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One of the most interesting implications of this is that it is a slight vindication of the bitcoin maximalist "bitcoin fixes this" mantra. If a government can't
by abxytg 4y ago
One of the most interesting implications of this is that it is a slight vindication of the bitcoin maximalist "bitcoin fixes this" mantra. If a government can't exercise control over your unit of account, it doesn't matter what they sanction.
Of course the "bitcoin" that "fixes this" isn't the one we have in reality -- you can't use it widely and cheaply to transact and it's so volatile as to be useless as the unit of account for anyone with more than a few thousand $ nw.
- beaned 4y agoOn the "cheap to transact" side, lightning wallets let you send for typically less than a penny, and without waiting for block confirmation.
- colinmhayes 4y agoLightning isn’t decentralized though. They just reinvented PayPal.
- tossl568 4y agoThat's completely untrue.
- imtringued 4y agoIt is federated PayPal.
- tossl568 4y agoNo it is not. It's a P2P payment network.
- swalsh 4y agoAvalanche lets you natively bridge bitcoin to their network, and it lets you transact fairly cheaply (think my last transaction was $.15) and their consensus algorithm can reach finality pretty quickly. Typically around 2 seconds. But it also has smart contract support.
- MacsHeadroom 4y agoSo does Solana, where transactions are $0.00001 and finalize faster than google's homepage loads.
- Solvitieg 4y agoFurther, Bitcoin fees are often below 50 cents. For a transaction of any size. https://mempool.space/ https://mempool.space/
- latchkey 4y ago> you can't use it widely and cheaply to transact and it's so volatile as to be useless as the unit of account for anyone with more than a few thousand $ nw. borrow against it. transact with what you borrow.
- tick_tock_tick 4y agoBitcoin fixes this by using a different transaction system then allows you to ignore dust sent to you and never spend it.