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Leaving porn aside....Bitcoin FTW This is what Satoshi was talking about; "Commerce on the Internet has come to rely almost exclusively on financial institutio
by mrkramer 4y ago
Leaving porn aside....Bitcoin FTW
This is what Satoshi was talking about; "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[0]."
So I need to trust and rely on Visa, MasterCard and other credit card companies not to cut me off their network? And they can do it anytime because they might not like my business, my business model or my business practices. If business is legal and up and running just let it be.
[0] https://bitcoin.org/bitcoin.pdf https://bitcoin.org/bitcoin.pdf
- vlod 4y agoI've been thinking of what happened with the Canadian truckers. Irrespective of whether you believe their cause, the ability for the state (Canada) to freeze bank accounts is disturbing. With the general use of centralized crypto exchange, we just swapped two masters (Visa/Mastercard) with another (Coinbase). Of course with private wallets, we could technically avoid centralized exchanges, but the on/off ramps to crypto (fiat in/out) with the state KYC requirements, an authoritarian state could still go after the linked bank accounts. Welcome suggestions on the way forward. Maybe decentralized exchanges?