281–290 of 369 posts
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That strikes me as more of an implementation detail. Day-to-day cryptocurrency use still requires a level of technical sophistication my grandma isn't comfortable with.
It is. So why don't remittance services do it behind the scenes?
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The addresses used there were not Satoshi addresses, but other addresses mined around the same time.
Why would Craig (falsely) claim to own not-Satoshi addresses, instead of claiming Satoshi addresses that are less likely to be used (due to exposure risk)?
Pretty sure the fund I work for moved several billion dollars for free on Friday...and will do the same thing again this Friday, the Friday after that, and the Friday after that. Cryptocurrency's obsession with fees is baffling. Fees are not why moving money is hard.
Taking an educated guess here, that the miner of the block which moved that transaction must be related to the owner of that wallet. Nobody would otherwise accept such a low fee for a big transaction. Find the miner, you find the wallet owner.
Oh, I didn't know transaction value was known to transaction block-miners; that seems like a flaw. Assuming there's a bidding system, wouldn't transaction cost tend to zero? (Seems I need to review bitcoin transaction mining. Suggestions for a good resource on that?)
Well, that depends. If there is extra space in blocks, then yes the fees tend towards zero (or very low costs, at least, zero is not exactly accurate, even in cases where there is extra block space)
If blocks are "full" and there is more demand for this space, than there is extra space, then they do not tend towards zero, as transactors are bidding on a limited supply of space.
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lol even the main people behind Bitcoin Core development have abandoned the idea of Bitcoin serving as means of day-to-day small transactions.
Why would it be the responsibility of one layer to deal with another layer?
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That's one use for btc that I hadn't thought of. Neat! However one still has to be careful to somehow fund a cold wallet without linking your ID via the transactions. I.e. to use an exchange like binance or coinbase, I have to link my US ID. So if a government actor were after me, they could easily find out about my cold wallet by viewing my transactions, no?. I guess I could -not- divulge the seed words, but that's…
localbitcoins. It's like craigslist: you find people you meet up with, give them cash, they transfer you the BTC (through escrow). No KYC, no shenanigans, you just need to be willing to pay their few-percentage-point fees.
If we both join the bitcoin network, we can exchange $1B for $0.48. If we both join set up accounts at a regular bank like RBC, we can exchange $1B for free. The point I'm making is that fees are not bitcoin's strong point. Any financial network can undercut it. What is unique about bitcoin is that not everyone can get an account at RBC, but anyone can join the more expensive bitcoin network.
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Is the average person in our society better off in a world where anyone can move $1B anonymously? Why do you think regulators might want to take an interest in such transfers?
No the average person is less well off in a world where $1 billion can be moved anonymously. The need to move such funds anonymously is usually due to illegal activities, money laundering, or at least tax evasion (evasion, not avoidance). This leaves every average person at the very least, on the hook to pay for those taxes evaded, or lacking the services they would have provided. If the need is due to criminality be…
I fall into that category.
Most people I know, and they aren't rich tax avoiders would also fall into that category.
Cryptocurrency liberates everyone in so many ways. And yes it liberates criminals as well. But hey are know how to dodge the system anyway.
If we both join the bitcoin network, we can exchange $1B for $0.48. If we both join set up accounts at a regular bank like RBC, we can exchange $1B for free. The point I'm making is that fees are not bitcoin's strong point. Any financial network can undercut it. What is unique about bitcoin is that not everyone can get an account at RBC, but anyone can join the more expensive bitcoin network.
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You get your money back up to the CDIC insured limit which is $100k right? Canada’s banking industry avoided the Great Recession only because Canada did not have a housing market reset. Prices continued upward unabated, along with household debt which is now among the highest in the world. They kicked the can down the road, but didn’t avoid the issue permanently.
The United States didn't face a mortgage crisis purely because of housing price collapse, it was a combination of the collapse with widespread use of subprime lending. Instead of having this argument with a random guy on the Internet I suggest you read the vast amount of documentation and analysis from people in the industry. Beyond that, the Canadian banking industry did not start up in 2008, even if that's only as…
Want a mortgage at the current rate? Great you must qualify at 2% points higher.
Canada has some of the highest banking fees.