The backlash against crypto is seriously heating up. This one goes to the long list of obituaries.
Quote:
"""Meanwhile, with bitcoin demonstrably a more expensive and arduous network to manage than the standard fiat currency network, bitcoin can only become some sort of luxury payment system where users pay a premium for the privilege of using it."""
The joke about fiat currency will beobvious the day hyperinflation happens.
But of course it never does.
Just bog standard seigniorage I guess...
Bitcoin can only support a limited number of transactions per block. If there are more desired transactions then their is room for, then the transaction fees will rise until demand falls to meet supply. This is happening, and the current dispute in bitcoin is how to increase supply.
They are equal. The transaction fees go to miners. The difference between the value of fees and cost of mining is the miners profit. If the profit gets too large, new miners enter. This increases the cost of maintaining the network until it meets the net value of transaction fees (plus newly minted coins).
> what happens to the core bitcoin business case once all known operators, exchanges and dealers have to abide by exactly the same regulations that govern conventional currency.
See... this is the sort of question that I love to hear. It's a shining example of the weakness and bias of the current system: it's only a problem to transact bitcoin if you're trying to exchange it to a gov't issued currency.
there's a chain of reasoning that starts at "if my grocer could just sell me groceries for bitcoin" and ends at "yeah, I guess property taxes will continue to need to be paid in gov't issued currency"
at the end of that chain is the catastrophic tipping point where hyperinflation happens. maybe we'll neuter the war machine when we get there... who knows.
I was going to write something similar. It is extremely odd timing to write that the same week bitcoin is getting upgraded to be able to compete with VISA level payment networks.
Its like, sure, maybe any other time over the last eight years. But even then it would have been disingenuous to suggest that was the death knell of the concept, since it can be upgraded.
China can indict you in China. US probably won't extradite you to China to face charges, but there's nothing to stop China from kidnapping you from e.g. Thailand if you ever decide to go to that part of the world.
If you're curious why this guy is being indicted in California in the first place, IIRC it appears that he laundered some of his money at the now-defunct San Francisco based exchange Tradehill.
As well, BTC-E did business with Americans which is a big no-no if you don't have KYC and AML compliance.
of course it can, it will just stop being international news every time single time.
if the same standard was made for national currency heists over electronic means, your feed would have nothing else in it. ACH Fraud alone is still in the hundreds of millions every year, and in US has at least 3 federal government agencies tracking and trying to address it, for decades.
cryptocurrency is comparably much easier to solidify and upgrade, while educating on best practices.
I'm thinking will the prices go up or down after this. Sure it will be harder for criminals to exchange their btc to fiat currency, but the interest in crypto currencies now is very high, so it will lower the supply of bitcoins?
22 comments
[ 3.8 ms ] story [ 25.5 ms ] thread> Please complete the security check to access archive.fo
What were you linking? I can't even get CAPTCHA to appear.
See... this is the sort of question that I love to hear. It's a shining example of the weakness and bias of the current system: it's only a problem to transact bitcoin if you're trying to exchange it to a gov't issued currency.
there's a chain of reasoning that starts at "if my grocer could just sell me groceries for bitcoin" and ends at "yeah, I guess property taxes will continue to need to be paid in gov't issued currency"
at the end of that chain is the catastrophic tipping point where hyperinflation happens. maybe we'll neuter the war machine when we get there... who knows.
Its like, sure, maybe any other time over the last eight years. But even then it would have been disingenuous to suggest that was the death knell of the concept, since it can be upgraded.
> A grand jury in the Northern District of California has indicted a Russian national
Can a jury in China indict me here in the US? Is enforcement of indictments from other countries down to treaties between the indicter and indictee?
As well, BTC-E did business with Americans which is a big no-no if you don't have KYC and AML compliance.
This can't continue, right?
if the same standard was made for national currency heists over electronic means, your feed would have nothing else in it. ACH Fraud alone is still in the hundreds of millions every year, and in US has at least 3 federal government agencies tracking and trying to address it, for decades.
cryptocurrency is comparably much easier to solidify and upgrade, while educating on best practices.