What Bitcoin’s White Paper Got Right, Wrong and What We Still Don’t Know (2018) • Hacker News Board

Re: What Bitcoin’s White Paper Got Right, Wrong and What We Still Don’t Know (2018)

#11

Post by unnouinceput » Sat, Oct 31, 2020, 3:14 PM UTC

https://dailyhodl.com/2020/09/28/big-bitcoin-holder-transfer...

Quote from article: "The anonymous whale sent 15,987 Bitcoin worth $166 million, paying a fee of $23.46"

Tell me, what bank in the world would charge only $23.46 for transferring $166 M?

Re: What Bitcoin’s White Paper Got Right, Wrong and What We Still Don’t Know (2018)

#12

Post by d4c » Sat, Oct 31, 2020, 3:16 PM UTC

Decentralized finance, which includes lending, asset management, automated market making and fund-raising via tokens. See https://defipulse.com/ for recent growth.

Re: What Bitcoin’s White Paper Got Right, Wrong and What We Still Don’t Know (2018)

#13

Post by petertodd » Sat, Oct 31, 2020, 3:17 PM UTC

One of the most interesting Bitcoin meetups I've ever been to was in Nairobi, Kenya, where I met a bunch of farmers who had modern, large scale, industrial operations in Kenya and other african countries. They were using Bitcoin to buy supplies like fertilizer and farm equipment, as well as sell their crops, evading border controls in the process. It was a lot safer and less prone to confiscation than carrying around a bunch of USD cash.

Another example is how many porn sites and filesharing sites are also accepting Bitcoin. Eg ManyVids allows you to pay with Bitcoin via Lighting, which transfers the BTC almost instantly for quite low fees. There's obvious privacy advantages to that over credit card payments.

A non-monetary use-case is my OpenTimestamps protocol, which I was able to recently use to prove a specific DKIM key was used in the past: https://twitter.com/peterktodd/status/1322270551898030082

Though that use-case really just piggy-backs on the financial use-cases - if not for them OpenTimestamps in its current form would not be secure.

Re: What Bitcoin’s White Paper Got Right, Wrong and What We Still Don’t Know (2018)

#14

Post by dudus » Sat, Oct 31, 2020, 3:18 PM UTC

I was going to say drugs, ransom, money laundering and other illegal activities are the main use cases for crypto

Re: What Bitcoin’s White Paper Got Right, Wrong and What We Still Don’t Know (2018)

#15

Post by [deleted] » Sat, Oct 31, 2020, 3:21 PM UTC

[deleted]

Re: What Bitcoin’s White Paper Got Right, Wrong and What We Still Don’t Know (2018)

#16

Post by nomad543 » Sat, Oct 31, 2020, 3:22 PM UTC

Anything you can do with fiat currencies, you can do with crypto. It's going to be huge.

Re: What Bitcoin’s White Paper Got Right, Wrong and What We Still Don’t Know (2018)

#17

Post by dudus » Sat, Oct 31, 2020, 3:22 PM UTC

The anonymous whale sent from one wallet to another just to rotate their address? Or have they actually sent this money to someone else? Was this money acquired legally? Is it being used for illegal activity? A Bank would have to audit it at the very least, so there's value for the people at having banks manage that transfer rather than let them do it anonymously.

Also for someone with $166M cost of a large transfer seem negligible even if it was in the 100s of thousands. Unless they need to move it all the time continuously, in which case I'd ask, why do they need that?

Re: What Bitcoin’s White Paper Got Right, Wrong and What We Still Don’t Know (2018)

#18

Post by AI_WAIFU » Sat, Oct 31, 2020, 3:23 PM UTC

Bond issuances seem to be a good fit for the tech. https://www.worldbank.org/en/news/press-release/2018/08/23/w...

Re: What Bitcoin’s White Paper Got Right, Wrong and What We Still Don’t Know (2018)

#19

Post by emptysongglass » Sat, Oct 31, 2020, 3:23 PM UTC

There's tons of uses: you can fractionally hold real estate, Estonia uses a blockchain to ensure only citizens can grant access to their data siloes to government entities and that that data remains untampered, you can track lineage of art pieces (who owned when), there are healthcare applications, and encrypted messengers like Jami and Status leveraging.

You're a few years late on the let's-hate-blockchain trend. Time to update your optics.

Re: What Bitcoin’s White Paper Got Right, Wrong and What We Still Don’t Know (2018)

#20

Post by projektfu » Sat, Oct 31, 2020, 3:24 PM UTC

Assuming you had $166m in one account at your bank, a wire transfer would be $20-35 depending.