2 ms·

I actually really like the idea of not needing to rely on trust so much. Needing to rely on trust is a big problem that Bitcoin solves. There's no single Bitc

by krupan 4y ago

I actually really like the idea of not needing to rely on trust so much. Needing to rely on trust is a big problem that Bitcoin solves. There's no single Bitcoin Chair than can tweak the policy or supply of Bitcoin that you have to trust. No congress or president that can change the rules of the Bitcoin game that you have to trust. Bitcoin is impossible to forge, no trust that someone is handing you real money needed. There are no charge backs, payments are fully settled in minutes not days, you don't have to trust that you'll get paid and stay paid. No couriers, no middle men that you you have to trust to not steal your money in transit. If you want to prove to someone that you have the funds for something (like maybe FTX proving to customers they have the funds they said they did), you can sign a message with the private key of your wallet and everyone can verify that you have the funds in that wallet. Many of the crypto scams that are out there are claiming their coin has these same properties when it doesn't and that's where people at getting burned by "crypto." Yes, regulations could reduce the risk of these frauds happening, but they won't eliminate it. Bitcoin eliminates the risk.

jmyeet 4y ago
Literally none of this is true: > Needing to rely on trust is a big problem that Bitcoin solves. No, it doesn't. As soon as anything is external to the Bitcoin network, you now require trust. This is so well-known it has a name: the oracle problem [1]. Crypto Andys, of course, just double-down and say we need more crypto. Just like libertarians who when confronted with the problems of lack of regulation they will argue the solution is even less regulation. > There's no single Bitcoin Chair than can tweak the policy or supply of Bitcoin that you have to trust. Instead there's unaccountable miners who with 51% of the hash power can completely rewrite the rules with no recourse. Bitcoin has already forked multiple times [2]. > There are no charge backs Chargebacks are a feature not a bug. > no middle men that you you have to trust to not steal your money in transit FTX customers may disagree. [1]: https://blog.chain.link/what-is-the-blockchain-oracle-problem/ https://blog.chain.link/what-is-the-blockchain-oracle-proble... [2]: https://www.cnbctv18.com/cryptocurrency/a-list-of-bitcoin-forks-and-how-they-have-changed-the-network-13318902.htm https://www.cnbctv18.com/cryptocurrency/a-list-of-bitcoin-fo...
- krupan 4y ago
  You have just demonstrated quite a lot of ignorance about Bitcoin. A 51% attack has nothing to do with changing the rules of Bitcoin, just to start. Maybe don't slam something you don't really understand?

by krupan 4y ago

jmyeet 4y ago

Literally none of this is true: > Needing to rely on trust is a big problem that Bitcoin solves. No, it doesn't. As soon as anything is external to the Bitcoin network, you now require trust. This is so well-known it has a name: the oracle problem [1]. Crypto Andys, of course, just double-down and say we need more crypto. Just like libertarians who when confronted with the problems of lack of regulation they will argue the solution is even less regulation. > There's no single Bitcoin Chair than can tweak the policy or supply of Bitcoin that you have to trust. Instead there's unaccountable miners who with 51% of the hash power can completely rewrite the rules with no recourse. Bitcoin has already forked multiple times [2]. > There are no charge backs Chargebacks are a feature not a bug. > no middle men that you you have to trust to not steal your money in transit FTX customers may disagree. [1]: https://blog.chain.link/what-is-the-blockchain-oracle-problem/ https://blog.chain.link/what-is-the-blockchain-oracle-proble... [2]: https://www.cnbctv18.com/cryptocurrency/a-list-of-bitcoin-forks-and-how-they-have-changed-the-network-13318902.htm https://www.cnbctv18.com/cryptocurrency/a-list-of-bitcoin-fo...

krupan 4y ago
You have just demonstrated quite a lot of ignorance about Bitcoin. A 51% attack has nothing to do with changing the rules of Bitcoin, just to start. Maybe don't slam something you don't really understand?