or whatever, that will impact the value of existing coins as people either flee to or from the coins as a store of value. So even if countries don't directly regulate coins, they'll still be impacting them.

16amxn16 4y ago
Sadly, this is true. As great as it is, bitcoin has many issues, in order: 1) The fact that Bitcoin mining traffic is detectable by ISPs (similar to torrents), so if a country prohibits it, the ISPs could simply detect that traffic trivially and get you arrested. Or simply block downloads of the client, etc 2) The centralization (or lack of democratization) of mining. A few huge pools, mining rig operations instead of individuals running software on their computers. SHA-256 ASICs and lack of blockchain pruning caused this. 3) The overreliance on exchanges - not your keys, not your coins etc 4) Every transaction is trackable, no real anonymity 5) The -even daily- value fluctuations 6) Hard to understand for layman people That said even with all of these drawbacks people do use it in real life for its original intended purpose (remove the middleman), specifically in third world countries. But I think it would be great to go back to 2009 with all of the current knowledge and redesign these bits I think that inevitably, it will be banned at some point in the future due to 1) and 2).

16amxn16 4y ago

Sadly, this is true. As great as it is, bitcoin has many issues, in order: 1) The fact that Bitcoin mining traffic is detectable by ISPs (similar to torrents), so if a country prohibits it, the ISPs could simply detect that traffic trivially and get you arrested. Or simply block downloads of the client, etc 2) The centralization (or lack of democratization) of mining. A few huge pools, mining rig operations instead of individuals running software on their computers. SHA-256 ASICs and lack of blockchain pruning caused this. 3) The overreliance on exchanges - not your keys, not your coins etc 4) Every transaction is trackable, no real anonymity 5) The -even daily- value fluctuations 6) Hard to understand for layman people That said even with all of these drawbacks people do use it in real life for its original intended purpose (remove the middleman), specifically in third world countries. But I think it would be great to go back to 2009 with all of the current knowledge and redesign these bits I think that inevitably, it will be banned at some point in the future due to 1) and 2).