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>so why not go for a nice central-custodian system like that run by VISA, Mastercard, or your friendly neighbourhood bank which is protected by the state, rathe
by mistercow 13y ago
>so why not go for a nice central-custodian system like that run by VISA, Mastercard, or your friendly neighbourhood bank which is protected by the state, rather than for one that relies on the fact that protecting it wastes so much money that every attack will be very costly (if this was not clear, I have explained this in detail here)
This article brings up a good point about consumption, but this introductory question is dumb. The short answer is "because that's the entire point".
- dllthomas 13y agoThat's the entire point for (most? all?) the people involved in creating bitcoin. It's the central point for many of the people involved in bitcoin today. But there's a large number of people who just want a cheap and easy means of electronic payment.
- icebraining 13y agoThey have that, it's called VISA, Mastercard, etc.
- dllthomas 13y agoBitcoin promises to be cheaper, and to not require blessing of payer or payee.
- icebraining 13y agoYes, and one of the reasons BTC is cheaper is because it's a market, and not "a nice central-custodian system like that run by VISA, Mastercard" or any other monopolist.
- dllthomas 13y agoYes, but from the point of view of the people I am describing that is an implementation detail, not "the entire point."