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What is the point of using bitcoin at all if a central authority is capable of rescinding the value of the coins at their discretion? The NASDAQ might as well s
by vectorpush 11y ago
What is the point of using bitcoin at all if a central authority is capable of rescinding the value of the coins at their discretion? The NASDAQ might as well skip the overhead of a global decentralized ledger and simply use a centralized system that they have complete control over.
- singlow 11y agoBecause NASDAQ does not need to be involved in each transaction unless there is a dispute or fraud is detected.
- vectorpush 11y agoThis seems like it would be prone to abuse. What is the advantage of transacting outside the purview of the central authority while still being subject to the prerogatives of the central authority? If I strike a deal with someone behind closed doors, then that person later claims that I actually stole from them, I have to trust that the central authority will make the right decision regarding the nature of the transaction, otherwise I may end up getting retroactively screwed in the deal. The reverse is also a concern; someone could steal your coins, then claim that you're only filing a grievance because now you regret the deal. All this does is give the central authority less information from which to draw an accurate conclusion.
- cbhl 11y agoSimilar schemes have been discussed for stolen bitcoins, as well -- tagging them as stolen and then trying to get all parties/clients/exchanges to reject them.