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There is no way for an individual to self custody digital currency in the current system. Bitcoin solves this. For the record I don't hold any Bitcoin or class

There is no way for an individual to self custody digital currency in the current system. Bitcoin solves this. For the record I don't hold any Bitcoin or classify as a "crypto bro". Your comment is just factually incorrect.

colesantiago 3y ago
> There is no way for an individual to self custody digital currency in the current system. 'Self custody digital currency' is not a use case anybody has asked for. The current system already has a solution that is better than Bitcoin, and that everyone already uses it's called: Cash. UPI also already solves this as well in India, to the order of hundreds of millions in less than 10 years it has existed. Other countries are following suit as well. > Bitcoin solves this. No it doesn't. Why does Bitcoin still gets seized by the government? https://www.cnbc.com/2022/11/07/feds-seize-3point36-billion-in-bitcoin-the-second-largest-recovery-so-far.html https://www.cnbc.com/2022/11/07/feds-seize-3point36-billion-... Is that the goal of Bitcoin? It also needs to engulf the planet in enormous electricity waste to compute billions of meaningless puzzles. Other countries have better systems that doesn't use Bitcoin and are far cheaper and scale better than Bitcoin. There is no need for a volatile unregulated token that nobody takes as payment such as Bitcoin.
- mypastself 3y ago
  Cash is not digital.
  - coleslantiago 3y ago
    ...and UPI is. and works better than Bitcoin ever will. Funny how the US government is one of the biggest holders of Bitcoin, even though that the whole point of Bitcoin is to get away from governments. It's almost like Bitcoin is unregulated and fit only be used to launder money. Not a legitimate use case at all.
- wkat4242 3y ago
  Of course it can be seized if you write it down. Of you just remember the 12 words there's no way they can extract it (Other than the $5 wrench meme) For me this has also been an attraction to crypto as I lost faith in the banking sector after 2007. But I have no crypto left because the regulation makes it so difficult. And I don't care about the speculation, I just wanted a truly safe place to store my money.
- pa7x1 3y ago
  If you ascertain some value to the permissionless and self-custodial value of cash. And you see value in the internet's ability to connect the entire world. Then it follows immediately that you see value in cryptocurrency. Because you cannot use cash to transact globally, and you cannot use digital forms of central bank issued currency permissionlessly or have self-custody. Cryptocurrency gives you all those three properties. So you must give up something. HNers typically are willing to give up the permissionless and self-custody properties. After all, most of HN audience lives in developed democratic countries where personal freedoms are considered fundamental pillars and protected. But at a minimum you should consider that, not all the world lives under those circumstances. And that there are no guarantees that those circumstances will always be preserved in your cozy first world country. Certainly if you are willing to give them up so easily. Don't be so quick to assume it cannot happen where you live. One day they may go after some fringe truckers protesting in Canada. Another day they may go after some camgirls earning a living in ways that some executive board of a payment processor considers reprobable. Maybe one day they will tell you in what you can or cannot spend your money or where you can invest it and how much.
- CTDOCodebases 3y ago
  > 'Self custody digital currency' is not a use case anybody has asked for. The number of hardware wallets clearly shows that this statement is false. Someone who uses Bitcoin today might not have asked for it but now that it exists they use it just like smart phones. > The current system already has a solution that is better than Bitcoin, and that everyone already uses it's called: Cash. Cash and Bitcoin are not directly comparable as they have different properties but even if you were to focus on the one property that they share notice how controls of cash are getting more and more restrictive. > Why does Bitcoin still gets seized by the government? Because people allow it to be seized by their own volition or their own incompetence. > It also needs to engulf the planet in enormous electricity waste to compute billions of meaningless puzzles. The same could be said for video games. Video games cause more e-waste, use more electricity, are designed to be addictive and rob people of doing productive things for themselves and others. > Other countries have better systems that doesn't use Bitcoin and are far cheaper and scale better than Bitcoin. Far cheaper and scale better but have none of the properties that make Bitcoin attractive or essential in the first place.

colesantiago 3y ago

> There is no way for an individual to self custody digital currency in the current system. 'Self custody digital currency' is not a use case anybody has asked for. The current system already has a solution that is better than Bitcoin, and that everyone already uses it's called: Cash. UPI also already solves this as well in India, to the order of hundreds of millions in less than 10 years it has existed. Other countries are following suit as well. > Bitcoin solves this. No it doesn't. Why does Bitcoin still gets seized by the government? https://www.cnbc.com/2022/11/07/feds-seize-3point36-billion-in-bitcoin-the-second-largest-recovery-so-far.html https://www.cnbc.com/2022/11/07/feds-seize-3point36-billion-... Is that the goal of Bitcoin? It also needs to engulf the planet in enormous electricity waste to compute billions of meaningless puzzles. Other countries have better systems that doesn't use Bitcoin and are far cheaper and scale better than Bitcoin. There is no need for a volatile unregulated token that nobody takes as payment such as Bitcoin.

mypastself 3y ago
Cash is not digital.
- coleslantiago 3y ago
  ...and UPI is. and works better than Bitcoin ever will. Funny how the US government is one of the biggest holders of Bitcoin, even though that the whole point of Bitcoin is to get away from governments. It's almost like Bitcoin is unregulated and fit only be used to launder money. Not a legitimate use case at all.
wkat4242 3y ago
Of course it can be seized if you write it down. Of you just remember the 12 words there's no way they can extract it (Other than the $5 wrench meme) For me this has also been an attraction to crypto as I lost faith in the banking sector after 2007. But I have no crypto left because the regulation makes it so difficult. And I don't care about the speculation, I just wanted a truly safe place to store my money.
pa7x1 3y ago
If you ascertain some value to the permissionless and self-custodial value of cash. And you see value in the internet's ability to connect the entire world. Then it follows immediately that you see value in cryptocurrency. Because you cannot use cash to transact globally, and you cannot use digital forms of central bank issued currency permissionlessly or have self-custody. Cryptocurrency gives you all those three properties. So you must give up something. HNers typically are willing to give up the permissionless and self-custody properties. After all, most of HN audience lives in developed democratic countries where personal freedoms are considered fundamental pillars and protected. But at a minimum you should consider that, not all the world lives under those circumstances. And that there are no guarantees that those circumstances will always be preserved in your cozy first world country. Certainly if you are willing to give them up so easily. Don't be so quick to assume it cannot happen where you live. One day they may go after some fringe truckers protesting in Canada. Another day they may go after some camgirls earning a living in ways that some executive board of a payment processor considers reprobable. Maybe one day they will tell you in what you can or cannot spend your money or where you can invest it and how much.
CTDOCodebases 3y ago
> 'Self custody digital currency' is not a use case anybody has asked for. The number of hardware wallets clearly shows that this statement is false. Someone who uses Bitcoin today might not have asked for it but now that it exists they use it just like smart phones. > The current system already has a solution that is better than Bitcoin, and that everyone already uses it's called: Cash. Cash and Bitcoin are not directly comparable as they have different properties but even if you were to focus on the one property that they share notice how controls of cash are getting more and more restrictive. > Why does Bitcoin still gets seized by the government? Because people allow it to be seized by their own volition or their own incompetence. > It also needs to engulf the planet in enormous electricity waste to compute billions of meaningless puzzles. The same could be said for video games. Video games cause more e-waste, use more electricity, are designed to be addictive and rob people of doing productive things for themselves and others. > Other countries have better systems that doesn't use Bitcoin and are far cheaper and scale better than Bitcoin. Far cheaper and scale better but have none of the properties that make Bitcoin attractive or essential in the first place.